lucas1 wrote: » Jesus I opened up a can of worms haha. Normally I trade from home but with screaming kids it's getting increasingly harder! All I need is 2 screens for portable trading which I have (laptop and monitor). @spunge - thanks for the info. Cheers all.....
XR3i wrote: buy silver
pickarooney wrote: » Do the screaming kids not provide an authentic trading floor experience?
lucas1 wrote: » @Alf. Waste of time having money in the bank unless it's just for security. I look to make between 5 and 7% return tax free. Month on month (compounded). It has taken me 3-4 years to become profitable. Don't believe the hype of get rich quick. You can lose everything. The key is never risk more than you can afford (good money management) study and trade as much as you can. If you are thinking of getting into it and I would recommend it (I like to mange my own capital), you should maybe try IG in Dublin for free courses, easy platform and good support. Good luck
Ruu wrote: » There's a chap called Aongus Von Bismarck here, he'll help you out.
poa wrote: » Over the years I have met so many Walter Mitty type traders. They all think they are the next Nick Leeson with an edge. I let them go on about their targets and margins. Then look at their Sekonda/Citizen etc watch and make my own mind up. In my experience if a trader tells you he struggles to make 1-2% margin consistently; and he wears a Rolex, one can believe him. Even after 7 years in a Singapore jail Nick Leeson still wears his Rolex in Barna now. That is the mark of a real trader, always has been; always will be. I can't take anyone seriously talking about 5-7% The first thing any trader does with his margin is buy a Rolex. My first Submariner has always been my favourite of my watch collection.
The King of Moo wrote: » So the moral of the poem is... buy a Rolex and you'll be a good trader...?
poa wrote: » The moral of the story is don't talk like Walter Mitty about 5-7% margins. And for the record, I would bet my life that the OP doesn't wear a Rolex. One can just tell after years of being around traders. I met some gifted ones, but none that could make anything like 5-7% for one day per week. 1-2% margin working 7 days per week, 16 on, 8 off in a 24 cycle was doing very well. Anyone that says I am a trader, and talks about 5-7%, one day per week; is put into the Walter Mitty bracket I am afraid. And that is before seeing their Sekonda.
The King of Moo wrote: » I have an Accurist watch that was half price in Argos. Looking to invest the €40 I saved somewhere high risk/high reward.
CINCLANTFLT wrote: » I find the obsession with Rolex watches a bit odd, but putting that aside... The bigger the reward, the bigger the risk... Thus planning for maybe 5% in our current low interest environment means more risk... Also agreed on this being a 8 hour a week gig... Unless you are setting up some kind of automated trading and wandering off... (I do own a Rolex, but I don't wear it, I don't want to risk breaking it... I am not joking!!!)
poa wrote: » My advice is to walk away now. Only when you lose everything, and you will; sure as night follows day, then you will realise this is sound advice. To be a successful trader one needs to put in 16 hour days, 7 days per week. Bigger the reward? Bigger the risk? Bigger the loss. What you are doing, is a race to the bottom. I have said it before, what you are doing isn't trading; its gambling.
KERSPLAT! wrote: » Something like a 16 on 8 off in 24hr type thing?
poa wrote: » I don't want to sound patronising. But I will give everyone some honest advice about trading. When I was doing my masters in Oxford I lived in shared house. 2 of my housemates were doing PhD's in pure maths at Oxford. They were Chinese students with very high IQ levels. One of them was working on a computer model that predicted future movements using massive amounts of previous data. I would consider them both gifted people. One ended up working as an analyst for Goldman Sachs, and the other an analyst for Deutsche Bank. Before doing so, they together decided to try trading with their personal savings. They simply bet on the FTSE 100 index closing up or down at the end of each trading day. Sounds easy doesn't it? Up or down. 50/50 chance right? They lost £20,000 in the first week. That was all the money they had to their names. Fortunately for both that was the end of it. Lesson learned. I was lucky to witness this and it put me off doing something similar. If trading was easy we would all be doing it, but it's not. My advice to anyone thinking of trading is don't.
The King of Moo wrote: » They should have bought low and sold high.
