Trading after a job layoff

[DTK]

I don't consider either the "bible" but they are both very good reads IMHO.

http://www.amazon.com/exec/obidos/t...f=sr_1_2/103-4559855-5015066?v=glance&s=books

http://www.amazon.com/exec/obidos/t...f=sr_1_1/103-4559855-5015066?v=glance&s=books

Quote from Wallace:

Regarded as their 'bible' by some:
'The Disciplined Trader' and 'Trading in the Zone' both by Mark Douglas. The content relates directly to the psychology/emotions of trading. See reviews at Amazon. Wallace.

 

[marketsurfer]

Quote from JT47319:

From "The Futures Game: Who Wins, Who Loses, & Why" and the nominees for Best Loser are... [drumroll]



The envelope please... and the Best Loser is...

interesting, jt. remember during the dates of those studies , individual investors had zero to very little information. i do not believe they can be applied to today.

best,

surfer

 

[condorll]

Quote from bungrider:

NO NO NO NO NO NO NO NO NO NO.

you need expenses for AT LEAST 2 years right now (if you are really really good) and more like 50k (again, if you are really really good).

with your egg and only 6mos expenses you will become a poster boy for the PDT if you try to trade on that.

just my .02

I agree fully.

Find another job. Start swingtrading part time using a strategy and strict money management techniques. Prove to yourself that you can generate 10-20% per month in profit consistantly (1-2 years).

Then and only then, make your decision on trading full time.

Collecting unemployment while potentially burning your 20 grand just doesn't make sense. The traders that LAST are the ones that are realistic about their returns, and make consistant ggod trades based on their formula's, not he ones that get "lucky"

Good Luck to you!

 

[JT47319]

Quote from marketsurfer:

interesting, jt. remember during the dates of those studies , individual investors had zero to very little information. i do not believe they can be applied to today.

best,

surfer

Remember, we're talking about active traders here and not investors.

A trader is still a trader is still a trader no matter what time zone, time frame, or era. Someone who can make it in the pits of grain futures can make it on the NYSE floor even if he's wearing a 1940s fedora.

Floor traders have been doing this for generations with entire families geared to it as an actual profession. Technology, while certainly adding more to the equation, has not fundamentally changed what it takes to be a successful trader.

 

[krazybar]

A good way to get started in futures without getting hurt is by using a free trading simulator- this one has live quotes and allows you to try trading the emini s&p among other contracts:

http://www.tradingfuturesonline.com/simulated-futures-trading.htm

 

[mrmarket]

Good luck.