Going Full-time, please advise

[JimmyJam]

Quote from QuantPlus:

The "teachers" on ET are a bunch of fraud artists...

As far as the OP's original post, he should go right ahead, there's nothing stopping him ... just remember, it's going to be like starting over again and learning how to be a doctor or a lawyer, good luck.

As far as QP's post, what he is saying here is patently false or as he would say in his binary world .... zero.

Good trading,

JJ

 

[Mamet]

Quote from dtan1e:

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

0 * 6 = 0?

 

[increasenow]

Sir...do this (my suggestion)...become consumed with ONE futures contract...either YM or ES...and study, study, study study it...get a brokerage account with $300 daytrade margins and go for it...this is not a joke...but my serious opinion...forget stocks and options...they dilute the focus and impetus of leverage that the YM or ES offers...Go For It!!!

 

[bellman]

if that is true, i would say that you example of professional poker players refutes rather than supports your point. There is a disproportionate number of younger players on the pro poker circuit, no?

Age discrimination is a fact, but what are two of the major factors that prevent most day traders from being successful? Undercapitalization and lack of discipline. Perhaps the OP at 40 has solved both of those problems, and while I do not deny that his learning curve will be more shallow than that of a 20-something, he CAN make it.

Quote from QuantPlus:

Age has nothing to do with it up to about 70.
There are waaay too many kids posting here.

Proof?

Alan Smurfit won his first poker WSOP bracelet at age 65.
He started playing poker seriously at age 62...
After selling his business for 8 figures.

World class poker is infinitely tougher...
Both intellectually and psychologically...
Than day trading.

http://www.pokerpages.com/players/profiles/53738/alan-smurfit.htm

 

[BWitt]

I was in a similar position a little over a year ago (although I'm a little younger). I was fortunate to know a guy that works as an options trader in a midwest commodities exchange. I had a 'real' job, but started hanging out at the exchange and talking with as many people as I could. There were some people that brushed me off, but you'd be surprised as to how many people are willing to talk about their trading.

In sum, I took the plunge, quit my job, leased a seat on the floor, took in everything I could from the people around me, learned many expensive lessons, but one year later I'm still trading and even went profitable a month ago.

Just my opinion, but some have said to set milestones, or profit targets. I would NOT recommend this. If you set targets and have a few losing trades, you may have the urge to press and try to force your trades to make up the losses and reach your targets. The turning point in my trading was when I started concentrating on executing good trades and not concerning myself about the money.

Give yourself a year to learn. 95% of independent traders either blow out or quit during their first year. I'm sure you've heard this before, but it's something that can't be said enough....if trading were easy than everyone would be doing it. Good luck.

 

[nkhoi]

Quote from QuantPlus:

...

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.

ask this nice lady

 

[venturerider2]

Wow:

What a diverse set of answers! Unfortunately very few of you answered any of my questions.

Runningman, Mvic, Eddiefl, increasenow, Bwitt - Thank you for specifically answering some of the questions I asked. To a few others, thank you for the motivation, ideas and support.

This thread has gone in a completely wrong direction. For those of you defending “old guys” in their 40’s – no need. I’d rather you look at the questions.

For those of you “warning” me, thank you for the concern for my well-being.

A little bit more about myself to avoid unnecessary comments and wasting your time and mine:

My formal education and early years of my career were in electronics engineering. I then moved into stock brokerage got my series 7, went through a highly regarded training program and worked for Dean Witter and Paine Webber. This was a 5 yr period in which I was a retail broker and was able to land a few interesting accounts of some pretty savvy Wall Street people. We traded equity options for the most part, employing spreads and combinations. This is where my “obsession” began. However, my love for retail brokerage faded after a few years – as one of the people on this board has said in previous posts (Maverick), selling shit to make a living really sucks. So while I had a few good trading accounts, the bulk of my business was still trying to sell “product” to mom and pop.

An opportunity presented itself in a completely different business. It required that I take a pay cut (from the six figures I was making as a broker to low-low 5 figures). This was in an up and coming business services field. I took the risk, made the change, and worked for a company for 3 years before going out to start my own company. In the last several years my company has become quite successful. I also opened up two other companies that I closed after a few years because I was not satisfied with their future potential.

Those of us who have started and built multi-million dollar companies from scratch understand what taking and managing risk really means. We also know how to develop comprehensive business plans.

So to those of you who are self declared geniuses (who can’t even spell by the way) and to those of you who define trading success by your specific obsessions (while assuming you know what mine are/are not), I wish you luck. You will certainly need it. Your arrogance coupled with your ignorance will only provide liquidity to those who are humble, reserved, and “mature.”

Anyone else reading this, can you now read my questions on the original post? Thanks.

 

[lindq]

Quote from BWitt:



Just my opinion, but some have said to set milestones, or profit targets. I would NOT recommend this. If you set targets and have a few losing trades, you may have the urge to press and try to force your trades to make up the losses and reach your targets.

Well said. Setting targets will put a trader - especially a new trader - into an area that's ripe for emotional attachment to every trade, and every day. And that's death.

The objectives that should be set are very general in terms of equity growth over time. Very simply, if your equity growth isn't positive, you need to reconsider your approach, or your profession. No different than any other business.

 

[trader_david]

a dedicated person always follows his own judgement, not others!

he may listen to others, but he knows what he should do!

quit the job, and then try it!

if you do not jump into the water, who knows you will be drowned, some are borned swimmers!

good luck

 

[buybig]

Quote from venturerider2:

Wow:

What a diverse set of answers! Unfortunately very few of you answered any of my questions.

Runningman, Mvic, Eddiefl, increasenow, Bwitt - Thank you for specifically answering some of the questions I asked. To a few others, thank you for the motivation, ideas and support.

This thread has gone in a completely wrong direction. For those of you defending “old guys” in their 40’s – no need. I’d rather you look at the questions.

For those of you “warning” me, thank you for the concern for my well-being.

A little bit more about myself to avoid unnecessary comments and wasting your time and mine:

My formal education and early years of my career were in electronics engineering. I then moved into stock brokerage got my series 7, went through a highly regarded training program and worked for Dean Witter and Paine Webber. This was a 5 yr period in which I was a retail broker and was able to land a few interesting accounts of some pretty savvy Wall Street people. We traded equity options for the most part, employing spreads and combinations. This is where my “obsession” began. However, my love for retail brokerage faded after a few years – as one of the people on this board has said in previous posts (Maverick), selling shit to make a living really sucks. So while I had a few good trading accounts, the bulk of my business was still trying to sell “product” to mom and pop.

An opportunity presented itself in a completely different business. It required that I take a pay cut (from the six figures I was making as a broker to low-low 5 figures). This was in an up and coming business services field. I took the risk, made the change, and worked for a company for 3 years before going out to start my own company. In the last several years my company has become quite successful. I also opened up two other companies that I closed after a few years because I was not satisfied with their future potential.

Those of us who have started and built multi-million dollar companies from scratch understand what taking and managing risk really means. We also know how to develop comprehensive business plans.

So to those of you who are self declared geniuses (who can’t even spell by the way) and to those of you who define trading success by your specific obsessions (while assuming you know what mine are/are not), I wish you luck. You will certainly need it. Your arrogance coupled with your ignorance will only provide liquidity to those who are humble, reserved, and “mature.”

Anyone else reading this, can you now read my questions on the original post? Thanks.

sweet