Fulltime Traders

[#1]

Hi, how is being a fulltime trader. I finishing school this year and Im passionate about trading. Im currently focusing on making low risk and consinstent winning trades following the TOP40 index and its working out good. This is taking away that feeling of having a job and giving me the idea of a self ran business. Is it enjoyable and managable? Is there someone who is doing it, please help me?

[GrantRB]

Im also day trading the ALSI fulltime and it is also going well. Im just concerned on how i have to do my tax ? Any help on this guys ?

[Preston]

Buy trading books with the 40% tax laibility.

[Rams]

Xoli... finishing school or university? Rather use the money to invest in more education. Most traders trading the ALSI on OST are working for Standard Bank( or whatever the name is now) and SARS.

[Terra]

I pay an "expert" to do my tax. Trading full time, and don't spend a second worrying about tax issues...worth the small fee....

[SimonPB]

Most traders trading the ALSI on OST are working for Standard Bank .. huh, where do you get that from ??

[klapka]

...........perhaps RAMS is referring to the broking fees?

[Rams]

yes, broking fees....trading 5 contracts....3 trades a day....R450/day. Mechanical sysytems maybe good for the trader but it also makes a lot of money for the brokers

[Mar-11]

its less than 3 pts to make up fees...

[Rams]

and could be 3 points more to add to your loss!Add slippage, add spread and add SARS, dont forget the emotional pain and the uncertainties. I would not to do this full time

[#11]

Here is a interesting article I remembered i reading a few years back..btw there is tons of info on the web.. http://alsi-trader.blogspot.com/2009/06/trading-full-time_30.html

[Rams]

good advice there FROST....sums it up beautifully...

[#13]

Thank you for the advice and also for that site Frost. Rams Im on third year Stats and Maths was thinking of going for Actuarial exams, Honours Maths of Finance or RPE exams and start trading fulltime. I dont find it hard to spot opportunity and make profit on the market, Im just not experienced with the economic cycles and sometimes wait for too long or enter and exit too early or too late. Im only one year in this, and mostly I have been experimenting with different instruments to find the one I can live with. I am very much better than when I first started but I made over 100% profit on my first 2 months and thats why Im still here. Was trading small caps only. Things went out of control when I started with the warrants, got better with the CFDs and now Im with the Duetche Knockouts and I believe they are what I should follow for this year. I live the ALSI Futures for when Im a big man. Please post more comments, they will be helpful and maybe your experiences. Thanks again.

[Terra]

Nobody said it was easy No one ever said it would be this hard....Coldplay

[#15]

Pleasure, good luck with the studies..they must always come first..a good education is very important and something to fall back on if everything goes up in smoke..Just watch out for the DB puts and calls..the market maker is sneaky..

[Rams]

okay, Xoli, you are young and congrats on your 100%...you are lucky to be starting out so early with trading. You seem to be doing some high powered courses....keep going and maybe concentrate on some investing and build up a decent long term portfolio. There will be enuf time to trade

[richardw]

I dunno, I reckon I'll always want other sources of income unless I'm really making so much cash that I can make up the lifestyle loss of staring at a bunch of numbers. There's a lot of satisfaction to be gained from having customers and a real life, with people that have longer names than "aardvark1".

[#18]

Thats where the income triangle comes in, 3sources of income..

[Terra]

Fulltime trading is n lonely business...but I'm happier than the 19 years doing something I didn't enjoy most of the time...Aardvark1 hie hie..

[richardw]

I guess you can increase links with other traders so you have people that can talk about your business over a beer. Or have a trader-coffee experience where you all sit at Vida and talk BS while you trade :)

Same with software. Most of my connections are overseas - others running similar businesses. I like going into an office because we learn things from each other, but in many ways my 'peers' are in the US, Ireland, Japan, etc.