Trading as a part time job??

gerryg said:
to start trading you should know at least interface of metatrader and click buy and sell in right times. But the point is if you understand where is the fine moment to click buy and where to sell. Seems to be easy, but people lose billions on that.If you ready to have losses for a start, then go for it and trade.
Click to expand...

Can you elaborate upon the above, preferably with examples and charts ?
 
pro_fx said:
If you are truly believing in you then go with stock trading first on full time. But that would even need all the attention you would pay for the actual job anyway. Not just that be ready to loose yourself some money in worst situations because time is not yours always. Then after mastering the indices trading go for forex, unlike indices it needs so much of strategy with tons of knowledge to execute an order and also studying of all the historical patters is important.
Click to expand...

Show us an example of an "historical patter" please?

If he gave up his job to go full time trading then how would he survive during the long period of losing money before (or if) becoming profitable?

What do you mean by "time is not yours always?"
 
I would recommend reading "Trading in the zone" by Mark Douglas. An excellent book that will teach you a lot, before, during and after your trading life.
 
vchohan1 said:
I would recommend reading "Trading in the zone" by Mark Douglas. An excellent book that will teach you a lot, before, during and after your trading life.
Click to expand...
But will the book teach you to become a successful trader?.....surely it can't.....can it?
 
I can't tell if that's sarcasm or not....

Either way it depends on what you take from it....

You won't know until you read it. It's up to you.
 
There is only one reason to get into Forex trading, and is to make a profit, the only thing a beginner needs to know is how much profit you want to be, or rather should be, how much time and effort you want to invest to make money through operations currency.
 
poom said:
Hi everyone,
I live in canada. I'm a second year math(honours) student. i'm 19 years old. I took some basic economic and finace course so i know a little bit about the market. I am interested in trading. I have been reading some book and article on the internet about trading. I have part time job. I work 6 hrs/week,$11/hr. My question, is trading a good choice for me? I dont know if it is better than the job I have right now. I have around $6000 in my account. Also, is it possible to trade as the full time job in the future because i don't know what i will be doing after i graduate. I just study math because i like math and i'm good at math.

If I'm going to trade, should i trade stock or forex? Btw, do you suggest me to take any course for next year?

Thank you
Click to expand...

If you have the time on your hands, and are pretty numerate trading could be interesting. However, I’d be wary of giving up the job just yet. Try both for a while and see how you get on with the trading. You may like it; you may hate it. You may like it but be no good at it. Be careful with your pot of money. Limit your losses. Stocks probably less volatile than FX, although it does depends which stocks you trade. Some are notoriously volatile. Maybe try a demo account first to get a feel for the trading platforms on offer and how trading works. Good luck.
 
Some people work better in shorter time so part-time or full-time don't matter. The main thing is how you use your time to improve your forex trading performance.
 
Good Evening Poom,

For 2014 I am going to be doing trading to pick up some secondary incoming and just because I have always been interested to see what happens. I work full time as a software engineer and have no intention on quitting my day job, so I wouldn't for you either...but if you can pick up some vacation money on the side then more power to it :)
 
unless you have a large amount of capital you will never make decent money trading markets on longer TF's .....not enough trade volume if you use the acknowledged % capital limits per trade

so you better get down and dirty in the intraday trading .......welcome to the jungle

N
 
poom said:
Hi everyone,
I live in canada. I'm a second year math(honours) student. i'm 19 years old. I took some basic economic and finace course so i know a little bit about the market. I am interested in trading. I have been reading some book and article on the internet about trading. I have part time job. I work 6 hrs/week,$11/hr. My question, is trading a good choice for me? I dont know if it is better than the job I have right now. I have around $6000 in my account. Also, is it possible to trade as the full time job in the future because i don't know what i will be doing after i graduate. I just study math because i like math and i'm good at math.

If I'm going to trade, should i trade stock or forex? Btw, do you suggest me to take any course for next year?

Thank you
Click to expand...

Hello -

Figure I would throw my two cents into the mix here.

So you want to get into trading? That in itself is a very vague statement. No one has really asked what you mean by trading? What is it specifically you want to trade? Equity? Debt? Forex? Sides of beef?? The list of things to trade out there is gigantic and quite daunting. The first thing I would do is if I was you is sit down, take a breath, and deeply think about what it is you want to trade. Given your other posts, I am guessing you are leaning towards U.S. equity.

