Finding Work after Quitting Daytrading

[scriabinop23]

I don't understand why you don't explore the RIA route a little bit more ?

You are experienced, have a finance degree, so are only a few steps away from doing some mean-variance portfolio optimization for clients, and probably have a market view you could roll into client communications, etc.

It may take a few years to develop a decent business, but why not? It's what you know. And you have some capital to live off of.

Get the series 65 and maybe enroll in the CFP program and you're ready to go.

Alternatively, you could just do the CFP and series 65 and find an existing business to work for.

 

[Bob111]

Quote from TskTsk:

Therein lies the key. The best thing a young person could do today is not an education, but to find a well-paid job, most likely a trade, work his ass off for 4-5 years, save as much as possible, then collect rent / dividends with the saved money. You could easily live more comfortably than the one who chose to get an education, got heavily in debt and is now stuck at starbucks.

In the future, ownership of property will be key to survival, not an education or job.

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

 

[Money Trust]

Quote from KINGOFSHORTS:

I don't day trade.

Why do people still think that the only way to make money is day trading? There is plenty of ways to make money in the markets.

The same thought crossed my mind. Why not try swing trading?

 

[toc]

Quote from scriabinop23:

I don't understand why you don't explore the RIA route a little bit more ?

You are experienced, have a finance degree, so are only a few steps away from doing some mean-variance portfolio optimization for clients, and probably have a market view you could roll into client communications, etc.

It may take a few years to develop a decent business, but why not? It's what you know. And you have some capital to live off of.

Get the series 65 and maybe enroll in the CFP program and you're ready to go.

Alternatively, you could just do the CFP and series 65 and find an existing business to work for.

pal can still be ria without any cfp, just take series 65 and get going even part time.

 

[scriabinop23]

Quote from toc:

pal can still be ria without any cfp, just take series 65 and get going even part time.

agree. i'm saying it might help attract investors. low cost, pretty high payoff from marketing point of view. Also catches him up on financial planning related knowledge he might be missing.

 

[Ironplates]

the non profit sector is a big employer.

volunteer in a cause that interests you, and go from there!

philanthropy is a great sector.

 

[stock777]

Quote from RedTankEra:

Let's cut the bullshit people ok?

Not everyone is fit to be a trader.

Say goodbye, wish him well and carry on, just reading his opinions about trading confirm the above.

BS is a staple here. Two staples.

Based on what the op has himself said, he just doesn't get it.

He's right about some things, very wrong about others.

Best of luck in your new endeavors, and don't let them talk you back into the snake pit.

 

[riskaddict]

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

You did make a good point about opportunities in whatever area you're in and it seems to get harder every year I guess because there is always new competition but you have to be willing to go to where the value is. Build a team; a mortgage guy, lawyer, broker/insurance, and a handyman they will show you all the angles and help you squeeze every penny out of your investment.

As for Sniper I would say if you like the idea of being a truck driver become a truck driver. With the world becoming more and more technical it kind of sucks for people that have no interest in technical stuff like myself. I just got a 2nd shift job a few months ago at Citi and am kind of shocked that this job even exists because I see how some program can't do the job faster than me. It feels like corporate welfare.

 

[thesniper]

The highest quality income is from rent/dividends. This type of income is Extremely High Quality because it lasts forever and can be passed down forever & don't have to do any work - its totally passive income that can be earned in perpetuity.

Income from a real business is also high quality because there is always room for growth by adding more units. A trader that has a RIA or HF business is going to be much better off because then he is running a real business and business income is high quality.

Income from job OK quality because it is steady and most people do a poor job at work and never get fired. But if you do get laid off when you are older then you have to deal with age discrimination and you may never find work again. Nowadays, in order to get a job you need to already have the job you want.

Income from trading is just the lowest quality income there is. Its a lot of stress & no consistency. And you're always at risk of having an epic drawdown you may never recover from. There are at least 3 ET posters that have admitted to having epic drawdowns. One had a 7 figure drawdown that he has not recovered from and the other two have had 8 figure drawdowns which I doubt they've recovered from. And trust me when I say there is no one smarter than these three guys on this site. We've also had one of the smartest and greatest traders make a couple posts on this site and he's had a 9 figure drawdown that he will never recover from because he is now in his 70s.

 

[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.