In need of a mentor...

gaussian said:
If the prognosis is good for your cancer (I know pancreatic cancer can be deadly) why not wait? Being in the markets with the added stress of having to prove something to yourself is bound to be bad. If you're bedridden, or close to it, why not turn on CNBC and play the tape for a bit until you feel better and are in the right headspace?
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Thanks Gaussian. I'm not bed ridden and I am doing quite well. My issue is with something called Whipple attacks that will never go away, but only last a couple minutes at a time. Not looking to make a full on living, but ultimately, I'd like to have fun and add to my other sources of income...rental property, retirement accounts, pension, etc.
 
cafeole said:
IMO, you will not earn a living trading the market at this stage. As I said in my other post, learning to trade takes a long time, becoming profitable even longer (if ever).

You most definitely need an income source while learning this stuff. DO NOT spend thousands of dollars on programs that tell you they can teach you to trade overnight. I did and I regret it every day.

Your life and health are the most important things you have in life. There is a way of getting through this.
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Exactly, too many traders get involved with trading because they're in a desperate situation and they think they can trade for a living or make some quick money to reduce their income needs. Changing careers in any job is tough to do at the age of 57 years old especially as he nears his retirement years.

Also, new traders get no information about the impact that trading has on a person's health & mental well being especially when the person already had a serious disease that required surgery in the recent years...a broker will not tell him, his data service will not tell him and any other resource he may use will most likely not tell him.

The stress & pressure from trading is tough on the body & mind and even more so as you get older (he did say he was 57 years old).

He'll need a nutritionist, fitness instructor, psycho therapist and so on to guide him into a new career as a trader at the age of 57 years old to help offset the impact of trading will have on his health & mental stability because in a way...his body is still recovering from pancreatic cancer even if it occurred a few years ago.

Also, he'll need the income saved to equal several years of whatever that office job he had was paying him annually. Then there's the issue of having insurance while as a trader at his age (life insurance, disability insurance, health/dental insurance).

Seriously, in 10 years he'll be able to retire from that office job...collect a pension and other benefits typically given to someone that retires.

There's a lot of truth to the saying to don't quit your day job while learning how to trade...that day job is the insurance just in case someone discovers they suck at trading.

Best situation he can do is to use his vacation time from his job, schedule days off from work or change the work schedule to explore trading with someone in person. Yet, depending upon those limitations he has...trading still may not be suitable for him.

wrbtrader
 
MRPaulson said:
Thanks Gaussian. I'm not bed ridden and I am doing quite well. My issue is with something called Whipple attacks that will never go away, but only last a couple minutes at a time. Not looking to make a full on living, but ultimately, I'd like to have fun and add to my other sources of income...rental property, retirement accounts, pension, etc.
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Whipple attacks is a tough thing to deal with even if it last only a "couple minutes at a time".

The impact on you psychologically is much longer afterwards.

You planning to have another surgery to deal with just that ? I ask because a large percentage end up having "multiple surgeries".

wrbtrader
 
MRPaulson said:
Making it rich is not something I am shooting for. It interests me and I'd like to have fun with it.
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Then by all means go for it. With the proper expectations in place trading can rewarding and enjoyable.

If you are intent on trading futures, this is my recommendation -

1. Sim trade until you have a strategy that is profitable over time.
2. Live trade micros until you are profitable over time.
3. Switch to eminis on 1 contract until profitable, then increase contracts slowly.

Hang around here and ask questions. Learn to use the ignore feature for those who are just here to criticize.
 
Have you ever considered buying a website already producing income? go to websites Flippa.com, FE international. Some take very little time to manage ( passive type income) and perhaps you might be able to grow it from there. As always do your Due Diligence. Good luck bud I'm rooting for you!!!

p.s. and you can also buy and sell them (Filppa Them) ... google it, it's ben very rewarding for some and fun. Disclaimer I do not work for Flippa or FE and never purchased a website in my life, but I was considering it for my son.
 
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MRPaulson said:
Making it rich is not something I am shooting for. It interests me and I'd like to have fun with it.
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ok, so if you need income from trading then the consensus is clear, the answer is NO lol.

but if you don't need the income, but just want to have fun, that's fine, it's like a roulette machine... but still, cash poker, sports betting will be a lot more fun lol... with sp emini the best case scenario is that you are very disciplined not to blow up, but just kill your account very slowly with commission and slippage, while staring at that very boring candlestick chart for hours and hours.
 
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