Quote from traderhf:
DON'T risk too much of your money at one time. It takes 2-3 years generally to learn to trade profitably and consistently, and I have seen plenty of guys with good promise losing all in the learning process.
7. Know thyself -- Read about psychological biases a man suffers from
Quote from BillySimas:
Your math is correct, if I'm able to keep my expenses low I should have significantly more money saved up by next year. I'm able to trade my systems at work in simulation, and this helps tremendously. You'd be surprised how even fake money has an impact on your psyche.
As far as the psychological biases go, I've read several books on the topic (Trading in the zone, trading for a living, etc) and I'm familiar with all the psychological mantras. Poker has helped me with that as well, since the nature of winning consistently involves playing very few hands, being "right" a very small % of the time, not letting your emotions dictate your decisions, and recognizing the fact that you will suffer losses no matter how well you play. Thanks again for your feedback, this has really helped me gain a better perspective on things.
Quote from polpolik:
knowing by reading is different from actually learning from trading. I'm not saying you won't learn but with 10k? how much time do you have before you start leeching off your mom?
At 30 yrs old, you're the last thing your mom should be worrying about. What if your trading didn't go so well, you'll be borrowing money from your mom or having her feed you while you look for a job?
I think you've been selfish enough at this point in your life. Don't quit your job and place the burden on someone else while you go search for the holy grail. Go work for a few years, move out, then trade if you have saved up enough.
NO ONE CARESQuote from YourMaster:
The only time Jack has ever gone on record he came DEAD LAST in a trading contest in 2002 without the heat of real money..
His number 1 protege Spydertrader and leading exponent of his method turned up at a traders expo so poorly dressed he had to be marched to the cloak room by the hostess and given a decent pair of shoes to the horrified embarrassment of all the other traders there..
After 50 years of failure in the markets Jack targeted a weak woman much younger than himself with father issues and now resides in her house and leeches money off her..
He is a disgusting con man, nothing more
Quote from BillySimas:
Bear in mind that I am already quite familiar with the psychological tolls that drawdowns and losing periods can have on my psyche. I lost 30k of my prop firm's money before I got fired and the swings I used to deal with in poker were much greater than the money I'll be risking in trading to start off. Also, FWIW, I've never (and don't plan on) being in a situation where I'd need to ask my mom for money. That has never been a factor and I would surely not be trading for a living if that were a possibility.
Quote from polpolik:
Well, no one sets out on their own planning to lose. But, you'll always have to take into account the whatifs. Just as any businessman would have a contingency plan when starting a new business.
But, if you're only considering the fact that you'll be profitable and nothing else, then I guess you won't need this forum to tell you otherwise.
Quote from rcj:
BS
dont like the poker angle.
dont like idea of quitting the brokerage job. With little expenses
you say you have you should be able to save thousands of $$
in about 36 mo or so.
dont like quitting job AND trying to trade with ONLY 10K. This
is just utter Bullshit. Just not sound thinking/planning of
a winner.
You're way to soft, bud.
rj