Absolutely! I think getting to that place is the real challenge.
-FastTrader
Would you give up a steady job to Trade?
- Thread starter NJ1000
- Start date
-FastTrader
Quote from icarus618:
LOL! C'mon, man. $800??? Which 1% of daytraders are you hanging with?
Seriously, where do you guys get these numbers from? Is there a source I can check out?
Let's assume 85% of daytraders never make it. That leaves 15% for those of us who make money. Using the 1% number that means almost 7% (1/15) of profitable daytraders, make >$200k. That sounds about right to me.
In response to the many times I have heard the question asked regarding how much an average daytrader makes, I have researched pretty extensively throughout the web and have come up with.......................................................nada.
Yes, I have tried the government and it's various departments, etc.
It would be very interesting to actually know this number, but I have seen alot of prop shop managers and such hem and haw answering this question about their office. Sorry guys, I tried.
Go with your gut-
If you feel you can make money in the markets - go for it.
If you hesitant, susceptible to regrets - don't.
Good prop traders make very good money.
1 in 20 is good.
If you feel you can make money in the markets - go for it.
If you hesitant, susceptible to regrets - don't.
Good prop traders make very good money.
1 in 20 is good.
I did, and have never regretted it. It was in 1998, and I was making a bit more than you mention, but I was fortunate to be able to go 'part time' for my career for about six months before I left them for good. During that time, I found I could make more money each month than I was making working my old job full time for three months, so I quit my job and have never looked back or had regrets.
The life of a professional trader can be more stressful and more of a roller coaster than life in the corporate world. You will have no company paid vacation, health insurance or other benefits. However, you will have to the potential to make many times what you make in your corporate job (as well as the opportunity to LOSE many times what you make in the corporate world).
It's not for everyone, but I will never go back to life working for others. I would suggest that you first consider active trading while continuing to work full time. This can be done by trading the morning session, if you live on the west coast, or trading foreign markets if you live on the east coast. If neither of these are possible, then consider the possibility of working part-time at the office, and trading part-time to get your feet wet without burning any bridges at the day job.
Best of luck.
-Eric
Markets are pretty much the same everywhere in the world. I would keep the day job, and at night learn how to trade Hang Seng futures for example. When/if you become consistently profitable trading 1 contract, increase contracts or add another market.
This is a low risk way of getting your feet wet. Don't quit your job until you are making more money from trading a few hours a night.
i am in a similar situation, kinda. i am a jr. in college, and love trading. i have traded some, mostly swing, and have read lots of books on daytrading. i would love to trade full time when i graduate, but there is that vision of a full time job with salary. but that is not what i want. i am a college athlete, and love a challenge, and know that i can make it. so, for any of yall successes, what would you instructe me to do in the next year and a half to prepare myself. books, sites, info, or whatever. this is a constant thought on my mind. i know i want to trade, and i think alot of it is mental, and knowing that you will succeed. any thoughts would be great.
You hit the nail on the head. Making $800 (or more) in a day isn't tough. But we all have losing trades and/or losing days. Any aspiring trader needs to figure this into their projections. Set your goals too high and you set yourself up to fail. Setting more moderate goals initially was how I approached things years ago.
Hi,
if you have a backtested stratgy that does work over many different conditions, it is just a matter of adding some discretionary elements that will offer you learning experience & filtering of possible loosers to get into the constant 70% win arena.
But no matter what, you should have the deep feeling that you can do it, there are so many emotional DDs along the way you will need to absorb quickly without beeing down to long.
Set yourself a period in which you get profitable, maybe one year or so & define small goals you can & will reach step by step, this will ensure you keep going when conditions get hard...
All the best,
COSMIC
if you have a backtested stratgy that does work over many different conditions, it is just a matter of adding some discretionary elements that will offer you learning experience & filtering of possible loosers to get into the constant 70% win arena.
But no matter what, you should have the deep feeling that you can do it, there are so many emotional DDs along the way you will need to absorb quickly without beeing down to long.
Set yourself a period in which you get profitable, maybe one year or so & define small goals you can & will reach step by step, this will ensure you keep going when conditions get hard...
All the best,
COSMIC