What sort of time frame are you looking to trade? I have heard a few people say day trading. With six grand in capital sitting, that is probably not a good option for you. Time is a powerful and costly asset, do not take it for granted.

Alright, assuming you are good on the previous two questions, let's discussing trading strategies/models. Anyone on this forum who trades as a serious hobby or professionally has their own style, their own game, their own favorite thing to look at that they really know and consistently gets them paid. The reason they all have that is that they spent months and years and possibly decades banging their head against the desk, losing money and watching a carefully put together models fail miserably for reasons that are sometimes very hard to see. If you want to get good at this and turn some real money, you need to be committed to it. Otherwise, you'll get frustrated, dump your cash into some sort of fund or money market account and be done with it.

Look at all of those calculations TDA has thrown at you. You have every stochastic, volumetric, and momentum based number they could stick in a pretty chart at your fingertips. It will all be useless unless you really understand what those indicators means and what they are showing you. At this point, you have data, and you need information. Hit the internet (investopedia can give you basic definitions and mechanics), and learn about what those numbers are telling you. With your mathematics background, it shouldn't take you very long to get the hang of them, I don't think. Once you know what all of that data is, and what it means, you will find it isn't all that difficult to build your own financial model and work off of it. The rest is simple scientific method.

Next is your general risk. That $6000, what is that to you? Is that money you specifically put aside for investing, that losing won't send you to the soup kitchen or get your car repossessed? I have several accounts, a managed one for long term, income style investments, a 401(k) that I only tolerate because my company matches my bi-monthly contributions, and an online account that I use for modeling and trading. Every dime in that online account is non-critical to me, I can burn that money and it will have no adverse effect on me (save one less bottle of whiskey). What you can risk is what you can trade with, and as most of my fellow contributors have already said, don't risk everything you have on one trade.

Finally, trading as a job. The financial industry took it pretty seriously on the chin after 2008. Lots of job contraction and a lot of small-mid size funds and firms getting gutted or going insolvent. Are there trading jobs available? Yea, but don't expect expensive suits and Porsche's right out of the gate. If you want steady work from a larger firm, you'll probably need a diploma under you (unless you are disturbingly good with math, in which case you have some options). Finance/statistics/applied mathematics are the usual suspects for fields of study. Another thing that is rather valuable right now (besides a big book of clients and no pending court dates) is programming knowledge, possibly look into learning about that.

Heh, I guess my two cents was more like 10 or 20. Oh well, hopefully it helped.
 
NVP said:
unless you have a large amount of capital you will never make decent money trading markets on longer TF's .....not enough trade volume if you use the acknowledged % capital limits per trade

so you better get down and dirty in the intraday trading .......welcome to the jungle

N
Click to expand...

I'm not sure I want to get down and dirty in the intraday trading. I heard 80% of these people lost (i could be wrong on this one. I heard it from one of my classmate that work in trading floor) while only small percentage that actually win (consistent win). In fact, I'm doing quite alright now with position trade. I got help from my math finance prof. He gave me the list of stock (Top 10 stock from S&P500) each week. Then I use the program that I wrote to the buy trigger for these 10 stock (SMA, RSI and Coherent rIsk). My win/loss ratio is pretty good right now 80:20(consistent).
Now can you tell me why should I get down in intraday trading.

BTW, Thank for your suggestion
 
poom said:
I'm not sure I want to get down and dirty in the intraday trading. I heard 80% of these people lost (i could be wrong on this one. I heard it from one of my classmate that work in trading floor) while only small percentage that actually win (consistent win). In fact, I'm doing quite alright now with position trade. I got help from my math finance prof. He gave me the list of stock (Top 10 stock from S&P500) each week. Then I use the program that I wrote to the buy trigger for these 10 stock (SMA, RSI and Coherent rIsk). My win/loss ratio is pretty good right now 80:20(consistent).
Now can you tell me why should I get down in intraday trading.

BTW, Thank for your suggestion
Click to expand...
If youre making money then keep doin what ya doin. All else including win loss ratio dont mean much in my experience.
GL
 
Sharpreranfaster said:
So true, for this quarter, I am 3 wins to one loss, but that one loss was a real kick in the ********.
Click to expand...
I can beat that hands down with 11 losses to 1 win :cheesy:. I try not to let them get anywhere near my b0ll0cks though, unless of course i goto the cinema! :p
 
Sharpreranfaster said:
Hello -

Figure I would throw my two cents into the mix here.

