Part Time To Professional - What's the secret?

[HolyGrailSeeker]

Why do so many people claim it's so hard ? I don't understand when I read, it's too hard you cannot make it, please explain why a retail trading stocks and options can't be a millionaire ? Is there any form of evidence suggesting such thing ?

It depends on your preseverance and discipline. If you start with a capital of say 200k then its not that difficult. If 20k its more challenging. If 2k, probably will take mad skills and a long long time.

Lesser your capital the more you should have a full time job to invest every month to grow your stock portfolio. In fact, I think you should have at least a million dollars in stocks before you go fulltime. That's my opinion.

 

[ironchef]

It depends on your preseverance and discipline. If you start with a capital of say 200k then its not that difficult. If 20k its more challenging. If 2k, probably will take mad skills and a long long time.

Lesser your capital the more you should have a full time job to invest every month to grow your stock portfolio. In fact, I think you should have at least a million dollars in stocks before you go fulltime. That's my opinion.

The first million is the toughest because we normally start with very little and it takes tremendous growth to reach $1 million from say $10K. The second million is easy, you only have to double your money.

Honestly, to safely go full time you have to be able to live on a (small) fraction of your expectancy (trading profits), otherwise the "risk of ruin" will shorten your trading career. It is not a number but depends on your lifestyle: I would need a lot less trading capital if I live in Bangkok vs Beverly Hills/Newport Beach.

 

[Bekim]

I can tell you my plan, I trade during the day and I work at night, when I can make at least twice what I make at night then I might consider trading full time. I have a wife and 2 kids so it is more difficult then if I was single I could probably trade full time right now.

 

[Evermore2017]

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

Bank: +$500k
Edge

 

[iLikeMoney]

Loadsa money and a mental toughness

 

[ironchef]

Loadsa money and a mental toughness

Most of us started with very little money, so, not loadsa money but loadsa time.

The magic of compounding can only happen when there is lots of time.

 

[murray t turtle]

Why do so many people claim it's so hard ? ...... please explain why a retail trading stocks ......can't be a millionaire ? Is there any form of evidence suggesting such thing ?

%%
Because so few do.HOW do i know that for 95-100%% sure??
Well lets say 97.777% sure, which is close enough for me. MilioNaire MiNd Book, by Dr Stanley.
But investing /stocks/stock funds is much more common to get 7 or 8 figures or more.

Easy to hit >>60% hit rate+ more; but doing something for 10 years that' s a whole different deal. And if a bank offers you a 500k loan; double check the collateral/ contract/lawyer.

 

[ScottCarsonMVP]

Thanks for the shares all

 

[murray t turtle]

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

[A] Simple math skills.........
[z]Rule of 72; also work 6 days a week 12 hours a day=72.Aardvark Trading or Aardvark Clearing says avoid bank loans in general.

Would it take $500 k + a bank for an edge?? it could; depends on neighborhood.If one believed stuff like a low PE is a buy, or what DB said about stocks being ''overvalued'' it could take much more than 500K. LOL-LOL
Of course if DB ever gets an EPS way above 25 EPS LOL, + less debt than 243% i may or may not pay more attention to them . NOT a prediction.

 

[murray t turtle]

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

%% Good + have a selling/exit plan.