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A real shock for me, I found out recenty that my Dad is now surplus to requirements at work. He's been working all my life that I can remember at the same place in the Civil Engineering field. Its been a real eye opener for me as it's one of those things that always happens to "other people". Work had been iffy for a long time with reduced hours and a slowly reducing workforce, so he's clung on for a while but finally his turn came to walk the plank. With all the troubles nobody's building anything except for the Government and now with the austerity measures even that is being cut back. The prospect of him finding a job in the same field anytime soon seems non-existence.

The silver lining is at least he's been fairly safe up to now with his money so has paid the mortgage off and has a rainy day fund. The lack of prospect of finding a job in the field he knows and loves means he's considering becoming a day trader, which really worries me. It's a really messed up situation, my parents could sit this one out, maybe get a lower paid job and reduce some luxuries, but instead this day trading idea (against my Mums wishes) is being considered and it just sounds like gambling down the bookies to me, and is the type of rubbish that got this country into this mess. I'm hoping he'll change his mind, its just a real disappoint to see my Dad reduced from earning a living doing something of value and playing a part in a team that produces something tangible and real and of use to society, to considering switching the the 'dark side' of becoming some bedroom city trader buying and selling figments of imagination that don't really exist and leaching money out of society (best case, the worst case I'm trying not to think about). He's got a background in shares but not daytrading but he's read books on it and says it's "all about the waves", which sounds like corporate BS to me.

It's a real worry, and I just don't understand how this is meant to be the recovery?

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A real shock for me, I found out recenty that my Dad is now surplus to requirements at work. He's been working all my life that I can remember at the same place in the Civil Engineering field. Its been a real eye opener for me as it's one of those things that always happens to "other people". Work had been iffy for a long time with reduced hours and a slowly reducing workforce, so he's clung on for a while but finally his turn came to walk the plank. With all the troubles nobody's building anything except for the Government and now with the austerity measures even that is being cut back. The prospect of him finding a job in the same field anytime soon seems non-existence.

The silver lining is at least he's been fairly safe up to now with his money so has paid the mortgage off and has a rainy day fund. The lack of prospect of finding a job in the field he knows and loves means he's considering becoming a day trader, which really worries me. It's a really messed up situation, my parents could sit this one out, maybe get a lower paid job and reduce some luxuries, but instead this day trading idea (against my Mums wishes) is being considered and it just sounds like gambling down the bookies to me, and is the type of rubbish that got this country into this mess. I'm hoping he'll change his mind, its just a real disappoint to see my Dad reduced from earning a living doing something of value and playing a part in a team that produces something tangible and real and of use to society, to considering switching the the 'dark side' of becoming some bedroom city trader buying and selling figments of imagination that don't really exist and leaching money out of society (best case, the worst case I'm trying not to think about). He's got a background in shares but not daytrading but he's read books on it and says it's "all about the waves", which sounds like corporate BS to me.

It's a real worry, and I just don't understand how this is meant to be the recovery?

worrying times indeed.. Reminds me of growing the 80s up north (not the day trading bit).

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worrying times indeed.. Reminds me of growing the 80s up north (not the day trading bit).

Yeah it was more 'toilet trading' in those days.

Edited by Alan B'Stard MP

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A real shock for me, I found out recenty that my Dad is now surplus to requirements at work. He's been working all my life that I can remember at the same place in the Civil Engineering field. Its been a real eye opener for me as it's one of those things that always happens to "other people". Work had been iffy for a long time with reduced hours and a slowly reducing workforce, so he's clung on for a while but finally his turn came to walk the plank. With all the troubles nobody's building anything except for the Government and now with the austerity measures even that is being cut back. The prospect of him finding a job in the same field anytime soon seems non-existence.

