Article Trading for a Living

T2W Bot

Staff member
1,454 55
So you want to trade for a living? In this article Geoff Turnbull looks at what you need to consider before you take the plunge.
There can?t be many traders who haven?t at least considered the idea of telling the boss what they think of him, throwing it all in and going off to trade the stock market for a living. It?s a big risk financially, and that uncertainty is what stops most from jumping ship. Is it really possible to trade for a living?
The Dream You know how it is, you?re sitting in a traffic jam at some unearthly hour of a particularly wet and miserable morning, on the way to the same office you have sat in for too long to remember, and you?re thinking – there must be a better way ? life shouldn?t have to be like this. Your mind starts to wander and you find yourself thinking back to that stock you bought only a week ago, and how it skyrocketed giving you enough profit to takes the kids to Disneyland in the summer, and you begin to consider if you couldn?t make a...
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mattblackman

Newbie
5 0
Like making a trade, getting in is the easiest part. It's knowing when to quit that's the hard part and there is about a 95% chance or better that you won't make it. The reward is that those who do make the cut and are able to maintain success, join a club where membership is quite exclusive...
 

TopIQ

Member
52 1
To daytrade like lewis borsellino on the SP500 you need to be an expert at short term support and resistence or learn to use pivot points. Also you need to trade a volatile market with enough daily range to money some money.
Plus it's NOT for the LAZY!
 

Pat494

Legendary member
13,865 1,410
I disagree that a newbie trader needs $25,000 - $30,000 minimum to start.
One SB firm lets beginners start for a minimum deposit of £100. Say start with £500 and learn the ropes before launching into the big time. Much of the rest is sensible.
 

dbphoenix

Legendary member
6,952 1,244
Pat494 said:
I disagree that a newbie trader needs $25,000 - $30,000 minimum to start.
One SB firm lets beginners start for a minimum deposit of £100. Say start with £500 and learn the ropes before launching into the big time. Much of the rest is sensible.
Trading for a living will take more than 500 pounds. If that's all the trader has, he will most likely be trading with scared money very quickly, which is not a good thing. Or perhaps he doesn't care whether he loses it or not, which is hardly conducive to strict money management either.
 

millsy500

Well-known member
355 21
dbphoenix said:
Trading for a living will take more than 500 pounds. If that's all the trader has, he will most likely be trading with scared money very quickly, which is not a good thing. Or perhaps he doesn't care whether he loses it or not, which is hardly conducive to strict money management either.
How would one start Db with limited funds? With experience one probably could, but experience comes with trading real money?
 

dbphoenix

Legendary member
6,952 1,244
millsy500 said:
How would one start Db with limited funds? With experience one probably could, but experience comes with trading real money?
I don't agree that experience comes only with trading with real money. Experience comes with experience. However, those who believe that only real-money experience counts but have little money to use should look forward to losing most or all of what they have.
 

daytradingUK

Member
72 1
Trading on paper is a lot easier as you have no 'fear' factor. Trading is all about being prepared to walk away without all that cash and not have to give-up everything like the shirt off your back to cover it.

I have written software for a living and tried my hand at trading (still do a bit of day trading) but a colleague went in too cocky, he had such success with backtesting his 'system' that he chucked £20,000 at CFDs. Suffice to say he didn't get much change back and promptly closed his account for the good of his health (wife with rolling pin).

I currently trade a few CFDs and a bit of equity but only have 2k available to trade with.
 

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