I have been trading for about 5 yrs. First 2-3 yrs were part time just some simple buy-hold stock positions and learning about the market in general. For the last 2-3 yrs I switched over to position trading with options and eventually futures options. With stock options I actually made a decent amount of money. About the same as any kid fresh out of college would have made with a "regular" job. Then I tried to be brave went into futures options and the trends killed me, blew my account. Since then I have tried to automate systems for day trading and just tried day trading in general. Still its just not working in my favor much. I feel I have gained a wealth of knowledge regarding financial markets, though I am concerned all my hard work is not going provide much for me in the future. I have no resume or degree to justify the work I have done through trial and error while studying the markets. I am 26 yrs old have 4 yr degree which I have never put to use much beyond working for my father. I would hate to let everything I have learned just get flushed down the drain. Has anybody been in a similar situation? Should I go back to school for a masters degree in something similar to finance. My gpa wasn't the best for the B.S. and I don't know if I could qualify trading as "work experience?" I wish I could make the whole trading thing work, mostly b/c I love the environment the ability to be your own boss etc etc.. but I just don't know how in over my head I'm getting. Can't keep losing forever. Would love any suggestions from anybody who may have traveled this road before.
What am I supposed to do now?
- Thread starter traderguy02
- Start date
You had a nice run kid. You must be very proud of yourself for giving yourself a chance. Most people are not in a position to give their dreams to be a trader a try, and you gave it almost 5 years.
I can only forsee one road for you: You can go get some education and be a Certified Public Accountant (CPA) and specialize in trader taxes. While preparing taxes for traders, you get to interact with traders, and you can also see for yourself how lucky you are to be able to be taking home a paycheck.
I can only forsee one road for you: You can go get some education and be a Certified Public Accountant (CPA) and specialize in trader taxes. While preparing taxes for traders, you get to interact with traders, and you can also see for yourself how lucky you are to be able to be taking home a paycheck.
Another option would be to join a relatively reputable prop firm that would train you. I have a friend joined Bright and his experience sounds interesting... but I haven't talk to him for a while. I myself took another route. I went out and got a job to pay for my living expense and try to develop a niche in trading. I pretty much only trade the opening.
Anyway, take some time off from trading. Good trading in life!
Anyway, take some time off from trading. Good trading in life!
You are only 26!!! You have loads of time to figure everything out. You never know, you might jump back into the trading game and do very well. I would suggest take some time off from trading and get some work in the related area. CPA, CFA, IA, anything that gets you in this area of work.
Trading is not for everyone, but the only way to find out is to try. If you fail, try again.
-Kastro
Trading is not for everyone, but the only way to find out is to try. If you fail, try again.
-Kastro
if what you have learned help you in reaching your goal then don't flush it, on other hand.. Seriously, you can always start from the very beginning you already know that you like trading, the question is what should it take to realize your goal, here is a link to a trader journal to start, his name start with letter 'p' (he change the name so I had a devil of time to track him down) , you will see that trading is about taking 1 step a a time, it will take time and it will be boring if you do it right, and since it take awhile to develop you as a born again trader you should be able to go to class on the side, lots of guys on ET are doing both tracks it seems .. http://elitetrader.com/vb/showthread.php?s=&threadid=22499&perpage=6&pagenumber=1
What you have gone through is a classic scenario of someone following his dream. However, you also did what most people who fail at this have done. You approached it as a hobby or an interest rather than a business. You must have a plan in place before approaching trading. It is no different than taking interest in the business of flipping homes or whatever. If you don't have a proper plan for the 5 major aspects of trading, then you increase your probabilities of running out of money tremendously.
The way you state your question is also a concern. There is nothing you are "supposed to do" when it comes to your career. There is really no set course. Your entire career will depend on your ability to create options and to select the options that make sense given your most current circumstances.
Nothing you have learned with regards to trading is ever wasted. You will always have money and will always need to make it work for you. That is what it is supposed to do. Money is there to serve you, but the general belief among people is that the opposite is true. You can apply your knowledge (with a much better risk plan) toward your finances in the future.
If I were you, I would focus now on creating options. I would look into what you can do with your degree or what area of interest you can turn into a career. Once you have put together some practical business experience and a bankroll, you can then get back into investing/trading to make your money work for you. Dreams are not meant to be a get it now or give it up deal. They are a work in progress; much like a painting. Trading when you are in need of the profits to pay your bills is probably the worst circumstance to be under for success. The name of the game in trading is managing your risks so well that you allow yourself time to gain the experience necessary to make money in this business. Is that any different than in any other business? Is the guy who starts a landscaping company any different with his funds? He has to pay for labor and equipment to make money, but he won't go out and blow it all on the latest John Deere until it fits his plan (risk/reward). Same applies to any startup business; which trading ultimate is.
Good luck.
The way you state your question is also a concern. There is nothing you are "supposed to do" when it comes to your career. There is really no set course. Your entire career will depend on your ability to create options and to select the options that make sense given your most current circumstances.
Nothing you have learned with regards to trading is ever wasted. You will always have money and will always need to make it work for you. That is what it is supposed to do. Money is there to serve you, but the general belief among people is that the opposite is true. You can apply your knowledge (with a much better risk plan) toward your finances in the future.
If I were you, I would focus now on creating options. I would look into what you can do with your degree or what area of interest you can turn into a career. Once you have put together some practical business experience and a bankroll, you can then get back into investing/trading to make your money work for you. Dreams are not meant to be a get it now or give it up deal. They are a work in progress; much like a painting. Trading when you are in need of the profits to pay your bills is probably the worst circumstance to be under for success. The name of the game in trading is managing your risks so well that you allow yourself time to gain the experience necessary to make money in this business. Is that any different than in any other business? Is the guy who starts a landscaping company any different with his funds? He has to pay for labor and equipment to make money, but he won't go out and blow it all on the latest John Deere until it fits his plan (risk/reward). Same applies to any startup business; which trading ultimate is.
Good luck.
traderguy02,
Here read this:
I am 47 years old. I do not have a degree. I am too old to start a new career.
I cannot do anything else but trade. Trading has been better to me recently, but I have wasted many years.
Sure I work as an independent contractor as a freelance type of person in the legal profession. I make a living, but I do not work for a large company. I have been in the investigations and commercial collection business, now going on three years and I work together with this one-person collection agency. If he retires, I am out of work.
I have absolutley no pension plan or nest-egg built up that is substantial enough for me to retire.
Wifey does not work and is happy to be at home as a homemaker and is a student.
I am running out of time.
Now how do you feel?
Michael B.
Here read this:
I am 47 years old. I do not have a degree. I am too old to start a new career.
I cannot do anything else but trade. Trading has been better to me recently, but I have wasted many years.
Sure I work as an independent contractor as a freelance type of person in the legal profession. I make a living, but I do not work for a large company. I have been in the investigations and commercial collection business, now going on three years and I work together with this one-person collection agency. If he retires, I am out of work.
I have absolutley no pension plan or nest-egg built up that is substantial enough for me to retire.
Wifey does not work and is happy to be at home as a homemaker and is a student.
I am running out of time.
Now how do you feel?
Michael B.