The silver lining is at least he's been fairly safe up to now with his money so has paid the mortgage off and has a rainy day fund. The lack of prospect of finding a job in the field he knows and loves means he's considering becoming a day trader, which really worries me. It's a really messed up situation, my parents could sit this one out, maybe get a lower paid job and reduce some luxuries, but instead this day trading idea (against my Mums wishes) is being considered and it just sounds like gambling down the bookies to me, and is the type of rubbish that got this country into this mess. I'm hoping he'll change his mind, its just a real disappoint to see my Dad reduced from earning a living doing something of value and playing a part in a team that produces something tangible and real and of use to society, to considering switching the the 'dark side' of becoming some bedroom city trader buying and selling figments of imagination that don't really exist and leaching money out of society (best case, the worst case I'm trying not to think about). He's got a background in shares but not daytrading but he's read books on it and says it's "all about the waves", which sounds like corporate BS to me.

It's a real worry, and I just don't understand how this is meant to be the recovery?

I'm not taking the p*ss, but he's read the instruction manual - what could possibly go wrong?

Can't you encourage him to "pretend" to trade? You know watching what happens to what he would have bought/sold. Then when he's lost all his pretend money that way he can start trading with the "real pretend money" in his bank accounts.

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I am very sorry for your Dad and all of you.

Having been through a similar experience I can recognise that he is having a bit of a panic with an over-optimistic reaction.

I wasted some money on hopeless projects, but it gave me some self-confidence back and engagement.

Sounds like you are all trying to get your Dad through this, which is the great thing, he needs understanding in this crisis in his life.

Do the numbers. Let him try, but agree a timescale, strategy and (minimal) budget.

And pray that something turns up to take him in a different direction, it did for me.

Good luck, be patient.

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A real shock for me, I found out recenty that my Dad is now surplus to requirements at work. He's been working all my life that I can remember at the same place in the Civil Engineering field. Its been a real eye opener for me as it's one of those things that always happens to "other people". Work had been iffy for a long time with reduced hours and a slowly reducing workforce, so he's clung on for a while but finally his turn came to walk the plank. With all the troubles nobody's building anything except for the Government and now with the austerity measures even that is being cut back. The prospect of him finding a job in the same field anytime soon seems non-existence.

The silver lining is at least he's been fairly safe up to now with his money so has paid the mortgage off and has a rainy day fund. The lack of prospect of finding a job in the field he knows and loves means he's considering becoming a day trader, which really worries me. It's a really messed up situation, my parents could sit this one out, maybe get a lower paid job and reduce some luxuries, but instead this day trading idea (against my Mums wishes) is being considered and it just sounds like gambling down the bookies to me, and is the type of rubbish that got this country into this mess. I'm hoping he'll change his mind, its just a real disappoint to see my Dad reduced from earning a living doing something of value and playing a part in a team that produces something tangible and real and of use to society, to considering switching the the 'dark side' of becoming some bedroom city trader buying and selling figments of imagination that don't really exist and leaching money out of society (best case, the worst case I'm trying not to think about). He's got a background in shares but not daytrading but he's read books on it and says it's "all about the waves", which sounds like corporate BS to me.

It's a real worry, and I just don't understand how this is meant to be the recovery?

Sorry to hear but the best thing your mum could do is knock nine bells of sense into him, a bit of share trading and

day trading are completely different animals, day trading is fck all about waves or any other type of ta, you can lose

money being right 70% of the time daytrading and you can make money being wrong 70% of the time, to be a good daytrader

needs superb money management and emotional control, that is all really but those qualities are 1 in a 1000 people,the fact

he's considering it from a point of desperation is not a good sign, if he's genuinely good at reading markets he should stick

to investing long or short because understanding them and being good at them makes no difference to successful daytrading

oh and daytrading is totally mechanical and therefore boring as fck

Edited by Tamara De Lempicka

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Trading - perhaps he should join a firm and trade other people's money.

Profitable trading takes time to learn and is 90% emotional. He is not in the right frame of mind to do this.

Let us not forget the chap who lost £1M on HBOS or the billionaire who topped himself betting against VW shares.

I know "trading seminars" are doing a roaring trade at the moment, just like Inside Track with property.

Edited by Money Spinner

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he's considering becoming a day trader

Very sad to hear your farther's news.

