Make Pocket Money From the Markets?

This is a discussion on Make Pocket Money From the Markets? within the General Trading Chat forums, part of the Reception category; Originally Posted by Splitlink It's all relative to your other sources of income and whethe you do it for necessity ...

View Poll Results: Make Pocket Money From the Markets?
Yes 8 40.00%
No 8 40.00%
Sometimes 4 20.00%
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Old Dec 5, 2009, 10:02pm   #16
D70
Joined Nov 2009
Re: Make Pocket Money From the Markets?

Quote:
Originally Posted by Splitlink View Post
It's all relative to your other sources of income and whethe you do it for necessity or as a pastime.
At last......!!!!
A sensible comment on this thread.

IT'S ALL RELATIVE!!!

The great point I think tho is that your trading brings you out UP rather than DOWN on your bank balance, so instead of playing a computer game that just takes up time and money (cost of game)...... you are using your time to play a computer game (trading) and make a bit of cash TO DO STUFF WITH (small or large as i say is ALL RELATIVE)........waa hoo!! Happy days.
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Old Dec 6, 2009, 1:27am   #17
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Re: Make Pocket Money From the Markets?

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Originally Posted by trader_dante View Post
If you can make £12 on the majority of days (no matter how many hours it takes you) and your losing days don't set you back more than a whopping £4 - £6, you should get very, very excited.

Scale it up. You're going to be very rich.

On reflection though, I'm not sure if that is what you are asking. If you are just asking would someone work if £12 was the most they could make...the answer for me and I imagine most people, would be emphatically no!

In fact, if the wages were the same, I would probably rather work in MacDonalds than trading. As much as I love the game for the game, the money is the major perk for me more so than all the other reasons that are touted by people trying to get you into this game.

Playing devils advocate for the moment, none of the "perks" of trading are really perks at all - for me anyway.

1. The perk of being able to work from home and be your own boss

I find working from home lonely and depressing. Yes you are free to get up at 10am if you want and if you do you probably missed a move which will cost you later. Yes you are free to go for a 2 hour coffee break if you want. It's really fun sitting in Starbucks on your own. I know. I do it every day. Being my own boss doesn't compensate me for having no one to see since all my mates are in a 9-5. Plus, when you f*ck up - you don't have a boss to b*tch about. You have to take all the responsibility yourself. Hence you better get used to the headache of constant beratement and thinking/analysing your own mistakes.

2. The perk of not needing to rent an office

No instead, I buy a PC that sets me up back almost £2,500, then you rent Ran, you rent CQG, you pay for Bloomberg, you pay for exchange access, you pay for spreads...that sh*t alone sets you back more than an office in Mayfair from which to run your little start-up.

3. You can trade from anywhere in the world

Yes you can theoretically sit on a beach sipping Pina Coladas and trading. I wonder just why none of the big traders I know aren't doing that? Infact, how many traders are doing that, apart from perhaps Rathcoole?

Anyway, apologies, I'm off on a tangent.

Working in MacDonalds (for the same wage) would be much more sociable, much less emotionally draining and have more perks.

Honestly.
1) If you were in a none to five, chances are your mates would not probably be working in the same place - worst case could be full of ***** / politics / brown nosers etc...Plus when you mess up or even when you dont, you dont have an asshole of a boss breathing down your neck making life difficult...

You could always meet up with mates on lunch hour, if not too far away ?

2) Do you really need to buy / rent all that other stuff ?

3) Supppose where you trade from depends on personal circumstances / wife / girlfriend etc, but its still an option. More travel also...

Not sure MacDonalds have particularly vibrant social scenes ..! Then there's the customers ...

Just trying to convince myself trading fulltime is not all bad ...as could be someting for me in next year or two...though your nearly puting me off.
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Old Dec 6, 2009, 9:00am   #18
Joined Nov 2001
Re: Make Pocket Money From the Markets?

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Originally Posted by Prawnsandwich View Post
1) If you were in a none to five, chances are your mates would not probably be working in the same place - worst case could be full of ***** / politics / brown nosers etc...Plus when you mess up or even when you dont, you dont have an asshole of a boss breathing down your neck making life difficult...

You could always meet up with mates on lunch hour, if not too far away ?

2) Do you really need to buy / rent all that other stuff ?

3) Supppose where you trade from depends on personal circumstances / wife / girlfriend etc, but its still an option. More travel also...

Not sure MacDonalds have particularly vibrant social scenes ..! Then there's the customers ...

Just trying to convince myself trading fulltime is not all bad ...as could be someting for me in next year or two...though your nearly puting me off.
Don't think that I would like to work in a Mac's. I prefer doing my own thing. I only do this between 0900 and 1330, anyway,

You don't need all that stuff to be a proficient trader. I have a Compaq and nothing else! Sharescope for EOD data and broadband. The family uses it, too, when they are home. I have pondered on more than one monitor, but gone no farther with it, because, quite often, I leave a stop on and go shopping. Believe it or not, you can make money like that!

