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Any full-time traders?

  • #1
  • First Post: Nov 25, 2005 7:39am Nov 25, 2005 7:39am
ola guys,

I realized many traders have a job or business at side.

If one is so good at trading, why not quit one's job and sell their businesses?

Why not burn one bridges and just make a good living in trading FX?
  • #2
  • Nov 25, 2005 7:52am Nov 25, 2005 7:52am
Quoting Blackship
ola guys,

I realized many traders have a job or business at side.

If one is so good at trading, why not quit one's job and sell their businesses?

Why not burn one bridges and just make a good living in trading FX?
Only 5% are winners and I guess most of them are full-time traders.

The other reason is diversification. Both are welcome fixed and volatile incomes.
Personally I have both. But I work as a trader. My part-time job is credit analysis. I work as a trader for investors and run my own accounts too.
kiss the trend
  • #3
  • Nov 25, 2005 2:56pm Nov 25, 2005 2:56pm
Quoting Blackship
ola guys,

I realized many traders have a job or business at side.

If one is so good at trading, why not quit one's job and sell their businesses?

Why not burn one bridges and just make a good living in trading FX?
I guess trading becomes boring once you get the hang of it ... making profit consistantly. Can you imagine sitting the entire day in front of the screen studying charts and doing all sorts of analysis just to find a good trade to enter? Many of those working and trading have probably gone crazy already ... maybe not from staring at the screen, maybe from their spouses

Once I become more consistant with my trading, I'm gonna find me a job

Have a lekker weekend
Habeeb
Keeping it Simple
  • #4
  • Nov 25, 2005 5:59pm Nov 25, 2005 5:59pm
I traded fulltime for a year with mixed results. After working for the government for 20 odd years and receiving a guaranteed salary every fornight, the inconsistency of trading results forced me to change my mindset a fair bit. This put plenty of stress on the wife as she just couldn't handle one or two months with little or no income followed by better months etc. Her stress transferred to me and my trading results were then affected by this.

One big problem I had was working by myself and from home. Ideally you want to be a trader for either a company or involved with another group of traders face to face. I found the lack of people contact very depressing. Sure you have lots of cyberspace buddies, but it's not the same. You also tend to get hooked into doing a lot more hours sitting at the computer than you should. Forex being a 24hr market, will suck you in as the opportunites to trade are always there. I guess being a share trader, you are limited by the opening hours etc.

So I am back at work, nothing hard or taxing mind you, and in a job that allows me plenty of time to still trade. I know get to interact with plenty of people on a daily basis, have a fortnightly guaranteed salary, my wife is happy (very important) and I am still trading. My trading has also improved somewhat due to lack of pressure, and I am even expanding my trading to include shares/CFDs. It's all good at the moment. Cheers.
JAGfx
  • #5
  • Nov 25, 2005 6:05pm Nov 25, 2005 6:05pm
It really depends on what type of trading you do. The daily trading that I do takes only 20 minutes per day - if I wanted to I could work full time no problem. I chose to start another business instead. However, if I was trading off 30 minute charts, then working full time as a plumber for example, is not going to work.

I guess it is also important how much money you have and how much money your system produces and how much money you need. You could be a very successful trader with only $10,000 producing consistent 50% per year returns and require a salary of $100,000/year. You would need to keep working in this case.

Simon
  • #6
  • Nov 25, 2005 6:55pm Nov 25, 2005 6:55pm
Quoting buff
I traded fulltime for a year with mixed results. After working for the government for 20 odd years and receiving a guaranteed salary every fornight, the inconsistency of trading results forced me to change my mindset a fair bit. This put plenty of stress on the wife as she just couldn't handle one or two months with little or no income followed by better months etc. Her stress transferred to me and my trading results were then affected by this.

One big problem I had was working by myself and from home. Ideally you want to be a trader for either a company or involved with another group of traders face to face. I found the lack of people contact very depressing. Sure you have lots of cyberspace buddies, but it's not the same. You also tend to get hooked into doing a lot more hours sitting at the computer than you should. Forex being a 24hr market, will suck you in as the opportunites to trade are always there. I guess being a share trader, you are limited by the opening hours etc.

