Does your system design try to create an automated system that relieves you of the need to watch the markets all day?
Who's actually making a living trading? PLEASE BE HONEST
- Thread starter catmango
- Start date
Or asking what everyone else thinks, as if the majority is always right.
But certainly he has the right to try to gauge just how much the odds may be against him. If 75% of people say it's not too hard to make a living at this, he might feel more confident to keep running up the credit cards. If only 5% are doing well, he might want to consider whether he thinks he has a shot of being among the select 5%, and start sending out resumés to prospective employers sooner rather than later.
But certainly he has the right to try to gauge just how much the odds may be against him. If 75% of people say it's not too hard to make a living at this, he might feel more confident to keep running up the credit cards. If only 5% are doing well, he might want to consider whether he thinks he has a shot of being among the select 5%, and start sending out resumés to prospective employers sooner rather than later.
Let the part-time grow into full-time. Also, please don't fantasize about making a living with inadequate capitalization. There is already enough pressure in the endeavor of a startup, why add the pain of not-enough-capital? Be realistic in your fiscal obligations. The rent, utilities, taxes, insurances, incidentals and ask-a-dentals still must be covered. To say nothing of fees, commissions, savings and profits.
Be clear, true and complete in your plan if you desire success.
I recently quit my job to trade full time after swing trading for about 2 years. I have about 18 months worth of living expense money on top of an adequate account balance. I am starting off trading SPY at 100 shares per trade. My point is that I there is no pressure for me to become profitable in the next several months. Because I am trading so small there is no pressure that I am going to blow out my account. I don't see how anyone could handle the psychological pressures of trading and become consistently profitable while going into debt by living off of credit cards.
good luck
good luck
Thanks to everyone who answered the poll so far, and for your comments. I'm pleasantly surprised that a 3rd of respondents are making a decent living off of trading (hopefully there's no self-selection bias to the results).
Also good to know that I'm not the only bozo trying to get through this on cc debt!
Also good to know that I'm not the only bozo trying to get through this on cc debt!
You're trading the SPY because you don't feel ready for the larger S&P Mini. You might want to consider trading the DIA Single Stock Future. It has the advantages of futures trading, with the advantage of trading smaller than the E-mini.
more: www.onechicago.com
more: www.onechicago.com
Ok, now what concrete prospects do us credit card bozos have other than sheer nerve? What's the plan that will bring us to the light at the end of the tunnel?
Sometimes it may take several weeks (if not months) to design/ test/ modify/ finalise/ trade the very first system before modifying/testing it again. Each modification could spend many days.
How many full-time traders are still using their very first system(s)? And how many times they have improved their active systems against the old ones?