Would you give up a steady job to Trade?

Quote from breakin:

.......that is if the successful trader takes time to answer new trader questions in the first place
More...



Probably they don't or they just skip them, which is very sad. Unfortunately I've realized myself through countless of threads the hard way some newbie questions are answered and handled.

Many people forget where they came from, they forget that once they were newbies and they had many questions at the beginning . That is something to feel no pride of.
 
This is the type of thread we need here at ET -- there is content, there is positive criticism, maturity ...

I think that our thread originator can gleen enough opinions out of the thread to understand that

(a) his chosen field will be tough
(b) his personal situation is probably at the optimum to go for it

the type of instrument, the strategies or systems, all this is opinion and really not important for our young hero at this point.

Remember he is getting taking into a prop shop that will definitely train him (assuming they are reputable/honest) if they are going to pay him a dime of their money.

My advice -- check out the firm -- if they aren't bs -- do like Mike,

JUST DO IT -

:cool:
 
Quote from Fast_Trader:

It's simply my opinion and advice based on what he's posted so far, and since it's free, guess what it's worth...maybe $0.02.

Lets summarize:
NJ is 24 y/o and lives at home, so barely any monthly expenses which means he doesn't "need" to make money right away. He has $35K saved up, but doesn't even need to put that up since the prop firm is giving him cash + salary to trade. Does it get any better than this? No financial risk; no financial liabilities; meaning he has a very good shot at being successful.

As far as myself, I'm actually making money now, but just not A LOT of money since I'm trading small size in futures. I've traded stocks, options, and finally futures so have a good understanding on what kind of capital is needed to have a good chance at succeeding in each. Now, these are all my OPINIONS, not facts, so please take them for what their worth.


-FastTrader
More...


Must people used to see the glass of water half empty when others see it half full. Its just a matter of perspective
 
You're making decent money. and...
Living at home with low overhead. my question is...
Have you traded much yet? because...

If you haven't really traded much yet, why risk giving up a job and draining your capital (even slowly)? I sure as hell wouldn't. Where do you live? If you're on the west coast as I am, trading part time is a doable because you can get up early, and watch the market in the morning. Someone suggested reading IBD and swing trading? What do you think about that?

35K would be enough to trade with part time via an IB account. You wouldn't really "daytrade" with it, but you could open and close 100 share positions without being hampered by it.

My experience regarding trading is that I'm limited by capital. You should really let that sink in when you hear it. The markets will always be here. But your ability to earn/have a decent job may not be. Since you're living at home, I'd work, and save more to raise your capital level, while you experiment with trading and learn the many small lessons about self that you can really only learn when you put money on the line.

I recommend learning these lessons while you have a steady job. It really takes the pressure off your trading.

André
 
Quote from NJ1000:

I curently have a job where I make about 60K a year. I currently have an offer from a proprietary firm that gives you a salary to begin with for the first few months as you learn to trade, would you give up a steady job to take this oppurtunity. Is the risk worth the reward? How much could good prop traders expect to make. Thanks for any advice.
More...



I have read every page in this thread and this is my opinion.

In 1994 I decided that I would learn everything about Wall Street and determine if I could beat the system. I did research, I read newspapers -i.e. Wall Street Journal & The Investors Business Daily. I read magazines and articles. I researched thousands of charts - tick charts, minute bars, daily, monthly & weekly bars. I read books from famous arthors such as Larry Williams, Ken Roberts, Wade Cook, Linda R., George Soros, Franklin Templeton. I became a Futures Broker (in an attempt to learn about the markets from the inside out & to test my strategies with real money, other peoples money) I interviewed traders from around the world. I talked to floor traders and CTA's, Hedge Fund managers. I talked to traders of ALL walks of life. Male & Female. I researched trading styles, strategies, timeframes, & systems. I backtested Ideas. I've traded everything from Porkbellies to Live Cattle to soybeans to cotton to FOREX to QQQ's to Dow Jones Options on Futures and S&P 500 Options on futures. I've traded complex options strategies: butterflies, condors (off floor), Bull Call & Bear Put spreads, etc.etc.etc. I've watched people trade using voodoo & witchcraft & Astrology & horoscopes & Gann & Elliott Wave Analysis & Candlesticks & Trend lines & support & resistance levels. I've seen people loose their ENTIRE LIFE SAVINGS!!!!!!!

BOTTOM LINE: Trading is the most difficult thing you will ever do in your entire life. The learning curve is phenominal! OVER 90% OF ALL TRADERS LOSE NEARLY 100% OF THE TIME!!!!

