I finally quit my day job! | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Daily Blog/Vlog: FU*K IT, I QUIT (my 9-5 day job)! 104 replies

How many pips or % to quit? 17 replies

20pips a day and I will eventually give my day-job away 39 replies

Quit Job , go Back to School, Trade Forex? 33 replies

Attachments: I finally quit my day job!
Exit Attachments

I finally quit my day job!

  • #21
  • Jul 27, 2012 6:12am Jul 27, 2012 6:12am
I have 3 sources of income: Job income, Investment income, Trading income. On the total aggregate income, I take a % to use as expenses for the next year.
The rest of the income is fed into my investment portfolio and trading accounts at 75%/25%.
There is a sweet spot % of income to use for expenses, taking into account your investment/trading income, that will maximize your total expenses over a given period in life (thus your income).

This is my approach to having investment/trading as a source of income. I am fully aware that it will take at least another 2 decades for me to gather job income and employ compounding effects before I can even start to think about totally dropping my job.

I'm only 25 but started with Forex interest about 5 years ago. I have decided to go to university instead of fully focusing on becoming a full-time trader. It feels important to have both a plan B and a potential job income stream.
  • #22
  • Jul 27, 2012 7:04am Jul 27, 2012 7:04am
I was going to make this complicated...


Just don't do it.
  • #23
  • Jul 27, 2012 7:44am Jul 27, 2012 7:44am
Dear profitable traders,
At the moment i'm unemployed and looking for a new job. As a Plan B, trying to make some money on FX. Demo account for the beginning . So, could you share your experience on what brokers, systems and strategies are you using for trading for live.

Thanks,

Darius
  • #24
  • Jul 27, 2012 7:47am Jul 27, 2012 7:47am
Quoting SerpentDove
I was going to make this complicated...


Just don't do it.
best piece of advice.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #25
  • Jul 27, 2012 7:58am Jul 27, 2012 7:58am
May I know from which sites you are attending webminars, seminars and trading lessons. Please suggest me????

Quoting 5percent
It's very dependable on what you are searching for. It's a very tough choice as well. You don't get to see a pay cheque or credit balance into your bank account every month, no bonus etc etc.

I was holding a full time job just few months back, there are plenty of room for career progression, promotion, increase pay, and best is that i have up to 32 vacation leave per year. My bosses like me, and wants to move me around different department and promise me the future that's upon me.

However, weighing on EBSI.

Employee
Business owner
Self-employed
Investor

The...
  • #26
  • Jul 27, 2012 8:24am Jul 27, 2012 8:24am
Quoting selva1700
May I know from which sites you are attending webminars, seminars and trading lessons. Please suggest me????

visit MTA.org . Download the body of knowledge for the different levels op CMT exams. Fix yourself the required reading books. Study them with all your heart.

Then buy Forex Tester 2 software and backtest with all your heart.

IMO if you can't commit to these two points; thorough theoretical foundation of Technical Analysis and thousands of hours of backtest chart time.. there is evidence against your capability to be a full time trader.
  • #27
  • Edited 9:43am Jul 27, 2012 8:35am | Edited 9:43am
Hi, thks guys.

I haven’t had any losing months for well over two years, some losing days here and there, but mainly because those days i either did not feel like going thru the stress of making it back or it was just a plain bad day (rarely happens). I do have tough stressful days though, like everyone else i guess.

I do like having both sources of income, even though I compound my winnings on to the next trade and don’t touch that money. It is nice to know that it is there and growing. Have saved enough to live comfortably for a couple of years and more...

I have been looking into passive income streams like preferred stocks with dividends and giving small loans thru peer to peer lending, and some rental properties, etc.

What is getting to me the most at the moment is the amount of hours I put into to both (Trading and Work), not to mention having no more social live anymore because of it. After a while it starts to get to you.

And I will probably miss having this kind of income coming in monthly, as it will be cut down to half (at the moment) if I quit my day job, hmmm... It’s a really though decision here. Still need to really think about it for a while and find the best way to get a passive income coming in that is safe and not too time consuming , if that is possible.

Some of you are giving me really good ideas and insight, thks, really appreciate it.


Regards,

Ramy3
Fuck Forex Factory.Wake up people.
  • #28
  • Jul 27, 2012 9:16am Jul 27, 2012 9:16am
This is my 14th year as a trader . The first 11 yrs. I traded London before work and Asia after work , ( don't remember sleeping much in those days ..Lol )

About 3 yrs. ago , my wife and I both lost our jobs . That is what nudged me into full time trading .

