Intraday trading from home - the challenges and rewards

[fxmarkets]

My failure is physical activity. But Im thinking about it.

Yes, half man half chair, eyes the size of dinner plates, hand that evolves into a mouse, you know you have mobility problems when you dont go to a doctor but check out office world for the latest set of wheels on the chairs.

 

[YachtFund]

Hi jtrader, purely mechanical. I use MetaStock Pro for backtesting, its been the best thing I've bought.

fx markets - I look like Gollum.

 

[Baruch]

Well I fit the category of married with Children trading from home and I can tell you it isn't easy.

The kids and the wife are always pestering you, breaking concentration. The wife doesn't think its a job amd accuses me if being lazy as I do nothing else from 8am to 4pm. She doesn't work and spends all her time socializing!

Additionally as yet I've not made any money so it adds pressure when you know you have others to look after. This Christmas for example is going to be the most frugal on record as I asked everyione not to buy presents as I wont be buying for them. The kids will be lucky to get £50 spent on them each.

In the three months of trading I've also put on around 12Lbs. This is because I get less excersize and am eating like a pig out of the depression of losing money.

So all in all its different but I think being single and trading is easier.

JonnyT

JohnnyT - I heard that you don't trade anymore. Right or wrong?

 

[just21]

Before quitting your job see if your strategy can be automated with www.strategyrunner.com your system runs on a server at your broker so you do not have to maintain a datafeed. If you are looking at opening range breakout systems then test them on more volatile markets such as natural gas which went computerised in september. A lot of US commodity markets are going computerised this month so there are more opportunities for automated trading.

 

[spreader_legger]

Home trading Vs. arcade trading

I have had the opposite problem to most folks in this thread. I have been trading in an arcade for over 18 months & get really irritable with some of the antics the guys get up to.

My concern with the transition from arcade trading to home trading is speed of execution.
At the moment, I have a direct connection to LIFFE & EUREX trading with ladders etc. using the arcade's in-house trading platform.

I fear that trading through a broker would create time delays & get me in & out of positions at worse levels. Is this inevitable when trading from home?
I wouldn't mind setting something up even if I continue in the existing trading team. Does anyone have any suggestions what packages, brokers I should use without the need for compromising my trading style?

Many thanks

 

[Calypso]

Speak to your current arcade for a remote setup. You can get a direct connection to their servers.

 

[Parky]

A professional trading arcade should be able to provide a VPN access which would not impare your speed or reliability but it has to be set up properly. I know of one big institution who's Internet access is slow so even the big guys can get it wrong. Basically the VPn should be locked down, that is to say you should not be able to surf the net or have anything other than trading access, this is done via special software but if your trading room does not do this and you are able to surf the net when your trading application is switched on then you are in trouble. Also it is our experience that some Internet providers are better than others and offer better performance and reliability. We have a very successful VPN and have traders accessing up to four markets over the VPN and say the service is every bit as good as being in the trading room. Like everything else its best to shop around and talk to traders using the service.
Otherwise you can take a direct connection by having your own line into the servers but this is expensive.

 

[spreader_legger]

VPN connections & trading from home

A professional trading arcade should be able to provide a VPN access which would not impare your speed or reliability but it has to be set up properly. I know of one big institution who's Internet access is slow so even the big guys can get it wrong. Basically the VPn should be locked down, that is to say you should not be able to surf the net or have anything other than trading access, this is done via special software but if your trading room does not do this and you are able to surf the net when your trading application is switched on then you are in trouble. Also it is our experience that some Internet providers are better than others and offer better performance and reliability. We have a very successful VPN and have traders accessing up to four markets over the VPN and say the service is every bit as good as being in the trading room. Like everything else its best to shop around and talk to traders using the service.
Otherwise you can take a direct connection by having your own line into the servers but this is expensive.

Thanks for that, I have spoken to my IT guys, I guess the system is not locked down as it is slightly slower than the arcade's trading system. They also quoted me £100 per month for the connection excluding additional packages - i.e. trading platforms etc.

What concerned me most however was their claim that most home traders soon lose touch with futures trading and go on to do something else. I can't stand my existing set-up so its either home trading or trading from another arcade (otherwise I'll go mad !!! there's a guy with turrets on my team & its rubbing off on me!)


Any suggestions please!!!!!!!!!!

 

[Jack o'Clubs]

What concerned me most however was their claim that most home traders soon lose touch with futures trading and go on to do something else. I can't stand my existing set-up so its either home trading or trading from another arcade ...

