Taking a year off from working to study & trade?

Sandile84

Newbie
5 0
I am a 28 year old and have been working for close to 8 years now. I don't have a very high qualification and therefore I don't earn that much money that will allow me to save and become financially independent one day. I am seriously considering taking a year off from working either in 2014 or 2015 to study for one year full time for a degree. This will help me upgrade my skills, hopefully allow me to have a higher paying job and allow me to save more money. While studying full time, I will have some free time which I can use to trade forex more regularly.

So in essence I will study full time, but an hour or so every day I will trade forex with little money.

What do you think? Good idea?
 
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freestyler39

Newbie
6 4
It's better than nothing. Just don't expect to be a professional trader after one year of trading 1 hr a day. It's more like a small start to a long term commitment of learning the craft.
Put it in a different way, the general rule of thumb is that it takes 10,000 hrs of deliberate practice to become an expert in any field. 1 hr a day x 250 trading days in a year = 250 hrs. You will be 2.5% of the way there at the end of the year.
 

Sandile84

Newbie
5 0
No. A very bad idea.

Why is it a bad idea? I won't trade a lot of money, I'll use maybe $1500 or so, money I can afford to lose. The idea with trading forex would be to learn trading with real money, but at the same time studying for a degree which will be good for me.
 

pboyles

Legendary member
8,072 1,303
I am a 28 year old and have been working for close to 8 years now. I don't have a very high qualification and therefore I don't earn that much money that will allow me to save and become financially independent one day. I am seriously considering taking a year off from working either in 2014 or 2015 to study for one year full time for a degree. This will help me upgrade my skills, hopefully allow me to have a higher paying job and allow me to save more money. While studying full time, I will have some free time which I can use to trade forex more regularly.

So in essence I will study full time, but an hour or so every day I will trade forex with little money.

What do you think? Good idea?


Studying might be a good idea but trading forex is a very stupid idea. All you'll do is waste your time and money. Stick to working or studying, forget about trading.
 

Shakone

Senior member
2,458 665
Why is it a bad idea? I won't trade a lot of money, I'll use maybe $1500 or so, money I can afford to lose. The idea with trading forex would be to learn trading with real money, but at the same time studying for a degree which will be good for me.

Do what you want to do.
 

scose-no-doubt

Veteren member
4,630 954
that "trading" fund would be better off going to charity or being spent on bugle and brasses or something. You will probably lose all of it and learn not so much.

Study hard and spend it on a holiday as a reward.
 

jungles

Guest
614 67
Sandile, despite the curt manner in which your question has been answered, it is I'm afraid, accurate.

Dedicating a mere 1 hr a day for 1 year to trading, will highly likely see you losing your stake and not having much trading knowledge to show for it.

Quite simply, if you wish to give yourself a chance at being a profitable trader (sometime in the distant future), then you will need to give more than 1 hr/ day to the endeavour, and do so for a good number of years; the average is probably 4 to 5 years.

..........and that's only if you are one of the rare few (0.4%) that actually "succeed"

.
 

WR1

Active member
206 9
Really depends what you learn and from who
a yr is possible - in fact a few months is possible if you learn a few of the right methods early on

alot of women pick up a few winning strategy's within a yr, but then again they often get a knowledgeable bloke to teach them

but for most 10,000 hrs+ or never is the norm...

get around the various forums and remember you only need a few good strategy's and methods to be successful

check out the 3 ducks for starters
and learn how to spot the change of trends early

Don't try to be the master of all trades
 

NVP

Legendary member
37,768 2,101
I am a 28 year old and have been working for close to 8 years now. I don't have a very high qualification and therefore I don't earn that much money that will allow me to save and become financially independent one day. I am seriously considering taking a year off from working either in 2014 or 2015 to study for one year full time for a degree. This will help me upgrade my skills, hopefully allow me to have a higher paying job and allow me to save more money. While studying full time, I will have some free time which I can use to trade forex more regularly.

So in essence I will study full time, but an hour or so every day I will trade forex with little money.

What do you think? Good idea?

Hey S

think about what you have written

you obviously recognise the need for studying and upgrading your own skills and talents to provide more longer term income and prospects - 10/10

but then (like many beginners) you are failing to recognise the time and effort needed to become a consistently profitable Trader .........

you cant do both - and I can assure you that the trading will mess up your head and not help the studying 1 bit.........so walk away dude ........walk away .........unless trading becomes your no. 1 sole study subject

good luck in the studies :smart:

N
 

NVP

Legendary member
37,768 2,101
Really depends what you learn and from who
a yr is possible - in fact a few months is possible if you learn a few of the right methods early on

alot of women pick up a few winning strategy's within a yr, but then again they often get a knowledgeable bloke to teach them

but for most 10,000 hrs+ or never is the norm...

get around the various forums and remember you only need a few good strategy's and methods to be successful

check out the 3 ducks for starters
and learn how to spot the change of trends early

Don't try to be the master of all trades

they'll be getting the vote next as well I heard recently ........:p

most of the women traders I know are far better than male traders .....no Ego.......balanced .....focused .......practical

check out Anna Coullings ......ive met her and she seems pretty switched on ......

N
 
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Billy Gates

Active member
161 14
It is good that you are trying to better yourself. If you intend to trade for an hour a day, then why not start that now ? You should start learning and practice long before you stop working. Don't be relying on the income from trading as that may be unlikely.

Start trading now and by that you may have developed a system that works for you OR you may come to learn that trading is not as easy as you thought it was.

Planning is the best way to be involved in this business and this approach should be an essential part of your plan.

Good Luck
 
 
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