Packaging yourself for a life after trading fulltime
Are you hesitating between a goldplated or a plain wooden casket?
Are you hesitating between a goldplated or a plain wooden casket?
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Packaging yourself for a life after trading fulltime
- Thread starter downtickboy
- Start date
you sound like someone who played bunch of years in the minor leagues, and you've faced the fact that you'll never make it to the big leagues. is that what you mean?
Quote from downtickboy:
I have seen the results of this from traders who still are hoping to refigure out the market. Basically they were making money during bull markets -whether in stocks, fixed income, the euro, ect. Then for the last 2 years they have not made a dime and continue to bleed off what they previously made. They feel trapped because they don't know what else they even could do at this point. So they are banking on the fact that they will someday figure something out again that works. Too me that does not seem to be the most productive use of their money or time. Although I am no where near doing this, I think there are many other things I would like to do while continuing to trade part time. I think that is the best of both worlds.
FredBloggs
Guest
Quote from nononsense:
Packaging yourself for a life after trading fulltime
Are you hesitating between a goldplated or a plain wooden casket?
lol.
im speechless.
on a more serious note - i think we should all remember that trading isnt the only way to make vast piles of wonga.
it doesnt matter if you are a trader or flipping burgers. paul rotter & ronald mcdonald have 1 thing in common - they are the best at what they do cos they have 1 thing in common - winning attitude.
downtickdude just seems to have realised that the full time trading gig aint doin' his cherry anymore. thats fine. at least he is self aware enough (always the mark of a good trader) to know this and try something else. better than bangin his head against the wall.
you will never get that winning attitude doing something you no longer have passion for. so better get your kicks on route 66 - where ever that road takes you. more power to you down tickboy!!!
if there were more folk who were as mature and self aware as dtb, there would be less losers in this business.
Quote from trend_guy:
IMO, trading to make 25-50K is not a viable plan because in bad years you are toast. For an individual, the only reason to trade is to make it big IMO. You have to enter the arena with the plan to make millions or else your better off getting a job with a little more security.
Totally agree.
Quote from Lights:
you sound like someone who played bunch of years in the minor leagues, and you've faced the fact that you'll never make it to the big leagues. is that what you mean?
I have played in both leagues. However I never consistently stayed in the majors which is why I started trading in the first place. I think many traders do not realistically look at their circumstances now and where they might be in 5 yrs with all of the changes in regulations, automation, market volatility, ect. Many think they are kicking ass now and it will never change and they have everything all figured out. I went through a few periods like this. It would be funny to see how many people who have taken shots at me for posting this are even trading in 5 yrs and how much they have really made over that period. Hopefully the "passion" will carry you through. For all those who are negative on the career change and talking impossibilities of making the change well I can't figure out how you get out of bed and trade everyday. If you want to look just at odds, if you are making money in trading then you are really defying the odds yourself. If you are really that negative I don't see how you can trade everyday knowing the odds for your success are stacked against you.
Quote from FredBloggs:
lol.
im speechless.
on a more serious note - i think we should all remember that trading isnt the only way to make vast piles of wonga.
it doesnt matter if you are a trader or flipping burgers. paul rotter & ronald mcdonald have 1 thing in common - they are the best at what they do cos they have 1 thing in common - winning attitude.
downtickdude just seems to have realised that the full time trading gig aint doin' his cherry anymore. thats fine. at least he is self aware enough (always the mark of a good trader) to know this and try something else. better than bangin his head against the wall.
you will never get that winning attitude doing something you no longer have passion for. so better get your kicks on route 66 - where ever that road takes you. more power to you down tickboy!!!
if there were more folk who were as mature and self aware as dtb, there would be less losers in this business.
Thanks FredBloggs. You seem to have a good handle I want I am talking about.
i was drafted in the 36th round by the chicago cubs. i never had a chance, cos i suffered a shoulder injury. I know I'd be pitching in the mlb and kicking arse right now if it wasn't for that. many fail not cos they don't have the opportunity but because they don't believe in themselves. markets never change.
