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Big Decision

  • #1
  • First Post: Sep 27, 2006 1:23pm Sep 27, 2006 1:23pm
So I have a big decision to make, was looking for some FF input.

I work for a very large international software company, because we are so big I can get away with trading during the day. I make a good living but I'm really not crazy about software develpment anymore.

I'll got a job offer from another company thats significantly more than I am making now - however I wont be able to trade during work as its a much smaller organization. In fact the demands on my time will probably be such that forex trading/learning to trade will be a much smaller part of my life.

My connundrum is do I take the job for more money and shelf trading? Or do I keep up what I'm doing and try to build my mini into a real account (hopefully by winning trades!!! but I also try to add a little capital each month) and try to supplement my income in hopes of someday trading full time for a living?

The conservative side of me tells me to go with the sure thing, but I dont really like the software industry anymore, and I really find trading (forex, stocks, options) much more intersting. Although I am not getting 100% return monthly and blowing doors down with winning trades I am getting better and better at it and my confidence is building - just not quite to the point where its yielding any real returns just yet.

Anyone out there have any pearls of wisdom or similar experiences?

Thanks again,
Ah.
  • #2
  • Sep 27, 2006 1:36pm Sep 27, 2006 1:36pm
Until you can make a solid living trading, the decision will have to be based on the job offers, I just moved to a smaller company as well. Like you I'm not crazy about IT anymore either, but it still pays the bills. I adjusted my trade method out to daily timeframes, so I only check the charts a couple of times a day. I acutally found that this worked better for my trading as the winners were left to run as opposed to me f**king with the stop losses all day. Less stressful as well...
The breaking of a wave cannot explain the whole sea.
  • #3
  • Sep 27, 2006 2:11pm Sep 27, 2006 2:11pm
Quoting Craig
Until you can make a solid living trading, the decision will have to be based on the job offers, I just moved to a smaller company as well. Like you I'm not crazy about IT anymore either, but it still pays the bills. I adjusted my trade method out to daily timeframes, so I only check the charts a couple of times a day. I acutally found that this worked better for my trading as the winners were left to run as opposed to me f**king with the stop losses all day. Less stressful as well...
Good points. If it get's too stressful, it just isn't worth it, and if you can plan the longer term trades and let them run, it's much better. On the job front, you just have to make a decision. I guess you must be good at what you do, otherwise they wouldn't be offereing a nice fat salary - so maybe you are in a good position to negotiate terms that suit you. It's important to work towards living your dreams, not compromising for apparent safety's sake. It's the same in trading. If you try to play 'safe' you often cut your potential (see above about stop losses), but if you are strong and confident about what you want, the world will respond by giving it to you.

The framework is there; we just have to work on our frame of mind.
  • #4
  • Sep 27, 2006 2:13pm Sep 27, 2006 2:13pm
Hi Craig,

I'm with you on that, I usually use daily charts too, had been looking at the Mouteki 4hr system too. Anything shorter and I'm doomed to messing with s/l and t/p.

Thanks for your input I appreciate your time,
Ah.
  • #5
  • Edited 3:34pm Sep 27, 2006 3:33pm | Edited 3:34pm
Wow a lot of disenchanted IT guys here (me included). I started trading live back in 2004 and by the middle of 2005 realized that I could do this for a living. But I couldn't trade and move up the project mananger track for my day job so a choice had to be made: focus on learning how to trade better and eventually do it full-time, or treat it like a hobby and focus on PMI and getting a Master's degree and go the project manager route.

My wife and I sat down in the summer of 2005 and decided that I would focus on trading thru the rest of 2005 and make a decision in January of 2006 to focus on one or the other.

