Full time trading versus part time...

[Chartsy]

having spent the last 6 months experiencing first hand just how hard trading is, i think i might be reconsidering what i actually want to do with my life

I obviously still want to accumulate wealth and be rich from trading but i'm not sure if i can handle the uncertainty, and scared money doesn't win , right? having an enjoyable job which has a decent wage ...would maybe be healthier and more productive, and over time you can still get rich, with the certainty of an income, you can trade more objectively and with less emotion!
problem solved?

discuss.

 

[LiamH]

having spent the last 6 months experiencing first hand just how hard trading is, i think i might be reconsidering what i actually want to do with my life

I obviously still want to accumulate wealth and be rich from trading but i'm not sure if i can handle the uncertainty, and scared money doesn't win , right? having an enjoyable job which has a decent wage ...would maybe be healthier and more productive, and over time you can still get rich, with the certainty of an income, you can trade more objectively and with less emotion!
problem solved?

discuss.

Provided you trade tf's that allow you to hold down a full time job as well then it is the perfect balance whilst building your fortune lol Personally, once I have some cash in the bank and am earning double from trading than I do from my job I'll be leaving work...

 

[Lord Flasheart]

having spent the last 6 months experiencing first hand just how hard trading is, i think i might be reconsidering what i actually want to do with my life

I obviously still want to accumulate wealth and be rich from trading but i'm not sure if i can handle the uncertainty, and scared money doesn't win , right? having an enjoyable job which has a decent wage ...would maybe be healthier and more productive, and over time you can still get rich, with the certainty of an income, you can trade more objectively and with less emotion!
problem solved?

discuss.

chartsy, ive been trading for many years and suffered every loss and emotion going. The last 2 years ive made good money but have recently packed in the methods i was using as there was too much uncertainty and stress. I now am trading a simple method that is normally finished by midday. It has exact entry rules etc,so I have very little emotion or decision involved because I totally believe I will get good pips every month from the method. So far I am only 11 pips up in 20 days but thats not the point. I dont seem to have any of the stresses I had previously had. I will have to handle large draw downs but even if I average 100 pips a month at £30 pp thats still more than an average uk wage. Hope you see where im coming from.

 

[Black Swan]

IMO you either fully commit to this business or accept it as a hobby. If *playing* it as a hobby compare it to online gambling (in any of the other forms) with the arguable 'edge' that you are betting on a 2 horse race - long or short. Perhaps swing and or position trade for low stakes, you may take enough out of the market for a cheap yearly package holiday or to alleviate the crippling damage low interest rates and disguised inflation is having on your savings..

 

[be-positive]

I now am trading a simple method that is normally finished by midday.

k i s lord

 

[the hare]

IMO you either fully commit to this business or accept it as a hobby.

Exactly, and if its a hobby, you can expect it to cost money just like any other hobby.

Trading part time, I've never heard of anything so ridiculous.

 

[new_trader]

Exactly, and if its a hobby, you can expect it to cost money just like any other hobby.

Trading part time, I've never heard of anything so ridiculous.

So I keep reading, yet one of the most respected members of this forum, who is now a full time trader and a coach/trainer was a full time dentist! Go figure...

 

[barjon]

I always think that the people who've got it made in this life are those who do as a job what they would otherwise choose to do as a hobby. So if trading grabs you that much - as opposed to dreams of wealth - then it's the course worth pursuing.

That said, it's always good to have more than one string to your bow in case the love of your life doesn't deliver the bacon .

jon

 

[LiamH]

IMO it's ridiculous to say that trading part time to build an account is not a possibility. I mean, come on, use some common sense - You're either profitable or you're not. If you are then you can build an account, it's really quite straight forward. And don't start going on about screen time, it's perfectly possible trading EOD too - you would just need a larger acccount to make anything worthwhile.

 

[leonarda]

having spent the last 6 months experiencing first hand just how hard trading is, i think i might be reconsidering what i actually want to do with my life

I obviously still want to accumulate wealth and be rich from trading but i'm not sure if i can handle the uncertainty, and scared money doesn't win , right? having an enjoyable job which has a decent wage ...would maybe be healthier and more productive, and over time you can still get rich, with the certainty of an income, you can trade more objectively and with less emotion!
problem solved?

discuss.

In my opinion I think you are being very sensible. I trade "part-time", although rather than say "part-time" I would say my trading strategy only requires me to make a couple or so trades per week and a quick check of positions at lunchtime and close. When the FTSE is making a big move like the last month I just watch my positions grow, I haven't entered a new trade for a month, but my account has grown over 20%! stress free!
And I think people are foolish to think you can't make a decent return this way, admittedly on a small account I've made 140% this year with this method (18% max drawdown) on a mere 67 medium term trades. I would look to 30-50% on a larger account.
so take the easy option...
although a lot of guys here will disagree with what I said!

 

[new_trader]

I always think that the people who've got it made in this life are those who do as a job what they would otherwise choose to do as a hobby. So if trading grabs you that much - as opposed to dreams of wealth - then it's the course worth pursuing.

That said, it's always good to have more than one string to your bow in case the love of your life doesn't deliver the bacon .

jon

For many people it's also matter of circumstances. Some people choose the wrong career and realise 10+ years down the line that what they are doing isn't for them but might be 'trapped' due to financial or family commitments.