So you want to get into trading? That in itself is a very vague statement. No one has really asked what you mean by trading? What is it specifically you want to trade? Equity? Debt? Forex? Sides of beef?? The list of things to trade out there is gigantic and quite daunting. The first thing I would do is if I was you is sit down, take a breath, and deeply think about what it is you want to trade. Given your other posts, I am guessing you are leaning towards U.S. equity.

What sort of time frame are you looking to trade? I have heard a few people say day trading. With six grand in capital sitting, that is probably not a good option for you. Time is a powerful and costly asset, do not take it for granted.

Alright, assuming you are good on the previous two questions, let's discussing trading strategies/models. Anyone on this forum who trades as a serious hobby or professionally has their own style, their own game, their own favorite thing to look at that they really know and consistently gets them paid. The reason they all have that is that they spent months and years and possibly decades banging their head against the desk, losing money and watching a carefully put together models fail miserably for reasons that are sometimes very hard to see. If you want to get good at this and turn some real money, you need to be committed to it. Otherwise, you'll get frustrated, dump your cash into some sort of fund or money market account and be done with it.

Look at all of those calculations TDA has thrown at you. You have every stochastic, volumetric, and momentum based number they could stick in a pretty chart at your fingertips. It will all be useless unless you really understand what those indicators means and what they are showing you. At this point, you have data, and you need information. Hit the internet (investopedia can give you basic definitions and mechanics), and learn about what those numbers are telling you. With your mathematics background, it shouldn't take you very long to get the hang of them, I don't think. Once you know what all of that data is, and what it means, you will find it isn't all that difficult to build your own financial model and work off of it. The rest is simple scientific method.

Next is your general risk. That $6000, what is that to you? Is that money you specifically put aside for investing, that losing won't send you to the soup kitchen or get your car repossessed? I have several accounts, a managed one for long term, income style investments, a 401(k) that I only tolerate because my company matches my bi-monthly contributions, and an online account that I use for modeling and trading. Every dime in that online account is non-critical to me, I can burn that money and it will have no adverse effect on me (save one less bottle of whiskey). What you can risk is what you can trade with, and as most of my fellow contributors have already said, don't risk everything you have on one trade.

Finally, trading as a job. The financial industry took it pretty seriously on the chin after 2008. Lots of job contraction and a lot of small-mid size funds and firms getting gutted or going insolvent. Are there trading jobs available? Yea, but don't expect expensive suits and Porsche's right out of the gate. If you want steady work from a larger firm, you'll probably need a diploma under you (unless you are disturbingly good with math, in which case you have some options). Finance/statistics/applied mathematics are the usual suspects for fields of study. Another thing that is rather valuable right now (besides a big book of clients and no pending court dates) is programming knowledge, possibly look into learning about that.

Heh, I guess my two cents was more like 10 or 20. Oh well, hopefully it helped.
Click to expand...

First of all, thanks a lot for these helpful information. Since, I'm a student. I don't have lots of time so my goals for trading is to make some money (i don't expect a lot), and learning how the market work. Also, I'm majoring in math integrated with computer. I had taken some math finance course. I'm familiar with VB.net and JAVA. Do you think I will have a chance to get a job in this industry. Any suggestion?

Thanks again:):)
 
poom said:
So, is it true that 80% of day trader loose??
Click to expand...

Well, it is kind of hard to answer that question.

Statistics are very misleading in broad statements like that. Did you know, for example that some traders take losses on purpose for tax reasons?

Best way to look at it IMO is that the only winning/losing that matters is yours :)
 
mineral trading

Hi... So great full for this opportunity to join this social site.
First of all I would like to introduce my self..
My name is Aaron Avel, I am 24 of age, Male and Papua New Guinean..

I want to share my idea that I am not confident to say if its what the social group work for but at first I came to understand Trade is simply anything value in return..
Here in PNG there's are lot of things I beliefe would be inline with your interest. Things like, gold,silva or any other valuable resources that you may catogerize them. Espacialy row products for fushion,like glass stone,carvins etc..
The thing now is PNG is a developing country and life here is not much depending on them,espacialy row fushsion prodcuts.

Ther idea now I am trying to figure out is,if anyways you can assist me to trade them with you if its interested with you.

Thank you for your time..
 
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