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NoDoji
Registered: May 2008
Posts: 8107 |
01-11-11 10:01 PM
Quote from jinxu:
being more cautious and picky on setups due to having limited capital.
This is exactly why people are so successful in sim and fail once they start trading live.
Trading is a game of odds and once you start getting picky, you lose the edge.
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jinxu
Registered: May 2010
Posts: 468 |
01-11-11 10:06 PM
Quote from HowardCohodas:
jinxu, a cash account would be more impressive than a paper trading account. 
I do have a live account. I just don't have a hundred grand in it, so I like to fantasize with my sim account. lol. :P
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jo0477
Registered: Aug 2010
Posts: 220 |
01-12-11 04:26 AM
Hey OP,
I can most definitely empathize with your situation as I'm in a very similar spot. I started trading with a group of friends in Uni (mid 2000's), one of whom's parents owned a small IA firm and I was hooked. But when I graduated with my honors, I decided that Law school was my best choice and gave up trading to work for a year in a job that paid well but was not intended as a career - just a way to sock away some tuition $$. Then a twist - I got offered a promotion and free relocation to one of the top cities in the world after 8 months... tough choice. My g/f (now my wife) and I decided that this opportunity was too good to pass up, seeing as we were from a much smaller, rural city, it was very exciting.
Mistake... turned out that after another year or so I realized that I HATED my job and my wife was miserable with no friends or family. However I still followed markets constantly, did some swing trading when I could, and even got certified in the process (Cdn equivalent of S7).
So I took a job as a junior trader/operations coordinator with a large energy marketer where I gained a lot of valuable knowledge and continued my formal education. Nice office downtown, have been enjoying this position for some time now.
Then along came our little guy (16 mths old now) and boom! My wife has had enough and I cannot stand to see her suffer anymore. So I made the choice to put up our house for sale and move back to our hometown, giving up my job for the sake of her happiness.
So that brings me to the dilemma.... 99.9% chance that I have the option to return to my original company and a more senior position. But I know in my heart of hearts that I will be miserable (much like yourself).
I also want to trade, full time. I have adequate capital and can afford to devote ample time without the worry of paying the bills with my trading activities. I also have been working on strategies as much as time will allow, but I agree - I feel I need to focus on it like a business and give it all I've got.
So I wish you all the best, I am still undecided as well but thought it may be nice to know you're not alone out there! 
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Laissez Faire
Registered: Sep 2010
Posts: 4153 |
01-16-11 05:19 PM
Quote from Ghost of Cutten:
You are proposing to trade one of the most competitive, efficient markets in the world, ES futures intraday. Bear in mind that 99%+ of profitable traders and hedge funds cannot get an edge daytrading ES futures, and yet we are supposed to believe that a 2 month piker with a net loss is going to do it month in, month out?
Do you have any statistics to back this statement? 
I understand your guys skepticism, but I think many of my arguments are valid. Since I`m not quitting a very exclusive position and I`m interested in switching jobs anyway, I don`t see a big issue with giving it a few months.
Besides, as I`ve mentioned, I may reduce my hours instead of quitting completely, which would improve my odds due to more market exposure and still provide the safety of earning some income.
Quote from jo0477:
So I wish you all the best, I am still undecided as well but thought it may be nice to know you're not alone out there!
Thanks and right back at you!
Good luck on making a choice.
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ScalperJoe
Registered: Mar 2010
Posts: 608 |
01-16-11 07:26 PM
Quote from cvds16:
There are things that are fundamental about the markets you can see in charts that can be learned. It's called price action; although these words often mean different things to different people. To me it means reading candlesticks into context of other canclesticks of bigger timeframes. Everyone I know that's consistenly profitable uses a version of price action. Once you get it it's a rather simple thing, before you get it it will be the harderst thing to learn ... you will need a few years of screentime ... but they won't be able to take this one away ...
Excellent post! Screen time (several years) and OBSERVATION of the price action using multi-time frame analysis with a disciplined strategy for entry and exit is what makes a trader.
Just observe the charts, play support and resistance using whatever technical indicators that you feel comfortable with. Mistakes are inevitable, so as long as you have enough capital by keeping the drawdowns low, then you are bound to be successful over time.
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