Starting in trading; good idea?
Discussion
A bit of background as to why I'm looking to start in trading. My health has been up and down the last few years with Bipolar and an autoimmune disorder called Sarcoidosis. I was, up until last October running a small property consultancy assisting landlords, but the ill health has stopped that (chronic fatigue). It transpires the autoimmune disorder has now progressed to also being neurological in it's nature and I'm awaiting a consultation with a neurologist, but I have been told this could be up to 36 weeks wait (referral made end of Jan).
I have an unencumbered BTL property worth around £150k, and a BTL held in a limited company worth around £160k, also unencumbered but not yet generating cashflow as it was purchased with works needed and these are coming to an end in the next month or so. My cashflow is extremely limited, and by virtue of owning property I'm seemingly not entitled to any assistance from DWP, not even a work coach for disability friendly employment opportunities. As I'm 'awaiting neurological investigations', a couple of temp agencies I've spoken to have suggested that employer's insurance wouldn't cover me, which makes perfect sense. Otherwise, I'd be happy to stack shelves, do some data entry etc in a role that doesn't have a real world impact if I have a bad health day and don't make it into work, unlike the consultancy.
Looking at options for creating cashflow, trading seems like a potential option that would work around my health issues, but is an option that exists in a sea of Turkey teeth, rented Lambo's and questionable haircuts. Has anyone got thoughts and experience in this field? Also, any suggestions of education portals that aren't Instagram based and featuring on the FCA most wanted list? I've dabbled with a Trading 212 account before as a bit of fun and came out on top. Many thanks for any suggestions, pointers and honest truths.
I have an unencumbered BTL property worth around £150k, and a BTL held in a limited company worth around £160k, also unencumbered but not yet generating cashflow as it was purchased with works needed and these are coming to an end in the next month or so. My cashflow is extremely limited, and by virtue of owning property I'm seemingly not entitled to any assistance from DWP, not even a work coach for disability friendly employment opportunities. As I'm 'awaiting neurological investigations', a couple of temp agencies I've spoken to have suggested that employer's insurance wouldn't cover me, which makes perfect sense. Otherwise, I'd be happy to stack shelves, do some data entry etc in a role that doesn't have a real world impact if I have a bad health day and don't make it into work, unlike the consultancy.
Looking at options for creating cashflow, trading seems like a potential option that would work around my health issues, but is an option that exists in a sea of Turkey teeth, rented Lambo's and questionable haircuts. Has anyone got thoughts and experience in this field? Also, any suggestions of education portals that aren't Instagram based and featuring on the FCA most wanted list? I've dabbled with a Trading 212 account before as a bit of fun and came out on top. Many thanks for any suggestions, pointers and honest truths.
RedWhiteMonkey said:
Unless you're living in some sort of bunker with a total news blackout have you not seen that right now is possibly a terrible time to start trading?
Suspect the Instagram FX heroes have upped their content to try and capture more punters for their courses. OP - absolutely not, why on earth would you think you had an edge to make money? The smartest people the world has cannot reliably make money from the markets, steer well clear IMO.
I'm going to go against the general replies here and say do some research into automated forex trading systems (not the instagram wideboys..) I like you have suffered with ill health and have decided to take a risk on a percentage of an insurance payout.
Look into Expert Advisors that use the MT4 terminal and you can find systems that trade on your behalf.
I'm currently doing 4-5% a month but had 6.5 % last month and currently 5.7% in April due to the orange one going mad in the US. I have had my system working for over a year.
I still work full time and if this doesnt work then I can still afford to pay my mortgage off in a couple of years or I could be going part time if it does with potential retirement before my 50's are out.
Websites MQL5 and Myfxbook are a good source you can see these systems in real time and the results and reviews of them. You can use the systems or copy succesful traders at your own risk.
This is not financial advise and is at risk of losses which I have suffered, nothing is infallible but do some research into Expert Advisors and you will see potential gains without having to do anything.
Failing that trading can be done manually and can be profitable if you have the right strategy and willing to accept losses at some point.
Rented Lambo on hold and Turkey teeth will not be needed and I have no hair anyway..
Look into Expert Advisors that use the MT4 terminal and you can find systems that trade on your behalf.
I'm currently doing 4-5% a month but had 6.5 % last month and currently 5.7% in April due to the orange one going mad in the US. I have had my system working for over a year.
I still work full time and if this doesnt work then I can still afford to pay my mortgage off in a couple of years or I could be going part time if it does with potential retirement before my 50's are out.
Websites MQL5 and Myfxbook are a good source you can see these systems in real time and the results and reviews of them. You can use the systems or copy succesful traders at your own risk.
This is not financial advise and is at risk of losses which I have suffered, nothing is infallible but do some research into Expert Advisors and you will see potential gains without having to do anything.
Failing that trading can be done manually and can be profitable if you have the right strategy and willing to accept losses at some point.
Rented Lambo on hold and Turkey teeth will not be needed and I have no hair anyway..
RedWhiteMonkey said:
Unless you're living in some sort of bunker with a total news blackout have you not seen that right now is possibly a terrible time to start trading?
Terrible time for investments maybe but someone has been making plenty out of trading……..But there’s as many losers as winners and I would think the traders with the most experience and understanding tend to be on one side leaving newbies and amateurs on the other.
BobToc said:
Mikey G said:
This is not financial advise
You can say that again.That is, you can make some low level returns, dancing ahead of market moves, but stumble just once and you will be utterly crushed.
Trying to eek an income out of trading when you have no experience or skill in the game and are battling an autoimmune issue?
Can’t think of a faster way to skip to a full-on nervous breakdown.
Really really really bad idea.
