Going Full-time, please advise

Quote from callmate:

He started trading 1 contract and now trades up to 120 at a time. ..I don't think he will be trading much longer as frankly it bores him ...

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Wow! Your father trades up to 120 ym contracts, that's some achievement in such a short time. Did I tell you I love fiction !!:D
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If you read Mvic's entire post, it is pretty clear that he had plenty of capital to trade with. Is it not possible that he started with 1 lots while he learned/practiced and then started increasing size?
 
Quote from MeAgain:

yeah give the man false hope

I am the only one willing to say it like it is.

To make it I had to experience depression, multiple failure, ridicule by family and most friends, and paid LOt of money

so there believe the ferries from magical land or believe me

good luck
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There is some truth to what MeAgain is saying...
But age has nothing to do with it.

My concern about the OP...
Is that he is 40s...
With no track record of success in Zero Sum Games...
No apparent OBSESSION with poker, sports betting, options, stock trading, etc.

No one can teach you to be GREAT at any of these Games...
And no one will bother.

MeAgain is obsessed and figured it out...
While the OP uses a "barking dog" as a limp excuse.
 
try this: what is the largest amount you would expect to lose if it doesn't work out? now, multiply that figure by 6, that is the amount you should expect to lose before you turn profitable
 
Quote from venturerider2:
I am making a career change to full-time trading.
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Best to have figured out your trading edge before you go fulltime.

If your current job and position dont you give you enough time to concentrate on the markets then downshift to a job that does.
 
My number one piece of advice - and it has rightfully been mentioned already - is that one should treat it as a business. Make a business plan (trading plan) about milestones that should be reached after certain time periods. If you can, cross check this for realism factors with an experienced trader before you jump in the cold water.

This way you will always have to reference your current status against and you know if you're moving along according to plan or if you're already way behind schedule and likely to fail. You then will have objective criteria to measure yourself against and potentially stop trading before it becomes painful and a financial burden.

IMO most businesses (and traders) fail because a) they were undercapitalized b) they had improper planning. Both are equally important.
 
Quote from MeAgain:

you are too late

trading at your age needs 8 years of screen time

by the time you learn you will lose most of your money

and your PALS at offices and prop firms will NOT give you their edge if they even have one and are not just transitory traders like yourself

sorry truth is hard but it will set you free
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You couldn't be more wrong. 40's is NOT too late to start. I started in my early 40's --- that was 12 years ago and I've done well.

Further, in a later post of yours you talked of depression, etc. -- I doubt many go through depression. Drawdowns can be tough but not to the point of being depressed. Those who experience depression likely have (or had) other issues in their life that contributed.

To the OP -- write up a business plan, trade small initially and work at executing profitable trades to build confidence, developed a "what if I screw up BIG time and fail" plan (i.e. what will you do for income if you do fail), exercise good money management, have discipline and accept losses as they're part of the game.
 
Quote from Businessman:

Best to have figured out your trading edge before you go fulltime.

If your current job and position dont you give you enough time to concentrate on the markets then downshift to a job that does.
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Of course.

You should have a consistently profitable strategy by now...
That you can build a business around.

The idea that "successful traders" are going to teach you... is fantasy.

Try this.

Go to the biggest poker game in town...
And ask the top players to teach you how to play.

I somehow doubt that Teddy KGB...
Runs a free poker school for orphans in the church basement.
 
Quote from DHOHHI:

You couldn't be more wrong. 40's is NOT too late to start. I started in my early 40's --- that was 12 years ago and I've done well.

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it is an advantage i think....with the only difference being that a younger person may not have as many bills or resposibitlies as an older individual...
 
Quote from QuantPlus:

Of course.

You should have a consistently profitable strategy by now...
That you can build a business around.

The idea that "successful traders" are going to teach you... is fantasy.

Try this.

Go to the biggest poker game in town...
And ask the top players to teach you how to play.

I somehow doubt that Teddy KGB...
Runs a free poker school for orphans in the church basement.
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there are plenty of players that teach just as there are traders here on ET that teach....the thing is this cant really be taught...no one can teach you how not to be on tilt or make stupid trades....which is where we lose most of our money...peace
 
Quote from ElCubano:

there are plenty of players that teach just as there are traders here on ET that teach....the thing is this cant really be taught...no one can teach you how not to be on tilt or make stupid trades....which is where we lose most of our money...peace
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That's why I keep using the poker analogy.

If I wanted to try playing poker at a professional level...
It would have to be a 2 year 24/7 obsession...
I would have to play several 1000 hours...
And study the game constantly...
And, at best, you will get a few pointers from other players.

And in the trading business...
No one teaches you ANYTHING worthwhile...
Without you signing a 10 page Non-Disclosure Agreement.

The "teachers" on ET are a bunch of fraud artists...
Except for Mr. Bright... he's cool.
 
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