By the way, I highly recommend this movie (If you haven't seen it)

It's called 'Floored' and you might find clips on youtube and other video sites. It really is worth a watch.

http://www.imdb.com/title/tt1326220/

 

[scose-no-doubt]

Yes if you want to succeed at trading you must quit work/school immediately - they are irrelevant anyway - and sit in front of a screen all day everyday until charts scream KISS at you. This is the only way anyone can ever become a profitable trader. Anyone who disagrees with this fact is just a sore loser and should give up anyway.

 

[Black Swan]

IMO it's ridiculous to say that trading part time to build an account is not a possibility. I mean, come on, use some common sense - You're either profitable or you're not. If you are then you can build an account, it's really quite straight forward. And don't start going on about screen time, it's perfectly possible trading EOD too - you would just need a larger acccount to make anything worthwhile.

Liam, you must distance your own personal prejudices and pre-conceptions of what you may or not accomplish from part time trading from the hard stats/data. The attrition rate for those entering this profession (as a new start career, full time fully commited) are off the scale, multiply that by a considerable factor by those 'having a punt' as a part time hobby.

No one is personalising or demeaning your individual attempts to have a go at FX trading whilst keeping down a job, but this road is undoubtedly littered with wrecks who thought they could start off EOD part time and move into full time, for most it simply doesn't cut and the millions of zombie trading accounts are no doubt testament to this.

My suggestion (fwiw) has been steadfast for part time trading; if you can keep your job and not be stiffing your employer and earn perhaps an extra 10K (just on the cusp of most personal tax allowance) per annum then why change? Simple position trading out of just about any basket/combo of currencies from folks' Sterling savings would have reaped rewards over the past 24 months, no reason why part time currency investors couldn't take advantage of currency movements moving forward in that manner/method..

 

[the hare]

IMO it's ridiculous to say that trading part time to build an account is not a possibility.

I'm just speaking from personal experience. I dont know a single profitable part time trader. Think about it, if you where profitable part time, why on earth would you choose to work for an employer ?

Dont say lack of funds, there's no shortage of money available for anyone with a track record.

 

[BSD]

I agree a firm mental commitment, concentration and focus is needed as a prerequisite for success in just about any venture, the odds will be better if you focus on one objective at a time I'd say.

That said you can commit to success in trading without being glued behind a screen the whole day, which will in fact increase the odds in your favour even more.

Billionaire trader through 15 minutes work / day !

 

[new_trader]

I'm just speaking from personal experience. I dont know a single profitable part time trader. Think about it, if you where profitable part time, why on earth would you choose to work for an employer ?

Dont say lack of funds, there's no shortage of money available for anyone with a track record.

This isn't a valid argument at all. The question is, can someone studying the market in their spare time (or any opportunity they get) learn enough to become profitable in the markets. I say yes, they can. But it all depends on how they go about their 'studies' and whether they get enough opportunity to practice what they have studied. But, I would say it's mostly about ability than simply time even though I'm not putting a time limit on it. It may take someone 10 years but they still may 'get there' so to speak. Also, you may unexpectedly be made redundant, so if you have been studying the market you at least have a head start.

 

[LiamH]

I'm just speaking from personal experience. I dont know a single profitable part time trader. Think about it, if you where profitable part time, why on earth would you choose to work for an employer ?

Dont say lack of funds, there's no shortage of money available for anyone with a track record.

That's the thing, a track record... I won't leave work until I have one for my own benefit and by the time I have one for someone else to give me money to trade I'll have enough of my own lol so this argument is a bit silly.

BS - I'm not taking it personally, I just don't agree. Simply, most traders fail full stop - My point is that if you're good enough to trade for a living anyway then starting out part time shouldn't be an issue.

 

[Black Swan]

My point is that if you're good enough to trade for a living anyway then starting out part time shouldn't be an issue.

Not making sense imho, but good luck anyhow..

 

[leonarda]

This isn't a valid argument at all. The question is, can someone studying the market in their spare time (or any opportunity they get) learn enough to become profitable in the markets. I say yes, they can. But it all depends on how they go about their 'studies' and whether they get enough opportunity to practice what they have studied. But, I would say it's mostly about ability than simply time even though I'm not putting a time limit on it. It may take someone 10 years but they still may 'get there' so to speak. Also, you may unexpectedly be made redundant, so if you have been studying the market you at least have a head start.

I agree with you, i'm finding it fairly easy to be profitable will only little effort, however I have developed an ability over the last 2 years in trading stocks medium term (1-3months), in ways similar to the www.nakedtrader.co.uk and using methods akin to Stan Weinstein. I would say however I have a good grasp of the methods and understanding of the stocks/sectors I trade.

 

[LiamH]

Not making sense imho, but good luck anyhow..

Generally I have a lot of respect for you but I don't get this... How does it not make sense? I assume my position is pretty much the same as anyone else with my goals. I've not long been trading profitably so still nowhere yet... The missus has agreed that once I've proven that I can trade profitably over a decent sample we can start throwing cash at the account with an agreed drawdown level (probably 30%) where I have to take out what we've put in. I prove I'm profitable over the next year, we throw cash at the account for another year or two and provided all has gone well I then leave work - Please tell me what's wrong with that?

If we just threw everything at the account now and I lose it that would be pretty silly wouldn't it!