Seriously thinking turning Fulltime trader

Quote from innovest_11:

hi all fulltimers,

Now holding a job which offer quite good salary. But have lost interest in it. Now just day by day floating by.

Trading offers me only less than 1/2 the salary on average monthly. But at least i'm have interest on trading.

The worry is having 2 children to depend on me, housing loan...

Pls offer your view, thanks
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Have you actually managed to blow up an account yet?

(Serious Q)
 
It is very tiring indeed, to cater to both day job and night trading, u r right, health suffered due to lack of sleep...

Yes, i'm seriously considering this as business venture and it has its monthly costs too, just that the amount of effort put in, does not equal to the profit generated, sometime when u don't monitor so much, it may even get better profit or vice versa

Maybe now i'm into midlife crisis, where u get bored with work and wanted to change to do something different...

But i know that with 50k, it is extremely difficult...

Quote from alex.samant:

listen, i don't want to discourage you or something here...

but you must make it easy on yourself. first thing you need to consider is to let go of hard work.

meaning, STOP working during the day AND trading during the night. it won't get you nowhere. you'll only cause yourself huge problems, as far as health goes and not only. finance might be in danger too.

you need to make a journey of self discovery first. find out who you are and what you have always enjoyed (things you already did, not things you would like to do).

if you think about trading think about it as a business you are doing on your own. it might not seem to you like that, but it is. and trust me, it's as uncertain as any other business you would start out, maybe even more uncertain...

what you are trying to do here is start a venture. make sure you are currently able to do that. family, finance, time etc... are you willing to risk money and time for that venture? be it trading, running a pet shop or whatever...

maybe now is not the time, maybe you should get a bit more money and cut that credit spending, maybe it actually is the right time... i don't know, BUT one thing i do know. YOUR FAMILY SHOULD SUPPORT YOU in your venture otherwise, you're in for the biggest problems in your life.

i consider myself lucky. i'm 25 and have been trading since 1st year of college (i dropped out during the 4th year. couldn't relate to it any more). no family, and trading has become my job. but i don't know how i would have done it later in life..

wish you the best of success. it takes some effort you know...
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4 years ago, my account drop to 10k from 40k, due to speculation on penny stock, then now back up to 50k, without putting any more additional money into my account. Account has been slow durign 2nd year,3rd year better, now with more experience, 4th year has been quite good, so still going up to current level despite bear market now.

Quote from JSSPMK:

Have you actually managed to blow up an account yet?

(Serious Q)
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Look back at your account statements. Take $3,000 out of your account each month since the time you took your account from 10k to 50k. What would your account size be if you had this constant drag?

If I was in your shoes, there is no way I would give up my day job. The numbers do not add up.
 
Thanks for all the excellent advices. Saw the blog site, excellent posting there. 50k is indeed very much under capitalized. And also maybe taking too much risk to pay for monthly expenses, i think it is best for my account to reach 100k (if i could, maybe will not reach here even), then I'll ask for your advice again, thanks again.
 
$50k is not undercaptalised - if you know what you are doing, you certanly did not need six figure sums - you can lose all even with $100k - but if you know what you are doing $20k is plenty :D
 
I agree with shagi that it does not matter much the quantity but quality of your trading system that how much percentage are your winners and how consistent it is.
 
To the board: What if your job (i.e financial sector) does not allow you to trade part-time because of restrictions put in place by the firm. What do you then suggest?
 
Quote from famumoe:

To the board: What if your job (i.e financial sector) does not allow you to trade part-time because of restrictions put in place by the firm. What do you then suggest?
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Use end of day prices or system - or end of week !!

You will see you will do much better than most mini rabbit chasers in ET.:D
 
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