What am I supposed to do now?

[martys]

I think we need smaller goals... step by step planning. Guys, we really need to get some sleep for tomorrow...

 

[ElectricSavant]

gnite All my positions are on...so I can skip the London open...

 

[Verdais]

Wow, this is a good thread and kind of right up the alley of my life as of late. I have been a full time trader for over five years and averaged about +100K a year. Life was certainly good, but I was trading European products and living in California and the night shift was eating me alive. I also was looking at my life and thinking, "What the hell am I doing?" All I did was make money, alone, at night. I wasn't helping anyone, I wasn't part of any team. I was successful, but miserable. I got an opportunity to work for a large company, with benefits, salary, 401K, all that jazz and I took it. I didn't have any practical work experience and thought I needed to build some kind of resume in case trading went bust. Not sure if it was the best decision, but it was the right decision. Long story short, trading will always be there. If you are having a rough time of it at the moment and questioning what to do with the rest of your life... go out and try other things! You still have the rest of your life, don't spend it wondering. The more you worry, the more pressure you put on trading, the harder it will be. Take a break.

 

[BVM88]

"Your trials do not come to punish you but to awaken you"

Paramahansa Yogananda

 

[FuturesTrader71]

Quote from martys:

Hi FT71,

What are the 5 major aspects of trading? Thanks.

Regards,
William

Risk Management
Money Management
Methodology
Psychology (discipline, attitude, etc)
Technical Structure (network, equipment, etc)

These have to be addressed by your business plan. Money management should include your cost structure (commish, tick value) as well as the traditional sizing method. Methodology is something that must evolve with time and can be discretionary. The rest are self-explanatory.

Good luck.

 

[FuturesTrader71]

Quote from BVM88:

"Your trials do not come to punish you but to awaken you"
Paramahansa Yogananda

Excellent quote and an excellent biography to read.

 

[martys]

Quote from FuturesTrader71:

Risk Management
Money Management
Methodology
Psychology (discipline, attitude, etc)
Technical Structure (network, equipment, etc)

These have to be addressed by your business plan. Money management should include your cost structure (commish, tick value) as well as the traditional sizing method. Methodology is something that must evolve with time and can be discretionary. The rest are self-explanatory.

Good luck.

Thanks. I have just rewritten my trading plan using these headings. I think it is gonna cost me some short term profitability but save my ass long term.

 

[martys]

Quote from FuturesTrader71:

Excellent quote and an excellent biography to read.

Here is another famous spiritual biography:

http://www.amazon.com/gp/product/0140193502/002-7816903-3764809?v=glance&n=283155

Here is a comic stripe version for the short attention span (click thru the left panel icons) without a lot of the meat:

http://c-level.com/milarepa/

Warning: They might not be very cultural sensitive.

 

[volente_00]

Go with where you heart is. You can do anything if you set your mind to it.






"Quitters never win and winners never quit"

 

[Hydroblunt]

Quote from traderguy02:

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.

The sad reality is that the experience you get as a self trader is actually detrimental to the US job market. The financial firms hate daytraders & self traders alike. The other firms have no idea what it is and once you explain it, they look down upon it because of the blowout trader stigma of the bubble burst.
It's a serious consideration to make because unlike certain other counties where even self trading is looked upon as valuable experience if you actually took the time to educate yourself about the various aspects of financial markets, in the US they couldn't care less if you taught yourself top notch financial analysis of a public company & world economics. They don't care if you are profitable or not, unless you can show astounding returns.
Try hedge fund industry, brokerage or independent contractor sales type work. Other than that, go through who you know.
Feel free to send me a PM.