Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

jake g

Time and Money for Your First Year or Two.

Recommended Posts

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
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?

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Topics

  • Posts

    • USDCHF Faces Further Weakness On Close Lower USDCHF faces further weakness on close lower following its past week losses. Resistance comes in at the 1.0050 level. A break of here will clear the way for more gain towards the 1.0100 level. Above here, resistance lies at the 1.0150 level and then the 1.0250 level. On the downside, support is seen at the 0.9950 level. A turn below there will set the stage for more decline towards the 0.9900 level. And then the 0.9850 level. Its daily risk is bearish and pointing lower suggesting further weakness. All in all, USDCHF faces further downside pressure on price pullback threats.
    • While at the gym today, I remembered that I passed on 2 trades this morning that both turned out to be high runners. I literally had the thought "this one is no good" as if I would know the future.  It's easy to overlook it but this is where the awareness and probabilistic mindset comes into play. I realize I have been trying to filter out losers instead of taking the setups. Next week, I will focus on taking all trades instead of filtering. 
    • I traded alot today. 9 trades, 8 losers and BEs, 1 runner that paid for them all. Gotta keep swinging! totaled 240 bps before commission. The first winner on W, I did not count - it was a mistake that led to profit. I felt like a machine, kept pulling the trigger, watch the 1min chart, see it doesn't go anywhere, take my small loss... over and over... then one takes off... Let it run... the whole time I was thinking I hope that the one winner will pay for all the losers. I was tempted to close out the winner early. I had no idea that the payoff distribution for this strategy would be so extreme - 8 tiny losses before hitting a big win. Pays to keep the losses tiny and keep swinging. 
    • Date : 22nd February 2019.

      MACRO EVENTS & NEWS OF 22nd February 2019.



      FX News Today Both Topix and Nikkei, declined during the Asian session, with -0.25% and -0.18% respectively. Overall, stock markets in Asia struggled through most of the session as subdued inflation data rekindled concerns about a lack of demand and flagging growth and after Wall Street closed in the red. News that US President Trump will meet with China’s top trade negotiator today in Washington seems to have helped Chinese markets to stage a late rally and CSI 300 and Shanghai Comp are up 1.76% and 1.51% respectively and the Hang Seng also managed to claw back losses and is up 0.11%. US stock futures are posting marginal gains and the April WTI future is trading at just over USD 57 per barrel. USDCAD rallied over 1.32 to 1.3225, as Oil inventories rose, with the US at record production levels. Oil price is now back around the $57 mark. Japanese CPI data same as forecasts, pushing the Yen higher. Charts of the Day


      Main Macro Events Today EU CPI Inflation – Core inflation is expected to be confirmed at 1.1% y/y while the overall inflation rate is expected to have stood at 1.4% in January. Canadian Retail Sales – Retail Sales are expected to have declined by 0.3% m/m in December, an improvement from the 0.6% declined observed in November. Mario Draghi Speech – The ECB President is due to speak to the University of Bologna where he will accept an honourary degree. Support and Resistance
       
      Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

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

      Click HERE to access the full HotForex Economic calendar.

      Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!

      Click HERE to READ more Market news.

      Dr Nektarios Michail
      Market Analyst
      HotForex

      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.
    • Actions for the 21st. 
×

Important Information

By using this site, you agree to our Terms of Use.