These days I try to average 20 pips/day . Most days we can do it in a few hrs, and then go enjoy the day .

If you decide to go full time be prepared for drawdowns and heckling from the naysayers .

The journey is worth the pain and we would never go back to the 9-5 .

Best of luck to you .
  • #29
  • Jul 27, 2012 10:20am Jul 27, 2012 10:20am
now u are in big shiit unless and untill u have some proven method.
No place for mistakes
  • #30
  • Jul 27, 2012 12:19pm Jul 27, 2012 12:19pm
Quoting spekitox
You must be at a loose end, this Friday, just like myself.
But I have the shawshank coat on. You know, strolling through the park, no cares, no worries, take it as it comes.
I never knew where the word "hilarious" came from. Must have been named after you. Hilarious.

A random video, let me see, if I inserted one it would be the one currently playing (on repeat, I must confess)
Sheryl Crow - What I can do for you

Ah, where was I? Right!

That's adorable, living in uncertainty, never knowing what the future might bring ......
Can I have a request? pls post sheryl Crow- First cut is the deepest..
  • #31
  • Jul 27, 2012 2:34pm Jul 27, 2012 2:34pm
Quoting SerpentDove
I was going to make this complicated...


Just don't do it.
best piece of advice on this thread.

this is probably the worst time to become a full time trader for any number of reasons.

the markets have become dislocated.

back when trading made more sense, you had an equilibrium between buyers and sellers which created force on price which followed a certain logic. now you have CB intervention in a thin market so the "push" in either direction has no balance. real money is sidelined right now, it's not engaged.

the regulations are changing rapidly.

protectionism is stacked against speculation so speculators are going to be squeezed out as countries try to prevent capital flight from their currencies. I wouldn't be surprised if capital controls shut down forex to retail in a year or two. they are already discussing denying withdrawals from money market accounts in the US, have stopped short selling in a few markets, and are setting limits on international bank transfers. there is real fear out there, and fear creates constriction.

it's a losing proposition for brokers.

with the capital requirements for open positions dodd frank is placing on brokers, they can no longer float cost. this is a game changer that is going to kick in end of year. leverage is the only reason most retail traders could enter this market with nominal accounts sizes, but leverage is what caused the financial crisis, so it's the main target of reform. MF Global and PFG are the tip of the iceberg on what's coming with broker melt downs.
If there's no profit in creating an access point for small players in the market, then you are going to be shut out of the market, plain and simple.

add this on top of everything else you are facing going live as a trader personally, and make your decisions based on the real landscape in front of you.

everything is a bubble. by the time a fad hits the mall it's finished. it was no different with the tech bubble or the real estate. getting into full time Forex now is like showing up for dinner 3 hours late and picking over the bones.

this doesn't mean you can't make money while the ride lasts, but you're behind the curve.
  • #32
  • Jul 27, 2012 2:54pm Jul 27, 2012 2:54pm
Quoting Fudomyo
best piece of advice on this thread.

this is probably the worst time to become a full time trader for any number of reasons.

the markets have become dislocated.

back when trading made more sense, you had an equilibrium between buyers and sellers which created force on price which followed a certain logic. now you have CB intervention in a thin market so the "push" in either direction has no balance. real money is sidelined right now, it's not engaged.

the regulations are changing rapidly.

protectionism is stacked against speculation so...
man,that was some sad lines to read....
  • #33
  • Jul 27, 2012 3:27pm Jul 27, 2012 3:27pm
Quoting Fudomyo

back when trading made more sense, ....
Good post. I had plans to try to start up a small fund to trade OPM, even to incorporate offshore to evade some of the stateside redtape. That is the only way I could see myself assuming trading as a "job". But neverending financial "crises" and all the threats/changes to trading business as usual have forced me to backburner anysuch plans, since a year ago...

If you are old like me and you wanted to use trading as a sole source of income, I'd say "why not?" - if you are sufficiently (6-fig at least) well capitalized and/or if you already have your financial sht together.

But I wouldn't recommend trading as a "profession" for any younger person. Pursue a career or a craft that does something useful, helps people. Trading ain't that.

I will always trade my own discretionary funds in an IRA and/or prop accounts, currently just trading futures. Have sunk most loose change into other business startups...

