Trade for living-how much $ do I need??

I quit a good IT Job to trade fulltime. Lived off savings for a year only to become a break even trader. 1 month ago I got a job as a Valet working 4 nights a week. The girlfriend isn't to happy but I could careless. Now that I am working there is no "Rush" to become profitable (less stress).

If I had to do it over again I would make sure I had a proven methodology before quitting my job. However, I can afford to make decisions like this. I am young and don't have a wife and kids.

good luck
fan27
 
Quote from Samson77:



I had a heck of allot more than that 2 years ago when I decided to do this fulltime and I'm still not consistently profitable.

. [/B]
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Are you sure you should be so free with your advice then?
 
Quote from Virtuoso:

Your post would be spot on if we were dealing with a static market, but the market I have come to know over the years is a living, breathing, dynamic, everflowing organism that takes the utmost pleasure in transforming an "edge" into a thorough exercise on chewing cactus. I know you know first hand what it is I speak of...

Nice to see you posting again Qwik, its been some time...

PEACE and good-trading,
Commisso
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Sounds like psycho-babble from someone who doesn't have a viable mechanical edge. I've been using a simple 3 min sto with a MACD crossover that enters only on doji's or Rising Hiroshima's. Since 1987 this signal has a 83% kill rate. You should see it when I combine it with my day in day out NYSE scalping edge. Bullets shmullets. I am the downtick. It's at a point where those specialists know when my red lines tickin' above the green line and they drop those f***in bids in pronto time bro. Forex, fuggeddit. Interbank guys are TEACHING my shit to junior traders. Buffet: used a variation called the NAGASAKI Nuclear Cloud which is a reverse Harami Cross with a little english on it. For Buffet though we've tweaked the 3 minute into a 5 minute with a 20 tick confirmation needed. Look at a chart of KO and you'll see why Warren loaded up the boat. So my advice less zen=more yen.:D
 
Quote from Hamms:

I've been using a simple 3 min sto with a MACD crossover that enters only on doji's or Rising Hiroshima's.
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Uh, Hamms.....

What would a Rising Hiroshima be?:confused:
 
Quote from BSAM:

Uh, Hamms.....

What would a Rising Hiroshima be?:confused:
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Hiroshima "n : a city on the southwestern coast of Honshu Island in Japan; on August 6, 1945 Hiroshima was almost completely destroyed by the first atomic bomb dropped on a populated area"

thus a Rising Hiroshima will be
(edit: the blue line represent the sea level :D )
 

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Quote from Hamms:

Sounds like psycho-babble from someone who doesn't have a viable mechanical edge. I've been using a simple 3 min sto with a MACD crossover that enters only on doji's or Rising Hiroshima's. Since 1987 this signal has a 83% kill rate. You should see it when I combine it with my day in day out NYSE scalping edge. Bullets shmullets. I am the downtick. It's at a point where those specialists know when my red lines tickin' above the green line and they drop those f***in bids in pronto time bro. Forex, fuggeddit. Interbank guys are TEACHING my shit to junior traders. Buffet: used a variation called the NAGASAKI Nuclear Cloud which is a reverse Harami Cross with a little english on it. For Buffet though we've tweaked the 3 minute into a 5 minute with a 20 tick confirmation needed. Look at a chart of KO and you'll see why Warren loaded up the boat. So my advice less zen=more yen.:D
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Welcome back :p And thanks for the laugh my friend...
 
Quote from dchang0:


Seriously, you have got to practice a lot more and learn your technique/system/methodologies inside and out. You should know how your system as well as you know how to walk, because even when walking, sometimes you will trip and take a bad fall. The key is creating consistent results and being able to take the stumbles that will occasionally occur, and for that, you have to be "walking" your techniques in the market for years.
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This is excellent advice. Until one knows his strategy, his market and himself in depth - and knows in advance what traps are waiting and how to prepare for them - then one isn't ready to trade for a living. This all takes time, experience, and often a lot of tuition that comes in the form of losses. So if you haven't given it the time, if you don't have the experience, and if you haven't saved the tuition, then you aren't ready.
 
Let's be realistic. Only the very best top gun traders can make >100% per year.

Even if you were in the top echelon, 100% on 20K is only 20K. You would make only slightly more than someone working at Mcdonald's.

I agree that you should get a real job and trade part time like others suggest.

I've traded for many, many years and only recently have I started to really turn the corner and see consistently good results.

1st_samurai
 
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