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Big Decision

  • #21
  • Sep 27, 2006 9:43pm Sep 27, 2006 9:43pm
offtopic, but I JUST got an IT job, 2 years and 15k later.. I am beginning to think that my education is a waste.
  • #22
  • Sep 27, 2006 9:50pm Sep 27, 2006 9:50pm
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.
Good Point, my friend!
Let me recall what you've said "I've mastered myself" means "To be able to controlled myself",isn't it? In connection to our self-emotions. Being able to controlled Fear, Greed, Anger, Revenge,etc. is the most important thing in this volatile market, I think.
Good Trade.
Think out of the box........
  • #23
  • Sep 28, 2006 1:03am Sep 28, 2006 1:03am
Hi all!

Nice to see such a well made discussion as usual. Personally I would like to emphasize two things when I read
"I dont really like the software industry anymore" and
"not quite to the point where its yielding any real returns just yet".

First, if you can get out of a job you do not like and take up a new one offering more money, go for it. If it's within the same field and lets you make more money, again, I'd go for it.
Why? Here's part two: you don't need the intraday chaos. You can trade off of daily bars/candles just fine. Having come from chasing pips on 1M 5M and 15M charts as well as trading hourly and higher myself I can tell you that there isn't much lost doing end of day analysis, putting out orders and setting targets and/or using trailing stops. To be honest, it can even be an advantage not being able to influence things too much, as impatience and uncertainty can tempt you to close otherwise successfull trades early.
Take it as a blessing, not a hindrance if you're offered more money.
It just means more you can afford right NOW, more money to put aside for when you do start up big with forex when you know you are consistent. And a bigger starting base means faster compounding at the same low % of risk.
Don't bet on hope, bet on certainty. In life as in forex. But stay hopeful at all times

Just my 2 cents, of course I could be wrong.

My best wishes,

SeekingLight
Trust price. Know yourself.
  • #24
  • Sep 28, 2006 8:07am Sep 28, 2006 8:07am
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.
lol. You have me wrong, I am not your friend. I will be the one taking your money so that the odds will be against you making it a year full time, let alone 3,4 or 5.

Just a little market reality to help you master yourself....
  • #25
  • Sep 28, 2006 11:58am Sep 28, 2006 11:58am
I feel that i can pick turning points quite well, based on previous SR, divergence ect, and I would be prepared to risk a certain percentage before reassessing my strat and adapting it to market conditions. great traders all lost lots of money and many of them maxed out the positioned they opened and made large gains by doing so, just read new market wizards and rem of a stock operator, with 180k if you lose 10k or 20k ur not blown out of the water yet... also I would be position trading this type of capital and holding until a strong previous SR zone is reached locking in hundreds of pips along the way, at the same time I can develope FX option hedging strats in order to cover the long side with enough captial this is all possible, for now I do this on a smaller level and achieving many profitable swing trades, both up and down. I take fewer trades and prey upon market turning points and SR zone to fade market movements from. currently up 300 pips on the gbp with 200 pips locked in, my longer term goal is to be able to trade 1000 lots.
  • #26
  • Sep 28, 2006 12:20pm Sep 28, 2006 12:20pm
quote:

According to the book Market Wizards, the trader, then a novice, went from $3,000 to $45,000 (big money for him in those days) and back down to $22,000 in short order, which left him exhilarated--and shell-shocked. But Kovner was hooked and went to work at the now legendary Wall Street firm Commodities Corp. Then he struck out on his own. "In 1983 I set up Caxton Corp.," he said. "It's been an interesting and happy ride since."
  • #27
  • Sep 28, 2006 2:08pm Sep 28, 2006 2:08pm
To add my thoughts to this, if someone really believes and has the determination to make a living trading Forex then I wouldn't abandon that dream. Like a lot of people have mentioned, it's not necessary to trade on the 5min charts to make a living and big profits. The daily are just as good, so you don't require a job where you're able to trade for hours during the day to achieve your goal.

I'm in IT myself (yes, what a shock huh? and I have the same goal. To be able to make as much or more money trading Forex than I do at my regular job. Do I think it's attainable? Of course it is. How long is it going to take? We'll have to wait and see. But I've been trading now for a few years and I can say that I'm getting there. To address some of the earlier talk about "mastering" the market etc, I know people who have done it 2.5 years and some who haven't after 10 years. Bottom line is, you don't have to "master" anything. All you need is a good system and experience. Learn from your mistakes and your successes. Just keep at it.
  • #28
  • Sep 28, 2006 2:44pm Sep 28, 2006 2:44pm
thanks once again to everyone for their input/stories.

I'm not planning to take the offer, the new job wont be 40 hr weeks it will probably be more like 80hr weeks which would impact my trading too much. I'm going to stick it out here and work at my trading as much as possible.

