Hi all.
I’ve been looking at doing something with my free time which is both of interest and from which I could potentially earn a small second income.
I’m mortgage free and work part time hours which cover my outgoings so I have time to devote to learning trading without the pressure of needing money to live. I have experience in statistical analysis but totally new to trading. I’ve mainly been learning the stock screeners to start with and a very small amount of paper trading.
Hopefully I can get some guidance on what kind of trading style/plan would fit in with my availability.
Day trading is out I think as I work mornings. I’ve been looking at swing trading to start. Also when starting out you seem to be overwhelmed by the vast amount of information so focusing on what to learn and in what order would be great.
Hopefully get some info off you guys soon.
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Hi and welcome. Forget about making money for now.It could happen but as you say you are best just throwing yourself into learning a skill. In terms of structured learning, focus more on how markets move and why for now rather than specifically how to trade them. The course on the site is well structured to ease you into that. Depending on where you live you could still possibly day trade if your availability allows you to trade London and/or NY sessions. Failing that move up the time frames to find one that suits. Price is fractal and so the same moves occur on all time frames, just at differing speeds and time.
Start on demo, learn a strategy and become profitable on Demo until you go live.
Don’t rush the process.
Hello and welcome to the hardest way to earn money, 95%+ fail to be profitable over a consecutive four year period.
Be prepared to lose everything you invest, so only invest with what you can flush down the toilet, and treat as if you will never get it back.
Thanks for the feedback.
I understand that’ll it’ll be a case of gaining and losing and also losing my investment and any potential gains, but a 95% failure rate. Any ideas why that’s so high?
My initial thoughts are people just diving straight in, I wonder what the failure rate is of people that take the time to learn, train and tryout strategies using paper trading.
The way I’m approaching it is to learn as much as I can then start paper trading using different plans and ideas. If and when I have 6 months of profit start to use my capital incrementally adding that over time.