Steps towards full-time trading

[WmWaster]

Steps towards full-time trading

Hi.
What do you think about being a full-time trader?
As an individual, Is it wise to do so?

I read many books. Up till now, it seems I can gain in the markets. But gaining in the past doesn't guarantee gaining in the future. Eg: something might be changing and my old methodology become useless.

Can it be successful as a long-time individual investor (you know, someone stay at home to trade and make the living)?

What characterisitcs/requirements do I need to have before I go for full-time trade?
If I wish to be a full-time trader, which is better - individual trader only or join firm or get a broker qualification?

After all, are you a ful-time or part-time trader? And why do you wish to be a full/part-time trader?

Thanks!

 

[breadman]

Steps towards full-time trading

Hi.
What do you think about being a full-time trader?
As an individual, Is it wise to do so?

I read many books. Up till now, it seems I can gain in the markets. But gaining in the past doesn't guarantee gaining in the future. Eg: something might be changing and my old methodology become useless.

Can it be successful as a long-time individual investor (you know, someone stay at home to trade and make the living)?

What characterisitcs/requirements do I need to have before I go for full-time trade?
If I wish to be a full-time trader, which is better - individual trader only or join firm or get a broker qualification?

After all, are you a ful-time or part-time trader? And why do you wish to be a full/part-time trader?

Thanks!

If you are working now as well as trading how are you going to deal with no cheque at the end of the week / month, if you have a period where you lose money.
If your system has worked for a couple of years their is a good chance it will continue to work, have you tested it for a couple of years.
Do you have enough money to trade on your own and make more money than you are making in your job.
Can you deal with the pressure.
Just a few questions to ask yourself.

Breadman

 

[fxmarkets]

well, I think you wont have a choice in it, i'm sure some just know its what i'm directed to be doing, as a young actor who knows its nothing but acting for his/her life.

characteristic, you will succeed , by failing to quit. Idea for some, pre fitted organ for others, you have to do it your way what you see for yourself. going through the, im successful here, but took a kicking there, have a look at the kickin you get, thats your training you pay for.

your life mate how do you want to live it ? not what society says, or family ,friends or peers (all potential pressure of wanting to please others etc) but its your call.

I'm sure weve all had the experience of saying to friends/family/colleagues No! and watching the jaws drop.. that attitude of sureity to call it how you see it, despite the probable forseen reaction from others helps.

theres a quote about a man who knows what he wants is unstoppable??? a lot of people zip through life contemplating, balancing, their ambitions against those ambitions or expectations of what others want or expect you to do, we as people generally do not like to displease others, especially loved ones,close ones etc, hence we may become mediocre with ourselves.. but dont we owe it to ourselves to be who we are ,who we want to be, ? admired by some, hated by others..

theres a time for slippers and a pipe , our choosing again on that one.


be honest, is it yes i'd love to but security of money flow etc.... keep working at it if it is until you know that when you trade well, points rack up,(dont even count them, just trade well focus on the market) but discipline continual vigilance control are still required thats the next step to perfect and that aint always easy.

perfect practice makes perfect.

I must remember that


so how do you see yourself , is that want you want? maybe thats the hardest thing, knowing, but when you do then, you wont be stopped. whatever it is.

im sure you know or sense some all/of this, but we sometimes like to bounce thoughts "out there" to aid in our decision making process.

best with it.

 

[WmWaster]

If you are working now as well as trading how are you going to deal with no cheque at the end of the week / month, if you have a period where you lose money.

I'm just studying.
On schedule, I'm going to graduate next year.
That's the turning point - should I work or trade full-time?

As to how to withstand the months where I have no income or even incur a loss, the answer is I lock-up some capitals for emergency needs. Eg: I need 10% of my capital to finance my 9-month living. However I'll still invest nearly all my capitals (eg 98%) to the market since it is very unlikely that I will lose all 98% capitals (because of risk management, stop-loss etc.)

On one day, if I no longer trader well in the market and lose 10% of my capital. I would stop trading and try hard to find out why, and think of solution. If it couldn't be solved within 3-4 months. I may stop to work in the employment market.

The only concern is since I get no experiences other than trading at home, I'm not sure if I can get a job. So I may need to take some low-income or bad jobs at worst (eg waiters, cleaners).

If your system has worked for a couple of years their is a good chance it will continue to work, have you tested it for a couple of years.

I don't really have a mechanical trading system, but I have my own methods/rules when I trade.
Recently, I focus more on technical analysis and I find it very useful to facilitate decisions with entry & exit point. I'm trading futures, so correct entry & exit becomes more important.

To me, it seems trading futures are much better than that of stock. what do you tihnk?

Now I'm looking for a good traidng system & automated trade, so I can further lower my stress, weaken subjectivity and emotional factors on trade. Unfortunately, it seems no broker supports any good trading system non automated trade in my own country. Thus I tried to search for foreign brokers who could offer such services. Any good recommendation?

Do you have enough money to trade on your own and make more money than you are making in your job.
Can you deal with the pressure.
Just a few questions to ask yourself.

Breadman

I could deal with the pressures invovled in trade (inlcuding a sudden big loss).
Yes I got enough money to trade (& maintian my living).

 

[WmWaster]

well, I think you wont have a choice in it, i'm sure some just know its what i'm directed to be doing, as a young actor who knows its nothing but acting for his/her life.

characteristic, you will succeed , by failing to quit. Idea for some, pre fitted organ for others, you have to do it your way what you see for yourself. going through the, im successful here, but took a kicking there, have a look at the kickin you get, thats your training you pay for.

your life mate how do you want to live it ? not what society says, or family ,friends or peers (all potential pressure of wanting to please others etc) but its your call.

