The more I read, the less certain I become! I had a plan, but have changed it several times as the information overload begins to kick in, so I wonder if someone who ACTUALLY knows what they are doing can offer a reality check on my underlying intentions, and perhaps a pointer to the path of least resistance...
While dabbling in various investments for some years, my primary strategy has always been to pay off the mortgage asap. Now in my mid 40's, I've just about done that - small outstanding on the house (about 10k), plus a freehold 6 acre weekender.
I'm only a blue collar worker (nearly 30 years in very specialised field), and am getting to the point where the "same old" is getting physically too hard, and a move to management (already declined once) would require an unwelcome personality transplant. Not motivated at all to drive a Beamer or live in a mansion by the sea. I do a lot of voluntary work in the evenings for a number of community organisations - and this is really where my passion is now days. If "investing" could generate sufficient income to enable the voluntary work to become my daytime activity, then I would be very happy.
My initial plan was to redraw a modest $X on the mortgage to "learn the art" of trading actively, while building that $X into a reasonable base from which to start deriving an investment income. I was initially researching fx day trading as the vehicle, but am much less enamoured with this option after learning more of the mechanics of how fx trading actually works.
I guess the big 3 questions are, 1) Which specific market would be most suitable for these goals? 2) How big should X be to start with? 3) How big should X grow to before one could be reasonable assured that the results would be sustainable in the longer term? Oh, and if anyone can suggest where to pick up a crystal ball in good working order, that may be handy as well?!
Thanks in anticipation,