It will take you many years to develope your craft provided you last that long. Do I have to remind you of the 1990's. Where have ALL the daytraders gone??? Where are all of the guru's and Daytrading firms????? My point exactly.......they blew up with the bubble. The markets are very volatile and very unpredictable. I've seen people destroyed from one trade!!!!.........need I remind you of the first couple of interest rate cuts when Alan Greenspan lowered interest rates without warning!!!! and even in between Fed Meetings?????


Do yourself a favor. Find a strategy that works IN ALL MARKET CONDITIONS AND ALL MARKETS IN ALL TIME FRAMES. Thats right you need to find the holy grail. What is the holy grail????
Trading the longer term trend combined with short-term timeframes i.e. have a swing trade system running side by side with a robust daytrading system and you will win..

........I'TS THAT SIMPLE.
:D


p.s. To learn more just check out some of the pro's on this site:

AMT - (DAMN GOOD DAY TRADER!)
marketsurfer - (DAMN GOOD!)
T-REX - (DAMN GOOD SWING TRADER!)
harrytrader - (great technical insight)
scientist - (great technical insight)
damir - (DAMN CONSISTANT!)
rezo s - (DAMN GOOD EXTENSIVE TRACK RECORD!)

........and many more!!!!

There is a wealth of knowledge here at ET where YOU can learn alot & see some GREAT realtime trading from the above mentioned and there are a few more but there names escape me @ the moment.
:D

hope this is helpful.

now I'm going to go celebrate my birthday.:D

I'm outta here!:)
 
I have been trading on and off for 15 years. It is the hardest thing I have ever done....Endless pitfalls. If you lose you kick yourself, if you win you kick yourself for not trading more size. IF you get good at trading then you go up in size and then you have a losing streak and are back to day one or worse. It is a no win senario EVEN IF you make money....The business is also chock full of snake oil salesman who can't make a penny trading so they sell 'advice' for huge dollars and desperate people buy it. Paper trading is worthless, Demo accounts are worthless, only reality with your own money will teach you anything. My advice is to find another career path where you accomplish something tangible, not just monetary, with your life.

I could go on and on.....

Trading is absolutely brutal. Find something else.
 
Quote from pismo10:

I have been trading on and off for 15 years. It is the hardest thing I have ever done....Endless pitfalls. If you lose you kick yourself, if you win you kick yourself for not trading more size. IF you get good at trading then you go up in size and then you have a losing streak and are back to day one or worse. It is a no win senario EVEN IF you make money.... My advice is to find another career path where you accomplish something tangible, not just monetary, with your life.....

Trading is absolutely brutal. Find something else.
More...

I have to disagree with some of the above. Sure it can be tough. I don't "kick myself" if I have losing trades though. That's all part of the game. That's something any good trader has to learn to accept. And if I "win" I don't "kick myself" for not trading more size. Trading more size would suggest I (or any trader) is putting at risk more than they perhaps should in any single trade. Like with losses, I accept the wins and don't second guess myself. After all, trading can be tough and sticking to ones plan and executing it with discipline is a big part of achieving success. To play "what if" games after the fact does nothing for the bottom line and likely detracts from ones focus on the market and their next trade.
 
Nothing is better than being a successful career trader. This means the ultimate freedom. You have a machine to print cash almost whenever you feel like to. Of course, you will be able to do it whenever you want to only if you are a successful career trader.

:p
 
Very sad experiences and pretty pathetic view on trading and its merits.

If you were going for the pity play, you almost earned it......


Anything great in life is worth working hard for, and very little can ever be claimed to be "non-achievable"

Save trying to fly without wings, you might have a point there.
However, I've heard that some people can levitate. So, I guess life will meet you half way sometimes...



-momo



Quote from pismo10:

I have been trading on and off for 15 years. It is the hardest thing I have ever done....Endless pitfalls. If you lose you kick yourself, if you win you kick yourself for not trading more size. IF you get good at trading then you go up in size and then you have a losing streak and are back to day one or worse. It is a no win senario EVEN IF you make money....The business is also chock full of snake oil salesman who can't make a penny trading so they sell 'advice' for huge dollars and desperate people buy it. Paper trading is worthless, Demo accounts are worthless, only reality with your own money will teach you anything. My advice is to find another career path where you accomplish something tangible, not just monetary, with your life.

I could go on and on.....

Trading is absolutely brutal. Find something else.
More...
 
You must log in or register to reply here.
Back
Top