Trading for a living

Quote from sprstpd:

Any chance they want to downsize in the future and give you a big severance package?
More...

No that is not going to happen either, you make money
for them you stay. I went a little balastic on them
awhile back. I thought for sure they are going to walk me out.
No instead they gave me more money. That kept
me happy for a month. That is when I realized it not the
money any more.

I like trading, i do not have the patience for the crap that
goes with it.
 
$75K is not a lot to start out with if your currently making $250K. You might think about sticking with the job for another year or two and saving an additional $100K-$200K. At least you would be able to see the light at the end of the tunnel which might make it easier to put up with the non-trading bs.

Cheers,

TRADERguy
 
gwac, I know what you're saying, and yes I understand when you say that money isn't everything. Like you I am sick of the investment banking industry too.

Alright, so far it seems that we have 2 options (and I add one more):

1) is it possible for you to ask your boss to give you a 2 months holiday, so that you can trade on your own and see what you can do ?

2) I believe somebody on this thread suggested to give your trading account to a relative, may be your wife. That works if you're a mechanical trader. If you're a total discreet trader then obviously that won't work. As far as I'm concerned, I have tried this, but it didn't work. I am a very mechanical trader but still, too many potential problems which my wife couldn't cope with, she understands shit about trading. She went back to her job (for a Korean trading company which manufactures swimming googles).

3) is there anything else in life you enjoy ? The reason why I'm asking is because as far as I'm concerned I have an application with Cathay Pacific, the local airline, to be a pilot. If I am accepted, I would start as a second officer with a salary less than half of what I'm making now... but still... I would do it because being an airline pilot is my dream. So may be there is something else in life you would enjoy doing ?... may be ?...
 
Quote from TRADERguy:

$75K is not a lot to start out with if your currently making $250K. You might think about sticking with the job for another year or two and saving an additional $100K-$200K. At least you would be able to see the light at the end of the tunnel which might make it easier to put up with the non-trading bs.

Cheers,

TRADERguy
More...


Yes, I completely agree with that...
 
So what's the worst that could happen?

Based on your experience, I'd guess blowing out your risk capital and discovering that you can't make it on your own is the worst. So the question is whether you can get back into the workforce with your track record at the ripe "old" age of 42. I work in hitech so I have no idea, what's considered "old" in FI? You may have to take a big paycut in a different FI before you can prove yourself again. Is that all worth the reward? The reward is knowing in your gut that you can't do it on your own, and that you must stay in the workforce for as long as it takes to get all the money you need. Knowing that helps you cope with the stresses of the job and may even make your more successful.

What's the worst case scenario if you hold the present course? How long can you keep doing it without the negative feelings spilling out into your performance? What's the scenario if you had to take the plunge at age 50? By then you'll be a lot richer but also older.

Disclaimer: I do not work in FI. My trading experience is less than 1/10 of your own. My life experience is much less also. I'm writing this to clarify my own beliefs. So please discard them. If I did stumble on a question that you think is worth asking yourself, it's your responsibility for the answer. Good luck, I envy you :)
 
Quote from ElvisOnMargin:

The loonie... And there is a story that goes with it. Somewhere in the 80's, when the Canadian dollar coin was introduced, it was not supposed to be the loon design, but something else (can't remember what). But the Canadian Mint sent the dies to wherever they were supposed to go via a regular courier and the courier lost them. They were never seen again :-) So the Mint went to Plan B and the loonie was born. They should have put an engraving of Bozo The Clown on that coin :-)

True story...
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LOL

That is so typical Canadian government.

I wonder what it was supposed to be in the first place?

My guess is a Beaver, If you've ever seen the women in Montreal you'd know Canadians have the best Beavers anywhere. :D



dirty old men ..... hehe
 
Quote from jrkob:

gwac, I know what you're saying, and yes I understand when you say that money isn't everything. Like you I am sick of the investment banking industry too.

Alright, so far it seems that we have 2 options (and I add one more):

1) is it possible for you to ask your boss to give you a 2 months holiday, so that you can trade on your own and see what you can do ?

2) I believe somebody on this thread suggested to give your trading account to a relative, may be your wife. That works if you're a mechanical trader. If you're a total discreet trader then obviously that won't work. As far as I'm concerned, I have tried this, but it didn't work. I am a very mechanical trader but still, too many potential problems which my wife couldn't cope with, she understands shit about trading. She went back to her job (for a Korean trading company which manufactures swimming googles).

3) is there anything else in life you enjoy ? The reason why I'm asking is because as far as I'm concerned I have an application with Cathay Pacific, the local airline, to be a pilot. If I am accepted, I would start as a second officer with a salary less than half of what I'm making now... but still... I would do it because being an airline pilot is my dream. So may be there is something else in life you would enjoy doing ?... may be ?...
More...


I hope you get that job. Good for you. Now I am really
jealous. Atleast I think you understand what I am going through.

One thing I am glad I did is save, eliminate all my debt and
get my kids educations dealt with. Cause right now my wife
could still stay home and I only need to bring home 4 to 5k a month after taxes and not have to touch my saving. So IMHO
i got lots of choices and in reality I am a very lucky person
to be in this positon.
 
Quote from kubilai:

So what's the worst that could happen?

Based on your experience, I'd guess blowing out your risk capital and discovering that you can't make it on your own is the worst. So the question is whether you can get back into the workforce with your track record at the ripe "old" age of 42. I work in hitech so I have no idea, what's considered "old" in FI? You may have to take a big paycut in a different FI before you can prove yourself again. Is that all worth the reward? The reward is knowing in your gut that you can't do it on your own, and that you must stay in the workforce for as long as it takes to get all the money you need. Knowing that helps you cope with the stresses of the job and may even make your more successful.

What's the worst case scenario if you hold the present course? How long can you keep doing it without the negative feelings spilling out into your performance? What's the scenario if you had to take the plunge at age 50? By then you'll be a lot richer but also older.

Disclaimer: I do not work in FI. My trading experience is less than 1/10 of your own. My life experience is much less also. I'm writing this to clarify my own beliefs. So please discard them. If I did stumble on a question that you think is worth asking yourself, it's your responsibility for the answer. Good luck, I envy you :)
More...

Thanks for the response. 40 is old for bank trading but not
to old for other jobs in fx. LIfe is about calculated risks.
You are right if it does not work, oh well, what been lost,
a job I hate.

Thanks
 
$75K is not a lot to start out with if your currently making $250K. You might think about sticking with the job for another year or two and saving an additional $100K-$200K. At least you would be able to see the light at the end of the tunnel which might make it easier to put up with the non-trading bs.

Cheers,

TRADERguy
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Yes, I completely agree with that...

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You guys are missing something. All I am willing to lose is 75k to 100k of capital on this venture. On top of that I am also only setting aside 2 years worth of expences. So if after
6 months If have lost the 75 to 100k its over. Or if after
2 years I have the starting capital but I have not been
able to make more its over.

That is the total cash I am setting aside (This is not all my cash)
There is no way I would put in 200k and say that THIS is what I am willing to lose. To me if I lose 100k, I SHOULD NOT BE DOING THIS.
 
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