£200 a day trading

[Chiefton]

Trading is the hardest way...to make an easy living

 

[NetTecture]

thanks guys for the feedback. So from what you have all said can any of you recommend some good strarting systems or techniques for day trading/scalping which you yourself have tried and have been proven to work so I can practice them and see if they fit my personality/style?

What personality style would that be?

The LAST thing you want is an intraday system. Point. You are going to uni - you need to be there and learn. This does not mean "no trading", but it definitely means "no trading that will require you to watch the markets during uni hours".

What you look for is a mid term system preferably with daily order entry. Quite some of those around. Just stay away from daytrading.

Btw., brain usage helps. In the original post you ask for books. Did you ever actually use your eyes on this site? Like up in the menu where there is this link "books" that - ouch - leads you to some really nice book reviews.

Get them Second study is there Takes lots of time and effort. Focus on the psychological aspects.

Some traders start at university and never get hired (as they accumulate enough funds during this time). But note that this is as likely as being a top athlete during studies. Yes, some do - but most dont.

 

[jamespp83]

yes nettecture I did see the books link at the top but there are many books out there to choose from which is why I am asking for help from some experienced traders who are actually making money from the things they learnt in these books. I have read alot of the main stream books like market wizards and am now after books with actual techniques I can practice with and tweak to form my own system.

 

[NetTecture]

Well, here we go.

Forget the system first.

Get and read "trading in the zone". Great book about the psychology of trading.

Then books like
"New thinking in technical analysis" (Linda Raschke)
and
"Mastering the Trade" (John F Carter).

The carter books may interest you. Carter - started trading and never worked for anyone. Basically he went full time after university.

"High Probability Trading".

"Trading for a Living: Psychology, Trading Tactics, Money Management" by Dr. Alexander Elder

 

[tony_snowball]

James - why £200 a day.....why not £100....or £50 ...or the other end of the scale £1000.....

£200 is acheivable but wondered why this specific amount.....

And one other thing - how much time will you be able to devote to taking this £200 quid a day out of the market ...I may be wrongly assuming you will be living on or around campus, studying, boozing (everyone needs a hobby), socialising, writing papers, preparing for lectures.......

 

[jamespp83]

Hey tony, im 26 so I save my drinking for once a week. so if im not studying I will be trading. as for why £200 well I dint want to aim to low and I didnt want to be unrealistic and aim to high.

 

[meanreversion]

This is making me nostalgic for my days at uni consuming 100 units of alcohol a week, attending two lectures, chasing after women etc.

I used to deal through Barclays stockbroker when I was at uni (91-94). I had a phone card and used to call in from the campus public phones. Nowadays it's far easier, there is an abundance of providers to choose from.

I'd recommend IG. Just open a demo account and see trade your 100k around to get a feel for 1) whether you enjoy trading and 2) how quickly money can disappear.

 

[jamespp83]

well I have an account with GNI and I traded last year when the banks where in trouble and made alot of money so went traveling but now im back im serious about getting my head down and focusing on trading and making consistant profits.
The course I will be studying is to do with investment and financial risk.

 

[meanreversion]

The issue you will come up against is capitalisation. Unless you can raise a decent amount of funds, you won't be able to support yourself consistently through trading (unless you are prepared for considerable risk and potential heartache). If you can show you are consistent and profitable with a small account, you could apply to a trading arcade after you leave uni (e.g. Schneider, Futex). That's probably the route which will most quickly lead to riches, if indeed you are a good trader. However, by then, maybe the banks will have started hiring again, but typically they are not looking for outright prop trading graduates.

 

[jamespp83]

hey meanrevision, thats why im trying to learn a few good trading skills which are more often than not profitable, tweak them and hone my skills. im not expecting to make a fortune overnight but dont see why I cant gradually increase upon what I am making. I am at the point when I trade I dont lose money but am now looking to make small profits consistantly and build upon that.

 

[tony_snowball]

Good luck with your endevours James - no reason why you can't make money if you put in the work and stay focused.

May be an idea to not set too rigid a target on what you will aim to make - (because you should be looking to run your profits) - but look at money management and know in advance what you will be comfortable losing on a day and even over a week, this way you will know when to stop trading and when to regroup.

I don't mean that to sound negative but you will take some hits - so if you are mentally prepared for them and have a plan you will be better able to deal with it. So one of the key areas I'd look at would be money management first - knowing when to step away from the market for day or two etc...

 

[jamespp83]

hey meanrevision, thats why im trying to learn a few good trading skills which are more often than not profitable, tweak them and hone my skills. im not expecting to make a fortune overnight but dont see why I cant gradually increase upon what I am making. I am at the point when I trade I dont lose money but am now looking to make small profits consistantly and build upon that

 

[RoryP]

Hi Jamesapp83,

I found "Trend Trading for a Living" by Dr Thomas K Carr very useful.