Need Advice on career change into trading

Well Said.

I on the other hand was the complete opposite. After making large sums of money I spent money friviously ran up line of credits, credit cards etc, bought a nice car, motorcycle, $1500 Aeron Chair etc etc I don't think I need to tell you the rest of the story and what happened.

Now I'm trying to do it the right way and it is not easy. I also recommend people not to take up trading.

ozzzz
 
Joetrader,

Great post. You not only show that it CAN be done, but that it's so darn hard to make the big bucks, you might as well enjoy life and toil at some other occupation where success comes easier.

So, umm, can you at least say you found your edge in futures or stocks? If futures, which ones? :D
 
Quote from jem:

Business has so much more margin for error it is not even funny.
Business is about relationships, spoting opportunity and living up to your promises.

That does not mean squat to the market. The market does not give a shit if you are smart, your word is your bond, you have charisma, you are man of vision, you are a leader, you have compassion, you know how to make manufactures deliver on time.

The market is a far tougher master than the business world.
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exactly.

and mastering the first (successful business) takes A LOT OF WORK.

but to undo all that work, that method of thinking, that way of perceiving etc and build another personality or character traits suited to the markets is TWICE as hard as starting off trading. first you must deconstruct the first way of thinking, and then build your market character/personality.

the markets attack the greatest human failing of all - vanity.
 
Quote from Choad:

And it has been said by brokers that those we consider successful in life like Doctors, Lawyers and Engineers make poor traders as a group - just like everybody else.
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Hahaha! You believe what brokers tell you?

Psychologically it's interesting to read all the negatives people post. Some are probably from failed traders, some are from people who read something and believe it, some are from those who don't want to put in the effort to succeed as a trader.

Someone recently posted that trading is so much harder than starting/running a business. I disagree. A trader can close up shop at any time of the day (or week). Can a business do that?
 
Quote from DHOHHI:

Hahaha! You believe what brokers tell you?
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Nope. Brokers never "tell" me anything. And no, I am not a failed trader. I still have a fulltime job, as an engineer, and I have seen and known MANY traders that failed. I've been successfully trading options and automated strategies for years. Thank you...


I give up. Yes. Anybody can trade and make millions. Just look at Joetrader. He lives on the beach in Florida.

Watch Waxie or that real estate guy. They say it's easy. They drive in limos with supermodels.

Get 4 X made easy. You will be rich.

Just work hard and study. That's all it takes.

I'll see y'all at the Yacht Club!
 
Quote from DHOHHI:



Someone recently posted that trading is so much harder than starting/running a business. I disagree. A trader can close up shop at any time of the day (or week). Can a business do that?
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well most traders cant either cos they think theyve got to sit round all day and trade - this is the same as a corporate deciding to chase every customer - even when that customer may cause so much grief it hits the profits. not every customer is right for your business.

anyway, this feature you point at doest really relate to the difficulty, its more of an advantage of being a trader.

you could have pointed out that a doctor cant walk out in the middle of heart surgery. but this has nothing to do with whether success as a doctor, trader or business man is any easier/harder than the others - its just common sense.
 
This edge thing that everyone keeps talking about. You don't have to reveal your own personal edge (as I'm sure you wouldn't) But why not give an example of what an edge might be? Maybe an example of someone else's edge that you don't care for, but could help others understand what an edge might look like?
 
Quote from DHOHHI:


Psychologically it's interesting to read all the negatives people post. Some are probably from failed traders, some are from people who read something and believe it, some are from those who don't want to put in the effort to succeed as a trader.
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It's interesting to see the "rah rah rah, keep going at it no matter what, quitting is for losers, the opportunities outside of trading US markets are BS" mentality being preached. This type of mentality is what I recently observed in guys that keep on trading, adapting & struggling as the turn negative in their trading, down in their account & unable to make income for months. They just keep going, until they are forced out. Is that how you suggest to go out of the game?

It's even more interesting that any realistic & negative remarks instantly get shot down as coming from a failed trader. Do you consider smart money as failed traders because they left this market years ago? What if someone got a job offer in another interest of theirs or saw an opportunity that would yield 3 times the reward for the same effort?

If your passion & motivation for this business is high, then go for it. There is nothing wrong with pursuing your interests and going for something that you love or think you would love to do. But it is wise to take a realistic look at the financial & "success" expectations years down the line.
 
You have your own successful corporation and want to daytrade? :confused:

Have you looked into position trading where you keep your job and monitor trades eod?
 
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