Is industry experience a must before attempting day trading from home

[Pat494]

My advice would be get a lowly manual job like gardening or even cleaning the public loos
Rubbish you will probably say
Why you will ask

1. you get a regular income to live off
2. If the work is easy and manual you will have plenty of time to get your ideas for trading straight in your mind BEFORE the evening session
3. will stop you rushing to and fro like a headless chicken and enforce discipline

A big mistake is often getting a high powered job and being swamped with their ideas with little time to reflect on your own, which will be much more important to you

good luck

 

[Mufasa]

thanks for the advice and encouragement guys,
I am looking for a simple job just to help with the bills part-time hours (thanks pat494), so I can still give 100% to learning, I can see it is going to take a lot of screen time before it clicks as amrit1986 put it , he tooks the words right out my mouth hopefully a job will alleviate the pressure and help my trading, ive already realised what 4xpipcounter said about 'no stress in trading' essential!

you are all very wise

just out of interest, if you did have a job in the industry i assume you go through a training whereby they run through successful strategies and then during the training you do the normal testing and select one. But when actually trading commences day in day out,

1) does each company have its own targets and agenda, instructing their traders when and where to buy/sell,
2) or is it up to each individual following one owns setups/entry signals.

therefore are industry traders trading from their own talent or tips from above?

 

[4xpipcounter]

The only thing that makes me enter and exit trades is my methodology. My broker has no say.
Industry traders are the same. They just have more money than most individuals, and depended on how they use it to margin with, depends on the type of risk they take. There are too many varaibles, et al, to get into to discuss how that pertains to an individual trader.

thanks for the advice and encouragement guys,
I am looking for a simple job just to help with the bills part-time hours (thanks pat494), so I can still give 100% to learning, I can see it is going to take a lot of screen time before it clicks as amrit1986 put it , he tooks the words right out my mouth hopefully a job will alleviate the pressure and help my trading, ive already realised what 4xpipcounter said about 'no stress in trading' essential!

you are all very wise

just out of interest, if you did have a job in the industry i assume you go through a training whereby they run through successful strategies and then during the training you do the normal testing and select one. But when actually trading commences day in day out,

1) does each company have its own targets and agenda, instructing their traders when and where to buy/sell,
2) or is it up to each individual following one owns setups/entry signals.

therefore are industry traders trading from their own talent or tips from above?

 

[Janurary]

Of course having experience of industry trading is better, but you also can do it now. Ask experts to help you, give you their opinions, if you try to do it, you will suceed.

 

[4xpipcounter]

The nice thing about forums like this is that it allows for differing opinions.
Even if a newbie trader gets opinions from so-called experts, that does not guarantee success. As a matter a fact, it almost guarantees failure. Using other people's signals is interpretive. In following other signals or opinions, you still need to have an excellent idea along with the proper training for proper entries, exits, and margining. In addition, when you follow other opinions or signals, it will not take into account the mental aspect of trading.
So-called experts are also wrong. How would a newbie know how to manage a trade if it starts going against them, quickly. I make winning trades 80% of the time. That means I'm wrong 20% of the time. Currently, I have up 6 trades. 5 of those 6 absorbed huge deficits to start with. One of them took off in my favor as soon as I opened the trade. How would a newbie have been able to react to the 5 aforementioned trades? They are all in my favor now, but most would have panicked and taken them out long before they went in the favorable direction.
I also ran a signals service for about a year. No one was able to obtain the same results as I did, because of timing, the mental set, among other things. I could be considered a so-called expert considering I put up 80% winning trades, but that still did not avail the followers of my signals the true bottom line they sought.
To say "you will succeed" is a lot of the useless PMA rhetoric. It has no principle, which is sound development of an excellent methodology that you are willing to stand by, regardless of what anyone else says or does. In developing that principle, it takes work. There are no shortcuts. If what I said is wrong, then why does everyone that opens an account in trading start off with all the good intentions to succeed, but 90% end up bankrupting their accounts?
I whole-heartedly reccomend to the starter of this thread to pay your dues, take the time that is needed to develop a sound trading system, and make sure the 3 factors I mentioned in the other post are fully developed. When you have done all that, then you have a better than average chance of succeeding. This is a lions' world. You cannot expect to get thrown in a lions' cage without proper training as a lion tamer without getting eaten alive. That will also happen in this lions' world. If you don't believe me, then venture your own hard-earned capital based on what the so-called experts say, then come back and tell me how you did.

Of course having experience of industry trading is better, but you also can do it now. Ask experts to help you, give you their opinions, if you try to do it, you will suceed.

 

[elljaysa]

A quick question, probably a stupid one too, but is it really the aim of people to get employment as a trader through trading from home? Surely if this is becoming successful at home, you can exponentially grow it to a level you're happy with for yourself? Do most traders for large Bank etc Trade independently for themselves as well?

 

[thinkman]

Hi I have been reading this thread with some interest as I too am in a very similar situation to Mufasa. I currently out of work at the minute and trying to master it as a forex day trader. It's great to hear of someone in a similar boat! I've been putting the hours in researching and watching charts. Also I'm not looking for the 'holy grail' as I know it doesn't exist! But 4xpipcounter I'm really keen to get set up with a system, would you be able to describe yours or help me? Really appreciate it