The long road to trading

[suggy]

The long road?

hi guys, after your opinions

I really want to be a self-employed trader, and believe I have what it takes, the rules are gradually starting to sink in, but I'm at a bit of a cross roads now. I can apply for/get (hopefully) a good graduate position but obviously this will be very time consuming leaving me little room for trading. Or I can go for it, get a 9-5 job that pays a living and really try and crack on with trading. I am 100% certain that whatever I do I will end up trading eventually, and I know the next couple of years will likely be very hard if I do go down that route. Has anyone here done it? Or if you lot were starting again, what would you do? All comments appreciated.

 

[Dow Dog]

If you want something badly enough, just go out and get it.

Life is too short to do things that you don't really want to do so if you want to be a trader, then be a trader.

If I could start again I would do everything differently - that doesn't mean that my life would turn out any better.

 

[MCGF]

If u get a 9 to 5 job are u realistically going to be able to trade too?

 

[dolton]

If you can get home from work and in front of a screen at say 18.00Hours, you should be just in time to carry out say 10minutes analysis then trade the "second trend" on the Dow which can kick in between 1730 -20.00 [See "Sniper Trading by George Angel]

Good Luck

 

[oatman]

Suggy, trading will always be there. It'd be nice to get something else under your belt and a bit more security first.

 

[Dow Dog]

Oatman

Getting a degree, profession, good job, experience etc. does not guarantee you security.

 

[suggy]

hmm yeah good points guys.

MCGF - its kind of hard to trade if you have no money to do it with. I was thinking that if I just got a job where it was fairly non-stressful and maybe had a internet connection then I could practise until I got enough in the bank to have a real go.

DDog, yeah I know where you are coming from, thats how I'm feeling right now but its a big step, thats all. Lots of factors.

Oatman, I do have a degree and a PG qualification so (fingers crossed) I should be able to land a fairly decent job if this first attempt ends in tears. I dont really want to sit at a desk killing my brain and thinking about trading when I could just go for it.

thanks for all the input. Anyone else have any pearls of wisdom?

 

[Dow Dog]

Open up a virtual account with a spread betting company. I think you can do it with Capital Spreads.

If you open an account with Fin Spreads they will allow you to play for 1p per point for the first 8 weeks. Thereafter it is 50p per point minimum.

 

[jklondon]

Out of interest have you got a decent size capital to earn a living of trading suggy ?

Personaly (and this is just from my exp) I would take a decent grad programme and attempt to trade on the side if you want. Depending on what you do (?) they normally invest a lot in the first two years of a Grad Progamme and the experience you get means you can pretty much move on to whatever you want within your field after a while.

Would you plan on trading at home on your own ?

 

[Dow Dog]

Suggy

You should also be aware that trading can be a lonely way of life.

It can also be excruciatingly boring but the money makes up for it when you have a winning system.

 

[Roger Carton]

Suggy

There is the wise saying " don't put all your eggs in one basket"

You have to quite a risk taker to do what Dow Dog is suggesting, stick to your 9-5 job and play the market on the side, at least for the time being is my opinion.

Roger

 

[Roger Carton]

Dow Dog

I don't understand your logic. If everybody gave up their jobs and started playing the stock market we wouldn't have anyone doing the necessary jobs. Who would be working in the Supermarket. who would be firemen, etc? The stock market would collapse as a result.

Unless you want to send most of the jobs to India? That would give a massive boost to the Indian stock market, ours would scompletely collapse and be heamorraging cash.


Roger

 

[MCGF]

STRESS!

 

[Dow Dog]

Isn't that a bit extreme Rog ?

I think you should join MCGF and me on the Zambia trip. Might get your sense of proportion back to reasonable levels mate.

 

[donaldduke]

Suggy,

Have you got two years worth of money to live on??

And then you will need atleast 60K on top of that to trade with.
You should expect to lose say 10-20K of this 60 in the first
year or so (every one who doesnt have a private mentor loses
in the beggining).

You also need a PC and a broadband internet connection.

And finally you need a passion for trading and the markets.

If you have all the above then go for it. Otherwise work hard
in your other job and dont quit until you have all of the above.

 

[Dow Dog]

And then you will need atleast 60K on top of that to trade with.
You should expect to lose say 10-20K of this 60 in the first
year or so (every one who doesnt have a private mentor loses
in the beggining).

Don't take this as gospel Suggy. It varies from individual to individual. You do not need 60k and you are not certain to lose 10-20k unless you are reckless. In fact you are not certain to lose at all.

 

[donaldduke]

Of course you need atleast 60K, how much return do you
think suggy will make in his first profitable year?

Be realistic here, some traders do make 100%+ a year but
they are the exception not the rule.

50% is a more realistic figure.

Lets say Suggy makes 50%, if he only has 20K in his account
hows he goining to live on 10K profit? How is he going to
grow his capital if he needs to spend all his profits to live on?

Also need you a bit to handle any initial drawdown.

 

[Dow Dog]

Of course you don't need 60k.

Depends on style of trading, the individual and many other factors.

When you say 60K are you talking JPY ?

 

[Dow Dog]

How is he going to
grow his capital if he needs to spend all his profits to live on?

This is where a rich widow might come in handy.

 

[donaldduke]

The figure is aimed at a suggy who is a beggining trader...

Now if he was an experienced already profitable trader he
wouldnt need that much.

But you have to be realistic, its unlikely he will be making 100%
if he trades with rigid risk management in his first profitable year.
I dont care which method he uses.

He is more likely to lose money in the beggining. If you go in
with this attitude you will lose less. If you go in the attitude i
will not lose, you will lose a lot more.