It's difficult, near to impossible to make it full time. Between day work 9-5 and kids/wife after work, there is no time left to follow 1 min chart...
2 tws, 6 tf all is good, less screen time, still cannot figure out how to make it full time...
You may say start with 1-2 days or even half-day session...but this comes with a huge psych price... you know revenge trading, fear, greed etc. as i'll be positioning myself with tight tf to trade...i tried this in dec/jan didn't work out well...i ended up with bad experience..
I wish your method works on higher tf, after all not all full time traders are scalpers / 1 min chart... yes swing trading needs bigger account size which i don't have....but less stressful..
infinite circle ...advice?
Hi gft32
I think you are right.
Nobody - whether a scalper of swing trader should look at going full time under maybe 3 or 5 years - they will just not have enough experience and screen time and past results to support what is necessary.
With NVP he's been trading on and off part time for 15 yrs - and in that time - even if he just averaged say 10 hrs a week - he's still got well over 7000 hrs of experience - and although you dont need that amount of time to make it with my method - I do think you need 2k +.
With Major Magnum - he had over 18 months before he went over to my method and then easily put in 25+ hrs a week - besides still doing his main work - by spending times at all hours of the day - ie some early sessions from 6 am to 8 00 am before he left to work and then some after 10pm at night after his children had gone to bed - some times trading until 2 am in the middle of the night.
Personally I dont recommend it - but at least over the 6 -8 months whilst learning my method and on demo - he got well over 500 hr of live chart time - and over 1000 demo trades. Now approx 13 / 14 months on from when he's started - he will soon be at 2000 live trades and easily over 1k hours behind him.
I therefore think he's ready to try full time - or at least cut his work back a couple of days a week during this next 6 months.
My method will work on longer time frames - but of course you need then larger stops and you will not end up so profitable or accurate etc.
I do think you can try and take swing trades with say 150 -200 pip profits over 2 to 4 days with say 40 -70 pip stops - but you will not get 70 -85% accuracy - more like 55 - 70% top - and then you may be able to fit trading in with a full time job and with family life. If you are able to do this successfully for 2 or 3 years - you might then have extra capital to have say a 3 -6 month break ( sabbatical ) from work and then go for it.
I was lucky - as spent approx 5 year part time before going full time - and being semi retired did have an easy 20 hrs a week over the Key times to learn the craft and find the edges needed. Without that period - I would never have been able to take the jump needed.
When I started - i thought I would have it all cracked and be well down the road to great success in just 2 or 3 yrs. How wrong i was - I nearly gave up several times during my first 3 yrs - totally frustrated - ie have great weeks or months - and then 3 or 4 bad days - and I felt it was 2 steps forward and 1 step back all the while.
I will say though - if it takes 3 or 5 or 7 years and you can make it all the way - it can be so worth while in terms of returns and satisfaction etc
Regards
F