Could not be a more tricky time to enter the market as a day trader. The only good news is currently no research is required you just need to bet on your gut feeling which way the heard will lurch next, but with the current volatility even that is becoming next to impossible.

See a post of mine from last week.

I think you are right, no one can trade this market with the level of volatility currently.

Confirmed by this article below.

http://www.bloomberg.com/news/2010-07-08/hedge-funds-frozen-in-headlights-scale-back-trading-in-perilous-markets.html

Hedge-fund managers, Wall Street’s best compensated and supposedly smartest investors, are dazed and confused.

Reeling from the worst second-quarter performance in a decade, hedge funds have scaled back trading as they struggle to figure out where markets are headed amid sometimes vicious crosscurrents in stock, commodities and other markets, according to brokers and managers.

“There’s a degree of being frozen in the headlights, of not knowing what sectors to emphasize, of what securities to emphasize,” said Tim Ghriskey, chief investment officer of Solaris Asset Management LLC, a Bedford Hills, New York-based firm with $2 billion in hedge funds and conventional stock funds.

Hedge-fund managers, who oversee $1.67 trillion in assets, are reluctant to put money to work as they are buffeted by a wide range of often conflicting political and economic forces, from fiscal policy in Europe and the U.S., to what regulations will be imposed on the financial-services and energy industries, to the growth prospects in China. In turn, smaller and fewer trades may make it harder for funds to rebound from losses incurred since May, when the industry suffered its worst decline in 18 months.

“For many people, it’s a frustrating market given the high volatility and low volumes,” said Aaron Garvey, portfolio manager at MKP Capital Management LLC, a New York-based hedge fund overseeing $3.5 billion. “We are seeing strong opposing forces in the markets, which makes generating strong convictions difficult for the medium- and long-term.”

Holding Cash

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Can't you encourage him to "pretend" to trade? You know watching what happens to what he would have bought/sold. Then when he's lost all his pretend money that way he can start trading with the "real pretend money" in his bank accounts.

It's a good idea, but I don't think it would work with my Dad. After having been the bread winner for so many years I think he feels a pressure to carry on bringing home the bacon. Using pretend money is a great, but then he'll know at the back of his mind he won't earn anything, so it's not really a "job". He swears it'll be a limited amount of money he uses, but these are the same arguments you here from gambling addicts. It's not a positive step in my opinion, and I feel a lot of anger at these Investment bankers and past senior cabinent ministers for the mess they created that they seem totally immune from, why should Sir Fred get such a fantastic pension, how the hell is he even still a Sir, how the hell have the bonuses returned already to the bankers, why the F*** are their salaries rising so quickly? I hate these people!

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Very sad to hear your farther's news.

Could not be a more tricky time to enter the market as a day trader. The only good news is currently no research is required you just need to bet on your gut feeling which way the heard will lurch next, but with the current volatility even that is becoming next to impossible.

See a post of mine from last week.

Doesn't that contradict itself? How much have you lost to date?

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A real shock for me, I found out recenty that my Dad is now surplus to requirements at work. He's been working all my life that I can remember at the same place in the Civil Engineering field. Its been a real eye opener for me as it's one of those things that always happens to "other people". Work had been iffy for a long time with reduced hours and a slowly reducing workforce, so he's clung on for a while but finally his turn came to walk the plank. With all the troubles nobody's building anything except for the Government and now with the austerity measures even that is being cut back. The prospect of him finding a job in the same field anytime soon seems non-existence.

The silver lining is at least he's been fairly safe up to now with his money so has paid the mortgage off and has a rainy day fund. The lack of prospect of finding a job in the field he knows and loves means he's considering becoming a day trader, which really worries me. It's a really messed up situation, my parents could sit this one out, maybe get a lower paid job and reduce some luxuries, but instead this day trading idea (against my Mums wishes) is being considered and it just sounds like gambling down the bookies to me, and is the type of rubbish that got this country into this mess. I'm hoping he'll change his mind, its just a real disappoint to see my Dad reduced from earning a living doing something of value and playing a part in a team that produces something tangible and real and of use to society, to considering switching the the 'dark side' of becoming some bedroom city trader buying and selling figments of imagination that don't really exist and leaching money out of society (best case, the worst case I'm trying not to think about). He's got a background in shares but not daytrading but he's read books on it and says it's "all about the waves", which sounds like corporate BS to me.

