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I have a profitable trading strategy. Should I quit my job?

  • #81
  • Oct 31, 2012 8:24pm Oct 31, 2012 8:24pm
I suggest to continue your part time trading for at least 1 more year and if you can duplicate the same performance then you can consider to go full time
  • #82
  • Nov 2, 2012 3:45am Nov 2, 2012 3:45am
I think if you are not sure to quit or not, just stay where you are for a while. You won't be definitely more sure after this quit and this will only produce stress for you.This is not useful for trading, believe me.
  • #83
  • Nov 2, 2012 7:09am Nov 2, 2012 7:09am
Thank you! dudes. I decide to wait until july next year. I will be able to refinance my house loan and get enough cash to trade. If I quit my day job, it will be hard for me to apply new loan.

So far the performance is still good. only one time mistake made during the last 8 months. which means only one single day loss.

here is a summary of last four months results.

forex.com account
2012-07 69685 +3009 or 4.3%
2012-08 72694 +2154 or 2.96%
2012-09 74848 +3140 or 4.2%
2012-10 77988 +1564 or 2%

18 months cumulative profit: USD 27669 +2943(deposit bonus), Total fund invested $46261
18 months cumulative profit ratio if fund fix: 166.4%


Hope you all happy trading!




Quoting meng88
I think if you are not sure to quit or not, just stay where you are for a while. You won't be definitely more sure after this quit and this will only produce stress for you.This is not useful for trading, believe me.
  • #84
  • Nov 5, 2012 10:34pm Nov 5, 2012 10:34pm
Quoting yunben
Thank you! dudes. I decide to wait until july next year. I will be able to refinance my house loan and get enough cash to trade. If I quit my day job, it will be hard for me to apply new loan.
Sound like a kinda risky trick... Of course if you are sure... I just think that you should trade only with money, that you can afford to lost..

However your results are quite well, so I hope that all will be ok $)
  • #85
  • Nov 6, 2012 4:01am Nov 6, 2012 4:01am
Quoting meng88
Sound like a kinda risky trick... Of course if you are sure... I just think that you should trade only with money, that you can afford to lost..

However your results are quite well, so I hope that all will be ok $)
Yes. usually one should trade only with money that one can afford to lost. However, if you go professional, fund size is must to cope with the hardest time. I think I would use less leverage. Say maximum 10-15 times. Design maximum draw down to 10%. each trade with stop loss. If the maximum draw down too low, It means the capital efficiency is not good.

I have confident in my strategy. What I need to do is to risk less and make safer profit. I would try to target only 3-4% monthly profit initially if trade full time.
  • #86
  • Nov 6, 2012 7:23am Nov 6, 2012 7:23am
I'd be wary of over reaching and using money that you can't afford to lose. But it seems you have a strategy which works which is great, and by next July you should of been able to use it in a variety of different markets so you'll know if it's good to go.
  • #87
  • Nov 7, 2012 9:48pm Nov 7, 2012 9:48pm
Quoting yunben
Yes. usually one should trade only with money that one can afford to lost. However, if you go professional, fund size is must to cope with the hardest time. I think I would use less leverage. Say maximum 10-15 times. Design maximum draw down to 10%. each trade with stop loss.
Agree! The more deposit is, the less leverage must be. That helps to reduce the risk. At specially if you're holding the big found of your loan money.
  • #88
  • Dec 1, 2012 11:04pm Dec 1, 2012 11:04pm
Yunben,
dont be stupid and quit your job. The world is not black or white.
Ask you boss to work from home one or two days a week. Take a sabbatical like the others suggested.
Or work part time. Dont forget that your job is also a profitable system next to your trading system.
You invested many years of training/universtiy in order to get into that field.
In your position i would shift down my job or if possible move it into another direction (e.g. consulting service)
were you can work from home a good amount of the time. As far as I perceived it, you have to wait for the
right trading setup to pop up anyway.


cheers,
Kershey
  • #89
  • Dec 2, 2012 7:43am Dec 2, 2012 7:43am
I think a better alternative to quitting your job is to trade OPM.