Good luck, whatever you decide.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #34
  • Jul 27, 2012 3:54pm Jul 27, 2012 3:54pm
Very few people can trade for a living. 90% of the people who responded to this trade can't trade for a living. These are the wrong people to be asking for advice lol.

If you have some the drive to do it, you can become a one of the few people who make a living trading. Treat it like a business and not a hobby. Preferably trade at an office/firm with other people who are successful. Trading can't really be taught, but it can be picked up through proper guidance, resources, and the right mental approach.

Good luck!
  • #35
  • Jul 27, 2012 6:13pm Jul 27, 2012 6:13pm
Quoting Fudomyo
best piece of advice on this thread.
OH MY GOD, thank you so much for writing that. I had one eye open last night when I posted and that was half way shut.

Seriously, been there done that, started working again three months ago.

If you don't need the money... why not. If you do, as Fudomyo said, it's a shite time to go for it, and been such for a good year as far as I'm concerned.
  • #36
  • Edited 10:46pm Jul 27, 2012 9:00pm | Edited 10:46pm
Yes, you guys bring up another reason why i am juggling with this decision. These new “wonderful” regulations that are their now to manage/control money flow are creeping up here slowly. All the better to protect us, yeah right.

I have started looking into incorporating offshore. Still doing my research on that. Will see what i come up with. If anyone has been through this, or is setup like this. I would love to hear about that too.

Some really nice posts here, thks for sharing, I really mean it. It does help.


Ramy3
Fuck Forex Factory.Wake up people.
  • #37
  • Jul 27, 2012 9:27pm Jul 27, 2012 9:27pm
  •  Jamz
  • | Joined May 2012 | Status: Tops and bottoms are for bikinis | 798 Posts
While price is moving on a chart I will be trading. The quote is "anyone can trade a trending market" and I will be there when it is trending. Put up a chart with a few years on it and I see price doing the same thing. I'm grateful to being able to work from home as the workforce has had enough of me. I see countries with 25% unemployment. Young single men are never mentioned and are redundant. When I buy my first racehorse I will call it "Oily Rag" to remind me of the years of "living on the smell of......."
James.
Attached Image (click to enlarge)
Click to Enlarge Name: price trending.gif Size: 39 KB
  • #38
  • Jul 27, 2012 9:32pm Jul 27, 2012 9:32pm
Quoting Jamz
While price is moving on a chart I will be trading. The quote is "anyone can trade a trending market" and I will be there when it is trending. Put up a chart with a few years on it and I see price doing the same thing. I'm grateful to being able to work from home as the workforce has had enough of me. I see countries with 25% unemployment. Young single men are never mentioned and are redundant. When I buy my first racehorse I will call it "Oily Rag" to remind me of the years of "living on the smell of......."
James.
Go get em' tiger.
  • #39
  • Jul 28, 2012 2:04am Jul 28, 2012 2:04am
I will be trading for a living soon when (not if) my account reaches a certain level ....I have a good system which limits losses to 1R and can withstand 5R loss due to price shocks.

I think any system susceptible to occasional big losses is not worth it.sooner or later you'll be taken out.

contrary to popular opinion, the markets aren't harder to trade..its the traders who have failed to evolve...which is another real risk....great traders have gone cold forever as the markets changed read Richard Dennis,ed seykota even the great soros and
Cohen have admitted their tactics have become blunt...kovner,Arnold closed their fund citing low profitability.

I believe the solitary trader still has a good chance of profitability...whether they close down retail forex there are many more instruments to trade...so no worry there.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #40
  • Jul 28, 2012 2:05am Jul 28, 2012 2:05am
Quoting sidefx
Hi, in 2008 i quit my job and began to trade FX full-time. In hind-sight i was under-capitalised, discipline went awol with the pressure (it was never an issue before going FT) and my health and relationships all suffered because of it.

I went into the venture with confidence in my +ve expectancy strategy from 3 years of live trading albeit part-time and the belief and attitude that I could do it.

4 yrs later, i have learnt far more about trading and about myself than prior to going FT and will only consider going FT again if the pay-checks...
You hit on something very key here. I've been trading full time since 2008 and honestly ive learned more about myself than trading. Nothing allows you to dissect your character flaws/weaknesses/ and strengths like relying on trading as your sole form of income. This knowledge is something i believe most in other fields never get a chance to realize.
0 traders viewing now