subject: Becoming A Full Time Trader [print this page] Becoming A Full Time Trader Becoming A Full Time Trader
Becoming a Full Time Trader
In Singapore, there is a structured education system in place. From a tender age of 6, we will go through a spate of educational levels till we achieved some form of tertiary certification. Therefore, never in my wildest dream I am going to become a full time trader. Since young, we are framed to get the best possible and stable job, with the highest possible remuneration. Becoming a trader is exactly the opposite. It may or may not offer good returns, and it is definitely not a stable job. In fact, I rank it as the second most dangerous activity after war. Yet, I am about to engage it.
The initial years
When I stepped into the workforce at age of 21 in 1999, I had already started investing. I put in a monthly contribution into a unit trust. I do not know how well the trust is doing nor do I keep track closely because I believed investing is for long term. Other than this, I would always aim for Initial Public Offers, otherwise known as IPOs. During the dotcom boom days, getting a few lots of IPOs every time is a virtual guaranteed profit. It was only a matter how much can be made. For a young chap, making that kind of easy money IS the first step to financial ruin. Well, I did not really get dumped badly, but when the dotcom euphoria went busted, I returned all my profit together with some exorbitant interest.
The Learning years
So, I rested and consolidated (like a stock) to rebuild my ammunition base. I also took up a degree course in Business Administration where along the way I learnt to read company accounting books, thus ending up as a fundamental investor. I got really excited that I am along the same wavelength as Warren Buffett, but as it turned out, I am one of the millions Buffett wannabe who did not quite make it. Returns were ok, but somehow I don't feel the commensuration is worthy of the effort I put in.
Learning Technical Analysis
This was the life changing event of my life. In April 2009, I learnt trading FOREX. It was mind boggling initially because the charts and indicators were so complicated to comprehend. But I persisted. I attended more courses on Technical Analysis, and continued to apply them, trading stock and FOREX. For a start, results were not awesome. But the keenness in it kept me going. Every time I failed, I will review to understand where did I go wrong and attempt to avoid the same mistakes. I am slowly, but surely, picking up Technical Analysis.
Becoming a Full Time Trader
Towards the end of 2009, besides FOREX, I started to explore other derivatives like Futures. Essentially to become a full time trader, trading derivatives will be more viable, and easier to enter. Usually there are some leveraging elements involved, thus it can be started with about USD $5K to $15K. Of course, trading skills played an important role. This is where I am still picking up. I still have about 3 months before my contract with my current employer ends. After that, I will go full steam ahead. I had also started a blog A Timid Trader to constantly inspire and remind myself because I deem it is important record a chronicle to review my actions so I can continuously improve myself. Ultimately, becoming a full time trader, a successful one that is, will be my goal. Right below this article you are going find a link to discover more about how to become a full time trader by using technical analysis to trade for a living.
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