New guy saying Hi, and some questions...

[Phoenix7]

Hi everyone!

I've been visiting this site on and off for the last few weeks and today I finally registered, so a big Hello from me!

Like most new members I'm after some advice regarding a possible move into trading and I value your input.

First off, a bit about me. I'm 39 in a few months, so yes quite old I guess by all accounts. I've worked in the IT industry for over 15 years; various roles including Systems Engineer, Network Manager, Systems Manager and most recently as a Project Manager (last 5 years or so). About a year ago I gave up an 8-year position to take up a managerial role with another company which, due to their bad finances, lasted only 4 months before the company went under - so I have no redundancy to fall back on.

During those last few years I worked primarily on financial/accounting and CRM systems and related infrastructure - implementations, budgeting, forecasts, planning, managing teams etc. etc. - all the usual PM functions.

Moving forward, I've been interested in trading for some time (years in fact) and feel now is a good opportunity for a long overdue career change. I wish I had done it sooner to be honest but such is life.

About 3 months ago I set up a demo account with Capital Spreads and have been playing with the software studying trends etc. using theirs, and other websites' advice. I've had some success, especially in the FOREX sector and usually bet over short periods, often less than an hour.

The big question is, what can I do to move into trading as a full-time role (not just spread betting )? Sadly, I don't have a degree, at uni (many moons ago) I did start a BEng course but pulled out after a year as I realised it wasn't a career path I wanted to follow. I then got into IT and the rest, as they say, is history.

I'm considering a part-time or OU degree like Business & Finance or something similar but will that ultimately help me, or are there alternatives?

Are these trading schools (academies) any good? I've read positive and negative feedback so I'm on the fence where they are concerned.

I know my age is against me, but ultimately where could I be in this industry if I follow your (hopefully positive) advice?

Cheers all, and thanks for reading!

Pete

 

[brewski1984]

Do you want it to be a career as in trade for someone else or trade using your own money?

There are a lot of topics on here regarding this and most if not all of them state it will take you years to become profitable and the best thing to do is keep a job and trade in your spare time.

 

[Phoenix7]

Hi Brewski

Ultimately I would like to do this full-time. Now whether that is working for someone else or not I'm not 100% sure at this point given my age. I'm curious to know if, at this stage in my life, working for someone is still an option open to me as I guess you would learn more in that situation.

I know banks regularly recruit grads but what about those later in life, and what would be the requirements - academic, experience etc.?

Cheers

 

[Phoenix7]

hello pehonix7.. funnily enough i'm also 39 and thinking the same thing.. mid life crises perhaps?.. I's say the best bet is to talk to some recruitment agencies or even just ring some banks + hedge funds and see what they think, I'm sure there must be someone who'd consider taking on old fogeys like us as trainees.. i mean ffs i bet neither of us would lose 2 billion quid in a few weeks!


Part time traders please take my 60 second survey New Survey

Haha 2hourtrader, I did like the comment about not losing £2bil!

I've been interested in trading for years now, but you know how it is, you're working and life is flying by and one year falls into the next. Before you know it we're old farts!

I want to make the transition now, otherwise I will be 49 saying the same thing!

I had contacted a couple of agents a few weeks back but I can't say they were too helpful. More a case of reading from a script when it came to the job requirements. Did you have better luck?

Have you found much support and encouragement to move into trading given our age? I'm keen to know how you got on.

Cheers!

 

[pb8856]

Hi Pete,

Have a read through this blog from the start, will give you a good idea of what you are facing

robertsweetman | Learning Spread Betting

As long as you are determined and protect your capital there is no reason you can't succeed just don't expect it to happen overnight.

 

[Phoenix7]

Thanks for the link pb8856. Just reading through it now. Definitely good advice in there!

Not sure what happened to the previous poster '2hourtrader' (quoted above), was his account removed?

Thanks

 

[pb8856]

Dunno, someone must have deleted it, maybe he had a change of heart.

Good luck with the learning. Good comment from brewskiup there suggesting you keep an income stream while learning

 

[Phoenix7]

Cheers pb8856. I know I have a lot to learn and a steep hill to climb, but I'm determined to pursue this now, if I don't I'll only regret it. I will keep doing the day job in the meantime and see how this develops.

Thanks again

 

[ibetyou]

Hi Phoenix7.Have a read of the interview with trading scout Michael Patak which you can find on the home page of t2w.

 

[hafid]

Study all the time to determine the correct trend, it is all.

Thanks.

 

[Johnnyalpha8]

Hi Pete, I'm the same age as you in the same boat....here are some useful links-:

http://jobs.efinancialcareers.co.uk/job-4000000000884116.htm
Schneider Group : Careers

Both of the above hire people without trading experience/education (you'll start as a trainee).

http://www.trade2win.com/boards/loo...-trainee-trader-traders-assistant-london.html

That's another thread by a guy with a similar question.

The other thing you could do is just start off at an entry level position like a clerk or trading assistant.
If you google for those job vacancies you should get a few hits.

Am I right in assuming that you are looking for a job as a trader? Not so much on the brokerage side?