Looking for advice

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mpapxxi

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Hello everyone, I am a working mother of 2 little children in (desperate) need of earning some extra income. I have come across remote trading as a "decent" option for a professional person looking for earning additional cash during spare time. I am totally unexperienced, but 100% willing to learn.

Would you please recommend the best (cost-efficient-effective) way to start trading from home between 20:30-22:30 GMT. I mean, what markets and platforms would you recommend for someone like me to use to learn and eventually trade in. I will really appreciate your ever so kind advice.
 
nonononononononononononononononononononononononononononononononononononononono

the most money you wil make between 20:30 and 22:30 will be from behind a bar.

Tits are for Tips. Use 'em.
 
Sorry to say it, but if you are desperate then trading is not for you. This is not something you can quickly learn and you must be willing to lose money when you start live trading. Please don't get into this without knowing the risks and don't put your family at risk by losing money that you can't afford to or haven't even got. Best of luck for any other venture though.

Ken
 
Spend your two hours a night studying technical analysis of the markets and learning about their behaviour, how to trade / invest (there are many styles of each). Eventually move on to paper trading but make sure you are strict with your records - the market is blind and makes no allowances for inexperience or errors: it chews up newcomers.

When paper trading shows you would be consistently profitable, start trading - very small. When you consistently make small money, steadily increase your trade size. Always plan for what you could lose, not what you might win - that way you can stay alive long enough to be a big winner.

But this is no quick scheme and it will be hard.
 
Expecting the market to fulfill your trading expectations within certain parameters is like gambling and then praying.
I sometimes wait all day and sometimes more for my setup to come about so like I say above expecting criteria to be met at only a certain time is asking to much,
Unfortunately you have started down the wrong road on your trading journey.
I see a lot of good advice on what not to do, I think you want advice on what to do
I would suggest finding ways of monitoring the market but not being a slave to it (screenwatching)
I set alarms that alert me that a criteria I have set up is about to come into play and then I watch the market. Look at all the posibilities do not limit yourself to this narrow time zone it will make you gamble out of frustation.
Anyway hope the advice is useful.
Good luck!
 
mpapxxi said:
I am totally unexperienced, but 100% willing to learn.
Click to expand...

Trading cannot provide a steady income, not even close. To 90% of the traders, it provides constant loses. The market dictates the times you must trade, not the other way around, except if you are a market maker. Please do not ask like someone else did in another forum how to get your own market maker license:)
 
Many thanks!

Many thanks for your advices, specially Tomorton's . Indeed now that is what I am planning to do. When I said "desperate" I meant I really need a complementary income, however, I have around 12 months to work out this alternative properly before I do some career changes. I will do as you are recommending.

May I ask what market would you advice to do (Forex, futures, options, or any other)? My guess is that we are talking spreadbetting all the time, am'I wrong?


Many thanks for your useful advice.






tomorton said:
Spend your two hours a night studying technical analysis of the markets and learning about their behaviour, how to trade / invest (there are many styles of each). Eventually move on to paper trading but make sure you are strict with your records - the market is blind and makes no allowances for inexperience or errors: it chews up newcomers.

When paper trading shows you would be consistently profitable, start trading - very small. When you consistently make small money, steadily increase your trade size. Always plan for what you could lose, not what you might win - that way you can stay alive long enough to be a big winner.

But this is no quick scheme and it will be hard.
Click to expand...
 
mpapxxi said:
Many thanks for your advices, specially Tomorton's . Indeed now that is what I am planning to do. When I said "desperate" I meant I really need a complementary income, however, I have around 12 months to work out this alternative properly before I do some career changes. I will do as you are recommending.

May I ask what market would you advice to do (Forex, futures, options, or any other)? My guess is that we are talking spreadbetting all the time, am'I wrong?


Many thanks for your useful advice.
Click to expand...

You have to find the market and style that suits you. Experiment with different styles on a demo s/b platform to start and see what you are comfortable with, but don't look at too many things at once. Try indices or forex then others. take it one step at a time. If you like forex get a demo MT4 account from Forex Trading, Broker and Software provider for FX, CFD's, Gold, Silver Futres & Options Trading| ODL Markets Ltd for charts and maybe a demo account with Financial Spread Betting | E*TRADE or some other co. This site may help you as well. Financial Spread Betting for a Living

Ken
 
Dear All,

After having a quick view at your references, what would you advice to someone with my profile to spend time studying, in order to improve chances of success: Security trading or financial spreadbetting?

Kind regards and many thanks again,


Mary.
 
As you are unable to screen-watch much, swing trading might be a good option. Look especially for Marc Rivalland On Swing Trading. He has set up this simple system for trading the FTSE100 (though it would work with large cap shares or other major indices) so that you just look at prices after the close and decide then what needs to be done, then you place your orders. Minimal time,TA and complexity. Its not as easy as it looks in the book but it is not hard.
 
Mary,

Having been on this site a few years now I would advise against you trading at present until you have money that you can afford to lose. If you are short of cash how would you feel if you lost say £200 on a spreadbet that went wrong?

Personally I think you are approaching this in the wrong way, as far as I can make out you have an interest in making money - and you've chosen trading as the way to achieve that - whereas I really do think in order to survive you have to have an interest in trading and fascination of how to beat the odds that you won't make money.

I would say without exception - everyone on this site who has been around for more than 6 months falls into the latter category, suffered setbacks already but the drive/determination and interest in the subject has driven them on to succeed.

I have seen countless people that appear on this site, with big ideas and aims only to disappear after 3-4 months when they experience a painful loss.

So be honest with yourself - why are you here?

By all means study - and I would reccommend you open a demo spread betting account for practise and comb this site for eductional articles. But you should never start out trading with the aim of covering living expenses. Leave that to the experts otherwise it will only end in disaster.
 
mpapxxi said:
Hello everyone, I am a working mother of 2 little children in (desperate) need of earning some extra income. I have come across remote trading as a "decent" option for a professional person looking for earning additional cash during spare time. I am totally unexperienced, but 100% willing to learn.

Would you please recommend the best (cost-efficient-effective) way to start trading from home between 20:30-22:30 GMT. I mean, what markets and platforms would you recommend for someone like me to use to learn and eventually trade in. I will really appreciate your ever so kind advice.
Click to expand...

as more often than not I totally agree with Tom's comments re. TA etc, however, you could also learn an awful lot by spending an hour a day reading this suite of forums....the depth of info is extraordinary and sadly underused/referenced and at times much maligned.:)

*Oh and as tenbob's already pointed out babypips is excellent.
 
Last edited by a moderator:
Dear All,

Many thanks for all your advices, just a last question I think it has been overlooked. Doing some searching yesterday, I came a cross a company called optionxpress, would you think this offer a good trainning to do before eventually (after having a sound practice period) start trading?

Thanks-a-million.
 
stay clear of optins unless you have a full understanding of the market. you'll get hurt.
 
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