So I am back at work, nothing hard or taxing mind you, and in a job that allows me plenty of time to still trade. I know get to interact with plenty of people on a daily basis, have a fortnightly guaranteed salary, my wife is happy (very important) and I am still trading. My trading has also improved somewhat due to lack of pressure, and I am even expanding my trading to include shares/CFDs. It's all good at the moment. Cheers.

Buff, we've had identical experieces. I traded full time at home, and became so bored because of lack of contact with other people. I like people. My performance was like a yo-yo. I think i entered into trades just out of boredom and that shot my trading plan to smitherines. Now as i focus on 4x i am finding trading the longer time frames is giving the opportunity to continue working in a great occupation but also i can be an involved and profitable trader as well. I just trade the ol plan. I guess that when i want to travel more, i can just trade without the job. I'm glad my wife is supportive, as she knows the true cost of my trading education todate. I think she likes the "security" of a great outside position, but she also has a handle on the profitiability upside of trading as well. Right now my test in progress is called "consistency".....

My best...
J
  • #7
  • Nov 27, 2005 1:40pm Nov 27, 2005 1:40pm
Quoting Blackship
ola guys,

I realized many traders have a job or business at side.

If one is so good at trading, why not quit one's job and sell their businesses?

Why not burn one bridges and just make a good living in trading FX?
i think anyone who CAN trade for a living WILL trade for a living. traders love to trade, usually more than anything else. if someone is trading "on the side" it usually means that they are still perfecting their techniques so that they can one day trade full time.
Relax and be happy.
  • #8
  • Nov 27, 2005 1:57pm Nov 27, 2005 1:57pm
Quoting merlin
i think anyone who CAN trade for a living WILL trade for a living. traders love to trade, usually more than anything else. if someone is trading "on the side" it usually means that they are still perfecting their techniques so that they can one day trade full time.
Merlin,
Great forum, and love the community.

Do you trade for a living?

Alex,
  • #9
  • Nov 29, 2005 8:34am Nov 29, 2005 8:34am
Quoting merlin
i think anyone who CAN trade for a living WILL trade for a living. traders love to trade, usually more than anything else. if someone is trading "on the side" it usually means that they are still perfecting their techniques so that they can one day trade full time.
Totally agree!!!! If I develop my system success fully and don't have to worry about monthky income. I'll quit my job and trade for a living Coz I never have problem making contact to other people eventhough I work at home. There're always the social activities and things connecting you with other people everyday......but for the fulltime FX trader nextdoor for a live conversation.....that would be very difficult to find one.
  • #10
  • May 22, 2019 11:48am May 22, 2019 11:48am
maybe they are still losing money in forex trading.
  • #11
  • May 22, 2019 12:21pm May 22, 2019 12:21pm
Quoting Blackship
ola guys, I realized many traders have a job or business at side. If one is so good at trading, why not quit one's job and sell their businesses? Why not burn one bridges and just make a good living in trading FX?
If your trading has advanced enough to the point where you can support yourself and all your expenses, while still "working" only a few hours outside your regular day job, it makes most sense to me to KEEP that day job!...

Why? A great deal of trading successfully is knowing you are "free" to concentrate on your craft. Most of us know the pressures involved with this work especially if a particular trade (or group of trades) isn't working. Why bring in the added pressure that if your trades don't work, you don't eat, or you lose your house/car/wife...etc. Make sure the basics are covered and use your trading to rapidly build wealth

If your trading is that successful, why not keep building wealth while you are also working your "normal" job? Your savings can explode exponentially and then you can "retire" early and do as you've always wanted. You can still trade if you like, but the pressure to support yourself is GONE!! You are now just doing it to get a better rate of return on your money and you have already set aside everything you will need for the rest of your life.