Link your accounts on myfxbook, FF explorer, etc. for tracking purposes. Maybe some rich money manager will be interested

Or even sign up for zulutrade, fxstat, currensee, etc. to get additional income

That way you can leverage your trading skills without quitting your job.
NocturnalFX is no longer offering commercial services
  • #90
  • Dec 2, 2012 8:16pm Dec 2, 2012 8:16pm
Quoting yunben
Hi, I am a senior engineer in an IT company with salary about USD$60,000. I have been trading Forex/gold/oil at part time after work time for two years. I developed a good strategy and applied it (it is countertrend). For the last 15 months, it works perfectly and makes consistent profit. The system includes when to enter the market, how to set stop loss, how to set stop profit. The temporary loss can be set to 15% with margin.

The past profit is listed monthly as follows. part time trading only (manual trading after working hour).

Forex.com...

why bother working for a firm, just trade your own account and enjoy your life.
The best indicator is price.
  • #91
  • Dec 6, 2012 1:55am Dec 6, 2012 1:55am
I know you can earn a lot from Forex than your day job (IT). But please think by another way, don't think about money, I think you have studied IT so we can see IT is your major. Do you feel happy when you work in IT industry, meeting IT person and see the code and computer?

If the answer is YES, you shouldn't leave your job.

Forex is just the way to earn money but we don't live to earn money, we earn money to live (happily). You can get a lot of money and you can buy a lot of things to get satisfy but you won't find the happiness when you working.

To me, I think I will never leave my job since I want to help others with my abilities. Not also for money, that's the way I devote for this world. Forex is the market that you take money from someone's pocket and otherwise. It's not the good way to work, but good to earn money.
  • #92
  • Dec 7, 2012 6:15am Dec 7, 2012 6:15am
I was actually in a very similar situation last year, I work in IT contracting and had a few months off before I started a new role. I had a solid strategy which I was trading part time and some weeks earning up to 15% ROC, but when I came down to it I could not face the isolation of being a lone trader at home! So now I manage to keep up the full time job for stability and have adjusted my strategy so I don't need to watch the markets all day and am getting the best of both worlds
  • #93
  • Dec 7, 2012 7:18am Dec 7, 2012 7:18am
Always think about the rationale behind everything, always ask yourself why you want or desire certain things so you can identify your needs and then behave accordingly.

Why are you even asking yourself that you should quit your job? Is the real reason you want to because trading is less stress, or you don't like your job, or a combo?

The only details we have of your job is that it is software related and pays 60k, which means nothing to us but everything to you as it is you who experiences the ordeal everyday. If you come to a crossroads and are uncertain what to decide, roll with the definite and limit risk.

Life is uncertainty, our lives are deciphering what sure things we can accumulate
  • #94
  • Dec 8, 2012 2:49am Dec 8, 2012 2:49am
Simple, don't quit your job until you have started making decent money in trading continuously over a 6-12 month period..
  • #95
  • Dec 10, 2012 4:54am Dec 10, 2012 4:54am
I've been planning on "quitting" both of my day/night jobs, which add up to 80 hours a week... except 1 of them just laid me off (no fault of my own).

My track record has been pretty stellar so I can understand why you would want to ditch the job.
Being prepared is better than being caught with your pants down (such as myself)... I am having to launch my trading sooner rather than later now.
Then again here's what makes me confident.... http://www.myfxbook.com/members/dayt...7s8Bgkitp8ahgW

If you want to trade for a living, you have to ask yourself:
1.) Will my returns support my lifestyle and can I budget all my money perfectly and live within/below my means?
2.) Will there be other passive/active streams of income? (in my case, 2 other streams, lessening the pressure)
3.) Is it worth LOSING the opportunity cost of the 9-5 professional job I'm giving up? Or would I be doing better off there? Be realistic with yourself.
4.) Where are the best benefits? Self employment or working said 9-5 job? (for me, I don't earn any benefits other than hourly wage and some paid time off...health insurance is not a good deal from my employer, im better off buying my own!)

