How much to start with to get experience?

M

mauzj

Hi,

I've started trading FX with Oanda with the aim of getting some real trading experience to put on my CV, for talking about in interviews and to learn trading for trading's sake.

How much should I trade to be taken seriously? I have put $1,000 into my account and risk about 0.5% per trade. So that's only about $5 at the moment. If I mention this in an interview will it just make me look stupid? Should I be putting more money down?

I'm wary about putting more into Oanda as I'm based in UK (Oanda is in US), but UK firms either have high minimum lots/starting deposits or are dodgy bucket shops.

Thanks,


Mauzj.
 
Mauzj,

You never said what kind of job you're looking for. This makes a huge difference in the experience you would need to show.

Answer these questions: What is your purpose in establishing a trading record? What kind of interview are you envisioning? How long have you been trading? What have you traded and what's your rate of return been so far?

It sounds like you may be looking for a trading position at a prop firm in which case there are some that will take you on without any experience as long as you put up some cash. If you only have a $1000 to put up, that's simply not realistic -- $5000 would most likely be the minimum.

Do you need training? A prop firm may be able to do that. It doesn't sound like you have a clear trading methodology to go by, so why not paper trade until you do?


--opm8
 
Quote from mauzj:

I have put $1,000 into my account and risk about 0.5% per trade.
More...

Although it doesn't sound like it, 0.5% is actually on the high side for a newbie (unless he is a quick learner and a damn careful trader)... try and get some more capital together... the market will always be there for ya...
 
opm8,

I'm hoping to work for either a prop shop or IB (I've been rejected from a lot of prop shops due to a lack of experience and grad recruitment is starting with the IB's so that's what I'm aiming for at the moment). Grad positions for IB's don't require that much experience, but I need to demonstrate an active interest in trading - and that pretty much means that I have to be trading my own account in my spare time.

So far I've spent a few months on the Oanda game, and managed to boost that by 3 percent, so I decided to put some money down to see how I fare under the psychological pressures of losing real money. (I'm currently just above breakeven point after 3 trades, with one still going). I base my decisions purely on TA, using monthly, weekly and daily charts. I watch the prices during the day, but don't generally touch my orders as I work in an office.
I try to follow the news as well but don't use it in my decisions.

The $1,000 I've put up is there purely to provide me with a small record, experience and a bit of fun. I'm not expecting to turn it into millions at this point. However, if it's not a respectable amount to be trading for a hobby, I might be able to stick a bit more in.

Yes, I do require training. But not all prop shops provide it, and some that I've come across seem a bit dodgy.

Thanks for your time,



Mauzj.

Quote from opm8:

Mauzj,

You never said what kind of job you're looking for. This makes a huge difference in the experience you would need to show.

Answer these questions: What is your purpose in establishing a trading record? What kind of interview are you envisioning? How long have you been trading? What have you traded and what's your rate of return been so far?

It sounds like you may be looking for a trading position at a prop firm in which case there are some that will take you on without any experience as long as you put up some cash. If you only have a $1000 to put up, that's simply not realistic -- $5000 would most likely be the minimum.

Do you need training? A prop firm may be able to do that. It doesn't sound like you have a clear trading methodology to go by, so why not paper trade until you do?


--opm8
More...
 
You need to trade more than $1,000 to be taken seriously. Think about it. Even if you have a 200% year, that's only $2,000. You would be better collecting unemployment.
 
Quote from mauzj:

Hi,

I've started trading FX with Oanda with the aim of getting some real trading experience to put on my CV, for talking about in interviews and to learn trading for trading's sake.

How much should I trade to be taken seriously? I have put $1,000 into my account and risk about 0.5% per trade. So that's only about $5 at the moment. If I mention this in an interview will it just make me look stupid? Should I be putting more money down?

I'm wary about putting more into Oanda as I'm based in UK (Oanda is in US), but UK firms either have high minimum lots/starting deposits or are dodgy bucket shops.

Thanks,


Mauzj.
More...
The thing is that whoever you're being interviewed by isn't going to be impressed with somebody having "trading experience" on his CV, unless he hasn't lost his capital, been successful, successful with a good amount of money and can on top prove all this. Otherwise "trading experience" may be more frowned upon than welcomed by a potential employer.

The problem is that once you've achieved all the latter - You may as well not look for an employer anymore...

There should be no problem with trading with an American broker. In fact most overseas people here do. I live in Australia and I mainly trade with IB, which is American, but also has offices in various countries. This is the same with large forex brokers.

What do you think is your problem with dealing through an overseas broker?

My Compliments,
~The Scientist :cool:
 
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