Do you have to day trade to trade full time?

[nomore4s]

That raises an interesting point. How does someone build up a large enough capital, and build up enough screen-time and skill to be able to trade full-time, when having limited time to devote to trading because of their full-time job? Seems to be a bit of a catch-22 situation to me.

How have others on here made that transition from part-time to full-time trader?

This is a problem when starting most businesses imo. Getting enough capital together to get off the ground and then to continue to grow the business.

As far as getting enough experience and skill, you just need to practise, review, practice, review (isn't this how it goes TH?) when & where you can find the time to do it.

 

[tech/a]

A very good point.

If your going to buy into ANY business you'll need capital.
Trading is no different.

You either
(1) Find the capital in other areas and use Leverage (we do it when buying Investment properties.).
So with IB you get $400k for $100K down day trading and $200K if held over night.

(2) You wait till you have saved enough to do 1 or have enough from other investments or inheritance.

(3) You start small and build to it (Most attempting to do that).You however need either amazing consistency or the ability to hold in long trends in you direction.

(4) You dont trade full time as either you cant afford it or as is my case youd need to be damned good to have me sell my company!(I can and do have both).

 

[wonderrman]

Tech beat me to it but margin is the answer. Put down 50k and take out another 150k. w

 

[AlterEgo]

As far as getting enough experience and skill, you just need to practise, review, practice, review (isn't this how it goes TH?) when & where you can find the time to do it.

Yes, but if you didn't have to go to work, you'd be able to get much more done and learn at a much faster rate. But on the other hand you can't give up work because you need the money. Kind of like doing a uni course full-time vs part-time.

 

[nomore4s]

Yes, but if you didn't have to go to work, you'd be able to get much more done and learn at a much faster rate. But on the other hand you can't give up work because you need the money. Kind of like doing a uni course full-time vs part-time.

Yep or working 2 jobs.

 

[Mr J]

To be fair I don't think anyone has bagged Mr J out. No one has said he can't do it or that he won't do it.

He has been questioned over some of his statements which I think is fair enough, if you want to make claims on a public forum you have to expect to be questioned about them.

This is true, nothing has been personal. Really just comes to me suggesting that high returns are possible with a small edge and volume, and others suggesting that I shouldn't suggest that is possible unless I've done it myself, even though it is! :

Yes, but if you didn't have to go to work, you'd be able to get much more done and learn at a much faster rate. But on the other hand you can't give up work because you need the money. Kind of like doing a uni course full-time vs part-time.

It's not really a Catch-22 situation, it just means progress is slower. If I was working 9-5, I'd just have to trade the European session for a few hours rather than trading the Asian session for 6 hours. I'd also get software with playback to watch on the weekend. If one is willing to sacrifice personal time, I don't think progress will be that much slower.

 

[acouch]

if you have the right set up, you can get 300+ out of the market each day.. no sweat..
300 x 5 = 1500 per week..
with a 5 tic stop max..
so you could start trading the spi with 6k..
as you build so do the contracts..
but you have to do the time..

have fun
ac

ps and that is half the fun

 

[IFocus]

I can't see the point of the argument. I have been a foster parent for 10-years as well as raising my own kids. I can assure you that there is plenty of scum walking the streets, not only abusing children but abusing any part of society they can get away with. Just in my local area there are 65 kids a month needing a home.

I think the least of societies issues are what constituents the value-add that traders offer.

65 kids a month? strewth Nick I would have thought your part of the world have been better, shows what a sheltered life I lead.

Admire your and Trish's commitment to your community.

 

[tech/a]

Admire your and Trish's commitment to your community.

65 kids a month now thats commitment!

 

[chode84]

65 kids a month now thats commitment!

I don't think they foster 65 kids a month, just that there are that many that need fostering.

But back to the thread, I agree with the point above about trading the european markets in the evening. I work full time but spend a couple of hours a night doing this.

 

[nunthewiser]

if you have the right set up, you can get 300+ out of the market each day.. no sweat..
300 x 5 = 1500 per week..
with a 5 tic stop max..
so you could start trading the spi with 6k..
as you build so do the contracts..
but you have to do the time..

have fun
ac

ps and that is half the fun

hi


i have no probs with tales of ppl starting small too lead too ppl that are not so small which grow too ppl that make a difference

in this thread i have seen suggestions of outlandish leverage, foolproof plans, ingenious schemes where everyones a winner BUT not too many stories of the time, effort , hardship being stuck behind the 8 ball or just the personal cost of isolating yourself as the person that gunna be the one that takes the cash.

we live in a different world

i may be rambling but im sure some may relate

 

[Paul Ellis]

I think full time trading would make me too nervous - I like having a full time job which can replenish the bank balance after taking some hits on the market!

I can't help but think it would also drive me insane! I need interaction with people

 

[It's Snake Pliskin]

I think full time trading would make me too nervous - I like having a full time job which can replenish the bank balance after taking some hits on the market!

I can't help but think it would also drive me insane! I need interaction with people

I can understand the interaction part.

You make money as soon as you walk through the door.

 

[Mr J]

I think full time trading would make me too nervous - I like having a full time job which can replenish the bank balance after taking some hits on the market!

View a hit in the market as similar to losing your job in a recession . We can all potentially take hits of some sort, and all can be quite devastating, financially and emotionally.

 

[virago]

Hi,

Its quite stressful day trading, swing trading is probably the best way to go, not huge capital required, averaging out weekly or monthly is quite sustainable.

 

[impala_group]

IMO you are either pimping the market ($$$) or you are getting pimped.
Honestly, it doesnt matter how you go about making your cash - just make it.

Mix up the techniques and if you continously get good returns why not??

 

[nulla nulla]

This is true, nothing has been personal. Really just comes to me suggesting that high returns are possible with a small edge and volume, and others suggesting that I shouldn't suggest that is possible unless I've done it myself, even though it is! :



It's not really a Catch-22 situation, it just means progress is slower. If I was working 9-5, I'd just have to trade the European session for a few hours rather than trading the Asian session for 6 hours. I'd also get software with playback to watch on the weekend. If one is willing to sacrifice personal time, I don't think progress will be that much slower.

Sounds a bit like studying the form guide and trying to pick winners at the horce races. One day you will realise the return, on your investment of time and money, is even less than you make at your day job.

 

[Mr J]

Care to explain how that sounds in anything like trying to pick winners at the track? I simply said a small edge over volume can yield a high return. Nothing unreasonable about that.

 

[nulla nulla]

It's not really a Catch-22 situation, it just means progress is slower. If I was working 9-5, I'd just have to trade the European session for a few hours rather than trading the Asian session for 6 hours. I'd also get software with playback to watch on the weekend. If one is willing to sacrifice personal time, I don't think progress will be that much slower.

and i repeat...."Sounds a bit like studying the form guide and trying to pick winners at the horse races. One day you will realise the return, on your investment of time and money, is even less than you make at your day job".

Software playback to watch at the weekend? sheeesh

 

[OzTrader]

Nulla Nulla,

Where do you get the playback software from?
What do you use?

Many thanks.