Considering day trading for a living

[lindq]

Quote from dasnemesis:

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I consider myself exceptionally disciplined and in cases of both heavy losses and great gains, I haven't let my emotions take my eye off the ball.
[/B]

You can't possibly appreciate the impact of your emotions if you have been trading a simulator.

It equates zilch-zero with what you'll face if you try to pull a living from the markets with a 25K stake. You're more likely than not to blow through that as tuition. Learning to trade is as much learning what NOT to do, as what to do. And you'll need a decent amount of capital to survive the learning curve.

The greatest reason for the failure of any new venture is undercapitalization, and that is true for trading more than most.

Concentrate on building a backup career and resume, and a much larger account balance, before even thinking about fulltime trading.

 

[Yisterwald]

Quote from lindq:

You can't possibly appreciate the impact of your emotions if you have been trading a simulator.

It equates zilch-zero with what you'll face if you try to pull a living from the markets with a 25K stake. You're more likely than not to blow through that as tuition. Learning to trade is as much learning what NOT to do, as what to do. And you'll need a decent amount of capital to survive the learning curve.

The greatest reason for the failure of any new venture is undercapitalization, and that is true for trading more than most.

Concentrate on building a backup career and resume, and a much larger account balance, before even thinking about fulltime trading.

Best advice so far.

 

[JimBob56]

I was there 7 months ago. Started with a $50000 and got as low as $32000. kept my day job and kept up on my reading and charting and I'm finally starting to see the light when it comes to trading. I suspect it will take me the rest of the year to become whole but I still enjoy trading.

I'm 42 with a wife and 2 kids so I can't take the ultimate plunge that a twentysomething can take. If you do decide to trade. Take it slow and good luck with it. I hope you educate yourself on the risk.

 

[Shreddog]

Hi,

I'm tired of my 9 to 5 job. I did a do-it-yourself will last week and really liked it. No one has sued me over it, so I must have a knack for it. I also tried out a lawyer simulator online and I did well at that too. So I thought why not chuck this job and try my hand at being a lawyer. Would $25,000 be enough to start up my practice?

Thanks!

Sorry to be facetious, but your question sounds just as ridiculous to me as my question above would sound to a lawyer.

Can you become a profitable trader? Sure why not? But I hope you've got more qualifications for the job than paper trading at Zacks.

Otherwise.... don't quit your day job until you do have the skills. That's just common sense. If you wanted to change to any other career you'd learn the skills you would need on the side and then change careers. Or you would save up enough money to go without an income while you got an education in that field. Why do you think trading would be any different?

 

[dasnemesis]

You can't possibly appreciate the impact of your emotions if you have been trading a simulator.

Just to clarify, I've been using a simulator in addition to real trading - it's just that I've been doing more long term investing with my real money than swing trades and the like.

Of course I realize there's a long way to go and tremendous risk involved. I wasn't thinking of actually taking the plunge until maybe two years from now. I just wanted to get a reading from experienced traders such as yourselves of what you need to know, how much cash to start with, how difficult is it to make a modest living off trading alone, etc.

Don't worry guys, I'm keeping my job and bleeding my share of tuition before I actually do this for a living. Just wanted to take the first step in that direction.

 

[michaelscott]

It sounds to me like you would rather just have a different job. The office job is tedious, boring and you feel you have more potential. There are many jobs out there where you can work outside of an office environment.

I can suggest to you quite a few jobs such as, for example, a sales representative for a drug company like Pfizer. You are on the road most of the time presenting to doctors and not in an office environment dealing with the staff. You have to know a lot about the drugs your selling, but its challenging and educational.

Your away from the backstabbing office staff and politics. Your salary is dependent on how good you are at selling your products not on how popular you are at the office. It *can be* hard-work and long hours, but you dont have to deal with the politics and tedious practice of the office.

After a few years of dealing drugs, you have a routine and it can be a lot of fun. The company pays for your car, cellphone and other expenses. I know Pfizer will give you a better car depending upon how good of a sales person you are with the top salesmen driving around in BMWs and Mercedes.

No one wants to drive around in a BMW dealing drugs anymore and thats a good thing because that makes it easier to get into the field. There are several companies that make drugs and many looking for good dealers.

 

[makloda]

Quote from dasnemesis:
So how did you guys get started? Anything in particular that's a must-read if one wanted to pursue this type of career?

Did you read the forum at all? It has an awesome search feature that lets you find all those dozens of threads with the same exact questions asked already.

 

[maxpi]

Let nature balance itself in your life grasshopper. Keep the job but focus on trading. When the trading becomes such a big part of the day that they fire you, go fulltime trading. Many have followed this way of wisdom without regret.

 

[dasnemesis]

Quote from maxpi:

Let nature balance itself in your life grasshopper. Keep the job but focus on trading. When the trading becomes such a big part of the day that they fire you, go fulltime trading. Many have followed this way of wisdom without regret.

LOL, good one. Although I've actually been able to pull off a few weekly trades during our less busy times.

 

[scorpion]

the best advice i can offer is trade with real money in whatever time frame you choose, this way you will see if trading is for you or if investing is a better method. no matter what, their should always be strict rules set up in cutting losses on a trade depending on ones risk tolerance. day trading is not for everyone, making decisions with real money on some level will help you determine what your comfortable with. a person has to be able to take losses period, where it does not effect them dramatically. i would say to anyone.. IF a person is afraid to lose money than the markets is not the place to be, especially a active trader , that is why their are safer options out their. its not for everyone no matter how much they want to think it is. it should be a passion to interact in the markets on some level, executing properly with other skill sets to have a shot in being successful. only in the markets does everyone want riches, the markets don't owe us anything, its hard work & commitment on our part to achieve our goals. in following a gameplan then we should be rewarded for our efforts. its a real opportunity for those that put their time into being the best. that my feeling anyway.