I'm sure weve all had the experience of saying to friends/family/colleagues No! and watching the jaws drop.. that attitude of sureity to call it how you see it, despite the probable forseen reaction from others helps.

theres a quote about a man who knows what he wants is unstoppable??? a lot of people zip through life contemplating, balancing, their ambitions against those ambitions or expectations of what others want or expect you to do, we as people generally do not like to displease others, especially loved ones,close ones etc, hence we may become mediocre with ourselves.. but dont we owe it to ourselves to be who we are ,who we want to be, ? admired by some, hated by others..

theres a time for slippers and a pipe , our choosing again on that one.


be honest, is it yes i'd love to but security of money flow etc.... keep working at it if it is until you know that when you trade well, points rack up,(dont even count them, just trade well focus on the market) but discipline continual vigilance control are still required thats the next step to perfect and that aint always easy.

perfect practice makes perfect.

I must remember that


so how do you see yourself , is that want you want? maybe thats the hardest thing, knowing, but when you do then, you wont be stopped. whatever it is.

im sure you know or sense some all/of this, but we sometimes like to bounce thoughts "out there" to aid in our decision making process.

best with it.

I don't really love to trade.
The only reason why I need to trade is $$$.

But there are things behind trade which make me like this "job".
- I can choose to work at any time
- No need to answer to the boss
- I can earn quick money easily. That means I can do more things which I couldn't imagine in the past.
- with the money (from the market), I can finance myself to pursuit my interests (say can freely develop games witohut the need to respond to my publishers etc.)
- (after you learnt how to trade well), you don't need to send much time before you can earn a living for a month
- as such, I have much more free time to do what I like.

 

[fxmarkets]

I don't really love to trade.
The only reason why I need to trade is $$$.

But there are things behind trade which make me like this "job".
- I can choose to work at any time
- No need to answer to the boss
- I can earn quick money easily. That means I can do more things which I couldn't imagine in the past.
- with the money (from the market), I can finance myself to pursuit my interests (say can freely develop games witohut the need to respond to my publishers etc.)
- (after you learnt how to trade well), you don't need to send much time before you can earn a living for a month
- as such, I have much more free time to do what I like.

I look forward to doing business with you.

All the best.

Fx.

 

[WmWaster]

I look forward to doing business with you.

All the best.

Fx.

Hehe... Why do you wish to do business with me?

 

[Tuffty]

But there are things behind trade which make me like this "job".
- I can choose to work at any time
- No need to answer to the boss
- I can earn quick money easily. That means I can do more things which I couldn't imagine in the past.
- with the money (from the market), I can finance myself to pursuit my interests (say can freely develop games witohut the need to respond to my publishers etc.)
- (after you learnt how to trade well), you don't need to send much time before you can earn a living for a month
- as such, I have much more free time to do what I like.

But what if the reality is thus.....

You have to work when the market is open or when the opportunites are there....in effect you don't choose.
You have to answer to yourself if you're not delivering....this may involve introspection which many like to avoid as it can be emotionally stressful.
You can earn quick money easily.......you can do the same if you go to the casino and you're lucky.
To learn how to trade well may take long hours of effort.

 

[breadman]

Wmwaster,

As you are still studying my view is that trading as your first job using your own money would not be the best course of action. Try getting a job in the markets that way you might pick up some insider knowledge. Try a demo account trading £1 a point for a couple of months if you make money go to £2 a point for a few more months and so on. If at the end of the year you have made money have a go at trading. If not, what ever losses you have turn it into real money and give it to charity, that way their is pressure on you to make money or the charity gets it and you keep working. Their is a big difference between paper trading and real trading.

Breadman

 

[WmWaster]

But what if the reality is thus.....
You have to work when the market is open or when the opportunites are there....in effect you don't choose.
You have to answer to yourself if you're not delivering....this may involve introspection which many like to avoid as it can be emotionally stressful.

I have considered about that.
Emotions - No problem since I am engaged in it already.
Capital - Yes, I have enough capitals to trade.

So it seems to me the only question is how I STILL succeed in long run.
So far, I do quite well.
You know, if I leave the employment market for too long, I may not be able to get a decent job even if I am a degree holder. That's the most I concern.
I need some "backdoors" to help me out just in case if I no longer trade well.
Any idea on this point?

You can earn quick money easily.......you can do the same if you go to the casino and you're lucky.

If you go to casino, you gamble on luck.
If you go to market, you earn by skill.

Market price is not randomly moved!

 

[WmWaster]

Wmwaster,

As you are still studying my view is that trading as your first job using your own money would not be the best course of action. Try getting a job in the markets that way you might pick up some insider knowledge.

So are you suggesting me working in brokerage firms or anything similar?
However I'm not studying in finance. Not sure if I can get a job in this field.

Try a demo account trading £1 a point for a couple of months if you make money go to £2 a point for a few more months and so on. If at the end of the year you have made money have a go at trading. If not, what ever losses you have turn it into real money and give it to charity, that way their is pressure on you to make money or the charity gets it and you keep working. Their is a big difference between paper trading and real trading.

Breadman

I tihnk your idea is great.
To me, papertrade can still be emotional too.
Reward & punishment are the keys!
My method is:
- I set a starting capital as, say, $10k.
- My goal is to earn $20k (before I can graduate and trade with real money)
- But if I lose more than 50% of my capital, I'm forced to put all money as 1-year fixed deposit (so I couldn't use that sum of money for 1 year)

This does cause me stress when I trade.
Also I will not employ strategies which I will not use in real trade (eg put all money in 1 particular trade).

After that, the diference between "papertrade" and "real trade" narrow down by a large extent.