Experienced trader needs advice!

get a day job with your degree, become a miser, pay off debts and trade nikkei at night with small position size.
Why bet it all on a low probability bet when you don't have to?
 
You don't need to day trade to be a trader. You can make alot of money trading longer term when you have a job and cant be checking the markets all the time. Sometimes the distance is good as it will let you see the forest through the trees.

You've been trading for a few years and it sounds like you have absoloutley nothing to show for it and really haven't made any money. Unfortunately it's doubtful that going further into debt is going to change that situation. Getting a job, saving some money, and trying a new trading style might be exactly what you need.

Best of luck whatever you decide on.
 
Quote from Simmy:

Thanks for the advice everyone, I really really appreciate it. I guess I am not that surprised the opinions were unanimously in favor of getting the job. That is what I will do. Best of luck to everyone.
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It's a big pain but, you can work full time some night and weekends job, and trade in the am or even all day. The CC debt tho is a bit hard, $900 a month expenses is doable tho for a single dude.
 
Trading and trading alone has put you in a hole. Don't dig it deeper. Be more conservative and realize that even if you have a simple week to week strategy that is successful you can make vastly larger amount's of money than mutual funds. Play it slow and watch it grow while the same time refining strategies that you can use in the future to increase profitability.
 
Great advice. You're right about trying longer time frames, especially since my style is mechanical anyway. It should be easy for me to deal with the fact that I won't be watching the market all the time.


Quote from jdeezero05:

get a day job with your degree, become a miser, pay off debts and trade nikkei at night with small position size.
Why bet it all on a low probability bet when you don't have to?
More...
 
Quote from Simmy:

Great advice. You're right about trying longer time frames, especially since my style is mechanical anyway. It should be easy for me to deal with the fact that I won't be watching the market all the time.
More...

As others have already stated...

Get a job.

I'll go further via saying for you to close your trading account to prevent any temptation to just jump in at a whim.

Further, remove (cancel) any other trading related expenses.

Next, after you get a job(s), save as much money as you possibly can to properly fund your trading account.

Next, after you've done the above and if you do want to trade again...

Take a leave of absence (do not quit) or very long vacation and try trading again fulltime.

If it doesn't work...you don't have to look for a job all over again.

Mark
 
What is this all about? Kick who when he's down? say hello to what man? Please explain, thanks.


Quote from ps0013:

WOW...kick him when he's down.......=)
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