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Engineer looking to make a career change into trading
- Thread starter sneakoner
- Start date
Quote from backman:
any suggestions on good back testing platforms for stocks? daily timeframe is all I need, as swing trading suits my personality and work schedule...
Portfolio123.com. It has extensive fundamental and technical data on thousands of stocks with the capabilities to backtest over the past 5 to 10 years. Much is said about the importance of experience in gaining and edge, but having good tools can make a real difference as well - it has for me.
Quote from savagemp5:
The trading part sounds exciting, but when it comes to tabulating the PnL, I think it turns off alot of so-to-be trader.
Ok, seriously. Calculating profit and loss is only an issue when it's mostly losses. It's fun when you are making profits, and it is critical to know how you are doing. Frankly I think most people really don't even know.
Quote from sneakoner:
Thank you for your response. I really respect your education background and work experience.
1. I'm 26 years old in Mechanical Engineering. I know successful traders come from all types of backgrounds and an engineering background may not help them. But I think the one thing Engineering has taught me was how to work hard and stay focused.
2. I agree here as well, I've decided to keep my day job for now and to practice swing trading. I can do analysis and research after work (even some during work) and trade the daily-weekly charts.
3. My desire stems from reading alot of Technical Analysis books and a frustration with my current career path. Trading seems to fit my personality more and I'm willing to put more time into it than anything else.
4. I think I'm going to practice my first 6 months - 1 year by NOT losing any money. I read that a first year trader who loses less than 10% capital can consider himself successful.
Thanks again for your advice!
The good thing about keeping your job and becoming a successful trader is that you won't fear losing your job in case that happens. You will have options. I also understand your frustration at work. I hear you.
Quote from backman:
any suggestions on good back testing platforms for stocks? daily timeframe is all I need, as swing trading suits my personality and work schedule...
Tradestation or esignal - Tradestation very good but it costs an arm and a leg. Not sure if there are any other better platforms though. esignal is cheaper on the delayed version
Quote from Shagi:
Tradestation or esignal - Tradestation very good but it costs an arm and a leg. Not sure if there are any other better platforms though. esignal is cheaper on the delayed version
Investor/RT is a good alternative. It's pretty flexible and powerful, and also relatively cheap. With DTN Market Access you also get quality data.
Quote from sneakoner:
I've been reading up alot about trading and am interested in taking the plunge as a day trader. Currently the options I see are:
1. Join a prop firm that pays you salary - best and most difficult way of getting in.
2. Join a prop firm where you put up your own capital. This is what I'm leaning towards. I met with T3 Capital and they offer:
- 95/5 payout
- $5000 minimum to start
- $90 a month data feed
- Mentoring, which is to me the most important thing right now. I need to follow professionals so I can minimize my mistakes.
3. Start out on my own from scratch.
What do you guys think is the best way to go? I'm earning a comfortable salary right now in engineering but I don't want to do this for the rest of my life. I figure if all else fails, I can always go back to it. Plus I have enough saved up to last me a year. I figure I can put up $40,000 into a trading account once I feel comfortable making steady consistent profits (hopefully within a year) but even at a 25% return rate that would mean I'm making $10,000 a year.
As an engineer I figured you would have the inherent cognitive ability to make logical decisions. Since it seems you may be in a position to make a very stupid mistake, let me help you.
Do any of the three you mentioned and you are a fool. You will quickly realize after a month or so how terrible of a decision you made. So please if you want to waste your time and life on being less than shit in the hierarchy in finance then go ahead. If you want to truly get into finance, do it the proper way and get educated like you did to become an engineer.
Hello,
I am following the convesation here about "An Engineer trying to become a Trader". I am in the same boat (Computer programmer) looking for a transition into trading career and could not find a correct path or a company so far. Usefull stuff. Please keep posting.
Like the firms mentioned about in NY and Chicago, are there any good firms in Dallas, Tx ? Thx
I am following the convesation here about "An Engineer trying to become a Trader". I am in the same boat (Computer programmer) looking for a transition into trading career and could not find a correct path or a company so far. Usefull stuff. Please keep posting.
Like the firms mentioned about in NY and Chicago, are there any good firms in Dallas, Tx ? Thx
Quote from hajimow:
Here is my definite response to you as a trader with PhD in EE who is 50 with 16 years of trading experience.
1-I don't know what is your age and what field of engineering you are. Don't be proud of your degree. Many high school grad will eat you alive in trading. Most of the compliments to you come from engineers. Actually they are complimenting themselves.
I have found this quote from ChartAddict to ring especially true... it is often that professionals in other fields come in overconfident that their skill in whatever profession they chose (whether it be medicine, law, engineering) should transfer over into trading... Well, here's a newsflash: It doesn't mean jack. The vast majority of these people will get destroyed, for not having the right temperament to trade.
"Whatever they did in life, how well they did in their past occupation, and their previous successes do not equate to success in trading.
Being wealthy or being really smart also does not equate to success in trading. In fact, some of the biggest losers are doctors, lawyers, engineers, scientists, programmers, analysts, business owners, CEOs, retirees, etc. Why? Because typically, these people have this desire to always be right and for some reason, they refuse to take losses until they are annihilated."
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