Wanted an opinion

[DanielBryan]

Hi guys,

I'm new to the forums and to trading. But always had big interest.

I'm in my final year of university and have not secured myself a good graduate job.

After I finish university I wanted to undertake full time trading.

I will have a £5000 account when i start.

I am committed to becoming a successful daytrader.

I am willing to learn, and spend the time to become good at trading.

From reading the FAQ, I could make big losses upfront but what separates the successful traders is the fact they continue to learn and trade not giving up.

So i wanted to know what you guys think, can I become successful or am i on dream street.

Any response is much appreciated.

Daniel.

 

[itspossible]

DB i would suggest several demos first.Try ig and cmc-What will you be trading.

 

[DanielBryan]

I will most definitely be using the demos.

Initially i would like to learn the basics, then go ahead with the demos.

Ideally i would like to start trading shares. Then when I become more knowledgeable and experienced move into penny stocks. I've read that penny stocks are high risk/ high reward.

Does this sound feasibly and realistic?

I have seen a few threads stating to other members they should keep their day jobs etc it makes me slightly question my self about pursuing day trading full time.

Thanks

DB

 

[timsk]

I will most definitely be using the demos.

Initially i would like to learn the basics, then go ahead with the demos.

Ideally i would like to start trading shares. Then when I become more knowledgeable and experienced move into penny stocks. I've read that penny stocks are high risk/ high reward.

Does this sound feasibly and realistic?

I have seen a few threads stating to other members they should keep their day jobs etc it makes me slightly question my self about pursuing day trading full time.

Thanks

DB

Hi Daniel,
Welcome to T2W.

Time for a reality check - I'm afraid it's neither feasible or realistic - you're on "dream street". If you launch straight into day trading after Uni, you will probably blow your £5k account in six months to a year. You can't day trade actual shares (U.S. ones anyway) with an account that small, so you will have to use a derivative trading vehicle like CFDs. These are highly leveraged, meaning that although you can make significant gains - you can also make significant losses. Unfortunately, the latter is MUCH more likely than the former!

As for trading penny stocks - that's gambling pure and simple. For the most part, you won't be able to day trade them anyway - which is just as well - as it's a sure fire way to lose your money in double quick time.

The best advice I can offer you is to focus on your studies, get the best qualifications you can get and then focus on your chosen career. Once that is all moving forward as you'd like it to, then you can start to demo trade in your spare time. Get to the point of being consistently profitable doing that before depositing real money and then only trade the smallest 'size' possible.

If you're going to take time out and bum about for a year, that's fine, but I suggest you make the most of it - and your youth - and get out and see the world and experience real life. Spending the year sat in front of your laptop day trading won't let you do either of those and is something you may well regret later on.

If you traded forex (just as an example) and you'd leveraged up your £5k account and were long EUR/CHF in the middle of January, you could be saddled with a debt that makes the average student loan look like small change. Seriously, no joke, just check out the threads about it right here on T2W. So, whatever you do, when it comes to trading, plan for the very worst case scenario. Only proceed down this path if you understand and accept that that is a very possible outcome. Making silly money in a single mouse click on board a luxury yacht floating around the Caribbean, surrounded by beautiful women is just pie in the sky nonsense. Don't fall for it!
Tim.

 

[Charlton]

Hi guys,

I'm new to the forums and to trading. But always had big interest.

I'm in my final year of university and have not secured myself a good graduate job.

After I finish university I wanted to undertake full time trading.

I will have a £5000 account when i start.

I am committed to becoming a successful daytrader.

I am willing to learn, and spend the time to become good at trading.

From reading the FAQ, I could make big losses upfront but what separates the successful traders is the fact they continue to learn and trade not giving up.

So i wanted to know what you guys think, can I become successful or am i on dream street.

Any response is much appreciated.

Daniel.

I would urge you to concentrate first on getting a graduate job. You state that you have not got secured yourself a "good graduate job". Does that mean that you have been offered something that you consider is less than suitable ?

If so don't dismiss it - you will be surprised how quickly you can progress through an organisation and raise your profile and prospects. At the age of 20/21 a couple of years seems a lifetime, but later you will find they fly past, so don't be too impatient.

Having £5000 is a good place to start as a graduate, so don't blow it on this "dream". Work on trading as a side-line. Your quote "I could make big losses upfront but what separates the successful traders is the fact they continue to learn and trade not giving up" fightens me. I have just completed a book review of "End to the Bull" and one topic is discussed is about thinking to win. The first part of that quote is not a wining mindset.

Another topic in the book is touched on by the second part of your quote "continue to learn", but it must be accompanied by "preservation of capital" and you are potentially on the road to lose your initial capital.

I doubt if this is what you wanted to hear but .......................

Charlton

 

[Atilla]

I will most definitely be using the demos.

