Are you ready for this....?

Hi all,

I know this is my first post, but I'm afraid it's quite a heavy one to start I'm after assistance from the knowledgable people in these forums.

I'm currently unemployed and thinking that this may be my opportunity to do something I've always wanted to do.

"I want to be a full time trader working from home."

But, there are a few limitations.

I'm totally new to this field and have limited funds.

I was going to get a book written by Tony Oz, as they seem to get good reviews on this site. Does anyone recommend a book for a starter?

I was also going to look for a mentor to help me start-up and guide me through the whole process.

The next stage would be to look at software. I've looked at TradeStation and demos on their site. Looks a good piece of software. I also have experience in query writing, so I quite like that aspect.

Obviously I'd really appreciate any comments or suggestions to help me get started and to be successful.

I'm prepared to work hard to be successful and I'm going to care about what I do as I have limited funds available. I'd also like to try and mix long term investments with quick return investments. Priority at the moment would be quick returns to try and get some additional funds to put back into trades.

I want to be successful as it's my only source of income

I think I'd really enjoy it, as I used to be a data analyst and love working with facts and figures. I also love working on computers and would get a great sence of achievement if successful. I know it won't be easy, but am prepared to work hard.

Sorry to go on, but I'd really appreciate the knowledge of the people on these forums to help point me in the right direction. Recommend books, websites, seminars etc.

Thanks for reading.

Chris.

 

Chris,

You need to get a job to pay the bills.


Bert

 

The previous poster has a point. If you have enough funds to live off of for 2 years AND enough to fund a trading account, then you should be set. Any less, and you are on precarious ground.

 

I agree with the above. I started two years ago. I've spent about $20,000 in education and about $5000 in trading losses. I'm gaining confidence and am plus to break even now. Living expenses come from else where. This is not a game that you learn in a couple of months and just start churning out the profits. I really do appreciate your enthusiasm, but be honest with yourself. Are you doing this because you have a deep seated love of the markets and want to trade more than anything else, or are you looking for a pot of gold at the end of the rainbow? I suspect you're just looking for income, not necessarily in love with the markets. Sorry to be harsh, but isn't it better to be honest with yourself now? This is a business, you need education, capital, a real business plan, mentoring, etc. etc. It will probably be the hardest thing you've ever done. You need to have the kind of commitment that sayes, "this is what I WILL do, even it it means living in a tent until I get it all figured out, and I refuse to give up no matter what". If you're prepared for that kind of committment, and all the prices to be paid for entry, welcome friend. The rewards for the few are substantial.

 

I am reading a real good book about trading system development and testing.

http://www.amazon.com/exec/obidos/ASIN/0070647623/mastermindforum/102-8435873-1136963

 

Go get a night job, and start slowly in trading. It takes a while to learn the ropes, and trying to do it under the pressure of needing to make a living on it is not a good position to be in. Just my humble opinion

 

I started 3 years ago, and spent 5000$ on education and 20,000$ on trading loss ! Living expense also come from elsewhere... no, no, I don't come from a rich family . 7 day working week rings a bell to anyone???

If you're a data analyst, get a partime job, on contracts or something, that could give you a steady (small?) income, but give you the freedom in daytime to trade and learn.
Consider trading as a business, not a job. In a job, you work hard or less hard, and always get paid at the end of the month. A business, hard work and dedication sometime don't pay off untill a few years later.


Cheers !!!

 

The books I have seen haven’t helped me much, so I can’t recommend any, but I can recommend reading this board for all its worth, and to look at all the data yourself before you get anyone else’s voodoo market psudo-science in your head. (Other peoples ideas WILL help you, but try to see things with your own eyes first).

If your serious about it, get a job during off hours that will pay your bills, and work on trading (in theory or practice) the rest of the time (and I do mean almost every waking hour).

I have a computer background also, and I think that this is the right direction for me, but I am also new to trading and have yet to make my first trade with real $, so we shall see….

Let me give you a little info on what I have been up to, since it has really helped me so far, and it might help you:
I started chewing on trading ideas back in April, because of a friend who really inspired me. This was when I started to really tune in to the market, and since then, I have worked on this every day (developed a trading system, decided what kind of trading I would do, determined reasonable expectations, studied market conditions etc). I have spent hundreds and hundreds of hours watching the market, and I have been using a simulator with live data against my IB account data feed for a while now.
Nothing compares.
Believe me, it’s not the same as paper. I have moral support, a mentor, and most of all I really enjoy it. If I didn’t, I would have probably given up by now, because starting off is like venturing into a forest full of broken glass and rusty nails. I am doing it anyway, I am starting to make progress, and it feels really good. I have been at this pretty hard for months, and I am almost ready to start trading with the cash in my account.

Best of Luck

 

No beginner should trade for income!

Define your goals first. What do you want from trading?

Go to stockcharts.com and read thru the education section. Learn the basics of charts, moving averages, stochastics, macd, RSI, and volume. Understand what candles tell you vs. bar charts.

Look at as many charts as you can stand, then look at some more. Avoid charts from the October 1998 period. Stay away from "How to" books in that time period as well.

Pay for nothing. You can get everything you need online or at the library. There is a thread on ET about free real time data and charts. Search it.

Papertrade until you can look at any chart and see your setup immediately if it is there. Be sure your setup works with slippage and commission factored in. DO NOT FORGET TO FACTOR IN SLIPPAGE AND COMMISSION.

Finally, after FOCUSED study and practice, you will be ready to place trades. Then comes the hard part.

Nothing clouds your vision like being in a trade.

And always remember...

 

Realistically you're looking at having to be able to substain yourself for about 1 year with no income. There are almost no new traders out there that really start making money these days before that. Find a firm that will teach you everything, from research to actual trading. Don't pay for trading seminars!! Otherwise, everyone is right, either get a night job, which will most likely burn you out for trading, or get a job, save up a years worth of income and then come into the business. I can give you more info, but you'll have to PM me for that.