What kind of trading would be right for me?

[bertee]

Hi all,

I'm hoping for some advice based on the below info...

I'm starting trading as a hobby with no intention of ever making it a career choice.

I'll be starting with £1k and would rather not lose it, but it doesn't really matter if I do.

I do not have time to day trade but don't mind chopping and changing my holdings quite quickly, but probably not intra-day.

Based on that scant information, is there a particular type of trading you would recommend I look at?

Thanks,
Bertee.

 

[pboyles]

Hi all,

I'm hoping for some advice based on the below info...

I'm starting trading as a hobby with no intention of ever making it a career choice.

I'll be starting with £1k and would rather not lose it, but it doesn't really matter if I do.

I do not have time to day trade but don't mind chopping and changing my holdings quite quickly, but probably not intra-day.

Based on that scant information, is there a particular type of trading you would recommend I look at?

Thanks,
Bertee.

Put the money back into the bank and stop wasting your time. You are going to move your holidays around and lose 1k with no intention of ever taking it seriously? Sounds pretty idiotic I'd say.

 

[barjon]

Put the money back into the bank and stop wasting your time. You are going to move your holidays around and lose 1k with no intention of ever taking it seriously? Sounds pretty idiotic I'd say.

Er, he said he wasn't making it a career choice, not that he wasn't going to take it seriously, peebee.

bertee

I started on the same route and chose blue chip equities with trading decisions off the daily chart ( there wasn't anything lower in my day for amateurs and even then you had to draw any charts yourself).

Whether that suits you, or not, depends on what sparks your interest. Have a root round and see if anything grabs you.If you're careful you can make it a paying hobby, or a low cost one. At least you won't have the pressure of having to succeed in order to put bread on the table, but it'll still be a challenge.

good luck.

jon

 

[neil]

Hi all,

I'm hoping for some advice based on the below info...

I'm starting trading as a hobby with no intention of ever making it a career choice.

I'll be starting with £1k and would rather not lose it, but it doesn't really matter if I do.

I do not have time to day trade but don't mind chopping and changing my holdings quite quickly, but probably not intra-day.

Based on that scant information, is there a particular type of trading you would recommend I look at?

Thanks,
Bertee.

Here you go -read some of these posts and experiment on demo for a while:

http://www.trade2win.com/boards/discretionary-trading/145656-price-action-trading.html

And read the beginner threads on T2W - Trader Dante posts for example:

http://www.trade2win.com/boards/members/42385-trader_dante.html

Enjoy

 

[dan1986ccfc]

Yeah kind of agree with Barjon.

Trade the daily charts of ftse 100 stocks. Get a subscription of sharescope and scan through the stocks at the start of every week. Note which are near support and resistance and look for a reaction. Risk 2-3% of your account per trade. Spreadbet with IG Index. Use Guaranteed stops.

 

[mingbao]

bertee, day trading is not the best choice at all, you can try less trades a month, and try to be a swinger. anyway, it's not so easy to do that, and you can benefit from more time available and it will suit you better.
remember find a better broker first

 

[nelson.bissette]

Is it possible taking it as a profession?

 

[forever_young]

Huh, if you are really interested in intra-day trading, but don't have enough time, I suppose there are 2 ways out - find the right EA or find the right PAMM trader. But for first variant you really need to learn more and have some experience.

 

[thelazytrader]

Bertee,
If you don't have time to trade in the day, then look at trading end of day forex to start. Spend some time looking for higher probability bounce trades by loooking for strong support / resistance levels which coincide with other factors such as fib levels, big numbers (such as parity) and price action (such as double tops).

If you can marry up three or more of these factors, you can simply put your order in and see if it gets triggered and manage the trade each evening. The trades won't come thick and fast, but you'd see maybe a dozen a month and they're a low risk way of getting a feel for the market and even making some money too!

Good luck.

 

[chibiks]

why dont you demo trade as a hobby?

 

[LiboNZT]

in my experience day trading is not suitable for newbs since it requires a lightning like reflexes and a large capital in order to make some considerable profit. My vote goes for swing trading.

 

[Aesop20]

Have you done any trading before? Tried a demo account? I'd do that first, even if it's just a hobby you don't want to lose 1k for the sake of it.

 

[forever_young]

in my experience day trading is not suitable for newbs since it requires a lightning like reflexes and a large capital in order to make some considerable profit. My vote goes for swing trading.

Actually I would rather agree with that. Swing trading can teach about patience and thinking before opening the order. It's the best way to adapt to the market.

 

[Steven2805]

I am not here to put you off but ask yourself what do "hobbies" normaly do.

Cost money and often a lot of it, hockey for example needs gear and training, motor car racing requires a huge investment. Even RC car racing has an outlay.

Put you money into a holiday or in an ISA, prefer the ISA tho.

Load yourself up a demo account and start trading fake money but treat it as tho it was real. 1k account is tiny in the world of trading and can be wiped out in an evening, learn stop-loss and proper trading practices before even thinking about putting the money on the table.

Realy can emphasis it enough, leave the real money in the bank and use a practice demo account.

 

[forever_young]

Load yourself up a demo account and start trading fake money but treat it as tho it was real. 1k account is tiny in the world of trading and can be wiped out in an evening, learn stop-loss and proper trading practices before even thinking about putting the money on the table.

Realy can emphasis it enough, leave the real money in the bank and use a practice demo account.

Firm by fair... I think you should do it seriously or don't do it at all until you find your own approach.

 

[ph_trader]

its really hard to put your choice in our hands, but here a suggestion that might work, DEMOs open demos and try out in your free time, and see if it suits you or not, whether you know it or not later on things will just fall in to place, but one thing for sure once you start trading it can be addictive

 

[avtardhillon]

i would recommend to start a demo account and see how the market works then try and due a full day trading on the demo account and try to think that the money in the demo account is real..so you get used to the physiology of trading then start spread betting in minimal amounts.start small think big

 

[forever_young]

i would recommend to start a demo account and see how the market works then try and due a full day trading on the demo account and try to think that the money in the demo account is real..so you get used to the physiology of trading then start spread betting in minimal amounts.start small think big

good point! at least this approach can't do a lot of harm I guess... I also started practice with demo account + real micro account.