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I finally quit my day job!

  • #121
  • Oct 16, 2012 1:59pm Oct 16, 2012 1:59pm
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...
Would you recommend focusing on futures then?
  • #122
  • Oct 16, 2012 11:18pm Oct 16, 2012 11:18pm
Quoting isaacyassar
None taken because I don't live with my parents too. I am freedom seeker and my parent like to tell me things to do so I actually prefer a quick death than living with them haha

What will you do when you lose 5 in a row and a bill is due? I will go to the bank and withdraw some money from my saving and pay the bill =)

All my life I've been thinking money is easy, and so it is (law of attraction supports that). Many times I try to make money through a way and fail just to see money somehow comes from other way that I never predicted....
I had to laugh at this.
  • #123
  • Oct 17, 2012 6:31am Oct 17, 2012 6:31am
I am not yet a big earner or big guy in this field. Now I am doing forex trading for some extra earning but when I will see, I am earning a good amount consistently than I won't care about my day job.
  • #124
  • Oct 17, 2012 6:51am Oct 17, 2012 6:51am
I actually started trading 5 years ago. Not forex but options. It has been my only income ever since and my only job.
So yes it can be done. Trading for a living is possible and it can be very rewarding. Dont be discouraged by people who tell you it cant be done.
  • #125
  • Oct 17, 2012 6:48pm Oct 17, 2012 6:48pm
For me, it comes down to several things when considering the possibility of quitting your job and trading for a living. It doesn't make sense because most wealthy people and traders you could say look at this in a different way.

1) Time is money!
2) If you quit your job to stair at a screen all day, your just changing one job for another.

What you should really be thinking is, how can I make the best use of my time.
And I would say, that is generating multiple income streams instead. So if you can go to work AND trade at the same time your not dependant on just one source of income. Like traders your managing risk and in this case if your account blows up you still have a job.

I would suggest you work out an approach where you spend 1 hour a day to set your trading plan and the rest of the day your free to live/work.
  • #126
  • Oct 18, 2012 3:08am Oct 18, 2012 3:08am
your aim is off.

you shouldn't be looking to quit your day job to trade

you should be looking to quit trading to have a life

trading, business, a job, whatever it is that floats your boat, it's all to give you the freedom to do what you want to do.

I worked, then went full time trading, then went part time trading, then started a business, now still part time trading and part time other stuff.

Hoping for full time freedom within 5 years
https://linktr.ee/Soultrader
  • #127
  • Edited 7:52am Oct 18, 2012 6:20am | Edited 7:52am
If you want to go full time you have to sacrifice alot. Your time and money.
  • #128
  • Oct 18, 2012 7:21am Oct 18, 2012 7:21am
When you want to trade full time make sure you have enough funds on the side so you won't reach a scenario where you could be out of luck and out of funds. If you such funds available I wish you good luck and hoep to hear how is everything going. Don't force trades into the market as there could be some days where the market will not provide good entries
  • #129
  • Edited 1:51pm Oct 29, 2012 1:25pm | Edited 1:51pm
All right, first day off sabbatical. Trading day sucked a bit. Now what to do with all this free time? LOL. Use to going to work. Hmmm, Miller time I guess… And a movie or 2…

Night all.
Fuck Forex Factory.Wake up people.
  • #130
  • Oct 29, 2012 1:47pm Oct 29, 2012 1:47pm
http://www.youtube.com/watch?v=gUhRKVIjJtw
Lol. What big problems i have.
Fuck Forex Factory.Wake up people.
  • #131
  • Oct 29, 2012 11:41pm Oct 29, 2012 11:41pm
Quoting ramy3
All right, first day off sabbatical. Trading day sucked a bit. Now what to do with all this free time? LOL. Use to going to work. Hmmm, Miller time I guess… And a movie or 2…

Night all.
Nice thread Ramy, keep us posted
Time hides Nothing
  • #132
  • Oct 30, 2012 5:40am Oct 30, 2012 5:40am
Quoting soultrader
your aim is off.

you shouldn't be looking to quit your day job to trade

you should be looking to quit trading to have a life

trading, business, a job, whatever it is that floats your boat, it's all to give you the freedom to do what you want to do.

I worked, then went full time trading, then went part time trading, then started a business, now still part time trading and part time other stuff.

