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

EsKiller said:
I do not operate based on daily targets, but I'll almost always walk away when I'm up around $3k. This number is usually hit when the opening hour provides a fairly obviouis mean reversion strategy or we have a strong trend day or b/o right at the open. Scalp for base hits in the opening hour, and catch bigger moves later in the afternoon to really move that month p/l number. For me, this is being highly selective on when to trade. You can REALLY overtrade in the eminis and I am not immune to this. Discipline is key but we are only human. Boredom sets in and u want to trade just to trade.

I dont like to do much trading on the days where the market is consolidating or in one of those waiting periods for big news (day before and day of FOMC or a slow news week on a volatilty crush week where we've seen a 10 day + uptrend). IMO, the eminis only have really good trading days twice a week on average. I'll stay up for an overnight session and trade if the charts are showing a nice potential overnight move or wake up at 3am ESt for the Euro open in ES and NQ.

I prefer to be done at noon. If I'm in positions after noon, they are based on the hourly charts, and I can monitor the positions from my phone.
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Sir, you are an honest and successful trader, from reading what you do!
 
legionx said:
For all who says that 15K is too small, I am guessing that you all are swing traders? If I had 15K in my account and risk trading 2 lots while risking 400$/per trade or less and the margin is 500$ each, that equates to 35 chances as long as my daily loss limit is 400$. It can be done!!! BTW, I am funded @ OneUPTrader for the past 6 weeks, my longest ever! Something must be going right :).
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%%
WELL a few have started with less, but its sucha few;
unless he is debt free, good money manager,very good...…………………...SO they were most likely giving good advice ina general way; wisdom is profitable to direct. IF I had to make it on $15k, I would swing trade, lost too much money dayttrading, but commissions were higher then+ more people used to daytrade -until they got blown out. Congrats on your profits
 
i got laid off last December and have been trading "for a living" ever since June 1st. I have an $80k account, zero debt, a small storage rental facility and very very limited monthly expenses so I am able to maintain my current lifestyle very cheaply...but brother...all i can say is good luck to you. Its a lot harder than i thought it would be and turns out i completely suck at it. I just took a few weeks off after some major losses in options trading to get my shit straightened out before heading back in.

A word of advice from a currently failing trader:
- You mention having jobs lined up in case you go broke...don't let that allow you to take big risk. What i mean is you might tell yourself "well its okay i can always just go back to work if this doesnt pan out". To me that would be setting yourself up for a blown up account.

I have basically told everyone who has called me to go back to work that i wasnt at all interested and please stop asking so I absolutely HAVE to make trading work. Success or homeless, no in between for me.

Again, good luck.
 
zghorner said:
i got laid off last December and have been trading "for a living" ever since June 1st. I have an $80k account, zero debt, a small storage rental facility and very very limited monthly expenses so I am able to maintain my current lifestyle very cheaply...but brother...all i can say is good luck to you. Its a lot harder than i thought it would be and turns out i completely suck at it. I just took a few weeks off after some major losses in options trading to get my shit straightened out before heading back in.

A word of advice from a currently failing trader:
- You mention having jobs lined up in case you go broke...don't let that allow you to take big risk. What i mean is you might tell yourself "well its okay i can always just go back to work if this doesnt pan out". To me that would be setting yourself up for a blown up account.

I have basically told everyone who has called me to go back to work that i wasnt at all interested and please stop asking so I absolutely HAVE to make trading work. Success or homeless, no in between for me.

Again, good luck.
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%%
Good points;
zero debt + wise budget can be a real plus.Also keep track of cash trends compared to derivatives...... IBD founder said '' i dont know why people trade/invest in ETFs [like SPY,QQQ] i can make ore money in stocks'' I do; losing less money ,tends to mean more profits/dividends. NOT a prediction.
 
zghorner said:
i got laid off last December and have been trading "for a living" ever since June 1st. I have an $80k account, zero debt, a small storage rental facility and very very limited monthly expenses so I am able to maintain my current lifestyle very cheaply...but brother...all i can say is good luck to you. Its a lot harder than i thought it would be and turns out i completely suck at it. I just took a few weeks off after some major losses in options trading to get my shit straightened out before heading back in.

A word of advice from a currently failing trader:
- You mention having jobs lined up in case you go broke...don't let that allow you to take big risk. What i mean is you might tell yourself "well its okay i can always just go back to work if this doesnt pan out". To me that would be setting yourself up for a blown up account.

I have basically told everyone who has called me to go back to work that i wasnt at all interested and please stop asking so I absolutely HAVE to make trading work. Success or homeless, no in between for me.

Again, good luck.
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Same Boat, saw a homeless guy in local subway after a big hit from news last week, he said, rough day and I said, you might have a new person sharing your subway if it gets any rougher.

Demoing for a day or 2 till I get myself sorted out aswell.
 
zghorner said:
Its a lot harder than i thought it would be and turns out i completely suck at it. I just took a few weeks off after some major losses in options trading to get my shit straightened out before heading back in.
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It seems like most people underestimate the difficulties of trading.

I took years off. I decided I would never trade live again until I had something I really believed in. And even now, I have realistic expectations and know it's possible I might not make it. And that's after a ton of preparation and studies...

You seem well capitalized. Why not take 3-6 months and focus on actually learning the markets and developing a solid plan/methodology?

Live trading/demo trading is a waste of time if it means skipping prior necessary work. IMO, at least.

You shouldn't 'head back in' until you're ready to do so, but I don't know your background, so maybe you're ready. But major losses is not a part of successful trading. That's just gambling.

zghorner said:
A word of advice from a currently failing trader:
- You mention having jobs lined up in case you go broke...don't let that allow you to take big risk. What i mean is you might tell yourself "well its okay i can always just go back to work if this doesnt pan out". To me that would be setting yourself up for a blown up account.

I have basically told everyone who has called me to go back to work that i wasnt at all interested and please stop asking so I absolutely HAVE to make trading work. Success or homeless, no in between for me.

Again, good luck.
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Well, thanks. I get what you're saying. But I'm extremely motivated to not go back to the work force ever again.

Thank you and good luck yourself! Feel free to post an update in this thread as time goes by. :)
 
DevBru said:
I just really can not understand why anyone would go fulltime without having a proven track record.

It is like opening a high end restaurant without knowing how to cook some pasta.
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%% As you implied its not easy.
BUT @ least in markets/ETFs, NOT all eat @ same time LOL:D:D,:D:D:D:D:D:D:D
 
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