Sparetime Trader

[AdamTheAnalyst]

Hi All,

I have been lurking for a month or so now and have finally broken cover, so I suppose its only right to introduce myself.

Im Adam, i'm 22, I have a stable job in a non finance related industry (I'm a computer security analyst in the UK) that I earn a decent living from. In my spare time I manage my own stock & mutual fund portfolio to utilise my annual ISA allowance for long term investment for my retirement (instead of opening a SIPP straight away). I am also a keen hobbiest Forex trader, I have been researching Forex for over a year now and am preparing in the next few years to close out some of my positions with mutual funds and manage a percentage of own capital via forex trading when i feel comfortable that I can return a profit.

My current portfolio is averaging roughly 6.5% on the year and focuses on UK Microcap stocks and Asian markets as well as a few typical Graham stocks (In the interest of full disclosure I also have 20% of that portfolio in bond based funds to keep my risk lower). If I could come close to beating that return via Forex trading primarily the Asian markets after work (I work odd hours in the UK anyway) then by the power of compounding I should be able to build my capital slowly in a trading account over the years with a view to skimming some off to put back in to my lower risk stock and mutual fund portfolio every few months. Ultimately targeting a nice nest egg to retire in my mid 50's (IT Security has a quick burn rate but the money is good).

I am not about to quit my job in 3 days to trade a £10 note i found on the street into my first million and I have no disillusions about how hard Forex trading is as I have been demo trading frequently for the past year and am no where near comfortable enough to risk even a Forex Micro account.

Learning in my spare time means I am in no rush, and trading in my spare time affords me a lot longer to plan for trades with a higher probability of success and "comfort" whilst maintaining a job to put food on the table if it all goes down the pan.

I'm only a beginner but they say the only way to get smarter is to read smarter books or associate with smarter people, so here I am.

Cheers.

Adam

 

[NVP]

Adam if all beginners were like you we wouldnt have such a high 95%+ fail rate in trading

good luck to you in the future
N

 

[neil]

Adam if all beginners were like you we wouldnt have such a high 95%+ fail rate in trading

good luck to you in the future
N

I second that NVP. Adam has the qualities that will take him a long way to being successful.

If you like reading -try this monster:
http://www.forexfactory.com/showthread.php?t=2331

First -read posts by James16 (click on his name then "images")
http://www.forexfactory.com/james16

Good luck Adam

 

[NVP]

Neil - I see you are you a big J16 fan ......is he still teaching ?

N

 

[neil]

Neil - I see you are you a big J16 fan ......is he still teaching ?

N

Yes, but he is currently involved with the new site design due to be launched shortly. MBQB11 and GHOUS are currently "teaching" on the site. There are other good posters but the three (including James16) are enough to be going on with. I should add that I have never been a member of the "paid" site nor consider it necessary albeit it is a personal decision. Even so, the paid side is not pushed.
The upshot is that reading the three above on the free site is plenty enough to start off the new trader and/or help the less successful one.
James has strong views on new guys trading on short time frames - let alone a ten minute trading day.

 

[lurkerlurker]

the only way to get smarter is to read smarter books or associate with smarter people

A relevant quote from a successful trader I know.

I've found that, just like everything else, you have to look hard in places where no one else is looking and bring your unique skill set to the table. I think it unlikely that anything found in a book will be very profitable but that strategies involving: difficult math, difficult programming, highly developed market intuition are more likely to work.

Don't count on learning anything from trading books or trading forums. I was fortunate enough to find a mentor - but nobody is going to do the work for you. It can take years to become what is required, even if someone points you in the right direction.

And how do you know the 'smarter person' you are looking to associate with is really on the right path, unless you have a certain amount of savvy yourself?

I joined t2w seven years ago, and wasted my time on this site for a year. I've spent less than an hour here in the intervening six years. That probably tells you what you need to know. For a different take on markets, search for posts by 'mr.marcus' here and you might get a bit of insight into how scarily wrong mainstream thinking really is.

Then if you still want to do any trading, work out your own edge for yourself. Happy hunting!

 

[timsk]

I joined t2w seven years ago, and wasted my time on this site for a year. I've spent less than an hour here in the intervening six years. That probably tells you what you need to know.

It tells us you're a spectacularly fast reader and an even faster writer. 2,473 posts in less than an hour is mightily impressive!

 

[timsk]

I'm only a beginner but they say the only way to get smarter is to read smarter books or associate with smarter people, so here I am.

Welcome Adam,
As others have indicated, you sound like a very smart young man with his head screwed on the right way. In spite of my leg pulling, I agree with lurkerlurker in as much as there is a lot of dross about and, somehow, the trader has to separate the wheat from the chaff. That's exceptionally difficult for most newbies but, in your case, I suspect strongly that you'll be the exception that proves the rule.
Tim.