I'd first of all like to introduce myself as a new member of this forum and say I hope to learn as well as meet acquaintances. I wanted to ask you more experienced traders for advice on my personal situation. I currently have a senior career in the IT field but have become bored and disinterested. I picked up interest in the stock market during summer last year and have been studying as well as trading. This field is very interesting because it can be extremely complex. I'm looking for a way to transfer into this field, either by myself or through a company. Do any of you have suggestions as to how I should do this? I find that my day job is too engrossing to allow me to trade and research as needed. Should I go part time or simply get a job in the field? Thanks!
Advice from you experienced traders
- Thread starter maxpower
- Start date
Don't give up your day-job. Try to develop a longer-term oriented method that won't require constant attention. Your method ought to be simple to implement, not "complex". Over-educated, introverted, quantitative-minded people have the misguided notion that trading should be difficult to comprehend. It doesn't have to be that way.
Thanks Nazz. The thing is, I think my day job has become rather useless. It is knowledge that I will never be able to use in real life. Therefore, I kind of view it as a waste of time. At least if I'm trading, this can benefit me in my personal goals and life. This is the decision I face.
maxpower, I am in a similar situation. I support a trading application system at a Wall street firm, but I am not interested in working here much longer. I just joined this forum in my searching around the web.
since aug. 2007, I have been playing options. I came out with about 6 K in 3 months after some heavy losses and wins. I still trade options part time whenever my job allows me to do some research.
I wouldnt quit my day job with the prospect of making up your salary by playing the market.
After I make enough money playing the market that can equal or come close to my current salary, only then will I quit this job.
dont forget, you can lose your money too.
since aug. 2007, I have been playing options. I came out with about 6 K in 3 months after some heavy losses and wins. I still trade options part time whenever my job allows me to do some research.
I wouldnt quit my day job with the prospect of making up your salary by playing the market.
After I make enough money playing the market that can equal or come close to my current salary, only then will I quit this job.
dont forget, you can lose your money too.
Sounds like there are some accountants on the board!
I say give it a try. If you are truly that depressed at your current work situation, why waste your life there? I'm of the belief that you only get one shot to make your life worthwhile and to spend it 8+ hours, 5 days a week somewhere you despise just seems foolish to me. YOU CAN ALWAYS GET ANOTHER JOB.
But, as mentioned, the accountant-type will say stay there and keep the guaranteed check. And the markets need people like that. The stock market would not exist if companies could not keep people working there and making them money. That's all the market is - a representation of the many people out there willing to work for a company to get a steady paycheck. "Security" some might refer to this as.
I say give it a try. If you are truly that depressed at your current work situation, why waste your life there? I'm of the belief that you only get one shot to make your life worthwhile and to spend it 8+ hours, 5 days a week somewhere you despise just seems foolish to me. YOU CAN ALWAYS GET ANOTHER JOB.
But, as mentioned, the accountant-type will say stay there and keep the guaranteed check. And the markets need people like that. The stock market would not exist if companies could not keep people working there and making them money. That's all the market is - a representation of the many people out there willing to work for a company to get a steady paycheck. "Security" some might refer to this as.
I was in a similar situation. I was a programmer/systems analyst/manager. I was bored with my day job; I had an interest in trading; and I found the day job too draining to allow me the time and energy to study trading. I was single and thus able to cut my living expenses. What worked for me was to switch to contract programming, making as much money as possible when work was available, then studying and trading the other times. Contract programming, with jobs lasting 3-6 months typically allowed me the time and money to learn trading (I was a very slow learner) at my own pace and in my own way. You might get lucky and land a trading job, but it isn't at all the same as trading with your own capital. Doing my own thing was always my goal.
You're right, trading is endlessly fascinating and challenging. But it is also quite rewarding when done well.
Good luck!
I think engineers and other like minded people have trouble with "trading" as they see it as a "problem" that can be solved, if they can only find the answer or solution....
Pure trading has a lot more "art" to it...emotional aspects...intuitivenss...etc etc...
Longer term investing or swing trading mitgh be more to your liking
Good luck....
SteveD
Pure trading has a lot more "art" to it...emotional aspects...intuitivenss...etc etc...
Longer term investing or swing trading mitgh be more to your liking
Good luck....
SteveD
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Re; Reread
Like NasdaQQQ's comments, especially long term note;
even though i research NYSE & MSFT more than other Nasdaqqq.
Max;
another thing trading requires, an ability to admit when wrong;
this maybe wrong, but you are wrong to call you current job rather useless/waste of time. Ever been unemployeed???????
Also agree with Nasdakk, he did NOT suggest qitting job to trade
However i agree with you partly ;
career change may be in order, study swing/ position trading, which you can do now.
Re reading Jack Schwager top trading books again, highly recommended .Wisdom is profitable .Pattern again,Re read is my title
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Dont do it, i see so many people come midlife and try to trade only to crash and burn. i just saw acouple people with good careers come over only to loose alot of money. i think its easy to train someone with little experence, then somone who thinks they know what they are doing. the sucess rate is very low maybe 1 in 10 or 1 in 20.