I made the choice to focus on trading and once we've paid off our debt and set aside 6 monnts of living expenses, I will quit the day job. I figure that will happen early 2007.
  • #6
  • Sep 27, 2006 3:50pm Sep 27, 2006 3:50pm
Im also in IT, if I had the capital and was able to trade size I would be a fulltime currency trader. My goal is to achieve this. What I make in 1 year in IT i can that and then some in Forex in one day.
  • #7
  • Sep 27, 2006 3:54pm Sep 27, 2006 3:54pm
Give me the capital to trade at least 100 full scale lots say in the gbp\usd roughly 180gs depending on price a 10 pip move will produce a 10g profit... imagine riding a large fx trend with this kind of size, imagine what companies and individuals trading 1000s of lots must make. MILLIONS AND BILLIONS in a matter of hours, days, or weeks.
  • #8
  • Sep 27, 2006 3:54pm Sep 27, 2006 3:54pm
Quoting spudbox
My wife and I sat down in the summer of 2005 and decided that I would focus on trading thru the rest of 2005 and make a decision in January of 2006 to focus on one or the other.

I made the choice to focus on trading and once we've paid off our debt and set aside 6 monnts of living expenses, I will quit the day job. I figure that will happen early 2007.
Good team work. That is the perfect model.
  • #9
  • Sep 27, 2006 5:43pm Sep 27, 2006 5:43pm
Quoting enoc2g
Give me the capital to trade at least 100 full scale lots say in the gbp\usd roughly 180gs depending on price a 10 pip move will produce a 10g profit... imagine riding a large fx trend with this kind of size, imagine what companies and individuals trading 1000s of lots must make. MILLIONS AND BILLIONS in a matter of hours, days, or weeks.

What would your stop loss be? Unless you are always right about the market direction and enter and exit at the exact right times, that 180g's is gonna be gone fast. Not to be a downer but what happens when it hits -20 pips? That's 20g's gone already. Let it ride, hope it comes around to your side? Now it's at -40 pips and you decide to close it, there goes nearly 25% of your account. Imagine this happening 8 times in a row. It's sure to happen. Might wanna take that 100 lots down to 10 or so. A large trend is great and it's not that hard to get on, however picking a top/bottom is nearly impossible, don't kid yourself. Often a 400 pip trend can easily retrace 100+ pips, are you prepared to psychologically be down that many pips, and secondly would you have enough margin? Certainly not, your position would get closed!!
  • #10
  • Sep 27, 2006 6:28pm Sep 27, 2006 6:28pm
If you earn enough money to pay your expenses and bills, and live reasonably well, I would stay where you're at. At least, that's the choice I have made. I work from home and have a lot of flexibility in my schedule. The extra time I've been able to devote to forex because of this arrangement has been invaluable - worth far more than the few extra thousand I could have made burning the midnight oil with another company. My trading has accelerated.

I look at it like this. If it takes me 3, 4, or even 5 years to master this market, I'm going to do whatever it takes because once you master it, it's like you now have the ability to virtually manufacture money.

Time is worth more than money. Keep your free time and use it to learn the forex market well.
  • #11
  • Sep 27, 2006 7:09pm Sep 27, 2006 7:09pm
Quoting stockwet
If you earn enough money to pay your expenses and bills, and live reasonably well, I would stay where you're at. At least, that's the choice I have made. I work from home and have a lot of flexibility in my schedule. The extra time I've been able to devote to forex because of this arrangement has been invaluable - worth far more than the few extra thousand I could have made burning the midnight oil with another company. My trading has accelerated.

I look at it like this. If it takes me 3, 4, or even 5 years to master this market, I'm going to do whatever it takes because once you master it, it's like you now have the ability to virtually manufacture money.

Time is worth more than money. Keep your free time and use it to learn the forex market well.
Excellent contributions, what a powerful forum this is, good people with awesome wealth of knowledge.

Well said Stockwell, am with you 100%.

Achilles heel you said you have lost intrest in software developing, therefore I believe your mind is more focused on trading forex and probably about 60% of your daily thinking is on how to trade and become better, so am writing to you and also telling myself, TIME IS MORE VALUABLE THAN MONEY. Which is what you need right now.