Fulltime? Be absolutely sure before you pack that 9-5 in. When you have to earn your money on the bolsa, it can get very worrying, at times because, then, the phrase must gets into the equation.

Last edited by Splitlink; Dec 6, 2009 at 9:05am.
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Old Dec 6, 2009, 9:25am   #19
Joined Mar 2007
Re: Make Pocket Money From the Markets?

Quote:
Originally Posted by trader_dante View Post
If you can make £12 on the majority of days (no matter how many hours it takes you) and your losing days don't set you back more than a whopping £4 - £6, you should get very, very excited.

Scale it up. You're going to be very rich.

On reflection though, I'm not sure if that is what you are asking. If you are just asking would someone work if £12 was the most they could make...the answer for me and I imagine most people, would be emphatically no!

In fact, if the wages were the same, I would probably rather work in MacDonalds than trading. As much as I love the game for the game, the money is the major perk for me more so than all the other reasons that are touted by people trying to get you into this game.

Playing devils advocate for the moment, none of the "perks" of trading are really perks at all - for me anyway.

1. The perk of being able to work from home and be your own boss

I find working from home lonely and depressing. Yes you are free to get up at 10am if you want and if you do you probably missed a move which will cost you later. Yes you are free to go for a 2 hour coffee break if you want. It's really fun sitting in Starbucks on your own. I know. I do it every day. Being my own boss doesn't compensate me for having no one to see since all my mates are in a 9-5. Plus, when you f*ck up - you don't have a boss to b*tch about. You have to take all the responsibility yourself. Hence you better get used to the headache of constant beratement and thinking/analysing your own mistakes.

2. The perk of not needing to rent an office

No instead, I buy a PC that sets me up back almost £2,500, then you rent Ran, you rent CQG, you pay for Bloomberg, you pay for exchange access, you pay for spreads...that sh*t alone sets you back more than an office in Mayfair from which to run your little start-up.

3. You can trade from anywhere in the world

Yes you can theoretically sit on a beach sipping Pina Coladas and trading. I wonder just why none of the big traders I know aren't doing that? Infact, how many traders are doing that, apart from perhaps Rathcoole?

Anyway, apologies, I'm off on a tangent.

Working in MacDonalds (for the same wage) would be much more sociable, much less emotionally draining and have more perks.

Honestly.
There are plenty of traders using a garage,free demo accounts /feeds ,a laptop costing #400 gbp and a pre existing ADSL service.It is expensive getting to that stage where only basic equipment is required to trade .

If a trader trades many markets,as many as 6 to 10 , 60 inch screens can be used by some traders ,along with several back up computers and adsl services.

Some of us are already on 6 computers and screens. for serious trading in 6 figures.

O D T.
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Old Dec 6, 2009, 9:03pm   #20
Joined Nov 2008
Re: Make Pocket Money From the Markets?

Quote:
Originally Posted by Splitlink View Post
Don't think that I would like to work in a Mac's. I prefer doing my own thing. I only do this between 0900 and 1330, anyway,

You don't need all that stuff to be a proficient trader. I have a Compaq and nothing else! Sharescope for EOD data and broadband. The family uses it, too, when they are home. I have pondered on more than one monitor, but gone no farther with it, because, quite often, I leave a stop on and go shopping. Believe it or not, you can make money like that!

Fulltime? Be absolutely sure before you pack that 9-5 in. When you have to earn your money on the bolsa, it can get very worrying, at times because, then, the phrase must gets into the equation.
I suppose it depends on what you trade / your method etc...my set-up is fairly simple at the moment, bog-standard lap top, online discount broker, stockcharts.com and thats it....not having to spend all day in front of the screen is fairly applealing as well...I'm trying to reduce my screen time a much as possble -easier said than done though
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Old Dec 6, 2009, 9:40pm   #21
 
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Joined Apr 2008
Re: Make Pocket Money From the Markets?

Quote:
Originally Posted by trader_dante View Post
Playing devils advocate for the moment, none of the "perks" of trading are really perks at all - for me anyway.

1. The perk of being able to work from home and be your own boss

I find working from home lonely and depressing. Yes you are free to get up at 10am if you want and if you do you probably missed a move which will cost you later. Yes you are free to go for a 2 hour coffee break if you want. It's really fun sitting in Starbucks on your own. I know. I do it every day. Being my own boss doesn't compensate me for having no one to see since all my mates are in a 9-5. Plus, when you f*ck up - you don't have a boss to b*tch about. You have to take all the responsibility yourself. Hence you better get used to the headache of constant beratement and thinking/analysing your own mistakes.
.

