Part Time To Professional - What's the secret?

ironchef · Feb 11, 2019

Stockolio said:
I see... Good luck to you as well!

Thank you.

My humble suggestion: Most of us retail can improve our odds by not quitting our job, save like crazy to amass sufficient trading capital, learn to trade on the side with small bets to hone our skills, don't over trade, don't follow the herd, find our own path.... one day you will realize you are ready, quit your day job and never look back.

Stockolio · Feb 11, 2019

ironchef said:
Thank you.

My humble suggestion: Most of us retail can improve our odds by not quitting our job, save like crazy to amass sufficient trading capital, learn to trade on the side with small bets to hone our skills, don't over trade, don't follow the herd, find our own path.... one day you will realize you are ready, quit your day job and never look back.

I have 100 % of my account, six figures US on the line in long deep Out Of Money PUT, if I hit I'll be a millionaire few times over, haha... Recessions don't come every 5 years, I spend a stupid amount of hours on this thesis, it's gonna be epic... I had too, there was no way I couldn't, I wouldn't be able to ever consider a career in Trading/Investing and PE if I couldn't pull the trigger on this... I quote Michael " The Man " Burry wiki page.

Burry has since said, "I don't go out looking for good shorts. I'm spending my time looking for good longs. I shorted mortgages because I had to. Every bit of logic I had led me to this trade and I had to do it.

I didn't PUT Mortgage bonds like him in this coming collapse, but this quote is some of realest stuff I ever came across in all my readings about trading

qlai · Feb 11, 2019

Stockolio said:
why a retail trading stocks and options can't be a millionaire ?

I thought we were talking about professional as in running OPM. You can become a millionaire or blow up your own money no problem. But think about the article I posted, could you hold yorself to same standards? Most likely no and that's fine, but you can't say you are "professional" trader, imho.

Stockolio · Feb 11, 2019

qlai said:
I thought we were talking about professional as in running OPM. You can become a millionaire or blow up your own money no problem. But think about the article I posted, could you hold yorself to same standards? Most likely no and that's fine, but you can't say you are "professional" trader, imho.

Thank you!

JSOP · Feb 11, 2019

ScottCarsonMVP said:
What credentials does it take for a part time trader to become a full time professional trader?

Consistent profitability, adequate trading capital and preferably a back-up income and/or savings for rainy days.

Trader Curt · Feb 11, 2019

The secret to becoming a professional is not worrying about becoming a professional, that's how you become a professional

ironchef · Feb 11, 2019

Stockolio said:
I have 100 % of my account, six figures US on the line in long deep Out Of Money PUT, if I hit I'll be a millionaire few times over, haha... Recessions don't come every 5 years, I spend a stupid amount of hours on this thesis, it's gonna be epic... I had too, there was no way I couldn't, I wouldn't be able to ever consider a career in Trading/Investing and PE if I couldn't pull the trigger on this... I quote Michael " The Man " Burry wiki page.

Burry has since said, "I don't go out looking for good shorts. I'm spending my time looking for good longs. I shorted mortgages because I had to. Every bit of logic I had led me to this trade and I had to do it.

I didn't PUT Mortgage bonds like him in this coming collapse, but this quote is some of realest stuff I ever came across in all my readings about trading

I admire your conviction and courage but if I were you I wouldn't put all my eggs in one basket. I would read up on Kelly too.

But what do I know, I am just an amateur retail and shouldn't give you advice.

Stockolio · Feb 11, 2019

ironchef said:
I admire your conviction and courage but if I were you I wouldn't put all my eggs in one basket. I would read up on Kelly too.

But what do I know, I am just an amateur retail and shouldn't give you advice.

Ok....

victorycountry · Feb 12, 2019

Better not even think about it until you find trading like playing games and are to read what it is going to happen. There is no easy shortcut, I am afraid

Nobert · Feb 12, 2019

ironchef said:
Thank you.

My humble suggestion: Most of us retail can improve our odds by not quitting our job, save like crazy to amass sufficient trading capital, learn to trade on the side with small bets to hone our skills, don't over trade, don't follow the herd, find our own path.... one day you will realize you are ready, quit your day job and never look back.

Exactly.

My plans were, funny part, il take loan, $50 000, go all in to blue chips when crisis rolls up ,.(had bo clue how to time it, - i would time it by stars and moon ?) ( ....

wind in background...)

Then i found about $25 000 rule,

and then , 18 months later, i realize, than through homework with ten/ hundreds or stocks, waiting for perfect entry point/timming, i can do some nice 3 / 5 / 10 % / per week swing trading, starting with only $1000/2000.

Then stayin at the daily job, and placing extra $500 to portfolio each month.

@Stockolio - i started few months earlier, will be nice to know someone, whos, kinda in the same shoes.