Any advice for a soon to be full-time trader?

[Turveyd]

Quite 3 months back. only 3K to trade with and 6months cash in the bank, haven't really started trading yet, clearing the decks of other crap first, this week is the plan.

3K or 15K trading index's isn't like trading stocks, your not going to make 30% per year, different game, I'm going to trade NQ for 30pts at $10 per pt and make $300 in 20mins ie 10% and do that with varying results 5-20times per day.

So ignore the under capitalised nonsense.

 

[Turveyd]

So many grannys in the audience! WOW!

100K+ accounts with 100K+ backstops plus another 500K+ elsewhere.
Sounds closer to a retirement plan than prep for a full time gig.
A franchise with a proven model would not be good enough.

Y'all need a dose of aim small, miss small.
Get some faith in your own capabilities.

Good luck on your journeys... fwiw, the sausage at McD's doesn't repeat and the wifi is free.

No those amounts are already retired, in the real world people don't have anywhere near those kind of savings and have to make do, with what they've got.

 

[newwurldmn]

I live in Norway. Taxation is approximately 30 % on capital gains.

While I have 6 months of living expenses, there might be ways for me to go on longer before taking money out of account, so I'm not worried about that. I have stuff to sell, I can take on some additional part time work or even take up a loan if I remain confident in what I'm doing.

Focus on growing your top line.

Keep your job, save your money, invest those savings + 15k in strategies that earn over the long haul (you don’t have to kill it).

 

[wrbtrader]

Quite 3 months back. only 3K to trade with and 6months cash in the bank, haven't really started trading yet, clearing the decks of other crap first, this week is the plan.

3K or 15K trading index's isn't like trading stocks, your not going to make 30% per year, different game, I'm going to trade NQ for 30pts at $10 per pt and make $300 in 20mins ie 10% and do that with varying results 5-20times per day.

So ignore the under capitalised nonsense.

Wow

I say wow because I suddenly remember this message post earlier by you...

30 years in the coding industry mostly self employeed, with networking, hardware and training and doing lean reviews and putting software in place for, I've had enough shut shop and on operation make it as a day trader.

Too many IT Geeks trying to get out via trading I fear

I don't get it...why quit when you're self-employed. You can can control your work load / hrs more than anyone else.

wrbtrader

 

[wrbtrader]

...have stuff to sell, I can take on some additional part time work or even take up a loan if I remain confident in what I'm doing.

Suddenly your initial opening statement shows a problem in being prepare and using your the option of going back to you're old job or taking a new job offer as not the plan if there's problem at work.

Now you're talking about selling stuff, taking on part time work or even taking up a loan if you're confident...

I don't get it.

Maybe you should have stayed at your job and reduce your hours. Yet, I don't know what the laws are in Norway but in my country...they can't make your work overtime. Also, they can't fire you for refusing to work overtime unless its you're low seniority employees. Yet, if you take a job in which the job description specifically states you're going to work 60 - 80hrs per week...that's different and they can force you work those hours or fire you if you refuse after taking the job.

wrbtrader

 

[speedo]

15k is plenty enough to day trade starting with 1 or 2 contracts given, you have a viable and tested trade strategy and have the discipline, patience, focus and courage to trade it. That eliminates the great majority of those entering the arena full time initially. I would advise two things, since you are starting a business....prepare a formal business plan. If you don't know how to do this, find out. Secondly prepare a formal trade plan to include your defined strategy(s) and defined signals with trade management rules.....oh and be very careful about taking advice from ET...including mine.

 

[tonyf]

$15K !
You're way too rich to waste your time trading. You should place it all in 30yr T-Bills and spend your days on a yacht with a number of girlfriends.

 

[wrbtrader]

15k is plenty enough to day trade starting with 1 or 2 contracts given, you have a viable and tested trade strategy and have the discipline, patience, focus and courage to trade it. That eliminates the great majority of those entering the arena full time initially. I would advise two things, since you are starting a business....prepare a formal business plan. If you don't know how to do this, find out. Secondly prepare a formal trade plan to include your defined strategy(s) and defined signals with trade management rules.....oh and be very careful about taking advice from ET...including mine.

He's a struggling trader that has failed before and I believed he's implied it was due to his work hours (too much).

Also, the issue is not the 15k trading account...the issue is that he should be trading with money that he doesn't need next month, next quarterly nor next year.

He doesn't have enough for such and has recently clarify that he could sell stuff or get a loan prior to withdrawing funds from his trading account to support himself. Serious, he went from talking about the open job offer to now talking about selling stuff or taking out a loan if such is needed after the 6 months of trading.

Yet, I will agree that 15k is enough if you have a job to remove the financial stress of needing to use that 15k trading account to support yourself and you're able to stay discipline via trading 1 contract only. We do not know about the details of his prior attempts at trading involving risk management issues...risk of ruin when over-leverage / under-capitalized.

If a trader needs that trading account within the critical first year of trading to support their lifestyle (pay their bills or take care of emergencies)...they are under-capitalized.

Yet, if he's living with mom & pop or with someone paying their bills...15k trading account is enough.

P.S. We've had many threads like this in the past here at ET...very similar like story. Op of these threads either disappeared after or a few return later to admit they were under-capitalized.

One particular thread the guy (someone in New York) took out a massive loan to compensate for his under-capitalized trading account. Next, he then moved to San Francisco. Reality hit fast...he then blamed book authors.

wrbtrader

 

[El OchoCinco]

See if SBUX is hiring part-time.

 

[tonyf]

He's a struggling trader that has failed before and I believed he's implied it was due to his work hours (too much).

Also, the issue is not the 15k trading account...the issue is that he should be trading with money that he doesn't need next month, next quarterly nor next year.

He doesn't have enough for such and has recently clarify that he could sell stuff or get a loan prior to withdrawing funds from his trading account to support himself. Serious, he went from talking about the open job offer to now talking about selling stuff or taking out a loan if such is needed after the 6 months of trading.

Yet, I will agree that 15k is enough if you have a job to remove the financial stress of needing to use that 15k trading account to support yourself and you're able to stay discipline via trading 1 contract only. We do not know about the details of his prior attempts at trading involving risk management issues...risk of ruin when over-leverage / under-capitalized.

If a trader needs that trading account within the critical first year of trading to support their lifestyle (pay their bills or take care of emergencies)...they are under-capitalized.

Yet, if he's living with mom & pop or with someone paying their bills...15k trading account is enough.

P.S. We've had many threads like this in the past here at ET...very similar like story. Op of these threads either disappeared after or a few return later to admit they were under-capitalized.

One particular thread the guy (someone in New York) took out a massive loan to compensate for his under-capitalized trading account. Next, he then moved to San Francisco. Reality hit fast...he then blamed book authors.

wrbtrader

thanks for making your points so clear