This is my life:
Welcome to TT Trader, an interactive platform that links me (the aspiring newbie trader) to the market (the money eating machine).
Basically what it is, is a ladder of price depth. All the bid against the offer prices, and the volume traded at each price.
The office pros, which include my boss and the partners, dont even use a friggin chart to trade, because technical analysis takes time, and by the time you analyse something, the opportunity is gone. Apparently this is sufficient to trade, and they make shitloads, like up to 20k a day sort of thing.
Well outside when people ask what i do i talk it up as if its easy money, but here i'll let you in on the inside scoop, its not.
Its a tough life if you're new, it really is.
My current training stint is 6 months, first 3 months of pure trading and simluation trading (basically this simulator follows the markets exactly). During this period, you have to decide what you want to trade. (Indices like dow, nikkei, sgx; or commodities like oil, gold, water; or currencies/bonds)
After the initial 3 months, if you think you are ready, they pop you on the live market. We are initially allowed a $500 loss on a daily basis. Basically once you've hit the loss limit, you're out for the day, and have to explain your trades to the big boss. $500 is super easy to hit, its the equivalent of the ASX moving just 20 ticks in the opposite direction. (e.g. if it was trading at 3020, and went down to 3000, YOU'RE OUT BITCH) Basically unless you know how to cut your losses fast and manage your emotions and positions, you're fucked.
If you were down $20k last month, you basically have to make it back before you can make any money this month. thats fucked up. on top of that, there are equipment costs, see below.
Whatever profits you make in the next 3 months is the company's if you dont get a contract offer, if you do, you get a 50% split.
If you're successful on the life market, you get a contract. As mentioned, initial split is at 50%, if your account balance has >$50k, the split goes up to 55%, and 60% if it has more than $100k. And so on, highest split is 70%.
Every month we need to pay the company $2500 for equipment charges, news feeds, program charges, internet charges. Yes, we pay the company money, not get paid. Its basically me renting an office space from them, running my own company from that space.
So lets say this month i make $10,000. I take away $2500 for equipment, leaving $7,500. Take away 50% split for myself, thas $3,750. Take away the 30% company tax, thats $2500++. Thats 1/2 of what i was paid as an engineer.
Basically we have to register a trust/company in our name and trade under it. So i need to actually invoice the company to tell them that i need to get paid, and the amount requested will be deducted from the balance.
There are people who make easily 20-30k a month after the first 6 months, but also those who are struggling to survive due to the super duper high costs.
We'll know after 6 months if this is something that i'm good at, and if i can make a living out of it, else it was fun.
Welcome to TT Trader, an interactive platform that links me (the aspiring newbie trader) to the market (the money eating machine).
Basically what it is, is a ladder of price depth. All the bid against the offer prices, and the volume traded at each price.
The office pros, which include my boss and the partners, dont even use a friggin chart to trade, because technical analysis takes time, and by the time you analyse something, the opportunity is gone. Apparently this is sufficient to trade, and they make shitloads, like up to 20k a day sort of thing.
Well outside when people ask what i do i talk it up as if its easy money, but here i'll let you in on the inside scoop, its not.
Its a tough life if you're new, it really is.
My current training stint is 6 months, first 3 months of pure trading and simluation trading (basically this simulator follows the markets exactly). During this period, you have to decide what you want to trade. (Indices like dow, nikkei, sgx; or commodities like oil, gold, water; or currencies/bonds)
After the initial 3 months, if you think you are ready, they pop you on the live market. We are initially allowed a $500 loss on a daily basis. Basically once you've hit the loss limit, you're out for the day, and have to explain your trades to the big boss. $500 is super easy to hit, its the equivalent of the ASX moving just 20 ticks in the opposite direction. (e.g. if it was trading at 3020, and went down to 3000, YOU'RE OUT BITCH) Basically unless you know how to cut your losses fast and manage your emotions and positions, you're fucked.
If you were down $20k last month, you basically have to make it back before you can make any money this month. thats fucked up. on top of that, there are equipment costs, see below.
Whatever profits you make in the next 3 months is the company's if you dont get a contract offer, if you do, you get a 50% split.
If you're successful on the life market, you get a contract. As mentioned, initial split is at 50%, if your account balance has >$50k, the split goes up to 55%, and 60% if it has more than $100k. And so on, highest split is 70%.
Every month we need to pay the company $2500 for equipment charges, news feeds, program charges, internet charges. Yes, we pay the company money, not get paid. Its basically me renting an office space from them, running my own company from that space.
So lets say this month i make $10,000. I take away $2500 for equipment, leaving $7,500. Take away 50% split for myself, thas $3,750. Take away the 30% company tax, thats $2500++. Thats 1/2 of what i was paid as an engineer.
Basically we have to register a trust/company in our name and trade under it. So i need to actually invoice the company to tell them that i need to get paid, and the amount requested will be deducted from the balance.
There are people who make easily 20-30k a month after the first 6 months, but also those who are struggling to survive due to the super duper high costs.
We'll know after 6 months if this is something that i'm good at, and if i can make a living out of it, else it was fun.