Finding Work after Quitting Daytrading

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!

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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.
 
You know for a fact that anyone that is daytrading in 2014 is just wasting their time. The daytrading era of the late 90s and 2008/2009 is long gone. [/B]

Yes you are wasting your time if you are under capitalised.

In the mean time you got to be patient and be happy with yearly returns in the 0% to 50% range.

So if you only make a 10% or 20% in 2014, is that enough? You probably need a 500K+ account for that to be worthwhile.

But the Black Swan shall return at some point, maybe not this year or next, but it will return, and if you are ready you can make 1000% returns in just a few years, even by day trading.
 
I'm sorry but this just cannot be true. Every strat, on every asset class on every time frame? So you've used the 337 second chart for the QQQQ? Or the 37 min chart on the SPY?

I don't know, I believe you tried to work many different angles but not sure you are being honest with yourself that you've exhausted everything there is to know about trading and strats.

Quote from thesniper:


I've tried every strategy on every asset class at every time frame. I'm not going to say nothing works because there are classic strategies that do work. But daytrading doesn't work and using tons of leverage doesn't work either.
 
Quote from thesniper:

Well I'm finally done with daytrading. I have almost 10 years trading experience. I probably would have never become a trader if I could've found a decent job out of college. But then I got sucked into to trading propaganda. Then I got addicted to the action and the dream. Now that I know all of the shocking truths about the trading business I have no interest in it (especially not daytrading).
I still have six figures in savings that I will deploy very rarely on very carefully planned trades.

As far as getting a job, I think working in finance is out of the question as I am unemployable - I have no "work experience", no network, and no references. So I'm ineligible for any traditional office job. I've thought of starting an RIA firm but to make 50k a year I would need to raise at least $5 million under management and would have to do lots of cold calling and prospecting for years to even get to that level.
I've tried driving for uber but ended up making like $7/hr. working nights and weekends. So I'm considering becoming a truck driver because as of now I see no other way of making at least 50k which is what I need to cover expenses. So daytrader to truck driver, that's the reality of daytrading. Any other work/job suggestions would be appreciated.

Become a truck driver and then write a book "From Day trader to a Truck Driver" and self publish it, sell it for 29.95$. At least you will see 1000 copies and at 50% royalty, you will make 15k :)

Put good pictures of different locations in the book based on your truck driving experience. Hopefully if the book creates enough buzz, you will appear on CNBC and you can take it from there......
 
Quote from gmst:

Become a truck driver and then write a book "From Day trader to a Truck Driver" and self publish it

LOL

There must be a good subtitle to this but can't think of any

edit: How about "In for the long haul"
 
daytrading is indeed a waste of time. I only figured it out after 2 years that swingtrading + day job is much better.

day job =100k a year
10 years is 1 million

swingtrading 250k*400%=1 million with 15% a year

thus a day job + swingtrading nets you 1 million after just 10 years with just 15%. Iamgine if you make 30% a year with swingtrading you end up a multimillionaire.

while daytrading gives you with 100% a year on 100k is also 100k a year and you cannot invest.

then you end up with just 250k after 10 year....

10 YEAR COMPARISON:
swingtrading + day job = millionaire with 15% a year.
daytrading = 250k with 100% a year.
 
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'
 
Quote from thesniper:

Well I'm finally done with daytrading. I have almost 10 years trading experience. I probably would have never become a trader if I could've found a decent job out of college. But then I got sucked into to trading propaganda. Then I got addicted to the action and the dream. Now that I know all of the shocking truths about the trading business I have no interest in it (especially not daytrading).
I still have six figures in savings that I will deploy very rarely on very carefully planned trades.

As far as getting a job, I think working in finance is out of the question as I am unemployable - I have no "work experience", no network, and no references. So I'm ineligible for any traditional office job. I've thought of starting an RIA firm but to make 50k a year I would need to raise at least $5 million under management and would have to do lots of cold calling and prospecting for years to even get to that level.
I've tried driving for uber but ended up making like $7/hr. working nights and weekends. So I'm considering becoming a truck driver because as of now I see no other way of making at least 50k which is what I need to cover expenses. So daytrader to truck driver, that's the reality of daytrading. Any other work/job suggestions would be appreciated.


Trading is like climbing Mount Everest. You may not be coming back down the mountain.
 
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