Just wondering if the dentist you speak of was indeed a dentist![]()
interesting I remember reading the NakedTrader book's "emails from readers" that has an example of a dentist who traded between appointments!!
Just wondering if the dentist you speak of was indeed a dentist![]()
"allegedly" new_trader, "allegedly"
Focus & full attention are necessary to achieve greatness in any pursuit
Incidentally, my uncle is a dentist (& a very good one at that based on his Sydney mansion)
I doubt he would pack in his job after several "alleged" successful evenings trading the stocks.
Just wondering if the dentist you speak of was indeed a dentist
I suspect he may have actually worked as a dental nurse before entering the lucrative field of Systems sales![]()
Basically, I trade the U.K. afternoon, (which is the U.S. morning). Occasionally, I trade in the evening, but generally not. I used to trade the evening and the evening only, when I was a dentist in practice but I packed in dentistry many years ago now, and I trade fulltime. Before that, I was trading the evenings only and on my afternoon off. But, I enjoyed it so much that I eventually gave up dentistry several years ago to trade fulltime. I make my money in the afternoon and do social things in the evening. It's a nice, easy, enjoyable life and my only regret is that I didn't do it years before.
The main issue with this thorny subject is that most take affront at the suggestion that, part time > telling boss where to stick it > full time, will never work as it flies in the face of the majority of ambitions and dreams on a forum like this...
Firstly, I reckon the mass of advertising and marketing during the boom years has led to a disconnect of sorts. That push encouraged folk to 'have a go' on a part time basis suggesting the job, in all its forms, was easy. You know if you visit most trading forums the majority of the active sticky eyes are always on methods/strats..euphemisms for shortcuts.
We can only use our personal experiences or those close to us (relatives or work colleagues) to frame an opinion as how best to tackle the going full time as a trader route/option. I'd suggest by far the best option to go full time self employed is to already have a track record;
Fed up with the daily commute, wanting a better quality of life and lifestyle Billy Bund hands in notice in Jan. after getting bonus and trades part of his 500K savings he's accumulated from the industry over the past ten years or more knowing he's gonna be fine... He'll moan like fook at BT for the slow broadband, pi55 himself laughing at how silly most of *us* are, keep his head down, take ten-twenty grand out of the market each month and wonder why he didn't sack off everything a bit earlier..
But that's not how most arrive in this retail world of potential pain. Most are looking for the Net Trap plug and play morning breakout solution, could be a bit of fun, might make a few quid, happy days! and that's how they'll stay. I'm deep into my third year full time, took me a year to become profitable, by year two (end) had above average wage and my intellectual curiosity were trading knowledge is concerned has been insatiable.
Now I can be a touch slow on the uptake at times, but I cannot begin to add up the screen time/forums time and absorbtion this new found profession has cost. I can't possibly imagine a scenario (en masse) were folk can avoid the thousands of hours of *work* to arrive at where I am if they fly solo and learn the job from scratch..And that arriving is not (as we both know) discovering/buying a grail. The mindset required, encompassing single minded dedication and balanced determination, is impossible to replicate from one person to another and imho an incredibly difficult set of characteristics to develop.
I'll repeat what I stated up thread; if you are a successful part time trader, having pulled ten grand out of (for example) FX this year, then keep your head down, do right by your boss (and your job) and keep the part time FX trading job. You'd have needed £200K+ to have earned better than that in interest on Sterling from the high street.
Now I can be a touch slow on the uptake at times, but I cannot begin to add up the screen time/forums time and absorbtion this new found profession has cost. I can't possibly imagine a scenario (en masse) were folk can avoid the thousands of hours of *work* to arrive at where I am if they fly solo and learn the job from scratch..And that arriving is not (as we both know) discovering/buying a grail. The mindset required, encompassing single minded dedication and balanced determination, is impossible to replicate from one person to another and imho an incredibly difficult set of characteristics to develop.
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I'm deep into my third year full time.
Now I can be a touch slow on the uptake at times, but I cannot begin to add up the screen time/forums time and absorbtion this new found profession has cost. I can't possibly imagine a scenario (en masse) were folk can avoid the thousands of hours of *work* to arrive at where I am if they fly solo and learn the job from scratch..And that arriving is not (as we both know) discovering/buying a grail. The mindset required, encompassing single minded dedication and balanced determination, is impossible to replicate from one person to another and imho an incredibly difficult set of characteristics to develop.
I buy that reason especially for day trading. I've just reconciled myself to the fact that my screen-time is limited to at best 4hrs per day and it will just take me longer for light to get brighter. I think you have to go through the process and there is no other route. Cognitive skills can only be developed by doing, analysing, reflecting and feeding back.
Your screen time is not limited to just 4 hrs per day. You can buy historical tick data and study the markets on weekends. Most trading applications have a record function so that you record and replay a whole day. Where there's a will, there's a way.
im 16 and turn 17 in feb.
nah i've been hooked since i was 14.
good to hearI love the way that these threads deteriorate into "if you don't do it my way then you will NEVER be a profitable trader and you are just taking a punt on the markets". Part time trading is perfectly possible but you just need to understand what game you are playing. I trade what most people would call a large account and I make consistently decent money year on year. I earn a fair bit more from my trading than most employees do, BUT I still chose to have a job. I happen to enjoy my work which takes me all over the World. I also trade the US markets which open in the evening in my current time zone. I need to spend one hour watching the open, set my orders and see the next day whether I have any positions filled. From then it is just a matter of setting my stops and sell orders which takes me 20 minutes each day for my existing positions. I swing trade stocks from daily charts but manage entries based on intraday charts.
The contribution from members *supporting* part time trading comes from either; guys that have very accomodating bosses, or are admitting taking the pi55 out of their work and or boss, or are self employed in other capacities..is there a pattern there?
yeh but if you swing off h4/daily then a quick flick at a chart every 4 hours ccan't be too hard, could smuggle in an iphone nowadays too...The contribution from members *supporting* part time trading comes from either; guys that have very accomodating bosses, or are admitting taking the pi55 out of their work and or boss, or are self employed in other capacities..is there a pattern there?
The contribution from members *supporting* part time trading comes from either; guys that have very accomodating bosses, or are admitting taking the pi55 out of their work and or boss, or are self employed in other capacities..is there a pattern there?
and psychology is imo 90% of trading success.
Yikes, 90%? I would have said 40-50%.
Money management and strategy probably equal on 25/25.