It's a real worry, and I just don't understand how this is meant to be the recovery?

Tell him to buy gold (and a bit of silver). Tell him that he should forget his silly idea of trading, it is a lose lose situation in the many hard years ahead.

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It's a good idea, but I don't think it would work with my Dad. After having been the bread winner for so many years I think he feels a pressure to carry on bringing home the bacon. Using pretend money is a great, but then he'll know at the back of his mind he won't earn anything, so it's not really a "job". He swears it'll be a limited amount of money he uses, but these are the same arguments you here from gambling addicts. It's not a positive step in my opinion, and I feel a lot of anger at these Investment bankers and past senior cabinent ministers for the mess they created that they seem totally immune from, why should Sir Fred get such a fantastic pension, how the hell is he even still a Sir, how the hell have the bonuses returned already to the bankers, why the F*** are their salaries rising so quickly? I hate these people!

I'd just tell your Dad point blank that he's being foolish. Only a small number of people make money in the stock market and the majority must lose in order for them to do so. I'd emphasize the positives of his situation - no mortgage, family and money in the bank etc. How many people wish they were in that situation? Tell him, six months from now he'll be glad he didn't follow through with this idea.

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Does he know more about sport than finance ? If so then he should just gamble on football instead.

Always amazes me how so many people decide to start gambling on something they know little about. If you are going to gamble - do it with something you are an expert on. If not you are an idiot and you will lose.

End of story. 100%. Fact. And all that jazz.

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It's a good idea, but I don't think it would work with my Dad. After having been the bread winner for so many years I think he feels a pressure to carry on bringing home the bacon. Using pretend money is a great, but then he'll know at the back of his mind he won't earn anything, so it's not really a "job". He swears it'll be a limited amount of money he uses, but these are the same arguments you here from gambling addicts. It's not a positive step in my opinion, and I feel a lot of anger at these Investment bankers and past senior cabinent ministers for the mess they created that they seem totally immune from, why should Sir Fred get such a fantastic pension, how the hell is he even still a Sir, how the hell have the bonuses returned already to the bankers, why the F*** are their salaries rising so quickly? I hate these people!

Pretend money trading whilst fun is pointless preparation for the real thing,its like shooting bottles,its easy when they don't shoot back,as for the bankers I wouldn't be so sure they have escaped,this event has hardly started and there is no doubt a lot of social and political fallout yet to come and that includes the bankers who have won nothing yet

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tell your dad that virtually all day traders go bust with huge losses. You need inside info to make a living from it. He would be better to sell car boot and auction items on ebay and make an easy £500 tax free a week. Any job that deals in cash is also good. Taxi driver,window cleaner,barber etc. He could do this type of work in between listing and shipping ebay items. no reason your dad cannot make £750 a week tax free and enjoy it.

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Great that your dad has a plan.

For the last 10 to 20 years, pretty much any man who loses his job in his fifties goes onto the dole/IB and never returns to the workforce, save for a lucky few. It was like this in the last years of the last Conservative government and Labour totally ignored this problem, happy to let those in this situation continue their depression in the belief that Gordon had actually helped them.

Yes, you can earn a living from day trading. Hopefully he reads up as much as possible, practises good risk management and has a logical reason for every trade he makes.

Waves is hardly corporate BS! :D:D Google Elliot wave analysis for one.

Observe him. If he trades on gut feeling then he needs a slap. A big one.

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Great that your dad has a plan.

For the last 10 to 20 years, pretty much any man who loses his job in his fifties goes onto the dole/IB and never returns to the workforce, save for a lucky few. It was like this in the last years of the last Conservative government and Labour totally ignored this problem, happy to let those in this situation continue their depression in the belief that Gordon had actually helped them.

Yes, you can earn a living from day trading. Hopefully he reads up as much as possible, practises good risk management and has a logical reason for every trade he makes.

