Is Day Trading Possible with a full time job. ?

Discussion in 'Professional Trading' started by Pashaz, Dec 29, 2005.

  1. Pashaz

    Pashaz

    Hi Guys,
    This is my first post in this forum. I have always been interested in day trading to make some money (I do not believe in getting rich overnight), but I do need some more cash to make the both ends meet.
    My questions to the experienced Day Traders out there is, Is Day Trading your full time job?. If no, then, is it possible to Day Trade while you work in the office(any one with the same experience). If yes then, what is the best way to do it(any experiences or TIPS)
    I am educated with a commerce degree and I do have knowledge about the stocks, bonds etc,some aspects of technical analysis, the benefits and risks involved in Day Trading etc. But I havent actually traded practically or applied the knowledge.
    If I day trade, I can only do it in my office (where I am really busy).

    Do the 'Limit' buy or sell tools can help a person to Day Trade, without constantly monitoring the market(which is nearly imposible for me)?

    So before starting to look at it, please advise me about your valuable opinions.

    Thanks in advance
     
  2. I have a job where I could trade 3 days of the week from open to close.....
    I work 30+ hours - very rarely 40.....
    But why should I...
    quote from Jesse Livermore:
    "There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. "
     
  3. BSAM

    BSAM

    No.

    Now.....if you had lots of experience and knew just when and how to look, the answer would turn into a maybe. Hope my point is clear to you.
     
  4. trading requires immense attention to details. i don't think i can trade while doing something else(work, schoolwork) at the same time. even listening to music while i trade can distract me.
     
  5. nkhoi

    nkhoi Moderator

    first of, somebody will say try swing trade instead, but if for some unhealthy reason you still insist on day trading, here are something to consider;
    - avoid news time
    - avoid schedule meeting time
    - have finger on flat all positions button ready all the time
    - put correct time limit on the trade, if every 1/2 hour you have to do something then the trade can not last more than 1/2 hour
    - only take the sure trade, if in doubt stay out, office time time is not conductive to lengthy analyzing.
    - if you can't hit a long target, move it closer :)

    ps. or look for job that leave you alone like the maytag men job
     
  6. toc

    toc

    Trading while holding a day job.........Possible but certainly NOT RECOMMENDED!
     
  7. Pashaz

    Pashaz

    I agree with your view points that it could be distracting & No now & May Be when I have experience. Given my situation i am seriously interested to get into it (to imrove my cash situation).

    I have some background knowledge of how stock market works, how to read a stock cart(If not all the charts), how to use the online trading system(I have started using the investopedia simulator), understanding research reports, ratio analysis and what , can also understand stock patterns by viewing charts (i.e the resistance & support). In short, I do study articles and tutorials on investing and analysis.These days, I am putting more time in learning more about it.

    So guys, what path (step by step) should I follow to gain the required skills to become a successful Day Trader (if someone would like to share the key areas to learn[in a logical way] in developing the knowledge base).

    Anybody, else would like to share their thoughts? about this and by earlier question.

    Thanks
     
  8. Pashaz

    Pashaz

    Does this mean that most of the people of trade on a daily basis do not have a full time job?
     
  9. Pashaz

    Pashaz

    Swing Trade sounds reasonable to me. Can pls you give me some internet resources on it?
     
  10. Except if you live in Europe and trade the US hours.
    1 hour after the markets open in the US most europeans have finished working already.

    So is it possible? Yes.
     
    #10     Dec 29, 2005