Tips for the new guy.....

[ms7996]

Hey guys....

I was wondering what the best way of figuring out if day trading is for me as an individual day trader. I have a full time job that I'm not too keen on quitting....just yet.

My questions:

1) What's the most efficient way to get your feet wet in this profession while still working full time (if possible)?

2) Is it possible to trade in foreign markets "evening" day trading, for lack of a better term?

3) What are your thoughts on training software...ie. are there good ones out there?

Much thanks,

Mark.

 

[nazzdack]

(1) Don't quit your day-job. (2) Trade the most liquid markets, i.e. gold, crude oil, euro-currency or bunds, before or after work to get a "feel" for the stress and heat of active trading.

 

[irucken]

Quote from ms7996:

Hey guys....

I was wondering what the best way of figuring out if day trading is for me as an individual day trader. I have a full time job that I'm not too keen on quitting....just yet.

My questions:

Quote from ms7996:

1) What's the most efficient way to get your feet wet in this profession while still working full time (if possible)?

- Mark, I asked myself a similar question back in 1998 when I was working in a different industry and began trading "part time" as an equities trader.
I lost money.
I decided that the only way to give a trading career a fair chance was to find the best firm in the business and become a fully dedicated student from the best traders in the firm.
This worked out for me .... in 3 months, I became profitable.

If you have theories that you believe in and want to test, then I suggest you test them with capital that wont harm you one way or the other while you keep your day job.
However if, like most, you dont know how to make money trading but want to learn ... my opinion is that it is very difficult to do it part time.
Like in any other profession, you want to find others that are very successful at what they are doing and sponge off them.

Quote from ms7996:
2) Is it possible to trade in foreign markets "evening" day trading, for lack of a better term?[/B]

- I resort back to my answer to your first question.
If testing theories is what you are looking to do, you may very well be able to do part time research in the evenings.
However, adjust your time horizons accordingly.
Successful part time lawyers or surgeons may exist ...however, I know of none.
Trading should be taken no less seriously.
Its one of the hardest games to learn.
If you want to learn the art of trading "grassroots", my feeling is that you have to focus all of your energy on the path to becoming a successful trader.

 

[YoungOne]

I suggest you think about swing trading instead. You can keep your day job and just swing trade on the side. Maybe one day move up to day trading. As far as learning how to trade, it just takes time. Start looking at charts after work and seeing what you notice. What causes major price movements? Also pick up books and read as much as you can on these forums. Best of luck to you.