job in trading or trading on your own?

[blancspa]

Hi

I guess many of you had/have similar dillema at the beginning of the beginning of trading.

I am just finishing my degree in finance and have SII cert. (unit 1,2,4). But I just dont see myself working in this very competitive environment, especially in current market condition (not that I wouldnt like to give it a go), my uni is just not that competitive.

I have attempted various strategies over past 3 years, and havent made any profit so far but I didnt commit myself as it is required due to other commitments.

After graduation, I am thinking of paying in 200 quid into finspreads and trade .10p per point from the start using all the simple stuff (S/R, Breakouts, 3 duks, etc). I will be able to support myself for about 4/5 months sending out Cv`s eventually.

Can you give me an idea if this is feasible to make a living using this plan?

any suggestions, tips?

I am trying to be realistic , but I also know that I must trade.
Btw I am exceptionally good and quick learner whatever I start with.

 

[ektrader]

Hi

I guess many of you had/have similar dillema at the beginning of the beginning of trading.

I am just finishing my degree in finance and have SII cert. (unit 1,2,4). But I just dont see myself working in this very competitive environment, especially in current market condition (not that I wouldnt like to give it a go), my uni is just not that competitive.

I have attempted various strategies over past 3 years, and havent made any profit so far but I didnt commit myself as it is required due to other commitments.

After graduation, I am thinking of paying in 200 quid into finspreads and trade .10p per point from the start using all the simple stuff (S/R, Breakouts, 3 duks, etc). I will be able to support myself for about 4/5 months sending out Cv`s eventually.

Can you give me an idea if this is feasible to make a living using this plan?

any suggestions, tips?

I am trying to be realistic , but I also know that I must trade.
Btw I am exceptionally good and quick learner whatever I start with.

I'd like to offer some help but I don't quite understand your plan:|

 

[blancspa]

Hi

The problem is: trade-off
Is it possible that starting from .10 per stake that I could make money to pay my rent in 4/5 months time, and make a living, or I must go and look for a job.
I have no capital to trade beside £200, and I am out of university in 2 months time.

What would you do? Does this sound realistic?

 

[ektrader]

Hi

The problem is: trade-off
Is it possible that starting from .10 per stake that I could make money to pay my rent in 4/5 months time, and make a living, or I must go and look for a job.
I have no capital to trade beside £200, and I am out of university in 2 months time.

What would you do? Does this sound realistic?

Well ,you self admittedly said that you haven't been successful at trading in the past and just for the fact you're asking the question shows your lack of confidence, so I think you should get a job to pay your bills until you have a sound profitable trading plan.

I'm sure you're intelligent and you learn fast but any experienced trader will tell you that it takes a special mindset and skill to be a consistantly profitable trader and It will only happen by EXTREME dedication of a strategy and money management. Knowing that you have to "trade to live" is one of the worst ways to start a trading career. Trading under duress because you have bills to pay is one of the easiest ways to cloud your judgement and bad trades WILL follow.

If you haven't made any money in three years it sounds to me that you've never gotten a grasp of the right information. In your first post you talk about a few different startegies and these are all profitable strategies (although I don't use them myself). You should've been profitable if you followed the discipline. Anyway.... just my 2 cents.

Ektrader

 

[DaxDestroyer]

Hi

The problem is: trade-off
Is it possible that starting from .10 per stake that I could make money to pay my rent in 4/5 months time, and make a living, or I must go and look for a job.
I have no capital to trade beside £200, and I am out of university in 2 months time.

What would you do? Does this sound realistic?

Just had a look on your profile page. Absolutely NO hostility involved, either you are not at all a quick learner or you at least so far lacked the effort.

Donate the 200 pounds to the red cross and then (now with the help of God) get a job and get a bankroll for your trading. In the meantime, work on trading strategies and find your way of being successfull.

All the best!

Carlos

 

[london88]

If £200 is all the risk capital you can afford and are looking to support yourself with other means for only 4-5 months I would seriously question the viability of such a plan. Are you not best using the £200 as an extra lifeline in case of unforseen problems and and give paper trading or a demo another go before commiting.

 

[wallstreet1928]

I studied economics at university and i really wanted to be a trader.

When I came to my last year I soon realised that university graduates will never be good traders and I regretted doing a degree in economics, I just wished I had chosen mathematics instead(it would have have helped my number crunching whilst trading ..haha)

The reason why graduates can never be good traders(I may well be proven wrong here), but the reason is simply because we are never taught to think independently. All we get taught are theories and we memorise and regurgitate the same information in an exam by giving the for & against argument. Students = parrots with no brains ............

hence the reason why the Sir alan sugars and Richard bransons of this world are so successful because they think out of the prism/box.

