closing my trading account today

[Lawrence Chan]

Trading is hard.

Sometimes it takes a few bumpy ride before you get it right.
Sometimes it takes years for the correct realization.

When I was on a local exchange floor trading, I have met many guys who blew it once, twice, etc. They were still standing there on the floor because they want no other job but trading.

After blew up, many went for 2 to 3 cash jobs to accumulate enough cash within couple of years while working for brokerage firms as a clerk, runner, etc. during the day.

The key here is to get youself well capitalize - enough dough for trading and sustaining drawdown, plus living expenses for at least a year or two.

At the age of 25 you thought you know what you are doing with trading, maybe you want to rethink again. So that when you have the chance to come back, you will do it right.

 

[aphexcoil]

Quote from Lohnsklave:



Sorry, aphexcoil, I can't disagree more: This would be the shortcut to hell.
You can't lie. Your interviewer would find out pretty soon. If he/she doesn't find out then guess who your co-workers are. Do you want to work in such a company?
If he/she finds out and hires you in spite of it then you can guess that this is a really shitty job. Do you want that job?
If you hate your job you might try some escapism like trading or quit the job before having enough money to start trading again. In both cases you don't have good chances to succeed in trading.

If he doesn't have a degree and he doesn't have formal work experience for over three years, he's not going to get a decent job short of flipping burgers at Burger King. I don't like deceitfulness either, but given the circumstances, a couple of white lies to get back on his feet aren't going to stop the Earth from spinning.

He doesn't have to make a career out of doing it -- just get a decent job under his belt for a year or two and then start building up his resume. At the very least he could simply state that he's been self-employed and bend the truth a bit.

If this was 1999, any Tom Dick or Harry would hire him if he could type 40 words a minute. The job market right now is brutal. I've got a lot of qualifications and I am having a very difficult time finding even part-time work to supplement my full-time income.

 

[nkhoi]

Quote from Gordon Gekko:


ok.. interesting comments. are you a psychiatrist? .

haha, I was going to ask him that.

Quote from Gordon Gekko:


. it is my belief that the current life i have is all i will ever have...

I beg to differ but may be it belong to Psychology thread.

 

[prox]

Go work.. and in the meantime, continue to read/study the markets. If you want to come back, the market is going to be the same as it's always been.

 

[ctrader]

I am risking 0.5% on a trade. Thats $10.


If I am good, I should be able to grow the account. If I am bad, well then the account will shrink.

Risking 10% on a trade is ridiculous, and exactly why you are failing. Would you risk 10% of all the money you had on a coin toss?

 

[dotslashfuture]

Quote from Jake777:



im curious to know what you were thinking when you decided to come up with the idea of a hail mary trade.

also, what is so bad about getting a job, even a minimum wage one? Hell, I worked for UPS loading packages into trailors. you work hard, then you can become supervisor in 3 months. People dis minimum wage jobs, but they're not bad. And you can still work on your trading while having these jobs. So by getting a job, even a crappy one, you can have a steady income, and work on what you like to do, trading. a perfect job is a graveyard shift security guard. you just sit there, and you can read all trading books you want, go through charts, etc. Why dread getting a job?

Hey, I don't know you, and I really have no idea what your situation is. So if this sounds like criticism, don't take it that way.

Hell, What do I know, anyway.

Jake

this is an excellent post.

I understand about not wanting to take a "low" job. Well, the fact of the matter is I am one of those underemployed types. I had a near 6 figure income in the IT field in 2000. Two layoffs and a temp job later I am unemployed and the job I used to do now pays about $35,000 and there are 100 applicants for every position. The job market has not been this bad since the early 70's.

the bottom line is there is no real shame in getting an honest god fearing manual labor job in this economy. Actually you will find that manual labor can pay better than office work and is much less embarassing than fast food. I suggest that you go work in a wharehouse.

The key is that if you have some education and a positive attitude you won't be stuck there for very long, maybe not even a year, so give it your best shot and get out with a good recommendation.

 

[LongShot]

Quote from dotslashfuture:



the bottom line is there is no real shame in getting an honest god fearing manual labor job in this economy. Actually you will find that manual labor can pay better than office work and is much less embarassing than fast food. I suggest that you go work in a wharehouse.

LOL yeah there is ... but get the POS job anyway ..

 

[dotslashfuture]

one other thing,

do not trade at all for at least 6 months, and I mean AT ALL.

Your psychology absolutely sucks right now and you will lose the rest of your money no matter what you do.

 

[LongShot]

Quote from dotslashfuture:

one other thing,

do not trade at all for at least 6 months, and I mean AT ALL.

Your psychology absolutely sucks right now and you will lose the rest of your money no matter what you do.

what none of you realize is that GG hasn't even begun trading yet! i don't call placing a bet once every three weeks trading, do you?! :-/

 

[jessie]

First, you didn't work a "long time" at this. It takes 6 years (at least) to learn to be a good carpenter, 12 years (at least) of college, med school & residency to become a doctor, and why should trading be any different? Most professional traders I know took years, and blew through at least a few accounts along the way. Most worked crappy jobs to support themselves for those years while learning their craft. I know people on the floor of the CBOT who traded all day, then went to night jobs as security guards to pay the rent. Some did this for years. The traders you read about that made 6 or 7 figures their first few years are the Michael Jordons of trading. Yes, a (very) few exist, but they are the .01%, and are certainly not the norm. If you really want this, you may need to move somewhere like Chicago, and take a job as a $7/hour runner or upstairs office worker, move up to clerk after a year or two, and find someone who will mentor and help you. Or, you may spend a few years studying and paper trading, while you support yourself elsewhere, and get a few thousand dollars ahead to start trading small again. This may mean one crappy job during the day to pay the bills and another at night to build your account. In short, it is certainly possible to make a good living trading, but not in a year or two, and not unless you are willing to do whatever it takes. Maybe I'm not the best or brightest guy out there, and I'm certainly not the best trader I know, but I am able to do it for a living now. Trading is both the most rewarding, as well as by far the hardest work I have ever done, and I wouldn't do anything else, but I also spent a long time at temp jobs and other things along the way.
Good Luck,
Jessie