Seems like a lot of folks are in a similar boat to me, I wonder if there is just something fundamentally wrong with jobs in IT? Ironic part is I have a degree in Economics and I wanted to get into banking and or the stockmarket right out of college. All I could get was a job in a high tech startup which lead to a career in programming. 15 years later I just wish I hadnt blown all those startup stock options on a fast car and girls!!!!

Best regards to all,
Ah.
  • #29
  • Sep 28, 2006 4:16pm Sep 28, 2006 4:16pm
80 hrs/wk is too demanding! I was faced with a similar dilemma and decided to stick with the stable 40hr deal. It pays me enough to basically let me enjoy life and more importantly gives me a chance to enjoy it. Besides the job and trading, you still need time for your personal life! But of course, if you need to consider career prospects and growth, then that may be a different story....
  • #30
  • Sep 28, 2006 4:27pm Sep 28, 2006 4:27pm
wow so much in common here

I also been doing IT for over 8 years and totally burned out but my job allows me to watch the markets daily
I also trade the daily charts MUCH nicer for us 40 hour workers

I say if trading is your passion then dont let ANYTHING get in the way of your passion! Pursue your dream just make sure you can pay your bills and feed the family.
  • #31
  • Sep 28, 2006 8:50pm Sep 28, 2006 8:50pm
I think perhaps there is something wrong with IT. Maybe not everywhere but it's no accident that I hear so many people say they'd love to leave IT. I'm in IT myself (currently I'm a systems tester) and I'd love to leave it -- I have been for 11 years and my undergrad isn't in computer science but I went through the trouble of getting a masters in the field. All I can think of now is -- whatever did I do THAT for? IT has sure changed over 10 years.

I keep telling myself it's good trader training. I have to be egoless, flexible, adapt quickly to ever changing corporate conditions, and check my emotions at the door, all while juggling some incredibly complex systems and code in my head. I have to do all this while watching my back for the corporate axe that would love to ship my job offshore to some poor kid being paid a fraction what I am.

I could rant on and on about this but won't. I do hope trading can provide me relief. Ideally I'd like to be a freelance part time technical writer and also trade.

gmv

P.S. -- I'd stay in your current job and conserve your energy for trading.
  • #32
  • Sep 29, 2006 1:50am Sep 29, 2006 1:50am
I've been in IT about 8 years, got my degree, worked my way up to management, blah blah. When I started it seemed like such a bright future, but not so anymore it seems, I think there are a number of reasons...

1. Bad project after bad project grinds you down
2. You realize you are not working for Microsoft or Google, you are not going to get rich off shares.
3. IT companies mostly seem to be run by assholes

The attraction with trading (apart from the obvious) is the freedom, you control your own destiny. No more having to learn the next tech, not begin obsolete by 40, blah blah
The breaking of a wave cannot explain the whole sea.
  • #33
  • Sep 29, 2006 3:22am Sep 29, 2006 3:22am
Quoting Craig
I've been in IT about 8 years, got my degree, worked my way up to management, blah blah. When I started it seemed like such a bright future, but not so anymore it seems, I think there are a number of reasons...

1. Bad project after bad project grinds you down
2. You realize you are not working for Microsoft or Google, you are not going to get rich off shares.
3. IT companies mostly seem to be run by assholes

The attraction with trading (apart from the obvious) is the freedom, you control your own destiny. No more having to learn the next tech, not begin obsolete by 40, blah blah
There, you have it. Especially #1. Too many bad projects and a change of venue doesn't change that.
  • #34
  • Sep 29, 2006 4:29am Sep 29, 2006 4:29am

Hi all,


I just read all the thread now.

First, again and again, I realize I reached the best forum on the net.

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Now, my point of view :

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I'm not in the IT (even thought I wanted to be, in my youth). I am 15 years or more in the civil engineering business and I, too, very much, want to make trading my job for a living.

So, maybe it is the change in what we do that we look for? Maybe the freedom it can gives you? (must be one of the reasons).

I've been trading stocks, options and forex for almost two years. I hate to say it but I feel it can take a lot of time (to me) to "master the markets".

I am still trying to find the right and best trading system – and this great forum is full of them – but still, can't say I feel it coming.

Well, maybe this is for another discussion.
"It's choice - not chance - that determines your destiny"
  • #35
  • Last Post: Sep 29, 2006 12:54pm Sep 29, 2006 12:54pm
Seems like quite a few of us in a similar boat.

Are there any ff'ers that have made the transition to full time trader and/or make some of their income from trading?

We sure could use a success story or two for inspiration!

Have a good weekend everyone!
Ah.
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