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jake g

Time and Money for Your First Year or Two.

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Hey everyone. I love your forum here. Tons of great info and insights. I'm new to this so I'm going to say things that don't make sense. That's what new guys are for; It's our job and we're damn good at it. And pardon the long windedness. Currently I'm reading a bunch of books, talking on forums and I want to develop great skill at swing trading and day trading. An aspiring trader needs time and money. Time to study, to learn, and money to cover expenses. Like equipment, rookie loosing streaks, research costs, normal living costs, etc. So, how do you maximize both at the same time? I'm sure other traders have figured out this problem better than I have, but here are the solutions I see so far.

 

1) I doubt this one will work. Hypothetically, it would be great to work for some company that is involved in trading, or maybe in the ball park. Meet knowledgeable people, learn a lot, broaden horizons etc. However, I have no back ground in finance or investing. My resume doesn’t looks appealing; my only strength is learning fast and being extremely motivated to understand the job well; learn everything possible about this topic. If i am wrong about this, if there are in deed such options, such jobs, please tell me. Until someone suggests otherwise, I'm considering this option a no go.

 

2) I expect this next option won't work, either. Work 3rd shift at a job you can study. Like a security guard. Eventually, start trading during day time. But, how long before you save up a trading account of 20k? Probably a long damn time. Some say accounts of 5k and below are pointless. Perhaps that is not fully true, perhaps there is some "angle" to trading which can squeak you by, generate a modest profit out of a 5k account, continue to work a full time job. Continue educating yourself about trading, save up, eventually accumulate a large enough savings to trade full time. Again, I doubt this 5k account "angle" exists, and if it does I don't know what it is. Do you?

 

3) This may sound odd but it's doable. Semi trucks. 35k to 50k your first year. There is a lot of down time where you are not driving. While driving, truckers wait for traffic to clear up, then listen to audio recordings. Truckers get degrees for online colleges this way or learn foreign languages. Save save save, learn learn learn. Make trades during down time. Eventually, stop being a driver; trade full time.

 

4) Maybe some combination. Such as first #2, then #3. Figure out what the whole strategy should be while working nights, (although I'm sure the plan will change) after that, if I'm 10K or 15K short of start up capital, go drive a truck until I save the rest.

 

Again, I'm new, and am sure other traders have confronted this issue, have thought up better ways to handle the first two years than I have. Any suggestions? Anything important I don't know about, that would change everything I've said here?

Thanks a million.

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Hello again,

 

I commented on your other post and I will comment here as well. Forex would be a good place to go to start out. You can hold a day job then trade Asian/Australian/European currency pairs in the late afternoon/evening after work. Forex also allows you to start really small even down to $200 starting accounts in some cases. This allows you to learn the ropes and come up with a solid strategy before committing larger amounts of capital.

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time management would be tricky question. what would be good between full time trader or part time one ?? I think both can be a good one, it's not the quantity time we spend would be a crucial point for successful trade, but more into quality time we spend. have a look with most rookie traders, they force doing scalping at first attempt, while in fact scalping require a deep understanding of market price behavior, every pair's aspect such : daily range, best time to trade, swing hi-lo, major SR level, etc.

as only a few trader sees online trading as investment program, these when they lack thought about diversity and put all his money with spot trading at single brokers company.

simple method with gold trading had diversity with gold bar,gold coin, gold stock and at spot gold trading. as for Spot gold trading with brokers better go with low cost broker company, I've done with several company since the spread are at average 100 pips!, nowadays many brokers offer lower spread which means lower cost pertransaction, at ECN account are got more cheap one, got 10 pips gold spread with my Tickmill ECN account. with these low spread rate, intraday gold trading are more easier to be done, since gold swap are cost more than currency pair.

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at ECN account are got more cheap one, got 10 pips gold spread with my Tickmill ECN account. with these low spread rate, intraday gold trading are more easier to be done, since gold swap are cost more than currency pair.

