What kind of trading would be right for me?

bertee

Newbie
1 0
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

Legendary member
8,072 1,302
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

Legendary member
10,559 1,710
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

Legendary member
5,167 746
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

Active member
113 3
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

Member
89 0
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
 

forever_young

Member
84 1
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

Junior member
22 0
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

Member
52 0
why dont you demo trade as a hobby?
 

LiboNZT

Junior member
47 3
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

Member
51 1
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

Member
84 1
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

Junior member
32 4
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

Member
84 1
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.
 
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