Time and Money for Your First Year or Two.

[jake g 10]

Hey everyone. I love your forum here. Tons of great info and insights. I'm new to this so I'm going to say things that don't make sense. That's what new guys are for; It's our job and we're damn good at it. And pardon the long windedness. Currently I'm reading a bunch of books, talking on forums and I want to develop great skill at swing trading and day trading. An aspiring trader needs time and money. Time to study, to learn, and money to cover expenses. Like equipment, rookie loosing streaks, research costs, normal living costs, etc. So, how do you maximize both at the same time? I'm sure other traders have figured out this problem better than I have, but here are the solutions I see so far.

 

1) I doubt this one will work. Hypothetically, it would be great to work for some company that is involved in trading, or maybe in the ball park. Meet knowledgeable people, learn a lot, broaden horizons etc. However, I have no back ground in finance or investing. My resume doesn’t looks appealing; my only strength is learning fast and being extremely motivated to understand the job well; learn everything possible about this topic. If i am wrong about this, if there are in deed such options, such jobs, please tell me. Until someone suggests otherwise, I'm considering this option a no go.

 

2) I expect this next option won't work, either. Work 3rd shift at a job you can study. Like a security guard. Eventually, start trading during day time. But, how long before you save up a trading account of 20k? Probably a long damn time. Some say accounts of 5k and below are pointless. Perhaps that is not fully true, perhaps there is some "angle" to trading which can squeak you by, generate a modest profit out of a 5k account, continue to work a full time job. Continue educating yourself about trading, save up, eventually accumulate a large enough savings to trade full time. Again, I doubt this 5k account "angle" exists, and if it does I don't know what it is. Do you?

 

3) This may sound odd but it's doable. Semi trucks. 35k to 50k your first year. There is a lot of down time where you are not driving. While driving, truckers wait for traffic to clear up, then listen to audio recordings. Truckers get degrees for online colleges this way or learn foreign languages. Save save save, learn learn learn. Make trades during down time. Eventually, stop being a driver; trade full time.

 

4) Maybe some combination. Such as first #2, then #3. Figure out what the whole strategy should be while working nights, (although I'm sure the plan will change) after that, if I'm 10K or 15K short of start up capital, go drive a truck until I save the rest.

 

Again, I'm new, and am sure other traders have confronted this issue, have thought up better ways to handle the first two years than I have. Any suggestions? Anything important I don't know about, that would change everything I've said here?

Thanks a million.

[NeoTrader 10]

Hello again,

 

I commented on your other post and I will comment here as well. Forex would be a good place to go to start out. You can hold a day job then trade Asian/Australian/European currency pairs in the late afternoon/evening after work. Forex also allows you to start really small even down to $200 starting accounts in some cases. This allows you to learn the ropes and come up with a solid strategy before committing larger amounts of capital.

[SurtiTrader 10]

Yes, truly said. In order to achieve good amount of money, one should have proper money management and good time frame. It truly helped me a lot in order to earn in Forex.

[prax 10]

time management would be tricky question. what would be good between full time trader or part time one ?? I think both can be a good one, it's not the quantity time we spend would be a crucial point for successful trade, but more into quality time we spend. have a look with most rookie traders, they force doing scalping at first attempt, while in fact scalping require a deep understanding of market price behavior, every pair's aspect such : daily range, best time to trade, swing hi-lo, major SR level, etc.

as only a few trader sees online trading as investment program, these when they lack thought about diversity and put all his money with spot trading at single brokers company.

simple method with gold trading had diversity with gold bar,gold coin, gold stock and at spot gold trading. as for Spot gold trading with brokers better go with low cost broker company, I've done with several company since the spread are at average 100 pips!, nowadays many brokers offer lower spread which means lower cost pertransaction, at ECN account are got more cheap one, got 10 pips gold spread with my Tickmill ECN account. with these low spread rate, intraday gold trading are more easier to be done, since gold swap are cost more than currency pair.

[bourseindia 10]

It is essential to do time and money management parallel by which we can earn money at time easily.

[fxpartyguy 10]

at ECN account are got more cheap one, got 10 pips gold spread with my Tickmill ECN account. with these low spread rate, intraday gold trading are more easier to be done, since gold swap are cost more than currency pair.

 

10 pip at gold? That's really impressive! What about comission? is it applied or 10 pip is spread +tickmill markup?

[spareappeal 10]

i would say thats a pretty good idea not to invest money in trading unless you are having a pretty good experience in it and is confident that you are now ready to trade

[RealMeanMeany 10]

Hi there Jake, im new in trading as well.

For what i read, it seems you are going through quite a rush about this. Try to slow down a bit, and give your trading more time. Find a regular job, earn some moeny, date a girl, go out skating or whatever, and also do trade. Read, try to find patterns, find out whats your best set up. But mainly, give it time. It seems like you really wanna make a profesion out of this, and if you keep this energy level, im sure you will. But dont be so enthusiastic about it. Take your time, experience in life, will make everything more easy to handle, so give it time to get that too. And if you ever feel you are in a job in which you aren't learning anything, know that you are learning trade, and you are a trader, and when the time is right, the money build, and life is good, drop into it. Dont strees about life, enjoy it.

[animalspiritArb 10]

3 obviously sounds like the best option. You need to grow your capital. Just sitting home, being unemployed and calling yourself a "professional" only last for awhile.

[divyanshisharma 2]

Great article on time and money!!

[CrazyCzarina 17]

Exchanging forex is not as simple as it may sound. You need to take in a considerable measure of specialized things just to comprehend the rudiments of how the market works.

[zdo 20]

On 12/3/2018 at 9:13 PM, CrazyCzarina said:

You need to take in a considerable measure of specialized things just to comprehend the rudiments of how the market works.

Czarina,

Can you give us a list of these "specialized things"?  Thanks.

[CrazyCzarina 17]

Every other person is having their own definition of specialized things, So as mine.