I'm sick and tired of work! :)

Quote from elit:

I understand that trading/starting a business takes a lot of time in the beginning, but I also have a belief that with years of experience it gets rather easy, and that you thereby get more spare time, or at least lot more money. Maybe it can even be automated?
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Generally with years of experience it is just as difficult as it was when you started. In some ways it can be harder because the older you get, the less energy & stamina you have, and the more that life responsibilities tend to make you risk averse. Also, "automating" is still a full-time job that requires constant oversight and tweaking; just as delegating tasks to underlings is a full-time job in itself.

I get the impression you have a rather unrealistic view of striking out for yourself. There are many drawbacks - your income will, for say 3 years, probably be negative, so you will be getting poorer each year; your hours will be much longer; your risk will increase massively, financial security will go out the door; you will lose employee benefits like pension, healthcare, company car etc; even if you are a lone wolf, isolating oneself entirely for long periods is never healthy; there will be few or no people to help you when times are tough, you will have to rely entirely on your own mental resilience.

I would look at it this way. Are you prepared to risk pissing away 5-10 years of your life, and most of your savings, on something you are odds-on likely to fail at (since most startups fail), and fall way behind in the so-called "rat race" as a result, in order to pursue your dream? Are you prepared to deal with tedium, paperwork, and the other responsibilities of running a business, for the rest of your life? Do you really know you have a special talent for trading? Are you going to out-compete the many experience market professionals that you will be coming up against?

If so, then go for it. But don't try to pretend there isn't a cost. There is always a heavy price to be paid for pursuing a difficult goal. You really want to be sure you are prepared to pay it, before you set off on your journey. Right now, to me it seems you just don't know what you might be getting into. I'd do a hell of a lot more research before you go for it. And if you do, set a deadline for seeing progress. If after 1 year you feel like you've made a mistake, you can always go back to IT. After 5 years it'll be a lot harder.

Finally, remember you can get financial independence without becoming an entrepreneur/trader. Just spend bugger all, save 70% of your income, live in a small studio flat, don't have kids or get married, and invest your spare cash each year. After 10 years you'll have 1 million+ and be sitting pretty, while your friends who splurged their money on McMansions, wives, kids, and exotic sports cars will be about to have their mid-life crises.

Now if after taking all that on board, your reaction is "I don't give a damn, I *know* I will become a great trader, whatever it takes and even if it kills me", then probably you ought to go ahead and do it.
 
I wish more senior traders would contribute more in Et. Thanks Cutten

Quote from Cutten:

Generally with years of experience it is just as difficult as it was when you started. In some ways it can be harder because the older you get, the less energy & stamina you have, and the more that life responsibilities tend to make you risk averse. Also, "automating" is still a full-time job that requires constant oversight and tweaking; just as delegating tasks to underlings is a full-time job in itself.

I get the impression you have a rather unrealistic view of striking out for yourself. There are many drawbacks - your income will, for say 3 years, probably be negative, so you will be getting poorer each year; your hours will be much longer; your risk will increase massively, financial security will go out the door; you will lose employee benefits like pension, healthcare, company car etc; even if you are a lone wolf, isolating oneself entirely for long periods is never healthy; there will be few or no people to help you when times are tough, you will have to rely entirely on your own mental resilience.

I would look at it this way. Are you prepared to risk pissing away 5-10 years of your life, and most of your savings, on something you are odds-on likely to fail at (since most startups fail), and fall way behind in the so-called "rat race" as a result, in order to pursue your dream? Are you prepared to deal with tedium, paperwork, and the other responsibilities of running a business, for the rest of your life? Do you really know you have a special talent for trading? Are you going to out-compete the many experience market professionals that you will be coming up against?

If so, then go for it. But don't try to pretend there isn't a cost. There is always a heavy price to be paid for pursuing a difficult goal. You really want to be sure you are prepared to pay it, before you set off on your journey. Right now, to me it seems you just don't know what you might be getting into. I'd do a hell of a lot more research before you go for it. And if you do, set a deadline for seeing progress. If after 1 year you feel like you've made a mistake, you can always go back to IT. After 5 years it'll be a lot harder.

Finally, remember you can get financial independence without becoming an entrepreneur/trader. Just spend bugger all, save 70% of your income, live in a small studio flat, don't have kids or get married, and invest your spare cash each year. After 10 years you'll have 1 million+ and be sitting pretty, while your friends who splurged their money on McMansions, wives, kids, and exotic sports cars will be about to have their mid-life crises.

Now if after taking all that on board, your reaction is "I don't give a damn, I *know* I will become a great trader, whatever it takes and even if it kills me", then probably you ought to go ahead and do it.
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Hi Elit,

I am in somewhat similar shoes. I am also in IT, but have been doing it for a while now. I got interested in trading several years ago, and laid out objectives of reaching a goal of successful full time trader. My main interest in trading, besides the fact that this occupation is very interesting, is monetary of course. I have reached a pretty much unbreakable top as far as IT developer salary goes, without being required to manage people or have your own .com company (I know what google developers made with their options, but I was not lucky to be in such situation).

I realized from the beginning that the only way I would quit my job if I am successful in trading, and the only way for me to do it are night hours. I began with forex, but when learned the mechanics of this “virtual” market for retail traders, I switched to Eurex index futures. I live on East coast, trade from 3am to 7am (usually done by 6am) and then go to my 9-5. Once I build my target grub stake, I’ll go full time. If things go as planned, it will probably happen around end of 2007.

I disagree with Electric that you need 400K to make 3,500 per month. 400K can be converted to 400K within a year, and you do not need to be a rocket scientist or take huge risks.

One thing is for sure, the sooner you begin this journey, the sooner you will learn whether it is for you or not. I wish I did it when I was in my 20s, but better late then never.

Regards,
redduke
 
At the rate I am going you may be correct :)


I disagree with Electric that you need 400K to make 3,500 per month. 400K can be converted to 400K within a year, and you do not need to be a rocket scientist or take huge risks.
 
Finally, remember you can get financial independence without becoming an entrepreneur/trader. Just spend bugger all, save 70% of your income, live in a small studio flat, don't have kids or get married, and invest your spare cash each year. After 10 years you'll have 1 million+ and be sitting pretty, while your friends who splurged their money on McMansions, wives, kids, and exotic sports cars will be about to have their mid-life crises.
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Hi Cutten,

True, but what’s the purpose of life then. If one never experienced sorrow, how would one know happiness. Unless of course piling up cash gives one the best satisfaction in life. To me, money are just the means. Extremely important, but not a substitution to everything else.

Regards,
redduke
 
Your problem doesn't seem to get fixed by having millions of dollar. It will make you more isolated and therefore you will feel the same as today. Try to go out with friends or having party at friend's house or invite them to your party. Try to deal with colleagues if not possible then change the job and make new friends. I understand that having a jerk boss is painful but try to understand that person and correct yourself to have a better relationship with him since it's impossible to correct him but you can do something with yourself.

For trading, if you really like this profession then start small and remember this is a full-time job and as someone mentioned its price is very high. Then be aware and prudent.

Quote from elit:

Of course I want millions of dollars, maybe a nice rolls-royce and a nice palace and so on.
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'I think this is what a great deal of the 90% do. Don't you agree?'

Success in trading a multi-faceted complex effort, respect the markets all along. Others have probably answered your question in much better and detailed manner, you might want to read those answers again and again and try to reach some awareness, conclusions etc.
 
i think you will find that it can be much easier to trade if you still have a job. when you trade with scared money, it makes everything a lot harder.
 
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