Waves is hardly corporate BS! :D:D Google Elliot wave analysis for one.

Observe him. If he trades on gut feeling then he needs a slap. A big one.

Of course it is love. Why just stop at making a living doing it? If it's so easy you must be on your way to being a billionaire by now. Perhaps you've just been lucky with you habit so far.

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A real shock for me, I found out recenty that my Dad is now surplus to requirements at work. He's been working all my life that I can remember at the same place in the Civil Engineering field. Its been a real eye opener for me as it's one of those things that always happens to "other people".

So hes paid off his mortgage already and can expect a wad of redundancy money. Sounds like a great position to be in, wish I was him.

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Send him over to zerohedge!

Unless you have inside information from members of the fascist banking cartel it's very difficult trading against machines.

With his house paid off etc, try to point out his time is far more valuable than any fractional debt based piece of paper.

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A real shock for me, I found out recenty that my Dad is now surplus to requirements at work. He's been working all my life that I can remember at the same place in the Civil Engineering field. Its been a real eye opener for me as it's one of those things that always happens to "other people". Work had been iffy for a long time with reduced hours and a slowly reducing workforce, so he's clung on for a while but finally his turn came to walk the plank. With all the troubles nobody's building anything except for the Government and now with the austerity measures even that is being cut back. The prospect of him finding a job in the same field anytime soon seems non-existence.

The silver lining is at least he's been fairly safe up to now with his money so has paid the mortgage off and has a rainy day fund. The lack of prospect of finding a job in the field he knows and loves means he's considering becoming a day trader, which really worries me. It's a really messed up situation, my parents could sit this one out, maybe get a lower paid job and reduce some luxuries, but instead this day trading idea (against my Mums wishes) is being considered and it just sounds like gambling down the bookies to me, and is the type of rubbish that got this country into this mess. I'm hoping he'll change his mind, its just a real disappoint to see my Dad reduced from earning a living doing something of value and playing a part in a team that produces something tangible and real and of use to society, to considering switching the the 'dark side' of becoming some bedroom city trader buying and selling figments of imagination that don't really exist and leaching money out of society (best case, the worst case I'm trying not to think about). He's got a background in shares but not daytrading but he's read books on it and says it's "all about the waves", which sounds like corporate BS to me.

It's a real worry, and I just don't understand how this is meant to be the recovery?

I'm really sorry to hear this. Like others on here I would urge your Dad to approach Day Trading with extreme caution. Read a few books first (such as 'The Naked Trader' and 'Come into my trading room') to get an idea of what you are up against. In particular, there are some absolute horror stories in these books about people who lost the lot. Not to say don't do it at all, but you must be aware of what you are getting into and how to minimise risk.

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The silver lining is at least he's been fairly safe up to now with his money so has paid the mortgage off and has a rainy day fund.

He sounds a lot better off than many many of us.

It's a real worry, and I just don't understand how this is meant to be the recovery?

It isn't, we are only just coming to the end of the phoney war.

If he has the balls for Day Trading he has the balls to sell the house fast and rent for the next few years.

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Unless you have inside information from members of the fascist banking cartel it's very difficult trading against machines.

And the taxpayer might be forced to give the bankers unlimited amounts of money to rig and distort markets in their favour and to bail-out when "necessary" but the taxpayer doesn't bail-out those on the other side of the bankers trade.

Edited by billybong

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Sorry to hear but the best thing your mum could do is knock nine bells of sense into him, a bit of share trading and

day trading are completely different animals, day trading is fck all about waves or any other type of ta, you can lose

money being right 70% of the time daytrading and you can make money being wrong 70% of the time, to be a good daytrader

needs superb money management and emotional control, that is all really but those qualities are 1 in a 1000 people,the fact

he's considering it from a point of desperation is not a good sign, if he's genuinely good at reading markets he should stick

to investing long or short because understanding them and being good at them makes no difference to successful daytrading

oh and daytrading is totally mechanical and therefore boring as fck

Your display of emotional control is exemplary.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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