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from retail trader to full-time trader

  • #1
  • First Post: Jul 19, 2015 4:46pm Jul 19, 2015 4:46pm
I've finally finished my graduate in Computer Engineering, in September will begin my career as a full-time trader. I have been four years as retail trader while studying at university.

environment setup:

LMAX - SPOT FOREX: 30.000€ deposit
IQFEED CME DATA: ~90$ per month (for order flow analysis in forex futures)
InteractiveBorkers: 15.000€ deposit (for trade american options)

Any recommendations for my adventure?
  • #2
  • Jul 19, 2015 10:25pm Jul 19, 2015 10:25pm
Quoting jossfx
I've finally finished my graduate in Computer Engineering, in September will begin my career as a full-time trader. I have been four years as retail trader while studying at university. environment setup: LMAX - SPOT FOREX: 30.000 deposit IQFEED CME DATA: ~90$ per month (for order flow analysis in forex futures) InteractiveBorkers: 15.000 deposit (for trade american options) Any recommendations for my adventure?

Best of luck, stay humble and protect your capital
Never said I was Batman,all I'm saying is you'll never see us together.
  • #3
  • Jul 20, 2015 1:09am Jul 20, 2015 1:09am
Best of luck to you!

The only advice: DONT take this as an adventure!!, but as a business!
there is always, always another trade!!
  • #4
  • Jul 20, 2015 1:52am Jul 20, 2015 1:52am
Quoting jossfx
I've finally finished my graduate in Computer Engineering, in September will begin my career as a full-time trader. I have been four years as retail trader while studying at university. environment setup: LMAX - SPOT FOREX: 30.000 deposit IQFEED CME DATA: ~90$ per month (for order flow analysis in forex futures) InteractiveBorkers: 15.000 deposit (for trade american options) Any recommendations for my adventure?
your options trading account should be bigger, if it is under $25k you will be subject to the pattern daytrader rule. That might not be a problem, depending on how you trade, but it will limit your daytrades (ie, options trades opened/closed within one trading day) to three per week.

Serious options traders have accounts >$125k, so as to be able to benefit from portfolio margin

You can get the CME data within your IB account, of course, although the IQ data feed my be more to your liking.

If you are an active options trader feel free to check out the Let's Trade Options thread and share your chops. Good Luck.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #5
  • Jul 20, 2015 2:05am Jul 20, 2015 2:05am
Have you setup rules for your trading styles?
As a full time trader, you need to think of how much you must earn for daily life usage every week/month : is quite different from undergraduate.
I do hope you should find a job for backup your daily life first.
  • #6
  • Jul 20, 2015 5:03am Jul 20, 2015 5:03am
Why don't you invest your funds in someone successful trader?
  • #7
  • Jul 20, 2015 9:39am Jul 20, 2015 9:39am
A large part about whether someone is going to make it or not as a trader is time, money, and then skill. If he has the time, meaning that he can trade full time without having to focus on other things like a day job to support himself, that's one thing in his favor. If he is well capitalized, that reduces the risk he needs to take to make profit. That's another thing in his favor. With time invested, hopefully he will develop the skill through trial and error and become profitable. If he can accomplish these things, he will make it. If not, chances are slim.
  • #8
  • Jul 20, 2015 4:16pm Jul 20, 2015 4:16pm
Quoting The Fool
{quote} your options trading account should be bigger, if it is under $25k you will be subject to the pattern daytrader rule. That might not be a problem, depending on how you trade, but it will limit your daytrades (ie, options trades opened/closed within one trading day) to three per week. Serious options traders have accounts >$125k, so as to be able to benefit from portfolio margin You can get the CME data within your IB account, of course, although the IQ data feed my be more to your liking. If you are an active options trader feel free to...
thanks for your answer.
in American options I am newbie, so I will use little capital. In the future I can add more if things go well.
I will visit that thread.

thanks
  • #9
  • Jul 20, 2015 4:19pm Jul 20, 2015 4:19pm
Quoting roger44
Have you setup rules for your trading styles? As a full time trader, you need to think of how much you must earn for daily life usage every week/month : is quite different from undergraduate. I do hope you should find a job for backup your daily life first.
hi,

My trading style is defined.
I am fortunate to be able to devote full time to it without having another job
  • #10
  • Jul 20, 2015 4:21pm Jul 20, 2015 4:21pm
Quoting OlafSwensson
Why don't you invest your funds in someone successful trader?
because my dream is to become a successful trader
  • #11
  • Jul 20, 2015 4:29pm Jul 20, 2015 4:29pm
Quoting PipC
A large part about whether someone is going to make it or not as a trader is time, money, and then skill. If he has the time, meaning that he can trade full time without having to focus on other things like a day job to support himself, that's one thing in his favor. If he is well capitalized, that reduces the risk he needs to take to make profit. That's another thing in his favor. With time invested, hopefully he will develop the skill through trial and error and become profitable. If he can accomplish these things, he will make it. If not, chances...