Your idea of stacking shelves or maybe something fun like helping out in a garden centre sounds much better idea. You want low stress and high satisfaction IMO. Helping people would be awesome if you can find something! But stay away from trading, seriously.
Can’t think of a faster way to skip to a full-on nervous breakdown.
Really really really bad idea.
Your idea of stacking shelves or maybe something fun like helping out in a garden centre sounds much better idea. You want low stress and high satisfaction IMO. Helping people would be awesome if you can find something! But stay away from trading, seriously.
Jonmx said:
I have an unencumbered BTL property worth around £150k, and a BTL held in a limited company worth around £160k, also unencumbered .... and by virtue of owning property I'm seemingly not entitled to any assistance from DWP.
I'd have thought that someone with £300,000 in folding money can reasonably be expected to look after themselves. As others have suggested, trading is a great way to lose money. You should at the very least begin with a month of "dummy" trading before putting even £20 of cash at risk.
Steve H said:
RedWhiteMonkey said:
Unless you're living in some sort of bunker with a total news blackout have you not seen that right now is possibly a terrible time to start trading?
Terrible time for investments maybe but someone has been making plenty out of trading……..But there’s as many losers as winners and I would think the traders with the most experience and understanding tend to be on one side leaving newbies and amateurs on the other.
E63eeeeee... said:
I'm not sure that's true about there being as many losers as winners. I'm sure I remember one of the trading platforms quoting that something like 75% of individual traders lose money. Like much of the economy, it's a rigged game where the money generally flows towards the people who start with the most.
Nonsense. It’s ‘rigged’ in favour of those are professionals with detailed understanding and access to analysis, not hobbyists who’ve watched an advert on Tik Tok.Jonmx said:
A bit of background as to why I'm looking to start in trading. My health has been up and down the last few years with Bipolar and an autoimmune disorder called Sarcoidosis. I was, up until last October running a small property consultancy assisting landlords, but the ill health has stopped that (chronic fatigue). It transpires the autoimmune disorder has now progressed to also being neurological in it's nature and I'm awaiting a consultation with a neurologist, but I have been told this could be up to 36 weeks wait (referral made end of Jan).
I have an unencumbered BTL property worth around £150k, and a BTL held in a limited company worth around £160k, also unencumbered but not yet generating cashflow as it was purchased with works needed and these are coming to an end in the next month or so. My cashflow is extremely limited, and by virtue of owning property I'm seemingly not entitled to any assistance from DWP, not even a work coach for disability friendly employment opportunities. As I'm 'awaiting neurological investigations', a couple of temp agencies I've spoken to have suggested that employer's insurance wouldn't cover me, which makes perfect sense. Otherwise, I'd be happy to stack shelves, do some data entry etc in a role that doesn't have a real world impact if I have a bad health day and don't make it into work, unlike the consultancy.
Looking at options for creating cashflow, trading seems like a potential option that would work around my health issues, but is an option that exists in a sea of Turkey teeth, rented Lambo's and questionable haircuts. Has anyone got thoughts and experience in this field? Also, any suggestions of education portals that aren't Instagram based and featuring on the FCA most wanted list? I've dabbled with a Trading 212 account before as a bit of fun and came out on top. Many thanks for any suggestions, pointers and honest truths.
Have a read of these series of articles. There are a decent starting point.I have an unencumbered BTL property worth around £150k, and a BTL held in a limited company worth around £160k, also unencumbered but not yet generating cashflow as it was purchased with works needed and these are coming to an end in the next month or so. My cashflow is extremely limited, and by virtue of owning property I'm seemingly not entitled to any assistance from DWP, not even a work coach for disability friendly employment opportunities. As I'm 'awaiting neurological investigations', a couple of temp agencies I've spoken to have suggested that employer's insurance wouldn't cover me, which makes perfect sense. Otherwise, I'd be happy to stack shelves, do some data entry etc in a role that doesn't have a real world impact if I have a bad health day and don't make it into work, unlike the consultancy.
Looking at options for creating cashflow, trading seems like a potential option that would work around my health issues, but is an option that exists in a sea of Turkey teeth, rented Lambo's and questionable haircuts. Has anyone got thoughts and experience in this field? Also, any suggestions of education portals that aren't Instagram based and featuring on the FCA most wanted list? I've dabbled with a Trading 212 account before as a bit of fun and came out on top. Many thanks for any suggestions, pointers and honest truths.
https://earlyretirementnow.com/options/
The author is both credible and knowledgeable. He trades for investment income too and sets out a realistic strategy he has used for a number of years, over some very volatile market conditions. You can also use most of your capital in your brokerage account to also hold bonds (at the same time as running the options strategy) to further increase income.
You will hear comments like "pennies in front of the steamroller", and that is partially true, but most of the nay-sayers don't really have direct experience - they are mostly repeating what someone else has said.
As to the current market conditions, unfortunately, that is exactly the type of risk you have to run towards, not away from, if you want to trade successfully. When everyone is afraid, you will generally make most of your profit. Benign market conditions might feel nice, but they are usually not as profitable.
You will though have to conduct careful research to know what you are doing - if you make a mistake, it's on you. And mistakes can easily wipe out your entire account. Dabbling in Trading 212 isn't really relevant experience imo. Anything you do run should be backtested by yourself *before* you trade anything - and even then, you have to understand, the actual risks often don't materialise in a backtest period.
TBH I get the impression you think it might be an easier way to make money while you are dealing with your health condition. Realistically, while you can certainly trade for income, expect a very steep learning curve, if you want to do it successfully over the long term. And without wanting to be negative, based on your post, I think you could easily lose more than you make, and cause yourself a heap more stress. But there is a pathway if you decide you want to try it.
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