Wannabe Part Time Trader

[gchouhan 10]

Hi,

 

Im new to trading. I have 15k to start trading part time. I have a full time job in customer service. Im looking to supplement my income making an extra $100-$400 extra per week. Is there anyone out there who is a part time trader doing this that can give me some pointers? I live near Toronto. Im looking to network. Thank You

 

- Gurvinder

[henryduncan12 10]

Hi Gurvinder,

 

There are number of traders who are trading part time and making good amount of money as well but it comes with experience. If you are new in trading then I want to suggest you for learning more and more about forex trading before to enter in it.

 

There are some good websites like Babypips, Traderslaboratory and Forexfactory to being familiar with all aspects of forex trading. Then start trading with demo account and after having sufficient confidence and able to make money in demo account switch to real account.

[TheNegotiator 13]

Hi,

 

Im new to trading. I have 15k to start trading part time. I have a full time job in customer service. Im looking to supplement my income making an extra $100-$400 extra per week. Is there anyone out there who is a part time trader doing this that can give me some pointers? I live near Toronto. Im looking to network. Thank You

 

- Gurvinder

 

:helloooo:

 

There is no red flag smiley, but if there was one it is what I'd have used instead. I work full time. Number one red flag. Trading is really something you need to be commited to if you are to do well of the long run. Part time traders often don't do well. Perhaps some do. But there is so much involved that mentally and emotionally, you'll need to put alot into trading. Doing a fulltime job as well is not going to help you. Red flag two. "Im looking to supplement my income making an extra $100-$400 extra per week." Really Gurvinder, those who come into trading to try to make extra cash are not starting for the right reasons imho. Trade as a challenge or because you are passionate about it. Because you will lose whether or not you like it. There will be bad days or even weeks or longer especially to begin with.

 

My suggestion is to take a look at forums, websites etc. before you do anything. If you really feel you wish to continue then get a trial with a broker. Don't give them your money until you really think you have a shot at doing well. Don't get sucked into paying a small fortune to someone for an "education" either. That works for some, but in many cases whether or not the educator is good, it won't work.

 

In any case, good luck. TradersLab has a wealth of knowledge and if you have any more questions then just ask!

[TheNegotiator 13]

Take a look at this thread to get you started:-

 

Considerations for a Wannabe Trader...

[mnk91998 10]

I have found what works for me trading part time with a demanding full time Job(I work 14 hrs a day at full time job), is trading options. I do weekly credit spreads on SPX. That is it. One trade a week. This will easly make 100 to 400 dollars a week. I will be honest, there are sometimes no trades for a week or two. The upside is I average 6 percent before commisions when a trade does present itself. I enter the trade on Weds. and let it expire on friday. I agree with the others posting, you should only get into this if you enjoy the challange of trading. Do not get into trading for money. If someone tells you that they never blew up their trading account and has never had to refund their trading account, run they are not being honest.

 

 

Best of luck

[alwaysastudent 10]

Hi,

 

Im new to trading. I have 15k to start trading part time. I have a full time job in customer service. Im looking to supplement my income making an extra $100-$400 extra per week. Is there anyone out there who is a part time trader doing this that can give me some pointers? I live near Toronto. Im looking to network. Thank You

 

- Gurvinder

 

You are looking to make between $400 - $1600/month. If you risk your entire 15k that is between 2.67 - 10.67% / month. Or 4-16% / month is you only risk 10k and hold 5k in reserve.

 

When you say part-time what do you mean ? Couple of hours every night ?

 

Some folks trade the overnight market, Tokyo and London open for Forex is the evening for most of us Canucks.

 

You could also swing trade options and there are option plays that take minimal supervision and still net you the returns you are looking for in a month.

 

Now, I have tactfully ignore one important issue. How much learning and trading effort would you need to get these returns.

 

If you have a solid model you are still looking at minimum of a year paper trading before going live on a small account. You are looking at around 2 years before you can post the returns your are looking for.

 

If you are starting from scratch add another year or two to develop your model.

 

Summary: Doable within a few years given proper effort.

[gchouhan 10]

Thanks for the reality check guys. Are there any particular sites or books you recommend to start with? Also, while I do this, any recommended investments for buy and hold i can use to grow my 15k TFSA account in the mean time? (ie. facebook shares, ETF's etc?) I appreciate all the honest feedback. Thanks

 

- Gurvinder

[Obsidian 10]

Hi,

 

Im new to trading. I have 15k to start trading part time. I have a full time job in customer service. Im looking to supplement my income making an extra $100-$400 extra per week. Is there anyone out there who is a part time trader doing this that can give me some pointers? I live near Toronto. Im looking to network. Thank You

 

- Gurvinder

 

read, learn, practice on a demo account..trading requires patience, education, dedication, experience and time

[OptionTiger 10]

Hi gchouhan,

 

Welcome to TL. Hope you enjoy the forum. I’m quite amazed by all the activity here – I’m here to help with Options so if you have any questions, please feel free to ping me..

 

Hari Swaminathan

OptionTiger