Hello again

[adamfg]

Well it's been a while since I've browsed the T2W forums and they're still their usual informative friendly selfs! I'll re-introduce myself for posterity, then get on with my slightly verbose question:

I am Adam; a 20 year old, third year Law student, living in the UK. I have had an interest in trading for a long time, often wasting valuable time on sites such as bullbearings and reading endless comment and analysis on the FT (as if law reports weren't enough?!).

I have aways made paper gains - I would put it down to my analytical, calm mind and love of processing large amounts of information; however, as a student, I have never possessed anything like the start up capital to warrant going in to trading "real".

I am now faced with a dilemma, I intend to practice as a barrister, unfortunately to get there I will need around £35k to take the bar course in the city - I can get a loan and cobble that amount together (just) but then, combined with my university loan I'd be looking at around £55k overall debt before earning a penny...

My current financial situation is stable enough (student loans etc), but nonetheless, I am a student - my disposable income is negligible - at best I could afford to front £300-500 which would amount to a begrudging but manageable loss if the worst were to occur; does anyone know of any way to enter the trading world sensibly with such a small start-up?

I'm sure you can see, and will be quick to point out, that this is a very dangerous path I tread. however any help, advice or anecdotes would be appreciated!

AFG

 

[Dommo]

Adam

What kind of practice do you have in mind? ie Commercial, criminal?

My advice to you is conservative. If you have the ability and motivation to make it as a barrister, you should focus entirely on that - when you've made it, you will have one of the best law jobs on the planet. This may be little comfort, but while £55k is a horrendous prospect for a student I'm sure that a barrister of 5 years' call would consider it money well spent.

If you're thinking of borrowing money to trade on the side to try and fund yourself through, I would urge you against that.

Are you a member of one of the Inns of Court? Are you looking into bursaries? If you have talent you can get assistance. The first few years are likely to be financially tight and to succeed in this career you will need great ability and great determination - the area is incredibly competitive (I'm sure you already appreciate this).

Unless you possess some extraordinary gift, I suggest that you forget about trading until you are well established in chambers. By then you will be immersed in more interesting work and money will not be a worry. Anyway, participation in markets is not going to disappear by the time you can get established in a tenancy.

 

[adamfg]

Dommo,

Many thanks for a speedy and informative reply. I hope to specialise in chancery / commercial contract, I consider it the most interesting and challenging area of the law - my dissertation focuses on the evolution of the fiduciary relationship. I also have an interest in Human Rights and PIL, although oddly enough I never get as excited about it as I do equity?! I take it from your response that you are practicing / closely involved with the bar, what do you specialise in and where are you based?

As far as Inns go, I seem to have been drawn towards Lincoln's inn; I have applied for their major scholarship awards and I wait, with bated breath... One vital piece of the puzzle missing is the mini-pupillage, unfortunately for the last three summers I have been progressing my yacht racing campaign, which has left me little time to arrange minis, I hope to remedy this during easter although that is a long way off.

I still wonder if there is a speculative investment somewhere which could suit my modest investment... although you are most probably correct, a trip to the bank is in order...