Finding Work after Quitting Daytrading

Quote from bjw:

so what's the problem?
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Psychological issues. Anybody who feels the loss of $1 ten times more than he feels the gain of $1 needs professional help.

Just saying.
 
Quote from thesniper:

However if you have skills in asset management, investing, hedging, trading a portfolio of macro trends with fundamental support then people will beg you manage money for them or trade for them. There is a tremendous demand for money managers that can produce high returns at low volatility. These are the highly scalable skills I'm focused on developing.
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Make sure that after recalibration of your investing skills from daytrading to macro oriented money management.............you also do a very through evaluation of your skills and abilities to 'RAISE FUNDS' for the asset management program.

Starting an RIA or even micro Hedge Fund sounds glorious but the real challenge in initial stages is (mainly for hedge funds) the staying power in business. Raising funds is not easy due to competition and ability to gain investor confidence etc.

That is why doing part time RIA while earning from 'pay bills atleast' type of job and slowly growing into asset management should be the safer model. Not easy but very much doable. Mere $200 should get an RIA, exams and study material included.
 
This an on going problem in today's financial environment.

People can't make it on their own, many times, not due to lack of capital, but due to lack of edge or mental fortitude, then they resort to managing others funds or worse, teaching.

In fact, I'm convinced it's the natural course of many "losers" that just cannot stay away from the markets.
 
This is interesting thread.... as said above, how can he as a losing daytrader have skills to become portfolio mgr????

let's review....

http://www.elitetrader.com/vb/showthread.php?s=&threadid=102684

http://www.elitetrader.com/vb/showthread.php?s=&threadid=220513

so....

2005: lose money
2006: lose money
2007: ??
2008: ??
2009: +75k
2010: +15k
2011: lose money
2012: ??
2013: lose money I assume

unless 07/08 had huge gains, net result of this is most likely negative number

please quit daytrading, delete trading platform from your computer and throw away your Al Brooks books where they belong.... you know the right thing to do is get out of this trading busness...

any job even low wage is better for you.... work low wage job while going to school or training for better career.
 
Quote from Pigsky:

This is interesting thread.... as said above, how can he as a losing daytrader have skills to become portfolio mgr????

let's review....

http://www.elitetrader.com/vb/showthread.php?s=&threadid=102684

http://www.elitetrader.com/vb/showthread.php?s=&threadid=220513

so....

2005: lose money
2006: lose money
2007: ??
2008: ??
2009: +75k
2010: +15k
2011: lose money
2012: ??
2013: lose money I assume

unless 07/08 had huge gains, net result of this is most likely negative number

please quit daytrading, delete trading platform from your computer and throw away your Al Brooks books where they belong.... you know the right thing to do is get out of this trading busness...

any job even low wage is better for you.... work low wage job while going to school or training for better career.
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My sentiments exactly, well said.
 
Quote from eurojack:

Are you seriously asking this? You know what failed traders do, don't you? They teach other people how to trade. You've got 10 years of experience and you're looking for a job? GTFO, just start a course/website and start offering seminars/lectures in your area and go from there.
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Quote from Australianjoe:

I hope you get some good advice.

I read on trade2win about a guy who has been trying to trade for over 20 years and is still around break-even, so don't feel too bad!

The whole thing(daytrading) is likely a pipe-dream.
The idea that we can sit around in our boxer shorts and look at pretty charts and expect them to give us enough information to make informed trading decisions certainly seems to get a smile from professionals in other fields!

Sometimes we fool ourselves that we know what we are doing, but in actual fact, we are just experiencing a very lucky spell.

And sometimes the people that try to give us hope are vendors/'trading coaches' in disguise or bullshitters!

------------------------------------------

I've read good things about the 'what color is your parachute' book that someone else reccommended, althougth that might all be a bit long terms for you and I imagine you just want to jump into a course or a job straight away and get earning money?

I wouldn't reccommend it, but the becomming a trading vendor isn't actually the worst idea in the world, either!
Every vendor out there is a scam artist. If you were really a profitable trader, you wouldn't be messing about selling courses for $90 or charging for tips etc.
But the public are generally blinded by the dollar signs in their own eyes, so you may aswell join the vendors and make some risk free money.

It would be good if you could get a list of courses that coud be completed within say 6 months, that could potentially lead you to a well paid job.
They're out there, i'm sure.

One example is an Austalian friend of mine. Was unemplyed for a few years. Generally depressed and borderline suicidal. Completely broke. He enrolled onto a tree surgery course which took about 6 months, and within a few days of passing he was earning well over $1000 per week and is now earning about 3 times that amount as the owner of his own tree surgery business.
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A few recs for becoming a trading coach/teacher/vendor.
Sell online courses / do seminars etc etc?
 
Quote from Grandluxe:

Here's one for you.

Scrap metal business.

Honestly, if you are entrepreneurial, I think it is better to start a bona fide actual business than get involved with the trading "business".

http://www.dailymail.co.uk/news/art...riving-scrap-metal-trade-makes-10bn-year.html

The scrap metal millionaires: How old vacuum cleaners, cables and cars have made one man and his small army of scrappers a fortune

Sydenham Scrap Metal yard in south London turns over £7million a year. Boss Michael, 31, says: 'I've no exams but I run a multi-million business'
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It's not the trading business that's the problem. No philosophy you've expressed mathematically is. Even if you don't want to believe black boxes are creatable by the lay person if you've taken the time to write down how you approach investing, systematic trading becomes more of a question about how much you can afford to lose in each age bracket you're in than it is about how much you can make.

If you've discovered a profitable trading strategy then being comfortable is more a matter of correlation. Drawing down as much as the market but twice as much sometimes because it happens to occur in synch with the market is no different than Fund Timing investments some IA's make.

It's not the trading business he's interested in. It's profitability. Let someone else take care of that for you because they are out there and I'm not saying this just because I might benefit from it if you really can't sit down for months on a computer and keep track of your trading to the point where you're profitable in 10 years with a systematic, mathematically derived definition of your trading style, the people who have it know to never quit, but when this OP doesn't stop laughing that he told himself to stop, then we'll find out who really knows what they're doing in another 10 years.

I liked the swing trading and day job combo, but this is completely irresponsible if it's significant money and throwing away times for making decisions is every vital part of a man's future as much as what he does is. I can't say whether I'll make it, either, but I know I'm doing all right as long as the S&P is thousands of basis points behind me.
 
Quote from Bob111:

i'm in same exact shoes as OP. except i'm a bit older and have a bit more money from trading. i've looked into a real estate as a possible source of income and i'm pretty damn handy and can fix practically anything inside a house(plumbing,etc included,except electrical stuff)
but i can't find any property in our area where return will be >5% after all expenses(and that's assuming 100% occupancy rate)
it's sounds easy-hey! just buy, rent and collect the income,but reality is a bit different these days
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You need to find a Real Estate Investors Club in your area. Chances are if you find a property there it will need a rehab but 15 to 20% annual return is not that hard to find as long as you are a cash buyer and willing to deal with code violations. It takes 6 to 12 months to get a property rented but after that you typically have a HUGE cushion and great return.
 
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