In my case, I've got a high school diploma, a few college credits, and lots of crappy work experience doing jobs that nobody wants.
So long as I can earn 25k-30k a year, I'm doing really well because that's about on par with what I'd normally be making with just 1 jobs, plus the freedom outweighs the constant stress of my current 80 hour hell week....and the constant layoffs happening yearly (in my industry, high high turnover).

...But I guess this is all after you realize, Shoot, I can do this and be profitable, now what?
Oh and cash cushion/emergency money is essential. There's so much more to doing this stuff for a living than just having a profitable system.
And how about preparing for a lot of pretty lonely days?
  • #96
  • Jan 3, 2013 11:12am Jan 3, 2013 11:12am
Hi

This is pretty serious decision since , as I understood, a family is dependable on you. As I see , shortage of time ( the day last only 24 h) is the biggest problem here. If your aim is to be professional and to do this for the rest of your life, to make a career from it - do it. Otherwise, think very carefully
  • #97
  • Oct 14, 2013 9:20pm Oct 14, 2013 9:20pm
Hi Yunben,
my heartiest congratulations to you for developing your sound trading strategy.
Very few achieve this milestone in their trading careers....
Coming to the question of quitting your job and becoming a full time trader , my view is WHY NOT?.........
By all means if one is super confident of his trading.....one should go for becoming one......
When I reach your stage.....(I am almost there).....I gonna do this....
1. Keep trading part time and earn substantially till...
2. I invest in real estate and start earning the rental income that can support my life style....well how much .....thats personal.
3. Trade just for a couple of hours daily ......to earn my daily target or quit if hit my fixed number of SLs, and
4. Live for my self and my family....devote time to them and live life to the fullest.
5. Pick up some hobby, be it golf , world tours etc etc. And last but not the least.........................
6. Once my means exceed my needs...............START CHARITY WORK........Give it back to the society....
Regards.
  • #98
  • Oct 15, 2013 6:58am Oct 15, 2013 6:58am
Hi I know this is not connected to anything but i wanted to share :d

Fantastic stroke of luck
Hello Traders............I have received some extremely good news and wanted to share my good fortune with all of you http://forexmentorpro.com/forum/imag...es/biggrin.png

After ruining lots of my trades......Ben has finally taken pity on me. God bless you Ben http://forexmentorpro.com/forum/imag...s/confused.png and don't let me forget those wonderful Nigerian Bankers. is it spelt with a "B" or a "W" ?
I have just finished telling the boss to shove it and told him that i would never ever consider coming back to work for him http://forexmentorpro.com/forum/images/smilies/wink.png
i will now forward all my details and wait for the money
good luck to you all
Tokolosh


-----Original Message-----
From: BEN S. BERNANKE
Sent: Monday, October 14, 2013 4:05 AM Subject: From Chairman Federal
Reserve Bank New York.

NOTIFICATION OF CREDIT FROM BANK FEDERAL RESERVE BOARD.

Attn: Beneficiary,

We have this 11th day of Oct. 2013 received a payment credit instruction
from the Federal Government of Nigeria to credit your account with your full
Inheritance fund of USD 10.5 Million Dollars from the Nigerian reserve
account with our bank,Federal Reserve Bank.

However, you shall required to provide the followings datas below:

{1}. Your Full Name and Address.:
{2}. Your Confidential Tel, Cell and Fax.
{3). Your Bank name and address.:
{4). Your A/c Name and A/c Numbers.:
(5). Your Swift Code / Routing Numbers.:
(6). Your Current Occupation And Your Working ID.

Thanks for banking with Federal Reserve Bank while we looking forward to
serving you with the best of our service.

