Need Advice on career change into trading

Quote from Hydroblunt:

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.
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yeah.

i think there are 2 types of 'trader'

1/those who just get involved in the markets to get rich, and may develop some superficial interest along the way.

2/those who trade because they are fascinated by all the aspects of how what why markets work and would probably still choose to trade if the pay was low (it can be!!, sometimes the pay is negative!!). these types were probably wanting a career in the markets since they were kids. i know i did.

i think the 2nd type is likely to continue no matter what happens to their account and whether or not the first experiences are good or not. their drive will eventually take them to profit.

the first type may also just continue no matter, but this is out of greed rather than love. this is they type that could develop gambling problems and self destruct out of pure greed.

of course, both types could also just throw the towel in if the money isnt forthcoming and out of necessity to pay the bills.

so we have a quadrant thing going on.

love of money or love of markets on one axis, and quitter or striver on the other axis.

every one in the market will fall into one of these 4 boxes.

sorry - dont want to pigeon hole everyone, but i am master of the universe dont forget and i can do what ever i fucking want hgfytrht :)

so, did you chose the markets, or did the market chose you?
 
Quote from Hydroblunt:

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?
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I certainly am not a "rah rah" guy. I've admitted it's hard work. Most entrepreneurial ventures in life are hard work. And people who don't have the desire to fight through tough times will likely fail. Not sure where you got your start trading but the office I started in told me I should only trade money I could afford to lose. They also highly suggested I have back up money put away to pay my bills for at least 6 months. So if one has funded a trading account with monry they can afford to lose then they can choose whether to blow out the entire account or quit after losing "x" percent. Some along the way find trading isn't what they thought it would be, or that's it's tougher than they expected. So as far as people who keep trading until they're forced out ... hey, that's an individual decision. The guy who started this thread still runs a business, he hasn't made a decision as to whether to commit to trading. So what's wrong with encouraging him and telling himit is possible to succeed. And why would you jump to the negative end point of people trading until they have to quit. That to me seems to be a defeatist attitude. And if one has a negative attitude starting a new venture then they're already facing an uphill battle.

Good traders adapt to the ever changing markets and whereas some years the money to be made might seem less, one can still make a decent living year in and year out.
 
I feel a lot of traders that are even slightly successful frown upon almost ANYBODY that desires or thinks about being a trader. It's like this aura of "I'm walking on water and you can't" is around them.

The OP knows the pitfalls of trading but he has enough money to give this a shot. The attitude of "take your money elsewhere or I'll take it from you" gets old. Let the guy go and take his chance with the market - he's smart enough to make millions, if he fails in trading, he can always go back to where he's at and go back to making millions.
 
Venturerider,

Ive been part of several types of business in my life. Being a consistent profitable trader is by far the most difficult. This is an ever changing business which means hard work every single day. As coolweb says you get slapped around almost every day.

If you feel like going into this business for the money... Well you will not succeed long term. If you do it because you love the markets, then you will have much better chance of succeeding.

ORM
 
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