Feasibility study of trading

[freyuk]

Hi everybody

I have been thinking for a long time now to initiate myself and learn some more about trading. But before that, I will kindly ask experience members for advice regarding my time available for trading.

I do work shifts, I don't have access to computers or phones during my shifts, due to working with the public and not having signal. My shift is 8 hours long and start times is something like 5am/7am/12am/3pm/5pm rotating in a 5 days basis.

What kind of trading if any will be easier for me to get introduced into with that work pattern.

I understand that learning to trade takes a lot of dedication hence why I want some experience traders to advise me in the feasibility of trading with that work pattern.

Thank you all very much for your answers.

 

[EulerFourier]

Since you are new I will begin by saying do not let yourself be scammed by all the losers selling systems and education. Most but not all books on trading are garbage. All the systems are garbage. Almost all the education stuff is garbage. In addition, only trade on a regulated exchange like the Eurex, CME, NYSE etc.

Now, the best hours for trading are when there is a lot of volume changing hands. So that's normal working hours in whatever time zone the exchange is in. Check out the exchange websites and read read read, all the volume info (and any useful education info) are on their websites. Frankly your hours are pretty damn bad if you want to trade. You pretty much have to be in front of the computer when the markets are open. Also to learn properly you have be in front of the computer 5 days a week. That said, you can take longer term positions hoping for moves over the course of several days. Also it is possible to trade overnight sessions and you could look into trading on a foreign exchange where their day session might overlap with time you have off.

If you are going to be trading longer term though and unless you have massive amounts of capital you should look into trading spreads as oppose to outrights, or options but only if you understand them well. When I say spreads I mean a strategy where you are simultaneously buying and selling a particular outright contract at different expiry dates. This type of trading has a lower risk profile and better margin efficiency. Hope that helps somewhat

 

[Patricia12]

As your working timing is changing therefore you should go for Swing Trading or Position Trading. Night trading may be good option according your working schedule.

 

[The Leopard]

Since you are new I will begin by saying do not let yourself be scammed by all the losers selling systems and education.

Yes.

Most but not all books on trading are garbage.

Yes.

All the systems are garbage.

Yes.


Almost all the education stuff is garbage.

Yes.

In addition, only trade on a regulated exchange like the Eurex, CME, NYSE etc.

Some will disagree, but I would emphatically say "Yes".

Now, the best hours for trading are when there is a lot of volume changing hands. So that's normal working hours in whatever time zone the exchange is in.

Yes.

Excellent advice.

 

[pboyles]

Hi everybody

I have been thinking for a long time now to initiate myself and learn some more about trading. But before that, I will kindly ask experience members for advice regarding my time available for trading.

I do work shifts, I don't have access to computers or phones during my shifts, due to working with the public and not having signal. My shift is 8 hours long and start times is something like 5am/7am/12am/3pm/5pm rotating in a 5 days basis.

What kind of trading if any will be easier for me to get introduced into with that work pattern.

I understand that learning to trade takes a lot of dedication hence why I want some experience traders to advise me in the feasibility of trading with that work pattern.

Thank you all very much for your answers.

Freyuk,

I agree with the comments already posted about training courses and software, most of this industry exists to defraud people like you who are just starting out. It may well take you several years to become profitable or at least to be able to not lose money. This isn't really the sort of thing where you can mess about for a few hours and make a second income, the most likely scenario is that you will lose money.

You should have realistic expectations, for instance if you started with £10,000 and made 20% a year that would be an excellent result, however its still only £2000. Couldnt you make an extra £2000 in overtime or with a part time job? At least your money would be fairly well guaranteed and you would not be putting any money at risk.

When you read all this marketing crap about making a second income 'working just 20 minutes a day' you should be aware that it is all lies intended to do one thing, scam you out of your hard earned cash.

If you really must trade stay aware from retail forex and spread betting, again it's set up to relieve you of your money, like a casino they have the edge.

 

[bbmac]

Hi

With that type of shift pattern intraday/day trading is probably out unless in your downtime/days off. You should probably look at loinger term trading. With your variable shift start time though even that will be difficult (not impossible) re checking of positions etc. I think you are up against it with those work commitments though.

G/L

Hi everybody

I have been thinking for a long time now to initiate myself and learn some more about trading. But before that, I will kindly ask experience members for advice regarding my time available for trading.

I do work shifts, I don't have access to computers or phones during my shifts, due to working with the public and not having signal. My shift is 8 hours long and start times is something like 5am/7am/12am/3pm/5pm rotating in a 5 days basis.

What kind of trading if any will be easier for me to get introduced into with that work pattern.

I understand that learning to trade takes a lot of dedication hence why I want some experience traders to advise me in the feasibility of trading with that work pattern.

Thank you all very much for your answers.

 

[Splitlink]

Hi

With that type of shift pattern intraday/day trading is probably out unless in your downtime/days off. You should probably look at loinger term trading. With your variable shift start time though even that will be difficult (not impossible) re checking of positions etc. I think you are up against it with those work commitments though.

G/L

Working shifts you will have to be careful to get your sleep. Trading is a time absorbing occupation. As bbmac suggests, longer term would reguire checking on a more leisurely basis. Short term trading, especially in the beginning, might tie you to the computer too much.

 

[freyuk]

Thank you very much for all the responses, it has helped a lot to narrow the options available to me and what to be aware of.
Will investigate long term trading options, EulerFourier thanks for the advice on spreads for long term, will definitely look into them too.

 

[TobyDoyle]

Good luck with your trading endeavors, mate.