read marcel link's book and check out resource link, read them all until you find your style http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=25
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Is Day Trading Possible with a full time job. ?
- Thread starter Pashaz
- Start date
read marcel link's book and check out resource link, read them all until you find your style http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=25
Hell no.
I know this won't deter you, so go to a trading firm (pretend to interview) and see what I mean.
I know this won't deter you, so go to a trading firm (pretend to interview) and see what I mean.
Pashaz,
Trading, full or part time, at this stage for you, will NOT improve your cash situation. If anything, it'll make your 'cash situation' a LOT worse!
Trading, full or part time, at this stage for you, will NOT improve your cash situation. If anything, it'll make your 'cash situation' a LOT worse!
Quote from Pashaz:
I agree with your view points that it could be distracting & No now & May Be when I have experience. Given my situation i am seriously interested to get into it (to imrove my cash situation).
Thanks
Although it is possible, I find that most people don't have the skill or the discipline to make it work.
Trading styles that could work for a trader with fulltime job include options strategies, long term (weekly) strategies, and some automated strategies. If you were to have a good strategy (one with an edge) you would still need to give up some profit as I would recommend using a full service broker willing to "take care of you" a little bit. Otherwise, frankly, it is a dream and an unrealistic one at that.
Good luck,
Steve
Trading styles that could work for a trader with fulltime job include options strategies, long term (weekly) strategies, and some automated strategies. If you were to have a good strategy (one with an edge) you would still need to give up some profit as I would recommend using a full service broker willing to "take care of you" a little bit. Otherwise, frankly, it is a dream and an unrealistic one at that.
Good luck,
Steve
Quote from risktaker:
Pashaz,
Trading, full or part time, at this stage for you, will NOT improve your cash situation. If anything, it'll make your 'cash situation' a LOT worse!
So, at what stage(I understand advanced)? Can you please explain in words that what skills should I acquire, so as to start thinking about it.
If you could mention the logical steps for the skill set and how to get there? (may be from you own experience& resources).
Thanks
Pashaz,
I am in no way trying to discourage you in your quest to learn more about trading, however, jumping into trading because you need to earn some extra money to make ends meet might prove to be counterproductive at first. Just want to give you some realistic perspective.
No doubt about it, all of us who trade do it to make money, but as most of us learned early on, it is not quiet as easy as it seemed before we started. In fact, many, if not most, loose money at first.
I would suggest to any aspiring trader that they begin to trade with money they do not need to pay the bills with. And to begin learning about trading with the understanding that it is difficult, time-consuming and highly competitive.
That said, it can provide great rewards and great lifestyle for those that succeed at it.
As already mentioned, some Swing trade strategies might allow you to start trading with a job. There are some decent books reviewed on this forum about it, located here:
http://elitetrader.com/bo/index.cfm?action=showbooks&CatID=2
Or start with something like this, which looks to be a good overview of day and swing trading:
http://www.amazon.com/gp/product/15...104-3558651-5449561?n=507846&s=books&v=glance
Good Luck,
Enzo
I am in no way trying to discourage you in your quest to learn more about trading, however, jumping into trading because you need to earn some extra money to make ends meet might prove to be counterproductive at first. Just want to give you some realistic perspective.
No doubt about it, all of us who trade do it to make money, but as most of us learned early on, it is not quiet as easy as it seemed before we started. In fact, many, if not most, loose money at first.
I would suggest to any aspiring trader that they begin to trade with money they do not need to pay the bills with. And to begin learning about trading with the understanding that it is difficult, time-consuming and highly competitive.
That said, it can provide great rewards and great lifestyle for those that succeed at it.
As already mentioned, some Swing trade strategies might allow you to start trading with a job. There are some decent books reviewed on this forum about it, located here:
http://elitetrader.com/bo/index.cfm?action=showbooks&CatID=2
Or start with something like this, which looks to be a good overview of day and swing trading:
http://www.amazon.com/gp/product/15...104-3558651-5449561?n=507846&s=books&v=glance
Good Luck,
Enzo
I have been trading for a year now and I hear of some people working while trading. It may work for them b/c:
- The system and their trading style allows for one to three trades a day. Any more may take too much time from work.
-Working may force you to be a better trader b/c it forces you to walk away from a trade and just let it ride out.
-Some traders I know look at the charts and info early in the morning and open a position with predetermined stops and targets and then go to work and check on it again in the afternoon just to see how its doing.
I would say learn your craft and then see if it fits your style.
It may help develop your discipline. Trading with a fulltime job may force you to take less trades than they would otherwise, and since it isnt your main source of income you may be more clear minded when taking a position.
But the prerequisite of this is that you were already a knowledgeable and consistently profitable trader in the first place.
- The system and their trading style allows for one to three trades a day. Any more may take too much time from work.
-Working may force you to be a better trader b/c it forces you to walk away from a trade and just let it ride out.
-Some traders I know look at the charts and info early in the morning and open a position with predetermined stops and targets and then go to work and check on it again in the afternoon just to see how its doing.
I would say learn your craft and then see if it fits your style.
It may help develop your discipline. Trading with a fulltime job may force you to take less trades than they would otherwise, and since it isnt your main source of income you may be more clear minded when taking a position.
But the prerequisite of this is that you were already a knowledgeable and consistently profitable trader in the first place.
Quote from steve46:
Although it is possible, I find that most people don't have the skill or the discipline to make it work.
Trading styles that could work for a trader with fulltime job include options strategies, long term (weekly) strategies, and some automated strategies. If you were to have a good strategy (one with an edge) you would still need to give up some profit as I would recommend using a full service broker willing to "take care of you" a little bit. Otherwise, frankly, it is a dream and an unrealistic one at that.
Good luck,
Steve
steve46,
I actually have a valid edge now. Took me a while to get there. I spent 3 yrs doing full-time trading. The last year or so I went back to a full-time normal regular job. I do a little bit of daytrading and now some swing trading.
And the funny thing is that I see some really good setups nowadays but I can't execute them because I'm at work,etc. I'm on the West Coast. So, theorectically, I could get up early enough to do a few hours.
But my work is also early so. Hmm.. How do people get around this? I love my job. I like its security. Will never go back to fulltime trading again at my age!
I'm trying swing trading now. With some success. But some of the crazy moves occur intraday as well.
Hmm..