Tom,
I'm sure a time will come when you will appreciate the freedoms trading gives.
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Old Dec 6, 2009, 11:51pm   #22
Joined Dec 2009
Re: Make Pocket Money From the Markets?

I have had trades that have resulted in $200 in the course of 5 minutes, which yields an hourly rate of $2,400. Thing is, I usually have about five to ten such minutes on a good day, worth $2,400/hour rate. Accounting for trading activity must be objective and has an element of forecasting to it. There will be hours with a negative hourly rate as well...
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Old Dec 7, 2009, 10:27am   #23
D70
Joined Nov 2009
Re: Make Pocket Money From the Markets?

Quote:
Originally Posted by oildaytrader View Post
there are plenty of traders using a garage,free demo accounts /feeds ,a laptop costing #400 gbp and a pre existing adsl service.it is expensive getting to that stage where only basic equipment is required to trade .

If a trader trades many markets,as many as 6 to 10 , 60 inch screens can be used by some traders ,along with several back up computers and adsl services.

Some of us are already on 6 computers and screens. for serious trading in 6 figures.

O d t.
WAhahahahaha
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Old Dec 7, 2009, 11:01am   #24
Joined Mar 2007
Re: Make Pocket Money From the Markets?

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Originally Posted by D70 View Post
WAhahahahaha
?

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Old Dec 7, 2009, 12:22pm   #25
Joined Sep 2008
Re: Make Pocket Money From the Markets?

Quote:
Originally Posted by Paul71 View Post
12 quid a day...a micro-lot account...100 quid to start the account...1 hour a day infront of the screens...a forex mega droid...6 cans of special-brew...20 cigs...3 microwavable meals costing a pound each...ipod with good tunes on...


Wot more would a person want out of life?
selling the big issue?
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Old Dec 8, 2009, 2:30am   #26
 
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Re: Make Pocket Money From the Markets?

LostPigeonCoo started this thread
Quote:
Originally Posted by trader_dante View Post
If you can make £12 on the majority of days (no matter how many hours it takes you) and your losing days don't set you back more than a whopping £4 - £6, you should get very, very excited.

Scale it up. You're going to be very rich.

On reflection though, I'm not sure if that is what you are asking. If you are just asking would someone work if £12 was the most they could make...the answer for me and I imagine most people, would be emphatically no!

In fact, if the wages were the same, I would probably rather work in MacDonalds than trading. As much as I love the game for the game, the money is the major perk for me more so than all the other reasons that are touted by people trying to get you into this game.

Playing devils advocate for the moment, none of the "perks" of trading are really perks at all - for me anyway.
Thanks for your post and everyone else, I have known traders making about £12 in the markets years ago when commissions etc was high, they loved it, my point is that you advance from that level making better gains, question for everyone can they wait untill they start making a decent living, making £12 a day ish is better than losing, i used £12 as a exsample, as it could vary, no one can make that much every single day, it would vary.
It take a lot of commitment to wait.
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Old Dec 8, 2009, 7:56am   #27
Joined Mar 2007
Re: Make Pocket Money From the Markets?

Quote:
Originally Posted by LostPigeonCoo View Post
Would you say you earn Pocket money from trading the Markets? is it worth your while if you can only make £50 a day?
Do you still prefer trading from home earning as much if you was at work?
What if you only earned about £12 a day' trading? would you still stick to trading?
If I earned 12 a day I would keep going,only if I was sure I could consistently make 1200 a day on average .If I was not sure I would keep going until I saw no future in trading.
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Old Dec 8, 2009, 9:20am   #28
 
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Re: Make Pocket Money From the Markets?

What has pip count or £ count got to do with anything? Surely its all about return on equity?

If i had a £100 account and traded with proper MM and made £12 a day consistently I would be ecstatic. I'd go work at Macdonalds for a year, save my 10k, then make £1200/day and compound 12% a day for the rest of my life (ignoring the psychological stuff, we all know about that).

If i was making £12/day on a 10k account i think i'd have to think twice about whether i'm cut out for this...
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Old Dec 9, 2009, 12:33pm   #29
Joined Dec 2009
Re: Make Pocket Money From the Markets?

I am in learning process in forex trading. I have a forex demo account and quite comfortable there. But I still in search of a good and believable forex site to join and earn from forex trading. I have only $150 to start. Can I make just $10 profit each day? Pl. guide me.
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Old Dec 10, 2009, 8:44am   #30
D70
Joined Nov 2009
Re: Make Pocket Money From the Markets?

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Originally Posted by james_smart View Post
I am in learning process in forex trading. I have a forex demo account and quite comfortable there. But I still in search of a good and believable forex site to join and earn from forex trading. I have only $150 to start. Can I make just $10 profit each day? Pl. guide me.
$10 a day on $150 is 6% a day..... obviously this is not possible.
But keep learning and put all of this down to experience. You wont find any site that earns your money trading forex (but please prove me wrong).
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