I had to get a real Job
- Thread starter fan27
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Quote from fan27:
After working in the telecom industry for 3 years, saving up a stake, then quitting a year ago to daytrade the S&P fulltime, I went back to work last Wednesday.
The first 8 months of this past year I experienced a steady downward slope in my equity curve (modest losses trading 100 shrs of SPY). The past 4 months I have been breakeven trading ES. I got to the point to where I realized this was going to take longer than expected and it was doing me no good bleeding my capital for living expenses.
I did not get a job related to my previous profession (programming). I now work as a Valet at the local Marriott. I am not making much money but I am able to work during non market hours and by only working 4 days a week I will only have to withdraw $400.00 a month from my capital for living expenses if I stay at breakeven. At this rate, I can last several more years.
One of many things I have learned this past year trading the S&P is that one must be willing to go to any lengths. If you aren't, try something easier, like dentistry.
I think you made the right move. You definitely should give yourself more than 12 months trading whatever the financial instrument.
I am curious about this comment.
From one perspective, you are implying that if one instrument does not work then switch to another as it will be a lot easier to trade. If someone is learning to trade, why would switching instruments offer this trader an edge? Is that to say that if you are not making it as a trader you must be trading the wrong instrument?
I am sure that is not what you are implying. Now to the real question. Assuming that one is a successful trader (not losing money), why are currencies a better trading instrument than ES? I dont know much about them but would be interested to hear some opinions. I switched from ES to YM this year and I find that YM suits my personality type better and my trading statistics YM to ES are much better. That is not to say that YM is easier to trade than ES but in my case, I like YM better.
I feel your pain, Fan. I tried the day trading path a while back with no success....
After our daughter was born about a year ago, I decided to stay home with her for her first six months so we wouldn't have to put her into daycare too early. I decided during this time to try the ES day trading route. I,m the type of person who HATES to lose money.I found myself getting bent out of shape over a losing position of a half point on one contract. I couldn't take sitting in front of the computer staring at quotes for hours at a time. It made me an emotional wreck.
I finally went back to swing trading bonds and currencies and am doing well again.
My point is this: perhaps you (like myself) aren't a day trader by nature. Day trading takes a special type of person, a person that I am not. If you're set on day trading, then you may want to try bonds as mentioned earlier. If I were to try agian, that's the direction I would take.
Good luck.
After our daughter was born about a year ago, I decided to stay home with her for her first six months so we wouldn't have to put her into daycare too early. I decided during this time to try the ES day trading route. I,m the type of person who HATES to lose money.I found myself getting bent out of shape over a losing position of a half point on one contract. I couldn't take sitting in front of the computer staring at quotes for hours at a time. It made me an emotional wreck.
I finally went back to swing trading bonds and currencies and am doing well again.
My point is this: perhaps you (like myself) aren't a day trader by nature. Day trading takes a special type of person, a person that I am not. If you're set on day trading, then you may want to try bonds as mentioned earlier. If I were to try agian, that's the direction I would take.
Good luck.