Leaving your job only increases the pressure to succeed, and that in itself causes trading to slide. Keep your pressure to a minimum...keep your stupid "J-O-B" (J)ust (O)ver (B)roke and build wealth. THEN just do what you want, when you have enough set aside to live the rest of your life as you chose without working at anything...
@xxxx§|[::::::::::::::::>
  • #12
  • May 23, 2019 6:12pm May 23, 2019 6:12pm
Quoting DonPato
{quote} If your trading has advanced enough to the point where you can support yourself and all your expenses, while still "working" only a few hours outside your regular day job, it makes most sense to me to KEEP that day job!... Why? A great deal of trading successfully is knowing you are "free" to concentrate on your craft. Most of us know the pressures involved with this work especially if a particular trade (or group of trades) isn't working. Why bring in the added pressure that if your trades don't work, you don't eat, or you lose your house/car/wife...etc....
Nice Advice Don.

+ I would not recommend going full time if you have not accumulated a minimum of 3years of living expenses locked in a secured savings accounts. This is especially important for those with family and obligations. If you have debt outside of mortgage and auto loans, pay that off FIRST and then accumulate the 3yrs of living expenses. This will give you atleast 2 yrs of emergency funds to recover from drawdowns. If only one yr of expenses is left, drag your ass back to work or you risk going FLAT Broke.
Staying in my lane...
  • #13
  • May 23, 2019 7:27pm May 23, 2019 7:27pm
Quoting VEEFX
{quote} Nice Advice Don.
Thank you...
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  • #14
  • Edited 10:24pm May 23, 2019 10:13pm | Edited 10:24pm
For your question answer is yes.

Trading is so relative. Trading can be a survival plan for someone while it can be a investor plan for another one. Let me explain. Financial Market trading is one of best way to multiply money. This is the most essential step of being wealthy. Because the money that earn should multiply.For some one this Financial market can be a survival plan. Means he/she will not multiply but gain what he wants every month. Usually i do this both. I have a survival account that support my living. i just try to reach consist with some percentage every month and i withdraw 75% - 80% from it. And also there is another account that i never withdraw. i am compounding it for years but slowly. that is my investor plan. It is practically easy to multiply several times ( practically capable of multiplying 6 times of your capital : depend on many variables) of your capital within 5 years. It is a good investor goal. Most investors try to reach.So this is how i trade full time. I believe if you are willing or if you are a full time trader you need short term goals as well as long term goals. In this all games it is better to have a good amount of money and it is better if you can create some other income sources too.

Extra Notes -------

Survival Plan:-

Assume that your monthly living cost you around 1000 usd. If you have a 1000 usd capital it is about 100% each month to make. It is so unrealistic. If you have a 5000 usd account it is about 20% each month. To do every moth it is hard. If your capital is 10000 usd it is about 10%/ If capital is 20000 usd it is about 5%. You can see when capital increases it getting easier to gain it. so never ever try to make 100% try to make 5% but with consist. Consist is the most important. So try not increase percentage but try to increase capital and lower the percentage. It will make you easier to become a full time trader with less stress.

Investor Plan :-

Try to reach rewards with lowest risks. that is most important when you compounding, the low risk. Then you can safe your capital. With time it will multiply.again try to make with lowest risks. it will let you to play long term. For investor plan.
" People don't care about what you say, they care about what you build "
  • #15
  • May 24, 2019 9:42pm May 24, 2019 9:42pm
I thought the question, from 14 years ago, was if there were any full-time traders, not how to prepare to become full-time if you are not ready.

Yes.
You cannot be extraordinary by being normal
  • #16
  • Last Post: Feb 20, 2020 12:07pm Feb 20, 2020 12:07pm
This is actually a great topic for discussion, because every trader who has at least once encountered a positive result has thought about starting to work with large amounts of money and usually this means investing all the money you have saved up before or selling the apartment you have rented out or something like that. Is it risky to say? Of course it is. Because there are always risks and opportunities to lose all the money you've earned with great difficulty. But even if you dare to invest a little more money than you originally expected and at the same time act according to a specific plan, you will definitely succeed, even if before that a couple of failures happen to you. You have to be strong here.
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