Engineer looking to make a career change into trading (PART II)

Quote from lindq:

Invest in software that will permit you to backtest. An added plus if it will also let you playback the daily session so you can watch intraday price action as though it was in real time. Don't trade live until you can make money in simulation. That alone will keep you busy for a couple years. Seriously.
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I know you recommended InvestorRT over at linnsoft.com (are you affiliated with them?)

I don't have a programmed mechanical trading system, I'm doing everything discretionary right now. And I backtest by looking at the history of charts and noting when I would have entered and when I would have exited.

Correct me if I'm wrong, but I probably don't need software if I'm simply backtesting manually and using discretionary measures.
 
Quote from Magic8:

Take your salary, calculate how much capital you would need to replace it.

For me, over 15 years... I've banked at least $1 million in total salary.

Minus my job... let's say at a constant 15% return for the past 15 years...

I would need $6.7 million. Even more, if you count down years.

You got $6.7 million?

You think you are 'only' going to 'work' 40 hours a week, trading?

Probably not.
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I have no idea what you're talking about.

I'm not planning on quitting my day job. Currently my short term goal is to learn the markets well enough that I can break even. I'm developing a simple momentum trading strategy and tweaking the parameters to best fit my entries and exits.

Long term goal is to make enough trading on the side that I can leave my job.
 
You're an engineer, so you have a fairly good salary.

Don't blow all your money and lose your career trying to be the 1 out of 100 that actually makes money day trading.

Instead, keep working, and save as much as you can. Take advantage of your 401k, IRA's and any other tax advantaged accounts you have access to. Save early and often.....

Compound those accounts by 14-16% per year by selectively position trading and retire with $20mm at the end of your career.

Hell, even just read a few books on asset allocation and just try to match the market and retire with $6mm at the end of your career.
 
Quote from clacy:

You're an engineer, so you have a fairly good salary.

Don't blow all your money and lose your career trying to be the 1 out of 100 that actually makes money day trading.

Instead, keep working, and save as much as you can. Take advantage of your 401k, IRA's and any other tax advantaged accounts you have access to. Save early and often.....

Compound those accounts by 14-16% per year by selectively position trading and retire with $20mm at the end of your career.

Hell, even just read a few books on asset allocation and just try to match the market and retire with $6mm at the end of your career.
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I'm trying to get out of my career...its so dead-end and I have zero passion for it.

I want trading to be my new career and I want to be good at it.
 
Quote from sneakoner:

I'm trying to get out of my career...its so dead-end and I have zero passion for it.

I want trading to be my new career and I want to be good at it.
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The chances are very high that you'll regret that decision, but what the heck, you only live once.
 
Quote from nukethewhales31:

your passionate about placing orders when squiggly lines cross other squiggly lines? thats the career you have passion for?
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+1
 
Quote from sneakoner:

I'm trying to get out of my career...its so dead-end and I have zero passion for it.

I want trading to be my new career and I want to be good at it.
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ask yourself, if you've worked for 2-5 years without any positive results, facing monitor for 14 hours a day, sacrificing all your private times with friends/family, & yet still down bout few 10k to few 100k, so you'll still have the passion to continue working? you better think bout it coz thats the most probable scenario most people stuck in than the glamour one.
 
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