50+, what to do next?

Discussion in 'Professional Trading' started by somewhere, Jul 4, 2011.

  1. I started full time at home position and swing trading stock three and half years ago. Prior I was a part time stock investor with my spare money from my regular job for a few years. I lose a ton due to market crash. I then learned option by myself, and have traded option for about 15 months. I made a lot of mistakes over the course, and have been drown down a lot last year; but gradually made up. Over these years, I am still a big loser. I have a small family to support. My capital has significantly decreased after four years of living expenses and trading loss. I am not a day trader or a risk taker. Although I am very confident in trading options now, I don't think I will make it for living in the long run with my current capital. I am in my early 50. I had a Master degree in a science area, but retry in that area of job is absolutely impossible for me. I am thinking to find a trading job in a prop firm or investment firm. I am a hard worker, and I can put down some capital- say 30K to start with. In my current circumstances, I can not afford to make any mistakes or waste time. I sincerely ask your advises and helps.
     
  2. This does not sound like a good recipie for trading success. You say you cannot afford to make any more mistakes or to waste time. However as a trader, you want to have enough capital to feel confortable trading, and to absorb losses without it affecting your mentality.

    Furthermore, it sounds like you have had limited success in the past. What makes you feel that you can succeed in this very competitive game now?

    Don't want to come off as harsh, but you have to be honest with yourself. Losing all your capital at trading is a very likely scenario so you better have a good reason to believe that you can succeed.
     
  3. Roark

    Roark

    I agree with doublet. Trading is not for you.
     
  4. Lucrum

    Lucrum

    Buy a burial plot.
     
  5. Roark

    Roark

    He can't die yet. He has people depending on him.
     
  6. That was not nice.
     
  7. I am confident in my option trading now, but I have limited capital after 4 years. I am not a risk taker, so I can only expect 20-30% annual return, which is not enough to support my family. Therefore I am seeking to work as a trader. I know it is diffcult to get hired as a trader with my qualification, so I said I could put down 30K to start with to work for a prop/investment firm -- of course I still have more than 100K. I don't know if there is a prop firm would take a non-daytrder. My posting here is asking for help or advise on how/where to get a trading job or any other options I can have with my qualifications. Thanks.
     
  8. bone

    bone ET Sponsor

    Cruel and hilarious.
     
  9. greeter at WalMart dude, scared money doesn't make money. Or maybe go back to school? Larry Crowne.
     
  10. Roark

    Roark

    A job at Walmart actually isn't a bad idea. I believe they offer health insurance after completion of a probationary period.
     
    #10     Jul 4, 2011