As a trader you have to think quickly, decisively,react and not respond, and most important of all to think independently(not consult some text book with predetermined theories) something we are never taught or trained to do!!


quote
" After graduation, I am thinking of paying in 200 quid into finspreads and trade .10p per point from the start using all the simple stuff (S/R, Breakouts, 3 duks, etc). I will be able to support myself for about 4/5 months sending out Cv`s eventually.

Can you give me an idea if this is feasible to make a living using this plan?

any suggestions, tips?

I am trying to be realistic , but I also know that I must trade.
Btw I am exceptionally good and quick learner whatever I start with." quote



If you claim to be a bright student you will know that by trading @ 10p per point you will make £10 a day by making 100 points, 200 points £20p/day ...etc etc

realistically speaking you have to be a very good trader to be making 100-200 points a day(very very good trader)

So common sense states that you will not be able to live off that, but its not your fault my friend its just this educational system that has taught you to think in such a away. I went through it and I have tried so hard to shake it out of my mindset

I highly recommend to read John Taylor Gatto book : dumbing us down
Dumbing Us Down: The Hidden Curriculum Of Compulsory Schooling - Reviewed by Samuel L. Blumenfeld

the above quote just typifies the ignorance/arrogance of your average student(i am student too so don't take this personal my friend).

we have this false illusion/belief that just because we have a qualification, we are now superior and can conquer the world and overcome every hurdle/barrier that is put before us

we as students don't have a clue about the world because we are fed with theories all our educational lives that never really come into fruition in the real world.

I have had a steep learning curve post university and i am still learning

I have my own blog now where i post my analysis and live trades for those interested, especially the new students

we only know something when we claim to know nothing, that is the beginning of our path to discovery

http://www.trade2win.com/boards/uk-...ax-s-p-aimed-help-new-traders.html#post701392

 

[blancspa]

"I studied economics at university and i really wanted to be a trader. "

I will just answer in one sentence

You re a part of the system.

My question was: Can I become a profitable trader and still think outside the box of profitable traders? (think outside the box)

 

[shadowninja]

So, graduates can't think out of the box? And graduates don't make great entrepreneurs? Please provide a link to your research backing this up?

 

[blancspa]

I was referring to this: WallStreet 1928 wrote:

"The reason why graduates can never be good traders(I may well be proven wrong here), but the reason is simply because we are never taught to think independently. All we get taught are theories and we memorise and regurgitate the same information in an exam by giving the for & against argument. Students = parrots with no brains ............"

-------------------------------------------------------------------------

I didnt agree with that.
He studied economics. He is a profitable trader. He contradics himself.

 

[shadowninja]

So was I.

 

[DaxDestroyer]

Studied or not

To be successful, you need to have some traits and to be disciplined.

This is why Navy Seals and members of other military elite units are often successful traders.

 

[blancspa]

I know fine art people with pretty good discipline, they not from Navy. Do I need to wake up at 5.00AM to learn discipline?

 

[bfirth]

Do I need to wake up at 5.00AM to learn discipline?

if you want to trade the ftse, probably yes.
seriouslytho, i think that 12 months full time,with all bills covered and a minimum trading stake to 5k is what is needed, anything less is going to be very tough.

 

[blancspa]

yeah I know will be tough I will get par time job and trade eur/usd

i will also need somethign to teach myself discipline methinks

 

[DaxDestroyer]

I know fine art people with pretty good discipline, they not from Navy. Do I need to wake up at 5.00AM to learn discipline?

Asking this means only, you did not get the point

 

[london88]

Any reasonably educated person can succeed at anything they wish to do, bar those few expections; athlete and astronaut. It takes will power, determination and confidence in your ability.

Take the following quote for example and ponder on its significance for a few minutes:

"Genius? Nothing! Sticking to it is the genius! ... I've failed my way to success."
--Thomas Edison

 

[DaxDestroyer]

Any reasonably educated person can succeed at anything they wish to do, bar those few expections; athlete and astronaut. It takes will power, determination and confidence in your ability.

Take the following quote for example and ponder on its significance for a few minutes:

"Genius? Nothing! Sticking to it is the genius! ... I've failed my way to success."
--Thomas Edison

True

 

[wallstreet1928]

Any reasonably educated person can succeed at anything they wish to do, bar those few expections; athlete and astronaut. It takes will power, determination and confidence in your ability.

Take the following quote for example and ponder on its significance for a few minutes:

"Genius? Nothing! Sticking to it is the genius! ... I've failed my way to success."
--Thomas Edison

Yes I agree, that is very true indeed

I am only giving my own experience post graduation and I may well be wrong

I wish everybody a successful career in trading and may all new traders prosper

you are more than welcome to join me on my thread where i give live calls and analysis on Indices

take care

http://www.trade2win.com/boards/uk-...alls-ftse-dax-s-p-aimed-help-new-traders.html