• Australian (ASX) Stock Market Forum

Hello and welcome to Aussie Stock Forums!

To gain full access you must register. Registration is free and takes only a few seconds to complete.

Already a member? Log in here.

Trading with full time job - possible?

Discussion in 'Beginner's Lounge' started by Twiddle, Apr 11, 2010.

sentifi.com

Aussie Stock Forum Sentifi Top themes and market attention on:

  1. Nero64

    Nero64

    Posts:
    227
    Likes Received:
    0
    Joined:
    Aug 23, 2008
    That's an interesting comment. I never thought of it like that. I suppose taking advantage of employees time, abusing them and making them feel inferior is a reason to say hey I want to trade because I am bored of my job and you're not going to stop me.

    However my job is to answer the phone and I have missed out on some good trades and lost money due to performing my daily job tasks. I remember Karoon gas opening up at $4.50 2-3 months ago. Straight away I thought to myself I will place an order above at $4.70 to catch it moving forward. Just then the phone rang and I got distracted. Idiotically I place the a limit at $3.70. That day Karoon passed $6 and it then went past $8.50 in the coming weeks.

    I used to trade 3-4 hours during working hours using IG Markets in 2008. I used to use live candlestick charts as well. What is odd is I work in a call centre where people could see my screen. I used to get away with it.

    Then in 2009 they began monitoring staff internet connections.

    I used commsec for the live data feed, but the yellow and black screen stands out too much (certain managers complained) and with all the watchlists and updating I got busted big time - Officially warned. Continued use will lead to dismissal.

    Now I resort to quick checks and 20mins delayed quotes. I still use IB but only briefly to do a quick order. I know they are watching me but I can outsmart them to an extent or get fired and get a better job :rolleyes:
     
  2. weird

    weird

    Posts:
    519
    Likes Received:
    1
    Joined:
    Oct 4, 2005
    Agree
     
  3. nunthewiser

    nunthewiser

    Posts:
    4,670
    Likes Received:
    6
    Joined:
    Feb 27, 2008

    Dear nero.

    Please empty your desk and leave the building immediately.

    we have been watching you.
     
  4. tech/a

    tech/a No Ordinary Duck

    Posts:
    19,015
    Likes Received:
    2,828
    Joined:
    Oct 14, 2004
    Whats making you more?
    Trading or your job?
    If you dont like your job or management change it.

    As much as management controls your wage so to do you control the profit of a company.Great staff even in menial tasks bring tremendous improvement to bottomline profitability.
    I wont have anyone work in my company who isnt thoroughly enjoying what they do and have pride in their performance.

    You can trade in longer timeframes without interfering with your day job.
    Just as you dont wish your employer to take advantage of you dont take advantage of your employer---references are worth a lot when climbing the ladder.
    There will be plenty of time to trade.
     
  5. weird

    weird

    Posts:
    519
    Likes Received:
    1
    Joined:
    Oct 4, 2005
    I trade index futures, US market, and ASX ... only dedicating 1 1/2 hours a day, most of time downloading End of Day data takes up the majority of my time, as compared to each system.

    Different markets, different systems , different time frames ... so many different ways to make a buck (not an income with this style of trading) in the markets trading only part-time.

    3 educators in the market which I think are worth further investigating are Nick Radge, Gary Stone and Brent Penfold. All offering end of day systems.
     
  6. CanOz

    CanOz Home runs feel good, but base hits pay bills!

    Posts:
    11,529
    Likes Received:
    484
    Joined:
    Jul 11, 2006
    Great points made by T/A and Weird.

    First of all, personal integrity:confused:. Are you willing to lose your personal integrity over day trading? There are lots of other ways to trade. Sure, i did this too once, when my job wasn't busy and i had absolutely nothing better to do. I soon realized though that my strategy was flawed, and i was riding on the tails of a bull market. In hindsight i could have made more money safely by swing trading, and leaving day trading to the scalpers.

    Weird's point is valid too, you don't need much time to trade. I think the key is that once you realize you 'don't need to be right' you can trade systems you buy, services you subscribe to, or you can develop and trade systems on your own.

    EOD is the most lifestyle accommodating time frame for me. Perhaps when i retire i can watch the market closer and then, maybe I'll feel like taking a more active role in my trading. For now, 1-2 hrs per day is ample.:)

    Good Luck!



    CanOz
     
  7. Twiddle

    Twiddle

    Posts:
    139
    Likes Received:
    0
    Joined:
    Apr 11, 2010
    Thanks for replies all.

    When you say "End of day trading", what kind of hours are you talking?

    6pm to 9pm for example?

    Or are you talking about trading the ASX before the close, like 3:30pm, or something along those lines?
     
  8. baby_swallow

    baby_swallow

    Posts:
    173
    Likes Received:
    1
    Joined:
    Apr 9, 2010
    My understanding of EOD trading is you base your trading decisions - entry/exit on the daily closing price. You usually hold positions overnight and sometimes for several days, (as opposed to daytrading where you make several buy&sell throughout the trading hours).

    EOD trading or sometimes called 'position trading' has some advantage over daytrading. It is less stressful when you only do your entry/exit at Open or near Close of the trading day.

    Although most of my trades are daytrades, I also look to ride the long term trend in other markets.
     
  9. nulla nulla

    nulla nulla Positive Expectancy

    Posts:
    3,578
    Likes Received:
    119
    Joined:
    Sep 24, 2008
    I am amazed at the audacity you display. You are an employee receiving a weekly wage to commit 38 hours a week in fullfilment of performance of duties on behalf of your employer. Yet you consider it your right to spend your working hours in pursuit of your own interests and show no guilt or remorse even after being warned to discontinue this practise "....but I can outsmart them..." .
     
  10. Twiddle

    Twiddle

    Posts:
    139
    Likes Received:
    0
    Joined:
    Apr 11, 2010
    Ok, cheers for that. I suppose there would be room for both EOD type style, and a more active involvement. Currently I am quite attracted to a more active approach and catching short term trends as they happen. I am still trying to figure out whether this a viable strategy or not however. :)
     
  11. baby_swallow

    baby_swallow

    Posts:
    173
    Likes Received:
    1
    Joined:
    Apr 9, 2010
    Yes, you can trade several timeframes concurrently, don't just limit yourself in just one. You are only limited to the size of your account.
    Eg. I'm, short FESX (DJStoxx50) on hourly, counter trading ES at 5mins and I also have overnight short positions with CL (Oil).
     
  12. justwondering

    justwondering

    Posts:
    1
    Likes Received:
    0
    Joined:
    May 25, 2010
    get a laptop and mobile internet , take it to work and trade?
    depending on job obviously.
     
Loading...

Share This Page