You're probably best placed to answer as you know your personality and trading style. I certainly know of a couple of futures traders who were successful in an arcade set-up and couldn't replicate that at home. But, I know of several more who are very successful. If you're self-motivated, have somewhere quiet to work from, have the support of your wife or girlfriend or whoever else lives with you, and don't have a trading style that is overly reliant on inputs from the environment around you, then there's no reason why you can't make it work.

 

[Paul71]

Hi

during my main previous spell of intraday trading (FTSE100 stocks, 5 minute charts, D4F spreadbet) things went pretty well. I was successful from day one, and building up to £6 per point I managed to treble my starting £1000 in around 5 months. I then decided that trading from my parents living room, with ironing boards, TV's, arguments etc. flying around was not the ideal situation!

Since then I have continued to gain a broader education on the markets, in the knowledge that i can return to trading and expect to be successful, once my life/home circumstances are more settled.

Within these 5 months, the first few months were really exciting and the time flew by. However, once the novelty wore off slightly and I realised that like with any other job, trading is hard work, I found day-day trading more of a struggle.

A lot of this I put down to it being a steep learning curve, and the fact that i was trading from my parents living room, with everyone telling me to go out and get a real job! Less than ideal circumstances!

I am of the opinion that if and when I recommence active intraday trading, with my own premises and my now much more comprehensive trading knowledge, things will be easier, less stressful etc.

The one aspect of trading that i struggled with was the solitary nature of home trading. Knowing that I had to find the energy, intensity and motivation to spend the next 4-8 hours on my, with no-one to talk to as would be the case in a normal work environment. Now as I say, my circumstances were not ideal, single 26 year old man spending his working day housebound, alone, or interrupted by others. In realilty, I found the lack of physical and social stimulation, along with all the other challenges mentioned, hindering to my levels of mental alertness, desire etc.

I am just wondering, how others cope with these same issues, perhaps you have found a way to use this solitary work environment to your advantage, afterall, peace and quiet are the perfect ingredients for concentration. Perhaps you hit an intraday trading block/brick wall, but came out the other side all the better for it. If so, how did you do this? just perseverance and continuing to turn up "at work" everyday, as would be the case in any other profession? I suppose that people just get on with work, as they have to in order to survive..................

I'm thinking that i'd find home based intraday trading much easier if and when I'm married with children etc. at least then I'll be motivated, with something very obvious things and people in my life - to work for. Has this been the case with you?

How have you turned all these types of circumstances and challenges to your advantage, and how have you adapted your daily lifestyle/routines, making intraday home based trading a win-win situation and not a complete struggle/torment/ordeal?

All feedback appreciated

Many thanks

jtrader.

There are many dangers and pitfalls when trading your own account from home. The other day i recieved a letter from myself, telling me i could be 'layed off' due to the credit crunch. I immediately got on the phone to myself to sort things out, but i was engaged all the time (very convenient i thought).

Anyway, i told my wife about how my trading career could be near the end, i explained that i had recieved a letter from my boss (me), and about the possible lay-off, she said i was mad to accept that and that i should go to the citizens advice and talk to them.

My wife reakons i should be a man and write a letter back, and sack my boss? Can i sack me the boss? Or would this type of action just open the floodgates for bosses everywhere to be sacked by thier employees?

Advice please.

 

[strongboes]

Hi

bye!!

 

[Boy_Plunger]

While we are on this subject, I am thinking of trading from home.

Will the latency be an issue? How would this compare to my arcade with a direct exchange connectivity

Will I still be able to scalp as efficiently hitting and lifting as prices trade through..and legging into a spread..

My internet connection speed is 6mbps down 1mbps up - from bt

Sorry to dig up an old thread

 

[NVP]

this was a great thread from some respected names and something I Dream of doing (like 99% of the people who tune into T2W)

I appreciated the honesty here - as it highlights the Huge gaps between what i dream it would be like (not being a wage slave) and the reality of Professional full time trading

aside from a robust Trading system and processes - my personailty would despise the solitude so i need to really think this through before ever ever contemplating it

respect
NVP

 

[Pat494]

Probably never know what happened to JonnyT. But if 95% of wannabees fail I expect it may not have been pretty.

Keep your day job until you are successful is still mega advice !!

 

[neil]

Probably never know what happened to JonnyT. But if 95% of wannabees fail I expect it may not have been pretty.

Keep your day job until you are successful is still mega advice !!

He wrote somewhere on t2w ( couple of years ago?) that he had failed and went back to the day job