Hi all, great forum here thanks to great minds. Let me give you some background.
I would consider myself a reluctant investor. I dont find this business exciting offhand. I see money as a necessary evil to pursue things I'm better at or absolutely need. I can rebuild an engine, a kitchen, or a web site but trading goes into an abstract part of my brain that I find myself a little slow at...maybe its just all the unfamiliar jargon and principals.
The problem is the stuff I'm inclined enjoy or find personal benefit from is either a money drain (making my 12 year old 4x4 run like its brand new) or a long term gain (home remodeling) ...and I could use some extra money now.
Add to that the fact that I've seen little return on the vocation I've chosen. Following a slew of corporate buyouts that left me unemployed many times, I switched to being self employed in the marketing communications field. I'm good at what I do but I've come to the conclusion I need lots of money to make any money.
I've got coming in about $50K/yr guaranteed on one contract. I pick up other jobs on the way, some months I'll make nothing extra, next month I'm looking at approx $4K. The $50K is what I need to take care of our needs more or less. If I'm lucky I'll bag an extra $12-$16K this year.
I want to approach investing as an aside - using the cash I get above my guaranteed contract as the capital for this market investing venture. I won't feel alot of emotion if I lose it all - I'm used to it (I've worked for alot of startups).
All that to say I intend to take an aggresive approach to this with a laid back attitude about where I end up.
Some assumptions:
- Don't need alot of sleep. My trading time would best suit my schedule from around 11pm Central Time till about 1 or 2am. (Gotta babysit clients during the day
)
- I figure I would give this carefull attention 3-4 days per week.
- I'll kick the account off with $3-4K.
- Cash out around Sept - #3 is due and we need a minivan. The more I make the nicer/newer the car. I prefer to pay cash for the best-selling worst investment available
- If I enjoy it and/or like how I did I'll stick with it thereafter with new cash.
.......
Some questions:
- I have a game account with Oanda. I've heard good things about them. However taking into account my aggressive mindset and (for now) short term goal - should I look into one with greater leverage? FXSol?
- What are the best pairs to trade during the above time period and what days of the week?
- Any free strategies/systems websites worth looking into? Fxstreet.com and the like have been helpful but as far as systems - so far trolling your threads here have been the most helpful - though usually only explained in passing.
- Am I barking up the wrong tree? I'm seeing gold as a volitile market. Others? These are things I just don't know enough about so some direction is greatly appreciated.
Feel free to flame - I can take it
I would consider myself a reluctant investor. I dont find this business exciting offhand. I see money as a necessary evil to pursue things I'm better at or absolutely need. I can rebuild an engine, a kitchen, or a web site but trading goes into an abstract part of my brain that I find myself a little slow at...maybe its just all the unfamiliar jargon and principals.
The problem is the stuff I'm inclined enjoy or find personal benefit from is either a money drain (making my 12 year old 4x4 run like its brand new) or a long term gain (home remodeling) ...and I could use some extra money now.
Add to that the fact that I've seen little return on the vocation I've chosen. Following a slew of corporate buyouts that left me unemployed many times, I switched to being self employed in the marketing communications field. I'm good at what I do but I've come to the conclusion I need lots of money to make any money.
I've got coming in about $50K/yr guaranteed on one contract. I pick up other jobs on the way, some months I'll make nothing extra, next month I'm looking at approx $4K. The $50K is what I need to take care of our needs more or less. If I'm lucky I'll bag an extra $12-$16K this year.
I want to approach investing as an aside - using the cash I get above my guaranteed contract as the capital for this market investing venture. I won't feel alot of emotion if I lose it all - I'm used to it (I've worked for alot of startups).
All that to say I intend to take an aggresive approach to this with a laid back attitude about where I end up.
Some assumptions:
- Don't need alot of sleep. My trading time would best suit my schedule from around 11pm Central Time till about 1 or 2am. (Gotta babysit clients during the day
)- I figure I would give this carefull attention 3-4 days per week.
- I'll kick the account off with $3-4K.
- Cash out around Sept - #3 is due and we need a minivan. The more I make the nicer/newer the car. I prefer to pay cash for the best-selling worst investment available
- If I enjoy it and/or like how I did I'll stick with it thereafter with new cash.
.......
Some questions:
- I have a game account with Oanda. I've heard good things about them. However taking into account my aggressive mindset and (for now) short term goal - should I look into one with greater leverage? FXSol?
- What are the best pairs to trade during the above time period and what days of the week?
- Any free strategies/systems websites worth looking into? Fxstreet.com and the like have been helpful but as far as systems - so far trolling your threads here have been the most helpful - though usually only explained in passing.
- Am I barking up the wrong tree? I'm seeing gold as a volitile market. Others? These are things I just don't know enough about so some direction is greatly appreciated.
Feel free to flame - I can take it
