I'm switching to full-time

Quote from Ajax2004:

I've recently decided to switch to trading full time. I've been day trading since late 2004, profitable since early 2006 and making decent money for just under a year now. I believe I'm ok on: profitability consistency, account capitalization and extra savings side of things but was curious if someone had an advise or could share their experience on what else to watch out for and how their switch to full time went.
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Pulling your income fully from trading means that you must be absolutely ruthless in maintaining very tight stops. Don't ever let anything get away from you.

Be happy with small but consistent profits, and protecting your equity.

Don't get bored and start to be creative, when real dollars are involved. If you want to play, do it offline in a test platform.

Sounds like you are on the right path. Best of luck.
 
Thanks bootstrap. That's good advice. I've created a map of everything that I'll be doing including trading and non-trading related. Focusing on balanced and healthy living to try and keep things in perspective, take breathers etc.


Quote from bootstrap:

the only thing that i can add, is to watch out for the personal issues that can crop up. about two months after i went full-time, my wife and i hit the skids. nothing to do with trading, just personal issues. but this isn't about that failure.

its about the time and energy that it took away from my trading. i would have been much better off, if i had slowed my trading down. i could afford to not trade for a short time. at least long enough to straighten out my personal life. but didn't.

and to say the least it was almost a trading melt-down. and the last lesson i had to learn the hard way.

that being said. just watch out for the personal stuff and have a plan for how you are going to handle them when they do come around.

the only other nugget that i have found useful is to do something i like when the losses hit. it just seems to ease the pain, when i do something on those pesky losing days.

take in a movie. go hit some balls at the range, or maybe play a round of 9 holes. play ball with the kids, ride the bike, anything to take my mind off the markets. even if it is just for a little while...

good luck.....
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Don't get lazy..... Breaking from the routine of a full time job (paycheck, hygiene, good habits, diet, exercise, trading, study) and everyone keeping you in check might take some getting used to. Start trading full time and you might tend to slack off because you can do it later or no one is watching. You gotta be even more on top of your game and there's that word again....disciplined.
 
I'm trading based on a system adapted from a person who traded it for a living. I've made relatively minor tweaks along the years and still continue to explore ways it can be enhanced. The system survived almost intact for about a decade now.

I think I have what it takes to continue tweaking it if needed. I keep a very detailed journal of every single trade (prices, charts, tags etc.)

I fully expect challenges, just not sure what they're going to be like :-) I believe they will be primarily in the mental/psychological area. I've got a couple of years worth of living expenses outside my trading account to see me through market related issues.

Quote from DHOHHI:

Do you feel you can adapt your trading if (when) the market changes? Not sure if you trade a system, TA based, scalp, etc. but there will be a time when what made you money no longer works (as well) and finding a new (or modified) approach becomes a necessity.

I've been at this since early 1996. You'll have many challenges along the way.
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Good point. I'm actually planning on getting LESS lazy, or more accurately take better care of a lot of things I've neglected while working the whole day and trading all night (I'm overseas). A more balanced life - diet, exercise, relationship etc. are some of the main drivers behind giving up on the day job.


Quote from 2mnytrdz:

Don't get lazy..... Breaking from the routine of a full time job (paycheck, hygiene, good habits, diet, exercise, trading, study) and everyone keeping you in check might take some getting used to. Start trading full time and you might tend to slack off because you can do it later or no one is watching. You gotta be even more on top of your game and there's that word again....disciplined.
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THAN BY ALL MEANS QUIT.

BUT IF YOU ARE MAKING $100,000/YEAR JOB WHY QUIT. TRADE PART TIME YOUR RETURNS ARE GOING TO BE SAME AS IF YOU DAYTRADE FULLTIME.. YOU HAVE GAURANTEE POSITIVE CASHFLOW FROM YOUR JOB.
 
Quote from Ajax2004:

I've recently decided to switch to trading full time. I've been day trading since late 2004, profitable since early 2006 and making decent money for just under a year now. I believe I'm ok on: profitability consistency, account capitalization and extra savings side of things but was curious if someone had an advise or could share their experience on what else to watch out for and how their switch to full time went.
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you trade stocks or futures?..whats your trading style?

cm
 
Hi Vectors, there's no need to shout ;-) (go easy on the caps lock).

Why quitting: working in the day + trading at night has taken a toll on me, the markets open at 9:30pm (10:30pm in the winter) here.

Money is not everything, I prefer to do what I enjoy doing, make a good living and have a quality of life rather than max out my income and suffer the consequences of over-work.



Quote from vectors101:

THAN BY ALL MEANS QUIT.

BUT IF YOU ARE MAKING $100,000/YEAR JOB WHY QUIT. TRADE PART TIME YOUR RETURNS ARE GOING TO BE SAME AS IF YOU DAYTRADE FULLTIME.. YOU HAVE GAURANTEE POSITIVE CASHFLOW FROM YOUR JOB.
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I tried going fulltime once but overtraded. Felt I had to trade every day or i felt like i wasnt working. I prefer to keep part time . I think trading fulltime is a more a mental problem being able to handle a loosing week or not trading for 2 days because of the market is waiting for some annnouncements ie payroll interest rates. Good luck just keep your options open .
 
As mentioned earlier, I do equities only at this stage. I trade intraday whatever is moving.


Quote from cashmoney69:

you trade stocks or futures?..whats your trading style?

cm
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