Hoping for full time freedom within 5 years
The above statement is 100% correct. I'm aiming for it.
Manage probability while following the TREND.
  • #133
  • Oct 30, 2012 6:38am Oct 30, 2012 6:38am
First make 700-800 thousand dolars and put it in the bank or invest in bonds as safety cushion.Get the fixed income out of this money.Then start trading for living.This is what I am planning.
  • #134
  • Oct 30, 2012 6:54am Oct 30, 2012 6:54am
Quoting olsen-yersen
First make 700-800 thousand dolars and put it in the bank or invest in bonds as safety cushion.Get the fixed income out of this money.Then start trading for living.This is what I am planning.
how do u plan to arrange 700-800 k?
  • #135
  • Oct 30, 2012 7:09am Oct 30, 2012 7:09am
I have a business first and foremost, trading is for amusement and the lure of free money.

Looking at a trading screen all day is not my idea of a life. Trade larger time frames and do something else.
  • #136
  • Oct 30, 2012 7:21am Oct 30, 2012 7:21am
Quoting Euroscum
I have a business first and foremost, trading is for amusement and the lure of free money.

Looking at a trading screen all day is not my idea of a life. Trade larger time frames and do something else.
very well said
  • #137
  • Edited 7:45am Oct 30, 2012 7:23am | Edited 7:45am
Quoting CindyXXXX
Nice thread Ramy, keep us posted
Thks Cindy. Will do my best. All thought not much to say... yet. A bit bored, will have to take up knitting or something, lol. I’m sure I will figure something out.

Others have posted some great comments/experiences.

Quoting Euroscum
Looking at a trading screen all day is not my idea of a life. Trade larger time frames and do something else.
Thks,

But, i just love looking at those damn charts, LOL. Tried longer timeframes, did not work for me. Did not sleep well at night when I held positions. Not enough action either for my taste. I like the instant gratification side of it too.

Quoting soultrader
your aim is off.

you shouldn't be looking to quit your day job to trade

you should be looking to quit trading to have a life
Lol, good one
Fuck Forex Factory.Wake up people.
  • #138
  • Oct 30, 2012 7:46am Oct 30, 2012 7:46am
trade the higher timeframes like weekly + daily
  • #139
  • Oct 30, 2012 7:52am Oct 30, 2012 7:52am
I have to say I fell in the same category as many of the other writers in this thread. I said.... " I have to quit my job that I hate to trade full time!!!!" Well, I actually did get the opportunity to trade full time and I have to say, it's not everything you might think it is. To be successful at trading it becomes boring. Once you understand the market, it's not about winding up the risk to hit home runs any more, it's about consistent profits over time and the daily grind of preparation. I have come to the conclusion, it's nearly, not absolutely, but nearly impossible for someone to be a day trader and earn a nice living without being properly capitalized. We would probably have a debate on how much that amount is, but the fact of the matter is the psychology of trading affects the trader so much, that the money should not be the focus. I know, that sounds like an oxymoron, because traders trade to make money. But when you focus on the money, it becomes an obsession to be right and to make money every time you click the mouse and this is self sabotage. I ventured into another business for daily income and have continued to trade to grow my investment portfolio. I had to come to the realization that being a "full time" trader is not the ultimate measure of success in trading. Consistency is! Trading to me is about one day being capitalized enough to trade a few times a week (month) and have freedome in my life. By owning my own business, I already have a taste of that and it takes away the sting of that job that I really didn't like. For me, it was about being "owned" by an employer. I have escaped that and it helps me realize that trading full time was not the measure of whether I was succesful or not, but the last few years of consistent profits is actually the measure. No matter what, success is meeting YOUR goals, not anothers. I have done that, and for me, that is a great feeling.
  • #140
  • Oct 30, 2012 8:13am Oct 30, 2012 8:13am
Quoting ramy3
Hi,

I am just wondering if any of you out there actually did quit their day job to live of trading. What did you guys go through, what made you take the step? How did you deal with each new aspect of it? What where the biggest hurdles you went thru? What would you recommend doing and not doing? Are you happy with your decision? Did any of you go back to work after?

I am curios because I am actually contemplating doing this in the near future. I have been profitable for well over two years now. I trade in the day (6 to 8 hrs) and work at...
For me, I still not dare to do so until I am adequately confident. so far I am still ''losing money" on demo account.I will do on live trade after securing win in demo trade . Even then I would try on small lot before embarking on larger lot size.

Any tip from you all there. Kindly give advice.
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