WELL SAID .....
Would you give up a steady job to Trade?
- Thread starter NJ1000
- Start date
You are either very young, or don't have a career.Quote from ChaosNSX:
Two roads diverged in a wood, and I took the one less traveld by,
And that has made all the difference.-Robert Frost
If you feel its the thing to do, do it, you can always go back to the rat race later on.
Best of luck,
This is really poor advice.
To the original poster, if you have a job, giving it up is probably not terrible, since it is just a job and not a career. I am assuming that replacing this job is not a big deal if you do not suceed at trading.
People don't realize this, but trading requires intensive capital. So if you do not have access to at least $75k with 2:1 or 4:1 buying power, it will be really hard for you to make what you used to make _even_ when you become a profitable trader.
Now, if you go to a firm where they will give 10:1 on $25K, the odds are much more on your side once you know what you are doing.
I have found that the people making the transition to trading have part time jobs on the side when learning, especially if they are older (>35 years old.) If a part time job is not a possibility, then you need enough money to live on for a year set aside.
I find that people come to trading for many reasons. I will tell you this, if you are going to make a career of trading, be prepared to give 10 - 14 hours a day to your craft. Be prepared to lose money for say, if you are average (not average intelligence, average trading talent) nine months to a year before you have some sort of rythm going.
At the end of that year, you will be smart enough to answer your own question, and not get answers that are only representations of other peoples lives/dreams/fears/talents.
nitro
NJ1000,
I am not sure how old you are, but I will give my synopsis.
After having a "job" and not a career for 5 years, I stumbled across a prop firm opportunity with a very reputable firm in Chicago whose owner I owe a great deal too (not monetarily). After 4.5 years, it has been incredible and the risk was worth the reward, but the sacrifices in the beginning were tough. Selling shoes 5-6 nights a week after trading, and living on a draw of $15K a year. I was fairly young (26) and had NO responsibilities, what-so-ever.
Last year, my older brother decided that he wanted to try trading. However, he is in his late 30s, has a family, and had to move them from Cincy, OH. After getting him hired at my prop firm he made the move. So far, his experience has been different. The pressures on him, especially psychological, are WAY different then the pressures I faced, and I sometimes wonder if I should have gotten him the job.
I think young or old(er), if you have little responsibilities in your life, you should try it. Also, having 16+ months of living expenses set aside would be helpful. Prop traders can make well into the 6 figures and more. What is the prop firm you have an opportunity with? Talk to traders there. What would you be trading? What is your split? What will they charge you for commissions? How do their rates compare with other prop firms in the area?
If you have anymore concerns, I would be glad to offer any help.
Good Luck.