lol. starting up a franchise business in this economy might just be more risky than trading.
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Unique situation to give full time trading a shot
- Thread starter lpchad
- Start date
lol. starting up a franchise business in this economy might just be more risky than trading.
OP,
From your posts it sounds like you are aware of the inherent dangers of trading. So if you haven't done so already, I would suggest you ignore all of the naysayers who tell you trading is too tough for your. Worst case scenario, you blow through a shit load of money and realize that you can't, in fact, make it as a trader. It's only money. The potential reward of working for yourself (not to mention potential financial well being) is greater than the risk of losing x amount of cash you risk.
You don't want to be 50 years old, sitting on the porch, saying "damn, I really wish I would have given trading a shot when I was 26 years old". A regret like this will eat at you the rest of your life.
From your posts it sounds like you are aware of the inherent dangers of trading. So if you haven't done so already, I would suggest you ignore all of the naysayers who tell you trading is too tough for your. Worst case scenario, you blow through a shit load of money and realize that you can't, in fact, make it as a trader. It's only money. The potential reward of working for yourself (not to mention potential financial well being) is greater than the risk of losing x amount of cash you risk.
You don't want to be 50 years old, sitting on the porch, saying "damn, I really wish I would have given trading a shot when I was 26 years old". A regret like this will eat at you the rest of your life.
Quote from Billybob543:
The decision to trade will be the worst decision you ever made in your life......mark my words if you go ahead. You will lose BOTH your MONEY and more importantly your TIME.
99.9% of the traders on this site are losing.
My advice would be to think very carefully about some type of "real" business or franchise that maybe requires a minimum investment to start up.
If you ignore this advice, I at least want you to remember the advice I gave you because in a few years you'll be saying I should've listened to that anonymous guy on elitetrader a few years back......
+5. This is about what I was going to say. Your chances of succeeding enough to make significant sums "safely" are less than 1%. And you will have the same chance of failure to fail as the other 99% no matter how clever or different you might think you are.
Don't risk money. Get to the point first where you make regular money on PAPER/sim. Planning to lose up to $50K is insane when neither of you are working and racking up costs/debt. When you go 6 months making serious coin on paper, adjusting for all trading costs (slippage, commissions, errors) THEN think about risking $5K by trading VERY SMALL. If you are then making serious coin trading tiny, (well, you get the idea).
Unless I missed something in the thread/OP, there seems to be a serious disconnect about what med school costs. And when she gets out, besides having huge debt, you two may not have enough to start her own med practice, and the world is changing rapidly. In 4 years, even DOCTORS might not be getting jobs...
Here is a thought, do you two have LIFE insurance on each other ($500K+)? Disability insurance on both? Is your car insurance at the minimums, or at the recommended levels (100/300, eg). You would be amazed at the number of nasty things that can destroy your happy plans forever. You would be a lot smarter getting a grad degree in a highly employeable field - for example a 2nd bachelor's in computer science/accounting at a good school. Get a 2nd degree in something that will allow you to work with her in her eventual practice - PT/OT/massage/managing her practice, whatever
Much better investment than blowing it on an almost guaranteed failure. You can trade on the side.
Coupling a woman who is about to go perhaps $250K in debt with a man who is unemployed and 99% likely to blow $50K (or perhaps more), in a potentially even more rotten economy is not a happy way to start your eventual new life.
Quote from lpchad:
In the end, she will be a doctor and we'll do alright.
I would be starting out continuing to trade small size until I gain confidence in my strategy, but will be able to devote full time to it, rather than evenings/weekends mostly now.
What would you do in this situation?
Call Suze Orman
Quote from Billybob543:
My advice would be to think very carefully about some type of "real" business or franchise that maybe requires a minimum investment to start up.
If you ignore this advice, I at least want you to remember the advice I gave you because in a few years you'll be saying I should've listened to that anonymous guy on elitetrader a few years back......
Some real business... like those - buying some internet virtual stores and make money when you are sleeping?
So you buy a McDonald's, or Burger King (with 100K?), for a 26 year old with limited work experience, what makes them any harder to fail than trading?
To take on any meaningful business, with 100k, you probably need some leverage - a business loan. Which put you in a similar risk situation as trading on margin. I think with trading, it's easier to know when the writing is on the wall (you blow your account), and walk away. If you have a franchise, and a business loan with outstanding balance, it will be much harder to just quit.
lpchad, you wanna be a trader, right? If that's truly the case, you might wanna practice some scenario analysis, rather than asking random people for advice. You might find surprise yourself and obtain some valuable insights.
Regardless, good luck to you and the missus. You both sound like good people.
Regardless, good luck to you and the missus. You both sound like good people.
Quote from TraderZones:
[B..... You would be a lot smarter getting a grad degree in a highly employeable field - for example a 2nd bachelor's in computer science/accounting at a good school. Get a 2nd degree in something that will allow you to work with her in her eventual practice - PT/OT/massage/managing her practice, whatever
Much better investment than blowing it on an almost guaranteed failure. You can trade on the side.
Coupling a woman who is about to go perhaps $250K in debt with a man who is unemployed and 99% likely to blow $50K (or perhaps more), in a potentially even more rotten economy is not a happy way to start your eventual new life. [/B]
Well said...the truth of the matter is that I thought I was thinking "big" when I decided to endeavour into trading like the vast majority on this site. It took me years to realize that I was in fact thinking "small"...very small.
What makes it worse is that if you're someone who has been successful in almost everything you have done in the past then it'll be much worse for you because you will not see the writing on the wall and cut your loses..... It becomes an ego trip...me against the market. I was fortunate to not blow all of my money.
Well, I'm happy to say that I woke up last year, quit trading, and put some thought into a "real, tangible" business that is working out very well even in this tough economy (no pm's please. I'm locked anyway). The best decision in my life.
For richer and for poorer, in sickness and in health....
Quote from Billybob543:
Well, I'm happy to say that I woke up last year, quit trading, and put some thought into a "real, tangible" business that is working out very well even in this tough economy (no pm's please. I'm locked anyway). The best decision in my life.
Congratulations on your success. If you woke up last year and realised that trading isn't something worth pursuing (or continuing), if I may ask, why are you still on this site? If it were me, i would concentrate on my real, tangible business.
Well, if you are trading stocks then you can trade size so small, the p/l will be insignificant. If after a couple months its working, up the size a tiny bit. If you start going downhill, go back to stupid small amount of shares again.
If you can do this at least you won't blow your savings just some time.
This is the road you need to take if you decide to trade.
Unfortunately you cant do this with futures.
If you can do this at least you won't blow your savings just some time.
This is the road you need to take if you decide to trade.
Unfortunately you cant do this with futures.