This type of attitude, pessimism, and ignorance is what allows me to make a great living as a professional trader. Thanks John Q. Public (very fitting name).
40, I think if you have a passion for this thing, you should at least give it a shot in realtime. However, don't burn your bridges (and/or your capital). There is no guarantee for this thing. And what sounds good on paper doesn't necessarily translate into reality. (I've learnt it the hard way.) What mechanical systems don't take into account are things like analysts' down/ upgrades, geopolitical shock events, market makers gapping up/down a stock, etc. For these things, it is up to the trader, not mechanical system, to exercise prudent judgments for entries/exits. And when we are talking about the trader, we are talking about powerful emotions. I really can't speak for anyone else, but IMO, it's better to start out with trading longer timeframes than daytrading. For daytrading, you have less time for reacting. And you can work partime by position trading while testing this thing out. And if that works out, you might be able to go daytrading fulltime. My two cents, stock.
My guess is that you don't have two teenage daughters, and still think that life is some kind of a game. I'll guess further that you have never experienced a life shattering event at a time when it suddenly dawns on you that you ain't getting any younger.
you are 100% correct;;; but you have to give him the benefit of the doubt that 40k will be when he pulls the plug...but I have to agree that at that point he may or may not pull the plug and continue...thats when it may become a life shattering event..till then he has already factored in a 40k loss......I wish him the best of luck..
What he hasn't factored in is a lock limit day, or two of them, or maybe five in a row. Granted, it doesn't happen often, but they only seem to happen at the worst possible time. So how about it, 40yotrader? Did you factor in a series of lock limit days? Did you ever hear of a lock limit day? What are you going to tell the family when it happens? The landlord, the other creditors. Your plan is reckless. Just because the corporate world you came from operates on written plans and evaluations doesn't mean that the world you want to enter now does.
so only single millionaires should attempt trading? if i have 2 choices; id rather give trading a chance and fail and then go to subway rather than going to subway and grinding our "beak and snout" sandwiches for the rest of my life and wondering if i could have could have become a trader... all the while aging and wondering. the choices are not just: 1. not succeed at trading (this time) .... or 2. fail, get divorced, go broke and die with your daughters hating you. if he fails, he can try again. or flip burgers, or whatever! some of you guys sound like bitter losers. lighten up! who gave anyone on this board the right to pass judgement on this man as a father or a provider for his family. 40yo - i wish you luck and respect the leap you are taking.
I agree with you 100%! The guy has a sound plan. If he sticks to it, uses proper money management, and is disciplined he doesn't have that much to lose. Plus he is 40 not 80.
I wish you the best...at least you've got a trading plan and have done your homework. This puts you ahead of 95% of all traders. Obviously, the execution of your plan and dealing with the psychological aspects of real vs. paper trading will be the next hurdle. Great work so far and keep us informed of your progress.
After reading Public's posts it seems as if 4oyotrader is starting something impossible, which is doomed from the start. However, this is not the case. Trading is as easy and hard to master as any other profession.
My guess is that you have taken a shot or two and have failed. You now are afraid of failure and can't believe people take risks in life. You probably don't understand that most successful people have failed before but the difference between them and you is that successful people do not give up on their dreams. Furthermore being 40 with 2 kids is not a reason to give up on your dreams. I don't think life is a game. I do think life is short and that its ok to go after what you want. And yes I have had a life shattering event. And guess what? I picked myself up and kept going. This is what seperates the losers from the winners.