Considering a career change from aviation to finance

rajesheck said:
And the typo mistake is corrected here:
http://www.elitetrader.com/et/index...ategy-for-index-futures-options.298637/page-5
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Forget about typo mistakes, as they do not really matter.

I would not agree with waiting and holding in the first 40 minutes, as the best time of day to trade in and out is the first 35 min, if you know what to do, of course.

Not really anything different there.

A much simpler longer term day trade strategy is One Time Framing, very simple, and effective enough to make money, but not as near as good as daytrading the first 35 min.

J_S
 
rajesheck said:
Its not waiting for 40 minutes...but a suggested entry within 40 minutes :)
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Yes, I know, I edited my post to clarify, but as mentioned, OTF is much simpler, and as used by many professional traders, it has more weight than an experimental strategy based on maths.

J_S
 
Thanks for mentioning the OTF. I found this link with neat explanation of it.
https://www.tradingadvantage.com/free_offer/TA One Time Framing Technique.pdf

My strategy identifies high probability areas as follows:
1. Initial session of the market open (within 40 minutes)
2. Initial volatility (<0.5%)
3. Noise-free zone (5 minutes candle with H-L<0.08%)
4. ONLY Demand level speaks of the future than any other indicators.
5. Demand level based entry rather than popular support/resistance level technique (eg. OTF).
6. Open target based on demand level rather than support/resistance levels.
 
rajesheck said:
Thanks for mentioning the OTF. I found this link with neat explanation of it.
https://www.tradingadvantage.com/free_offer/TA One Time Framing Technique.pdf

My strategy identifies high probability areas as follows:
1. Initial session of the market open (within 40 minutes)
2. Initial volatility (<0.5%)
3. Noise-free zone (5 minutes candle with H-L<0.08%)
4. ONLY Demand level speaks of the future than any other indicators.
5. Demand level based entry rather than popular support/resistance level technique (eg. OTF).
6. Open target based on demand level rather than support/resistance levels.
More...

What causes supply and demand to change!

J_S
 
AirborneTrader said:
Hello,

I'd really appreciate some advice as I have a lot to consider. I'll try and keep it short. I'm a corporate pilot, been flying for over 16 years. It's been an amazing ride but the work conditions in my business keep deteriorating. It's been a lot of fun but being constantly on the road is taking its toll. I'm never home and have not had a designated day off in 5 years. I'm flying more than ever and see no light at the end of the tunnel. No real job stability and I have no career backup. While my passion for this industry is long gone I am very passionate about trading. I've long had an interest in the markets. I trade actively and enjoy studying and learning about it, the markets and economics.

I'm considering leaving aviation and going back to University to finish a bachelor in Finance. And complete any necessary further education such as a Masters or financial certifications. By the time I complete my education and would start looking for work I'd likely be around 43 years old. Going from a jet captain with a comfy lifestyle back to school will be a huge hit, but I increasingly feel that I may need to do this. I have a few questions whose answers could be real helpful as I consider this:

1) I love the markets. I love to trade. I like to strategize and analyse. With that in mind what are some specific jobs in finance that I should consider shooting for. Portfolio manager? Market strategist? Financial analyst? A good one for the long run.

2) Any advice considering I'd be new to the business in my early 40s. I assume age is no factor, competence is. But if you have any opinions I'd appreciate it.

3) Any suggestions on the education that I'll require. A bachelor as a minimum, I expect that I'll need a masters plus some specialty certifications. I like economics but seems like finance is the way to go. I prefer practical vs theoretical.

4) Does the ranking of the University matter in the end? I'm in Canada. I'm hoping to do it at the University of Toronto, Canada's best business school. However scheduling and costs may mean I have to do it at an average school.

5) For those in the business.. What do you find the job satisfaction in the long run is? I can tell you in my business it's low. This career is awesome in the beginning but it slowly grinds at you. Especially as you get older and you can't be there for your family. I know many that have left and are happier for it.

I'd appreciate any suggestions. Especially regarding which specific job to shoot for for someone that simply loves the markets. Thank you in advance!!! And happy trading!
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You didn't say anything about a family if you have such...kids ?

If you have a family it will obviously be one of the deciding factors of where you go and live. For example, you talk about the costs of University of Toronto...the cost of living in that city is extremely high if you're single and higher if you have a family. In addition, many of the top schools have higher costs for those "out of province". Therefore, there's a relocation issue for you...to stay in province or move to another province. If the latter is an issue for you,m its best to decide on the school you want to attend and then move to that province to establish residency in that province within the first year so that you can literally save 10k to 20k in education costs.

There's also the issue of jobs after your education. The cities that offer the best business school education usually have the city with the best employment opportunities in such. Simply, you're not just relocating for school, there's a good chance in the beginning you're going to continue living in that area in your new career unless you went to the top school and you don't mind getting a job at a firm that may send you anywhere in the world if you're qualified.

For example, my best friend went to York University in Toronto as an older returning student of 46 years old and because he's fluent in Chinese (cantonese and mandarin dialects)...he landed a high paying finance job in Hong Kong for a European financial institution. Hours are killers...60hrs work week but he was able to move his family to Hong Kong within a few months after landing the job. His family hates his hours but his 18 year old daughter landed an English/French tutoring job in Hong Kong that pays $30hr. :D

My point is that you already have a talent or career as a pilot. You obviously want to keep that as a back up plan or at least be able to do such part-time or as a hobby while going to school to support yourself. Thus, your choice of school may ultimately be determine by local airfields that will allow you to be able to support yourself as a pilot while going back to college without any horrendous long commutes to do so...traffic in all the major cities that have the top business schools are really bad. Also, if you have a family, that's another deciding factor in your choice of schools.

Thus, as you suggested...scheduling and costs is a big factor in where you go but you don't want to choose a school so low on the totem pole that you're defeating the purpose for going back to college to get a degree or MBA because you'll be limiting your opportunities due to the fact some of the best employments do look at the school you attended...I would say so more in Canada than the U.S.

Were your grades from prior college education good enough to earn you a possible scholarship ? I know there's programs for such designed for older returning students but I can't remember their names. Its worth it for you to research such and talk to advisors from the schools you're interested in attending.
 
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I was in your shoes 20 years ago. I was a cargo pilot in my mid twenties with my ATP and a ddgree in Aeronautical Science from Embry Riddle. I was always on call and sleeping at airport hotels. We had our first child and I wanted to be there for my kids, so I got into finance.

I am now in my mid forties and have been an Institutional buy side equity trader for 19 years or so. I haven't read tthrough all the posts, but I will say that the grass is always greener. Finance is a tough business with a ton of competition and little stability. I was laid off last year and have had a really hard time finding a new seat. Currently trying to start a hedge fund, which is a long and bumpy road.

I could write a book about all the things I have been trough in finance, all I am saying is be careful giving up what you have. As a fellow pilot I am happy to answer more questions via pm if you want.
 
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