Just fired. Should I give it a try?
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Absolutely not.
Why not:
- you don't have enough trading money
- you don't have enough living money
- you don't have the experience
- you don't want to day trade
You seem to want to eod trade/swing trade. So you can do that in an hour a night while you build some record and experience (and a plan) without pressure.
This says to me:
- find that next job, even contract jobs
- build a trading plan (find the TA's driving me mad thread in psychology).
- start being very serious about swing trading
When you have a plan, experience of success, and build up some more capital then and only then - give it a go.
Why not:
- you don't have enough trading money
- you don't have enough living money
- you don't have the experience
- you don't want to day trade
You seem to want to eod trade/swing trade. So you can do that in an hour a night while you build some record and experience (and a plan) without pressure.
This says to me:
- find that next job, even contract jobs
- build a trading plan (find the TA's driving me mad thread in psychology).
- start being very serious about swing trading
When you have a plan, experience of success, and build up some more capital then and only then - give it a go.
i was in the same boat as you when i started trading, my plan what to build up a big enough bankroll where i could support myself for 2 yrs without working, but of course i had to start way earlier when i was fired from my job at morgan stanley cause it sucked major ass, started with a bit more than u (18K) and lived with my parents but now a year and a half later i'm pretty close to 350k(and of course not living with the rents
)....but when i see u putting up excuses why u can't and not wanting to risk your capital thats not a good sign, as a trader you should have a thirst for every second the market is open, i know i do....i'll post some tips if your interested to get you headed in the right direction
You need to diversify.
Take your liquid assets and break it up 3 ways. 1/3 in lottery tickets, 1/3 pork bellies,1/3 in Budweiser stock.
Rennick the Cable Guy out
ps. get er done
Take your liquid assets and break it up 3 ways. 1/3 in lottery tickets, 1/3 pork bellies,1/3 in Budweiser stock.
Rennick the Cable Guy out
ps. get er done
Quote from otcstockfund:
i was in the same boat as you when i started trading, my plan what to build up a big enough bankroll where i could support myself for 2 yrs without working, but of course i had to start way earlier when i was fired from my job at morgan stanley cause it sucked major ass, started with a bit more than u (18K) and lived with my parents but now a year and a half later i'm pretty close to 350k(and of course not living with the rents
Good points. On the other side, I think I have some good points too. I'm not staying with my parents, so I think it's normal that I'm a bit more cautious. And I don't have an experience at Morgan Stanley like you do. But all these things prevent me from starting, not from being determined if I started.
didn't learn anything at morgan stanley, bunch of tards there, nice guys and good sales people but knew nothing of the markets....all they did there was look at 1-5 yr historic records of mutual funds and pick lol
You would be putting yourself under an awful lot of pressure to succeed. Would that be the right environment in which to start trading? Would you be giving yourself a fair chance, even? If you were just "trying" it for two months that sounds less stressful, but you can still lose a lot of money doing this. Worth pondering these points and those made by others in reply to your post.
Suss
Quote from otcstockfund:
i was in the same boat as you when i started trading, my plan what to build up a big enough bankroll where i could support myself for 2 yrs without working, but of course i had to start way earlier when i was fired from my job at morgan stanley cause it sucked major ass, started with a bit more than u (18K) and lived with my parents but now a year and a half later i'm pretty close to 350k(and of course not living with the rents
Very good post
Thanks for sharing
Goinglite
If you are wishy washy and have to think things over and over before making a decision you trading "career" will be very short lived.
Quote from andread:
Today we have been told that the entire office will be closed down at the end of the year. I have been wanting to trade for a long time, but only in the past 1 1/2 year I have been seriously thinking about it. And the things I have read here and somewhere else gave me more motivation.
I was ready to start part time, and I wanted to do some more paper trading before starting with real money, but I have never really thought about going prop, and I probably won't do it, but I do have the crazy (for me) idea of starting. If I want to do it, maybe I can try now.
I might want to try for a couple of months, see how it goes, and then decide. I should obviously talk to a company, because I need some leverage. I can't do that at home.
Maybe, being a software deveioper, I might look for a software development job at a prop firm, where I can trade part time. I guess there are not that many in the Netherlands, where I live.
If what I'm saying is nonsense, it's just post traumatic stress