Your answer is very consistent and motivating for me. thanks for your words.
I have time, experience in my methodology (1 trade per day at eurusd at the start of the london session; risk=0.5% of my capital tp=1%), money and I can add a lot more money if things go well.

I really want to start
  • #12
  • Jul 20, 2015 4:31pm Jul 20, 2015 4:31pm
Quoting headfake
{quote} Best of luck, stay humble and protect your capital
Quoting profitfarmer
Best of luck to you! The only advice: DONT take this as an adventure!!, but as a business!
thanks friends.

Quoting trader121
This may sound very negative, but I don't think you will make it. Sorry mate
jejeje... maybe
  • #13
  • Jul 20, 2015 8:03pm Jul 20, 2015 8:03pm
Quoting jossfx
{quote} hi, My trading style is defined. I am fortunate to be able to devote full time to it without having another job
hi,

Take care.

I guess you had already had this two items in the list of your daily life's items :
1. Read news.
2. Do charting.

Take time for your own analysis and keep calm for trading.
  • #14
  • Jul 24, 2015 5:02am Jul 24, 2015 5:02am
JossFX, do you also have capital for living expenditures? That is, to live off from an extended period of time when you don't have enough or even complete lack of income from trading?

I'm also on a comparable journey for over a couple of years now, and it really helps your trading behaviour when you don't need to live off your trading income from the start.

And maybe trade small in the beginning so that you can focus on your execution, not on your income. Full time trading is much, much more stressful when it comes to loss acceptance.

Best of luck btw :-)
  • #15
  • Jul 24, 2015 8:46am Jul 24, 2015 8:46am
Quoting jossfx
I've finally finished my graduate in Computer Engineering, in September will begin my career as a full-time trader. I have been four years as retail trader while studying at university. environment setup: LMAX - SPOT FOREX: 30.000 deposit IQFEED CME DATA: ~90$ per month (for order flow analysis in forex futures) InteractiveBorkers: 15.000 deposit (for trade american options) Any recommendations for my adventure?

Don't start with 30k. Start with 3k. If after 3 months you are still profitable then increase the account size a bit. You seriously don't want to lose your capital in one go.
  • #16
  • Jul 24, 2015 9:33am Jul 24, 2015 9:33am
You must start with as much money as possible with money you cannot absolutely cannot afford to lose.
If you can lose it, you will lose it.
If you cannot afford to bet the rent money, but you have to... then don't lose it on a stupid bet. (all losses are stupid - and all wins are not big enough)
  • #17
  • Edited 1:53pm Jul 24, 2015 1:38pm | Edited 1:53pm
Nonsense its all nonsense ... Most success stories you here is from survivorship bias ... Meaning 5% get lucky trading and even they will blow up eventually and as a quant I can prove it with math forms ... Remember trading is an investment hobby ... If ur interested in investments the get a 65 and become a ria .... Trade on the side 10% of ur portfolio if you feel the need to over engage with the market....

I trade money for a living ... But I won't tell u how I accrue it cause that is the real trick.... . if u know 95% of traders fail why ask the pool of traders on here a question and listen to the majority ... Think...

If ur goal is to trade your own money as a business then don't listen to the forum its a guaranteed loss... Just think I have a 95% chance of losing all this money am I OK with that? If yes then go on but careful do ur own research and be very very very skeptical.
  • #18
  • Last Post: Jul 24, 2015 3:53pm Jul 24, 2015 3:53pm
Quoting Mingary
You must start with as much money as possible with money you cannot absolutely cannot afford to lose. If you can lose it, you will lose it. If you cannot afford to bet the rent money, but you have to... then don't lose it on a stupid bet. (all losses are stupid - and all wins are not big enough)
I agree with the fact that if you view it as "risk" capital then you will risk it and likely lose it. Some people's successes are born from the fact that they have no other option. Although it is not advisable at all, if you trade all the money in your bank account, then you will definitely take it seriously knowing that you cannot survive if you blow up your account. Of course if you do blow up your account, now you will have no where to live and will likely hate yourself and commit suicide. I think that you have to create a happy medium. Don't bet the farm, but don't bet a penny either. I believe that there are some good lessons to be learned by trading enough money to make you uncomfortable and angry about losing it without trading your 401k or life savings. Most people won't feel much pain from losing $500 for example (of course assuming they have substantially more than that).
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