Trading with a Full time job!

volante5767

Newbie
6 0
Hi People.
Im Steve 49, just come for the hideous world of Binary [lost about a grand] now
to the real world of trading and CFD's!
Been studying Forex and commodities for some time now and have been recently studying CFD's too, which i really like. Probably leaning towards CFD Commodities as less volatile maybe more predictable than Forex!
Im a full time Welder in a Factory and obviously have no use of a PC or even a Mobile/ cell.
So its obvious to me any Tech Analysis is a waste of time, that luxury only afforded to people who can watch candlestick charts all day, which rules me out:(
I 'thought' i had found a way but seem to have lost out miserably.
My idea/strategy was this....
I found an Australian Guy on Youtube who would plot Forex pairs for the coming week on Sunday night, giving predictions and Strike rates based on His chart analysis, mainly using S and R.
I followed this for a few weeks put in my orders on Sunday night, all set up with stop loss and take profit, but it really seemed very hit and miss, some of the trades being killed by the stop loss, other orders never started because the predicted rate was nowhere near my order rate, so a failure.
Im a bit down in the dumps as ive been trying lots with no result at all.
Im not a greedy Guy and am certainly not after a get rich scheme that does not exist.
I love trading, just need a little help or idea's please.
Thank you for reading.
 

Dowser

Experienced member
1,236 276
Hi Steve,

I'd suggest trading higher time frames eg. 4hr or Daily charts so you don't have to write off TA. Spending a couple of hours in the evening on analysis and maybe setting orders in the morning before work. Obviously weekends provide opportunities for analysis too. Don't waste your time with Youtube 'experts'

ATB
 

dbphoenix

Legendary member
6,931 1,233
You're throwing darts. Blindfolded. Following some guy on YT is not the approach of a serious trader. Study the markets, not what anybody says about the markets. Learn what makes price go up and down and sideways. Develop a thoroughly-tested trading plan. Or just put your money into a big pile and set it on fire.

Learn your business. I strongly suggest How to Make Money in Stocks, even if you decide to trade commodities or futures or whatever, preferably the first edition, as linked. It's only a few bucks.
 
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EnlightenedJoe

Experienced member
1,950 95
Im not a greedy Guy and am certainly not after a get rich scheme that does not exist.
You want the shop to give you money, but you still think you are not greedy. What you are doing is no different to going to the local bookie shop down the road from your factory, place your bets, then say you are really not greedy.

The fact is, you are greedy. The results tell you the same.

The efforts needed to win from "trading" is same if not greater than to win from the bookies. How long do you reckon it will take for you to find a way to win from the bookies consistently ? Common sense says it will take forever. That's what it will take to win in "trading". Can you afford the effort and costs ?

All the videos you see on yourtube about making easy and big money are from shops, they are just advertising to find customers. Obviously you became one.
 

volante5767

Newbie
6 0
Cheers Guys,
I've been throwing darts in the dart for years!...lol
Thanks for the link too, i'll get there in the end.

PS, Joe, i dont 'want' to be given anything!...Can 'you' afford the effort and cost?
I asked the forum for advice, and get your outright negativity and sarcasm?.... why?
Is your bitterness towards beginners down to personal trading success? ....... And it was on a Demo account that i lost, so no, it was nothing like going to the bookies!
 
Last edited:

sminicooper

Experienced member
1,148 326
Being unable to access markets during your day job is not necessarily a disadvantage. My experience is that both the job and the trading will suffer. You're fortunate in that the decision has been made for you.

The American markets are ideal for trading after UK normal office hours (do they have those in the welding industry?) where they stay open until 9 PM UK time.

As a beginner you will probably find it easier to trade higher timeframes and my suggestion would be to look at Daily coupled with a trend-following methodology. Even doing that, there are numerous ways to put it into practice. I believe that you will need to try them all in order to convince yourself of what works and doesn't work (indeed, if you find any at all that work!) for you.

It can be done, it's not easy and unless you are a born natural genius trader, it will take loads of work, determination etc etc. You will soon find out if you have the bottle.

I would suggest (but others will give you a totally contrary opinion to this) that you don't spend any real money until you can at least make your system/methodology work with paper trading. Demo accounts have their uses and in my opinion this is one of them – but you don't even need that: demo accounts don't really provide anything that spreadsheet can't do.

Don't be put off, but look after your money until you have confidence that you know how to trade it.
 
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EnlightenedJoe

Experienced member
1,950 95
As you want to persist, here's the general principle of winning:

The shop conducts their business for profit. Therefore, in a wager that has 2 possible outcomes, it is necessary for the shop to "influence" the outcome that causes more customers to lose than those who win. If the business is not conducted this way, the shop will go bankrupt. If you have information on what most customers are betting on and bet against them, you are very likely to win, because your interest is then aligned with the shop.

For the bookie business, the customer betting information is very likely to be private. Therefore you are unlikely to ever win without the information.

For financial markets, the betting information on the customers, maybe are available or could be inferred. Therefore there is possibility of winning if you can reliably get that kind of information. It should be obvious such valuable information would not be available easily and likely to be well hidden. If you eventually find such information, you might have a chance to succeed.
 
Last edited:

darktone

Veteren member
3,916 1,000
Tig mainly, some Mig usually Aluminium....Build MRI body scanners
Nice. By far most of my experience is mig car body trade back int day. Recently some steel and bronze welding tig, a bit of steel stick but just for fun. Old school machine tools is one of the hobbies :). You do any machine work on site?
 

foroom lluzers

Veteren member
3,612 135
hi people.
Im steve 49, just come for the hideous world of binary [lost about a grand] now
to the real world of trading and cfd's!
Been studying forex and commodities for some time now and have been recently studying cfd's too, which i really like. Probably leaning towards cfd commodities as less volatile maybe more predictable than forex!
Im a full time welder in a factory and obviously have no use of a pc or even a mobile/ cell.
So its obvious to me any tech analysis is a waste of time, that luxury only afforded to people who can watch candlestick charts all day, which rules me out:(
i 'thought' i had found a way but seem to have lost out miserably.
My idea/strategy was this....
I found an australian guy on youtube who would plot forex pairs for the coming week on sunday night, giving predictions and strike rates based on his chart analysis, mainly using s and r.
I followed this for a few weeks put in my orders on sunday night, all set up with stop loss and take profit, but it really seemed very hit and miss, some of the trades being killed by the stop loss, other orders never started because the predicted rate was nowhere near my order rate, so a failure.
Im a bit down in the dumps as ive been trying lots with no result at all.
Im not a greedy guy and am certainly not after a get rich scheme that does not exist.
I love trading, just need a little help or idea's please.
Thank you for reading.
most traders here are professional traders .this trade to win