Hello, I am looking to start trading part time. Want to do it full time but am supporting a family on 1 income. Can only trade Fridays to start. Willing to put down a deposit. Has anyone started part time and progressed to full time on here? I know the cards are stacked against me with this sort of arrangement but hopefully will only need to do this for 3-6 months before going full time Anyone know of someone that is willing to work around this schedule? any help would be greatly appreciated. thank you feel free to pm me with any questions
I think there are a few firms who will let you keep whatever hours you want if you're putting down a deposit. But you're right. The odds are definitely stacked against you. If you can only trade one day per week, I would choose any day other than Friday. Especially in the summer. Just too slow. I think the natural progression is more along the lines of trading full time and putting in tons of hours of homework outside of trading hours until you have plenty of experience. And once you're comfortable with your methods and consistently profitable, then you would possibly trade only in the mornings. Maybe others have an opinion on the one day per week option, but I wouldn't do it. But again, If that is your only option, sure, there are firms out there who will allow this. Echo would be one. I think Bright would want you in the office full time to start. You might want to PM Don to be sure.
Consider trading the 10yr. Treasury Bond at first. It opens at the crack of dawn, if you are on the West Coast you can get a few hours in before heading out to work. Good action on the Employment number the 1st Friday each month along with preceeding Unemployment claims. If you do it right you'll end up with more money than overtrading each day. For a beginner, or newer trader, the TBond is a solid vehicle, trades of the big economic numbers, if you trade small lots you can avoid vaporizing your account even on a wide price movement day. Not many prop firms will want to tie up their allocated capital to a one day a week trader, you'll probably get hosed on your rate as well, stacking the deck against you.
I used to do it from 6 am to 9 am PST. So the answer is yes, it can be done. The opening has a lot of opportunities, but you have to be really careful. I trade only equities.
Forex trades all night, consider fx futures as well as Bonds, as mentioned. Just trade small and you can swing trade.
Friday is a great day to trade. The first Friday of the month has the jobs report. The second Friday usually has an inflation report. The third Friday is option expiration. The fourth Friday has end-of-the-month window dressing. Trade the 30-year bond because it'll have more price movement than the 10-year note. Start where you can with what you can within your constraints.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=96004 hmmm. Hopefully he has more than 1k now.
If you're at work during US RTH: You might trade asian markets after work or you might trade european markets before work. It would give you more market time, assuming you don't need a lot of sleep.