Not enough time to be full time trader, so i do this. Good idea or not? | Forex Factory

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Not enough time to be full time trader, so i do this. Good idea or not?

  • #1
  • First Post: Edited 10:57pm Feb 21, 2013 1:22pm | Edited 10:57pm
Hello all,
I Have a full time job and not enough time to be a full time trader.

so i plan to do some long term trades on the side. By that i mean I want to wait to gdpusd form a trend in the daily chart and weekly chart then long or short it. I would use around 0.6 lot, on a 10k account, and set S/L 200-300 pips. And monitor it every weekend. What do you think?
Edited because going against trend = bad…

Best,
Nav
  • #2
  • Feb 21, 2013 2:10pm Feb 21, 2013 2:10pm
Based on your post I'd say the biggest obstacle between you and being a full time trader isn't the amount of time available per day to trade.
  • #3
  • Edited Feb 22, 2013 3:33am Feb 21, 2013 2:52pm | Edited Feb 22, 2013 3:33am
I guess that you have noted that GBPUSD has been in a range for nearly 18 months and is now at the bottom of the range. So you intend to go long, targetting the top of the range. ?
Personally, I would not want to risk my whole account on a single trade, but it is up to you.
Maybe 10K is a drop in the ocean for you?

EDIT: The OP has completely changed the content of his first post.
Originally he was planning to enter 0.6 lots long on GBPUSD on a 10K account with a target around 1.6200 (if I remember correctly). He was talking about holding the trade and even adding more money to the account should he approach a margin call
Please Do Not PM Me With Coding Enquiries
  • #4
  • Feb 21, 2013 5:24pm Feb 21, 2013 5:24pm
I agree, going against the trend is bad... I should wait and "look at the Weekly and Daily and when all of them show the same direction (long or short), place an order with you SL above/below the last swing by say 100/200 pips or so. Then just monitor the trade on weekly and monthly." suggested by someone.
  • #5
  • Feb 21, 2013 5:34pm Feb 21, 2013 5:34pm
i would suggest reading the equity millipede thread
tradewith60
  • #6
  • Feb 21, 2013 6:00pm Feb 21, 2013 6:00pm
you could always use donchian channels or ichimoku if you want a long term bias for trading
  • #7
  • Feb 21, 2013 6:49pm Feb 21, 2013 6:49pm
Quoting NavExpert
Hello all,
I Have a full time job and not enough time to be a full time trader.

so i plan to do some long term trades on the side. By that i mean I want to wait to gdpusd form a trend in the daily chart and weekly chart then long or short it. I would use around 0.6 lot, on a 10k account, and set S/L 200-300 pips. And monitor it every weekend. What do you think?
Edited because going against trend = bad…

Best,
Nav

Luke 17:23

And they shall say to you, See here; or, see there:





go not after them, nor follow them.
  • #8
  • Feb 21, 2013 10:35pm Feb 21, 2013 10:35pm
You don't need a lot of time to be a full time trader - that's the real beauty behind making this a career. The more I've learned the more I realize, the best strategies involve pre-planning every aspect of your trade and setting and forgetting it.
  • #9
  • Feb 21, 2013 11:47pm Feb 21, 2013 11:47pm
over 90% of my trading is on a smartphone. I trade the H1 charts monitoring the setups on 1 hour loops. I have a full-time job and I'm still able to perform perfectly.

for daily timeframe you can monitor the trades at end of day,no stress.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #10
  • Feb 22, 2013 3:20am Feb 22, 2013 3:20am
Quoting NavExpert
Hello all,
I Have a full time job and not enough time to be a full time trader.

so i plan to do some long term trades on the side. By that i mean I want to wait to gdpusd form a trend in the daily chart and weekly chart then long or short it. I would use around 0.6 lot, on a 10k account, and set S/L 200-300 pips. And monitor it every weekend. What do you think?
Edited because going against trend = bad…

Best,
Nav

Based on lot size of 0.60 and stop loss of 200-300 pips, it means your risk amount for a trade is $1200-$1800. That is 12%-18% of your $10000 capital. It is way too much risk for a single trade.

The recommended risk per trade should be less than 5%.

There is nothing wrong with your trading method, just know that you will not be getting many trade opportunities. Nothing wrong with that at all as long as you can wait for the setup to occur. Even less opportunities if you are just trading on a single currency pair.
  • #11
  • Feb 22, 2013 3:28am Feb 22, 2013 3:28am
Quoting NavExpert
Hello all,
I Have a full time job and not enough time to be a full time trader.

so i plan to do some long term trades on the side. By that i mean I want to wait to gdpusd form a trend in the daily chart and weekly chart then long or short it. I would use around 0.6 lot, on a 10k account, and set S/L 200-300 pips. And monitor it every weekend. What do you think?
Edited because going against trend = bad…

Best,
Nav
Nav,
It is not on to completely change the content of the first post in your thread after you have had several replies.
If you change your mind about what you are going to do, you should add a new post and leave the original intact.
Please Do Not PM Me With Coding Enquiries
  • #12
  • Feb 22, 2013 6:27am Feb 22, 2013 6:27am
Quoting Jack Tequila
Based on lot size of 0.60 and stop loss of 200-300 pips, it means your risk amount for a trade is $1200-$1800. That is 12%-18% of your $10000 capital. It is way too much risk for a single trade.

The recommended risk per trade should be less than 5%.

There is nothing wrong with your trading method, just know that you will not be getting many trade opportunities. Nothing wrong with that at all as long as you can wait for the setup to occur. Even less opportunities if you are just trading on a single currency pair.

agree with this post.. if you are going to swing you should lower position size with a bigger stop.... and trading part time is probably better than full time for your mind and life in general
  • #13
  • Feb 25, 2013 8:41am Feb 25, 2013 8:41am
Anyone have the confidence and experience to be my mentor in part time swing trading, or buy and hold trading?
  • #14
  • Feb 25, 2013 10:26am Feb 25, 2013 10:26am
I have a close friend who works full-time. He looks at all his pairs on the weekend, makes his choices, sets his stops, and checks in the next weekend to see how he did. Reset.

He is doing well, not perfect consistency, but pretty stable. There is also the added benefit of being removed from the rises/falls. Staring at the candlesticks can make you a headcase, you start moving your stops all over, lose sight of your original plan and end up making mistakes. Being removed takes the emotion out of it, which I think is the key to consistent performance.
  • #15
  • Last Post: Feb 25, 2013 10:29am Feb 25, 2013 10:29am
Quoting NavExpert
Anyone have the confidence and experience to be my mentor in part time swing trading, or buy and hold trading?
The first thing you would want to find out is if someone is even profitable. Also I would tell you that buy and hold trading is a flawed strategy at best....worked for the uptrend in the stock market for the late 20th century but I wouldn't bet on that always being the case.
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