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day job + trading?

  • #1
  • First Post: Dec 12, 2006 12:19pm Dec 12, 2006 12:19pm
I feel I am nearly ready to start with a live small account. So far I have been working night shift so I am home the whole time the market is open as I start work at 4pm....which is 6pm eastern time. But I hat emy job and am looking at other opportunities.

I am wondering if its possible to trade on day trends instead of day trading? just place a trade with a stop loss and limit and go to work and come back from work hopefully with a profit.

Or is it possible to trade at night? I know its a 24 hour market...but new york market closses at 5pm and im in canada so im not sure.

I am also concerned with the rates that apply when trading overnight....I have read about service rates and stuff of like 4% but that seems extreem for 1 day overnight....and aparantly It is also possible to gain money by trading overnight on certain currencies but I dont quite get it.

Any info would be appreciated. I would like to get a day job but I want to continue trading and learning at the same time.

Eric G.
  • #2
  • Dec 12, 2006 1:13pm Dec 12, 2006 1:13pm
I work and trade also....I set the majority of my trades up at 6am and I monitor the market via dailyfx....I also change my stops via phone and I also call in trades too....
CRAIGSLIST BARTERING CHAMPION
  • #3
  • Dec 12, 2006 1:18pm Dec 12, 2006 1:18pm
Mine wont be a desk job though...so I wont have access to any information regarding my trades or currencies when im at work.
  • #4
  • Dec 12, 2006 1:26pm Dec 12, 2006 1:26pm
you could trade of the daily and weekly charts, only have to check it once a day really
  • #5
  • Dec 12, 2006 1:30pm Dec 12, 2006 1:30pm
That makes sense...just use a larger timeline trend....but what about all the stuff that happens after hours...overnight trading...interest rates and stuff? I dont understand how that works yet I hear it can be costly to hold onto a trade overnight.....so I was hoping someone can shine some light on that.

Thanks.

Eric G.
  • #6
  • Dec 12, 2006 1:33pm Dec 12, 2006 1:33pm
I guess that would be "intra-day" trading....just wondering if there are any different risks over day trading and other costs that might be implemented.
  • #7
  • Dec 12, 2006 1:51pm Dec 12, 2006 1:51pm
I would say that trading off of the daily or weekly is probably safer than the smaller timeframes. Sure your stops will usually be bigger, but the larger timeframes are more reliable.

I have a day job as well (for now) so I only get to look at my charts once a day more or less. I see no problem with this. You might miss some trades on the 1H or 4H timeframes, but if you know what you're doing you can still make big profits trading off of the daylies. (the swap expenses aren't a big deal for just a day or 2)
  • #8
  • Dec 12, 2006 1:55pm Dec 12, 2006 1:55pm
Quoting Audio_Rookie
Mine wont be a desk job though...so I wont have access to any information regarding my trades or currencies when im at work.
Ouch! I work at a bank and can access that stuff since we do exchange currency...lol...I would try daily charts like these guys recommended and also consider a smartphone with metatrader mobile w/ a data plan
CRAIGSLIST BARTERING CHAMPION
  • #9
  • Dec 12, 2006 2:00pm Dec 12, 2006 2:00pm
there is a cost of carry on pairs that you hold. If you check your brokers website for cost of carry or Premium Sell/Buy you can get their rates for each pair

best
  • #10
  • Dec 12, 2006 2:27pm Dec 12, 2006 2:27pm
kk, did some research on rollover....interesting, daily interest charges....

figured out which currencie pairs will earn me money on the long or short.....for the interest rates anyway...so if I see a trend in my favor that will make me money on rollover for the interest rates..just more reason to make a trade.
  • #11
  • Dec 12, 2006 3:22pm Dec 12, 2006 3:22pm
Trading off the dailies is certainly possible, but you have to use very large stops and be prepared to take some fair size losses even with micros. GBP usually requires about a 70 pip stop, because of its propensity to go the opposite direction early on from the eventual move. Even at 70 you may get taken out sometimes. I don't think there are any where you can get by with a stop of less than 50 just because of volatility. Best way is scale into a trade over several days, moving stops on each lot to breakeven as quickly as possible and then into profit. Once the pound starts moving in a direction; it's pretty consistent for about three or four days. I face the same problem and have settled on a bands system using the daily charts.
  • #12
  • Dec 12, 2006 3:42pm Dec 12, 2006 3:42pm
50 is what I generally use. My targets will be low though (20ish pips)....so I would hope to usually make my target before 1 days time.

trading on 1:100 leverage...100 pips is all I got until my margin is all used up....so I guess it could get close at time....

I will mess around with a demo using day and week trends for a while first....see how it works out.
  • #13
  • Dec 12, 2006 3:45pm Dec 12, 2006 3:45pm
I have moved my stop loss up with my demo account before to do this......I assume a "trailing stop" would also be the same? just trail a certain amount below the current rate...or the highest rate since trade was placed?

Is that what a trailing stop is? kinda a set and forget type of system for adjusting stoploss.....although it wont really be as effective as if I could manually adjust it myself...but given that I wont have access to a computer...
  • #14
  • Dec 12, 2006 4:48pm Dec 12, 2006 4:48pm
I found myself in the same situation and moved to daily charts. I check the charts a few times a day (from work too ) and if I find an opportunity I enter the trade, or exit a trade. As for overnight interest is quite negligible, I don't even remember exact numbers but it doesn't really affect my account. Put a stop loss and have fun
-soso
  • #15
  • Dec 12, 2006 9:28pm Dec 12, 2006 9:28pm
I too work at odd times but I have found what works best for me is to trade the European session and just focus on scalping.There is usually enough movement for me to take at least one or more trades that last for only a few minutes and I can pocket anywhere from 3-20 pips depending on the movement, my system or whatever.
I do not like to wait for the dailies to trade...not my personality style.
I have found a good scalping method that works for me.
Stan
Quoting Audio_Rookie
I feel I am nearly ready to start with a live small account. So far I have been working night shift so I am home the whole time the market is open as I start work at 4pm....which is 6pm eastern time. But I hat emy job and am looking at other opportunities.

I am wondering if its possible to trade on day trends instead of day trading? just place a trade with a stop loss and limit and go to work and come back from work hopefully with a profit.

Or is it possible to trade at night? I know its a 24 hour market...but new york market closses at 5pm and im in canada so im not sure.

I am also concerned with the rates that apply when trading overnight....I have read about service rates and stuff of like 4% but that seems extreem for 1 day overnight....and aparantly It is also possible to gain money by trading overnight on certain currencies but I dont quite get it.

Any info would be appreciated. I would like to get a day job but I want to continue trading and learning at the same time.

Eric G.
  • #16
  • Dec 12, 2006 9:29pm Dec 12, 2006 9:29pm
i work during the day. So I used daily charts to trade. Set it and forget you know what i mean
  • #17
  • Last Post: Dec 12, 2006 11:02pm Dec 12, 2006 11:02pm
Ya I read over your 10 page journal.....you had a really good winning streak at 1 point there....closing some big wins....and your win ratio seems to be getting better.

I hope to do the same....as long as I am always improving and learning, I am sure I can turn some big profits in the long run.....I will probobly only be trading on 3 or 4 currency pairs though lol.
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