Trading fulltime retail with $50k

So i Just took a 2 week vacation from work, and plan on quitting when I get back. I work for a bank, so there's no 2 week notice. Termination is right away.

Trading small right now, but at least I can actually open up a trading platform, and keep 4 charts up at once rather than being restricted at work.

Currently, my strategy is very profitable. I feel I can be ready to scale up in the next 2-3 months of fulltime trading and join a prop. Currently have a prop in mind, and we've been in talks now. Thank god, I listened to you guys. I'd have never been able to put up $30k right now.

I've found my only problem is letting my profits ride and trying to protect profits once it hits the $200 range (when scaling up to $20,000 position sizes, i'm trading 4x lower now). I've recognized the problem, so I will be working on it this month.

I'm so calm trading in $5000 sizes. Nothing really affects me, mentally. I plan on taking it slowly moving to $20k positions. I know there will be a huge psychological adjustment there. Reminds me of limit poker when I used to play online. Soon as you get to those bigger stakes, losers hit you harder mentally, especially if you're not ready for those stakes.

That is why I'm working on my ability to read price, and refine my entries so that I will be confident in my trading ability once I have a few days where those losers pile on. It happens to us all, and I just want to be prepared when it happens.
 
When it's your only income, you better be on top of your game, or the demons start coming out to play with your mind. Also, have you traded alone for a long period of time (like in your 2 week vacation?), some people are not prepared for the long grind in front of the monitor by themselves either.
 
"I'll never make $100k in banking"

are you serious? I guess banking is a broad field.. what, are you working at the teller window?

If you work hard and get into a company that rewards merit, you should be able to make well over 100k before 30, either on the sales or on the analytical side.
 
Be a pharmcist, those geeks make $55-65 hr, depending opn location...and specially at walmart, those Pharmacist can make $150-175k a year....all just to dispense drugs...crazy hours
 
I live w/ my parents for now. So i dont have to worry about income. In retail banking, good luck making good money. As a personal banker, its a crap job w/ barely any room to move up. Granted I could be a manager, but even they don't make 100k unless they get a good bonus.
 
Quote from wiesman02:

I live w/ my parents for now. So i dont have to worry about income. In retail banking, good luck making good money. As a personal banker, its a crap job w/ barely any room to move up. Granted I could be a manager, but even they don't make 100k unless they get a good bonus.
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Yeah, that [job situation] really sucks ... plus with the politics and the hustle, it's barely worth it if you have other decent options to succeed financially in life, which you do.

It's really good to know you're staying at home. It means you have the support and backup you'll need to make it in this business. Just cointinue going for singles and doubles and you'll watch it all pile up.

GL
 
Good luck to you weisman02.

I know what you mean about working as a retail banker, at firms like Chase, $45-50k is the average pay for most personal bankers. Retail banking just is not what it used to be. Firms like Chase have applied the fast food model to consumer banking and really ruined things.

When I resigned they let me give a two week notice, since I was not going to a competing firm, but then they had demoted my branch manager (later he was caught stealing client money and signing mine and other PBs names to the paperwork).

Hopefully you have been able to get your monitors and PC setup for the configurations that you will need once you prop trade. Most prop firms will allow you to demo their software which should be beneficial.
 
Quote from wiesman02:

I live w/ my parents for now. So i dont have to worry about income. In retail banking, good luck making good money. As a personal banker, its a crap job w/ barely any room to move up. Granted I could be a manager, but even they don't make 100k unless they get a good bonus.
More...

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Zacks' $100K Challenge 2007 Top Player Interview features Edac Technologies, FalconStor, Chindex International and Methanex Corp.
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© Business Wire 2005

2007-11-01 11:02:55 -


- Zacks.com introduces its $100K Challenge 2007 top player interviews, which feature insights from the leaders of the Zacks Simulator game. This year the Simulator's $100K Challenge allows investors to prove their stock picking abilities by competing directly against other players for a possible $100,000 contract with Zacks.


Zacks.com
Mark Vickery
Phone: 312-265-9380
Email: pr@zacks.com
Visit: www.Zacks.com
 
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