Hi Guys,
I am a middleaged [about 35] professional who want to start trading and take this job as a full time profession, I dont have any experiance in trading but I am reasonably successful in IT. I have initial investiment of about 50k pounds that I am planning to put for trading.
My constraints are:
1. Limited time for analysis [about 2 hrs every day] at the moment as I have a full time job and I dont want to leave the job till I become reasonably successful by that I mean I earn 50% of what I am earning in current job.
2. I have a reasonable success in general stocks investing and I profited from the downturn but have not done any day trading or spread betting so no experiance at all in trading.
Can you please suggest if fast track part time trading training will help me start getting into trading faster?
Also I went to some trading training seminars but I found them quiet expensive, I know I can read the books and start but I want to know what experiance others have and how they approached the problem or if they can advice me so that I do it differently.
So you are ‘about’ 35? I bet it feels like only yesterday that you turned 30 and that the last 5 years has flown by...you are now looking back at 30...hard to believe, especially when there was once a time when you thought 30 was old... am I right? Read through the article below which IMO accurately describes the process most traders go through on their long and winding path to success.
One day, sometime in the future, you will discover that you are at around stage 36 of the 38 steps. It will be around this time that you will also look at your kids and notice that they are much older than they were the last time you took the time to notice them...you will also notice many more grey hairs on your head and while you are sitting at your computer you will glance at a calendar and realise that it is your birthday next week and you won’t believe that you will be that old...You never imagined it would take so long to get to where you are...It will seem like only yesterday you read this.
38 Steps To Becoming A Trader
1. We accumulate information - buying books, going to seminars and researching.
2. We begin to trade with our 'new' knowledge.
3. We consistently 'donate' and then realize we may need more knowledge or information.
4. We accumulate more information.
5. We switch the commodities we are currently following.
6. We go back into the market and trade with our 'updated' knowledge.
7. We get 'beat up' again and begin to lose some of our confidence.
Fear starts setting in.
8. We start to listen to 'outside news' and to other traders.
9. We go back into the market and continue to 'donate'.
10. We switch commodities again.
11. We search for more information.
12. We go back into the market and start to see a little progress.
13. We get 'over-confident' and the market humbles us.
14. We start to understand that trading successfully is going to take more time and more knowledge than we anticipated.
Most people will give up at this point, as they realize work is involved.
15. We get serious and start concentrating on learning a 'real' methodology.
16. We trade our methodology with some success, but realize that something is missing.
17. We begin to understand the need for having rules to apply our methodology.
18. We take a sabbatical from trading to develop and research our trading rules.
19. We start trading again, this time with rules and find some success, but over all we still hesitate when it comes time to execute.
20. We add, subtract and modify rules as we see a need to be more proficient with our rules.
21. We feel we are very close to crossing that threshold of successful trading.
22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.
23. We continue to trade and become more proficient with our methodology and our rules.
24. As we trade we still have a tendency to violate our rules and our results are still erratic.
25. We know we are close.
26. We go back and research our rules.
27. We build the confidence in our rules and go back into the market and trade.
28. Our trading results are getting better, but we are still hesitating in executing our rules.
29. We now see the importance of following our rules as we see the results of our trades when we don't follow the rules.
30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear), and we begin to work on knowing ourselves better.
31. We continue to trade and the market teaches us more and more about ourselves.
32. We master our methodology and our trading rules.
33. We begin to consistently make money.
34. We get a little over-confident and the market humbles us.
35. We continue to learn our lessons.
36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.
37. We are making more money than we ever dreamed possible.
38. We go on with our lives and accomplish many of the goals we had always dreamed of.
but I agree that here there is no CV also there are lot people in this field who are trying to rob me of my money as I got lot of pm's offering trading training for money after this post.