 

10 pip at gold? That's really impressive! What about comission? is it applied or 10 pip is spread +tickmill markup?

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Hi there Jake, im new in trading as well.

For what i read, it seems you are going through quite a rush about this. Try to slow down a bit, and give your trading more time. Find a regular job, earn some moeny, date a girl, go out skating or whatever, and also do trade. Read, try to find patterns, find out whats your best set up. But mainly, give it time. It seems like you really wanna make a profesion out of this, and if you keep this energy level, im sure you will. But dont be so enthusiastic about it. Take your time, experience in life, will make everything more easy to handle, so give it time to get that too. And if you ever feel you are in a job in which you aren't learning anything, know that you are learning trade, and you are a trader, and when the time is right, the money build, and life is good, drop into it. Dont strees about life, enjoy it.

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On 12/3/2018 at 9:13 PM, CrazyCzarina said:

You need to take in a considerable measure of specialized things just to comprehend the rudiments of how the market works.

Czarina,

Can you give us a list of these "specialized things"?  Thanks.

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    • Actions for the 22nd.  I seem to be on a bad run, I'm really struggling with the opening minutes of the trades I'm taking and then get sucked into a little over trading.
    •   Date : 23rd January 2019.

      MACRO EVENTS & NEWS OF 23rd January 2019.



      FX News Today 10-year Treasury yields are down from overnight highs, but still up 0.7 bp at 2.746%, and 10-year JGB yields climbed 0.8 bp to -0.004%. Stock markets remained cautious during the Asian session. The Bank of Japan held policy steady, as expected, while further reducing its outlook for inflation. The resulting weakness in the Yen didn’t help stock markets and Topix and Nikkei dropped -0.60% and -0.14% respectively. The Hang Seng is also down -0.04%, despite mainland China markets initially moving higher as China’s central bank pumped liquidity into the banking system once again. Still, the measures are also a sign that officials are nervous about the slowdown in the economy and CSI 300 and Shanghai Comp are down -0.24% and -0.13%. The bank offered around 258 bln Yuan (USD 38 bln) to banks through its medium term lending tool. Markets continue to question the progress in the US-Sino trade talks, even though White House adviser Lawrence Kudlow said that the trade talks are still on and the story about cancelled preparatory meetings was “not true, there was never any meeting. We are moving toward negotiations.” The negotiations next week will be “very, very important” and “determinative”. Meanwhile, there are the first signs of a possible way out of the US government shutdown. Markets remain easily spooked, but appear to have already priced in a lot of risk last year and US stock futures are moving higher after yesterday’s sell off. Oil prices are trading at USD 53.27 per barrel. Charts of the Day

      Main Macro Events Today Canadian Retail Sales – After Wholesale Sales plummeted yesterday, Canadian Retail Sales are expected to have also declined by 0.4% m/m, with core Retail Sales (ex autos) expected to have declined by 0.6%. World Economic Forum at Davos –The second day of the WEF annual meetings held in Davos and attended by officials from over 90 countries. Comments from central bankers and other influential officials can create significant market volatility. Richmond Manufacturing Index – Expectations – The index is expected to have remained at a sub-zero level, standing at -2 after the -8 in the December release. Support and Resistance Levels
       

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      Please note that times displayed based on local time zone and are from time of writing this report.

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      Dr Nektarios Michail
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      Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • USDJPY Eyes The 109.88 Resistance Zone And Beyond USDJPY eyes the 109.88 resistance zone beyond as it looks to resume its upside pressure. On the upside, resistance comes in at 110.00 level. A turn above here will turn attention to the 110.50 level. Further out, we expect a possible move towards the 111.00 level if the earlier resistance is invalidated out. The next resistance resides at the 111.50. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 109.50 level where a break will target the 109.00 level. Below that level will turn focus to the 108.50 level and then lower the 108.00 level. On the whole, USDJPY faces further upside pressure on corrective recovery.  
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