Quote from downtickboy:
I have played in both leagues. However I never consistently stayed in the majors which is why I started trading in the first place. I think many traders do not realistically look at their circumstances now and where they might be in 5 yrs with all of the changes in regulations, automation, market volatility, ect. Many think they are kicking ass now and it will never change and they have everything all figured out. I went through a few periods like this. It would be funny to see how many people who have taken shots at me for posting this are even trading in 5 yrs and how much they have really made over that period. Hopefully the "passion" will carry you through. For all those who are negative on the career change and talking impossibilities of making the change well I can't figure out how you get out of bed and trade everyday. If you want to look just at odds, if you are making money in trading then you are really defying the odds yourself. If you are really that negative I don't see how you can trade everyday knowing the odds for your success are stacked against you.
Quote from tomcole:
Most people dont walk away from a good living unless theres a good reason, eg, a heart attack or they made enough.
If you're a good trader moving to a big firm and saying I made X and want Y, is reasonable. Saying you walked away because you couldnt make a living, simply says you failed at it.
I'd rather hire someone who recoqnizes his own limits, and learned something about himself, than someone who makes up a story. The story-teller will just get fired in 6 months anyways. A guy saying I failed at it because, I dont understand economics, politics, my kids drove me crazy etc, gets more respect than a liar.
I'm sorry but your warped mentality makes it sound like anyone who simply does not want to trade, specifically daytrade, is a failure. Downtickboy mentioned that he was getting bored with it, so WTF is so bad about deciding to move on. I know it's hard to realize but there is a lot of opportunity out there that spans outside the world of trading and does involve working for oneself. Speculation does not stop at the stock market & S&P indices, far from it.
So is the smart money that left this market back in late 2000 to enter Real Estate, are they failures too? How about the traders that simply did not feel like it's worth their time anymore and happen to have a ton of capital from the bubble?
sorry to say this and be so blunt but if you can't make money it's not function of the market; my guess is you probably just aren't passionate enough about trading. The best traders I know never ever ever consider quiting. Not being able to make money is one thing; not having a passion for it is another. For me, trading is a callling, not a career or a job. If you don't have passion for trading and you are not enjoying it then finding something else to do is definitely the right decision IMO.
Quote from Hydroblunt:
I'm sorry but your warped mentality makes it sound like anyone who simply does not want to trade, specifically daytrade, is a failure. Downtickboy mentioned that he was getting bored with it, so WTF is so bad about deciding to move on. I know it's hard to realize but there is a lot of opportunity out there that spans outside the world of trading and does involve working for oneself. Speculation does not stop at the stock market & S&P indices, far from it.
So is the smart money that left this market back in late 2000 to enter Real Estate, are they failures too? How about the traders that simply did not feel like it's worth their time anymore and happen to have a ton of capital from the bubble?
I totally agree. I once had that single minded mentality and was too closed minded to see all the other available opportunity out there too. I have a feeling there are many other successful, unsuccessful, and those hoping to some day be successful traders out there with the same thought process of not seeing all the available opportunities out there. I see it all the time. I have also witnessed several people go through horrible streaks of not making a dime for 2 years but want to be "dedicated" and not quit hoping some day it will all turn around again for them. Which it may or may not. I also know several people not making enough money to make it worth trading when there are many more interesting and lucrative opportunities available to them but they are too close minded to see them. Too me being that closed minded to new opportunities makes me wonder how great of a trader they can really become.
I seriously doubt all those posting are kicking ass in the market taking 100-200K+ home a year CONSISTENTLY to make the reward worth the risk. I also doubt many have an idea how quickly what they are doing now can suddenly change for those day trading full time everyday. Like I said it would be interesting to see how many of the naysayers are even trading 5 yrs from now and even better to see how much they will have made over that period of time in the hopes of continuing that trader lifestyle right out of the Trader Monthly magazine.
I also find it funny why some are so hostile to the idea of a successful trader (although recently would not consider wildly successful compared to other business opportunites) to chose to move on to something else more interesting and exciting to do? From other traders I talk to about this I find that sometimes it is because the person pointing the finger does not want to face the REAL facts of their own situation and really take a look where they are going or where they will be 5 or 10 yrs down the road.