Regards,
Mr.Ben S. Bernanke
Chairman Federal Reserve Bank New York.
  • #99
  • Oct 15, 2013 10:03pm Oct 15, 2013 10:03pm
Hi, arvindeept:

Thank you very much for your suggestion. I think it is a good way for me.
I have joined currensee for the trade leader program. although I am still waiting to become a trade leader, one of my account/strategy has ranked 1st on the leaderboard (trade leader candidates' performance).
I will keep trade part time for sometime until I can earn at least 3 times of my current salary for each month.
so far my total profit is over $110KUSD. most profits come from the last 22months.
Thank you.

I want to report my past trading performance as follows:

Forex.com account:
starting fund Vs profit (USD)
2011-05 1263 +97 or 7.68% fund top up $2170
2011-06 3530 +298 or 8.44%
2011-07 3828 +257 or 6.71% fund top up $1000
2011-08 5087 +848 or 16.67%
2011-09 5936 +167 or 2.81%
2011-10 6106 +169 or 2.76%
2011-11 6275 +454 or 7.23%
2011-12 6729 +334 or 4.96%
2012-01 7066 +98 or 1.38% fund top up $34000
2012-02 41170 +6456 or 15.68%
2012-03 47626 +925 or 1.94% fund top up $10490
2012-04 59041 +1309 or 2.21%
2012-05 60352 +4261 or 7.06% (+2943 deposit bonus)
2012-06 67556 +2129 or 3.15%
2012-07 69685 +3009 or 4.3%
2012-08 72694 +2154 or 2.96%
2012-09 74848 +3140 or 4.2%
2012-10 77988 +1564 or 2%
2012-11 79552 +2138 or 2.67% (fund top up $38407)
2012-12 120097 +3028 or 2.52%
2013-01 123125 +3688 or 3% (+5000 deposit bonus)
2013-02 131827 +11851 or 9%
2013-03 143678 +2774 or 1.93%
2013-04 80550 +5797 or 7.25% (open new account)
2013-05 86347 +4232 or 4.9%
2013-06 90532 +16550 or 18.1%
2013-07 107082 +7916 or 7.4%
2013-08 114998 +2967 or 2.6%
2013-09 256139 +3869 or 1.5%
2013-10 260508 +941 or 0.35% (by oct 16)
30 months profit: USD 93408 +7943(deposit bonus),
30months profit ratio if fund fix: 300%
Myfxbook profile: www.myfxbook.com/members/yunben



currensee profile: app.currensee.com/forexpert/forex-trading/profile/BEYFN

Quoting arvindeept
Hi Yunben, my heartiest congratulations to you for developing your sound trading strategy. Very few achieve this milestone in their trading careers.... Coming to the question of quitting your job and becoming a full time trader , my view is WHY NOT?......... By all means if one is super confident of his trading.....one should go for becoming one...... When I reach your stage.....(I am almost there).....I gonna do this.... 1. Keep trading part time and earn substantially till... 2. I invest in real estate and start earning the rental income that...
Attached Image (click to enlarge)
Click to Enlarge Name: currensee_link.JPG Size: 70 KB
  • #100
  • Oct 15, 2013 10:47pm Oct 15, 2013 10:47pm
Well bro....kudos to you once again for being successful ......but one thing we need to guard against in life and also in trading is OVERCONFIDENCE and SELF-GLORIFICATION.......coz that invariably leads to one's downfall..........
And you know what.....many out here might be thinking ......Why doesnt this guy just give me this goddamm 'genie' trading strategy.......

They wont realize 2 things.......

1. If u r genuine guy, which I assume you r, then U WUD HAVE ROGERED UR ASS DAY IN & DAY OUT 24 x 7 ......to finally home on to this strategy......also that something which works for u MAY NOT WORK FOR THEM.................& that

2. If u r some marketting gimmick guy or simply a fake, which I dont assume u are........these strategies always are too good to be true......and should be avoided once and for all......

In both situations, people need to realise that LIFE IS NEVER EASY.........
u have to slog it out, burn midnight oil, toil damn hard to be successful in life & so...........................
DONT GET TOO PSYCHED UP BY OTHERS TRADEBOOK SNAPSHOTS.......
as howsoever simple it may seem...........ITS NOT!!!!!!!!!!
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