In summary IMHO keep your current job and learn to become a better trader. In the end I believe you'll be more fulfilled and happier.
  • #12
  • Sep 27, 2006 7:13pm Sep 27, 2006 7:13pm
Quoting stockwet
If it takes me 3, 4, or even 5 years to master this market, I'm going to do whatever it takes because once you master it, it's like you now have the ability to virtually manufacture money.
lol, I must be a slow learner. After trading for over twenty years, I would not consider myself any where near master and you are going to do it in 3,4,or 5 years....

you must be remarkably gifted, maybe a trading savant even...

  • #13
  • Sep 27, 2006 7:19pm Sep 27, 2006 7:19pm
Well now, we all have our definitions of "master" don't we? Do I think that in 3-5 years I can replace my current income on a consistent basis? Absolutely and I'm on track to do that. Do I consider that mastering the market? Well, we can argue semantics, here. Perhaps the right thing to say is that I've mastered myself. If you haven't mastered yourself in 20 years of trading, well, I certainly feel for you, my friend.

Quoting xtsunami
lol, I must be a slow learner. After trading for over twenty years, I would not consider myself any where near master and you are going to do it in 3,4,or 5 years....

you must be remarkably gifted, maybe a trading savant even...

  • #14
  • Sep 27, 2006 7:23pm Sep 27, 2006 7:23pm
Quoting stockwet
Well now, we all have our definitions of "master" don't we? Do I think that in 3-5 years I can replace my current income on a consistent basis? Absolutely and I'm on track to do that. Do I consider that mastering the market? Well, we can argue semantics, here. Perhaps the right thing to say is that I've mastered myself. If you haven't mastered yourself in 20 years of trading, well, I certainly feel for you, my friend.

Nice one, well played!
  • #15
  • Sep 27, 2006 7:27pm Sep 27, 2006 7:27pm
Hi,

Thanks everyone so much for all your input!!

Juxta your summary is spot on. I spend as much time as I can find devoted to learning to trade, forex in particular.

Stockwet my trading too has improved because of the time I can dedicate towards it since my schedule too is quite flexible.

My family is with me on this so at the time I am leaning towards staying put and putting time to work for me.

Thanks again, I really appreciate everyones input.
Ah.
  • #16
  • Sep 27, 2006 7:41pm Sep 27, 2006 7:41pm
Quoting xtsunami
lol, I must be a slow learner. After trading for over twenty years, I would not consider myself any where near master and you are going to do it in 3,4,or 5 years....

you must be remarkably gifted, maybe a trading savant even...

Clearly mastery is defined from the view point Stockwet is operating from and how can he/she exactly know the length of time it will take - I think this comment was a little bit snide sir. Stockwet is a valuable contributor but I am interested in your explanation that obviously must exist for you to lampoon a pretty common and helpful statement.
  • #17
  • Sep 27, 2006 7:58pm Sep 27, 2006 7:58pm
Quoting minute
Clearly mastery is defined from the view point Stockwet is operating from and how can he/she exactly know the length of time it will take - I think this comment was a little bit snide sir. Stockwet is a valuable contributor but I am interested in your explanation that obviously must exist for you to lampoon a pretty common and helpful statement.
Not that I owe you an explanation at all. But will give you one:

An experienced trader knows that he will never "master" the markets.

If you think you can do it in 3,4, or 5 years, you are either very naive, or have no idea what you are talking about, regardless of "valuable contributions."
  • #18
  • Sep 27, 2006 8:06pm Sep 27, 2006 8:06pm
Just 2 more days and the whole IT industry can burn in the firey depths of hell for all I care...
  • #19
  • Sep 27, 2006 8:08pm Sep 27, 2006 8:08pm
Ok, thanks for clarifying - I see now that it's just semantics. There is no big deal here. phew!
  • #20
  • Sep 27, 2006 8:52pm Sep 27, 2006 8:52pm
I to am in IT and looking to get out. I have a good job with security but I want to be able to do more. I hope in 3-5 years I will be able to quit and just trade for a living from anywhere.

Quoting Darkstar
Just 2 more days and the whole IT industry can burn in the firey depths of hell for all I care...
Darkstar, looks like you had my day today at work...

I now have my family as a support group as well.

Plan for the future, but be able to live now.

Labrat407
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