Initially i would like to learn the basics, then go ahead with the demos.

Ideally i would like to start trading shares. Then when I become more knowledgeable and experienced move into penny stocks. I've read that penny stocks are high risk/ high reward.

Does this sound feasibly and realistic?

I have seen a few threads stating to other members they should keep their day jobs etc it makes me slightly question my self about pursuing day trading full time.

Thanks

DB

Sounds like recipeeeee for disaster.

Keep looking for a job.

Start reading around trading many books out there. Demo accs good idea.

Walk away from penny shares.

Would recommend only FTSE100 blue chip stocks for you.

Filter on high div, low beta stocks then throw some darts. Yes I know very scientific. :cheesy:

Strongly recommend this book Investment Valuation

 

[DanielBryan]

Thanks a lot for giving a good opinions, I do appreciate them.

It seems I will need to keep looking for a graduate job, and trade part time.

Moving on to penny stocks I was interested in them because I saw Tim Sykes made a big profit using them. He has also taught students how to become profitable with them. So I thought after educating my self sufficiently i would be able to become profitable using them?

Or again is this another misconception and am i dreaming.

Thanks

DB.

 

[Atilla]

Thanks a lot for giving a good opinions, I do appreciate them.

It seems I will need to keep looking for a graduate job, and trade part time.

Moving on to penny stocks I was interested in them because I saw Tim Sykes made a big profit using them. He has also taught students how to become profitable with them. So I thought after educating my self sufficiently i would be able to become profitable using them?

Or again is this another misconception and am i dreaming.

Thanks

DB.

Read the book first and then you may be able to value the opinion of a snake oil salesmen.

 

[NVP]

Hi guys,

I'm new to the forums and to trading. But always had big interest.

I'm in my final year of university and have not secured myself a good graduate job.

After I finish university I wanted to undertake full time trading.

I will have a £5000 account when i start.

I am committed to becoming a successful daytrader.

I am willing to learn, and spend the time to become good at trading.

From reading the FAQ, I could make big losses upfront but what separates the successful traders is the fact they continue to learn and trade not giving up.

So i wanted to know what you guys think, can I become successful or am i on dream street.

Any response is much appreciated.

Daniel.

how do I know ?............

just get a real job first and trade part time ...........please

N

 

[f2calv]

I will have a £5000 account when i start.

May I humbly suggest you use £4750 to help pay down your student loan account and/or overdraft when you graduate - so you don't get saddled with huge amounts of debt for the rest of your life.

Use the remaining £250 to buy all the books on the T2W reading list before you even bother opening a demo/live account, there is no such thing as easy money.

Meanwhile get a half-decent job, and when employed save a % each month into an ISA and with that start simple buying FTSE 350 stocks to get a taste for investing before you try trading.

 

[neil]

Questions are good for you

Thanks a lot for giving a good opinions, I do appreciate them.

It seems I will need to keep looking for a graduate job, and trade part time.

Moving on to penny stocks I was interested in them because I saw Tim Sykes made a big profit using them. He has also taught students how to become profitable with them. So I thought after educating my self sufficiently i would be able to become profitable using them?

Or again is this another misconception and am i dreaming.

Thanks

DB.

At least you are smart enough to ask around before taking the plunge. Play safe, get a degree and get a job you like and trade part time (after extensive demo trading of course). Read lots of threads here on t2w. Take your time, it will take a long time but you will get there eventually or you will realise that trading is not for you. No shame in that and if you follow the demo advice then the cost of learning will be minimal compared to the disaster if you plunge right in or follow/purchase the magic systems (bollox actually) out there. Good luck and remember -if it seems too good to be true yhen it usually is.

 

[DanielBryan]

Thanks guys for making my expectations more realistic.

I will continue to look for a good graduate job, and start reading the books recommended, then move on to a demo account.

Hopefully by then i would have got a lot more knowledge of markets and stocks.

Also i will have more than £5000 starting capital.

Out of curiosity for someone to day trade full time would they have to have been trading for a firm prior? is that the best form of experience to becoming a full time day trader?

DB

 

[Atilla]

Thanks guys for making my expectations more realistic.

I will continue to look for a good graduate job, and start reading the books recommended, then move on to a demo account.

Hopefully by then i would have got a lot more knowledge of markets and stocks.

Also i will have more than £5000 starting capital.

Out of curiosity for someone to day trade full time would they have to have been trading for a firm prior? is that the best form of experience to becoming a full time day trader?

DB

Actually, just done a review on a book "End to the Bull" and this book would really benefit you if you wanted to gain a traders perspective.

This is my review of the book fwiw along with other readers.

I agree with Neil's comments too. Good to ask and do as much research and planning as possible before parting with your hard earned monies.

Good luck on your chosen path...