It sounds like you really want to trade for a living, and since you don't have much of a stake, I'd suggest reducing living expenses to a bare minimum till you get up to about $250k or $500k. The other thing I think you should spend some time on is determining a safe position size and stop out points. You haven't got the money to survive a losing steak, so you need to compensate for it in your trading strategy, or your career as a trader might end up short. An ounce of prevention is worth a pound of cure. You have no idea how many IT friends I have that got creamed by the market after y2k.
Since you were laid off without cause, aren't you eligible for unemployment when your package ends in August?
Package was probably worth about 40K after taxes. But yeah, I think I got a pretty opportunity to try this out full time. It is sooo much easier focusing on trading exclusively. Not having the peepers crusing by all the time looking at my monitor and having to watch my back!! Damn nice relief.
BOT 6 YM FALSE JUN07 Futures YM JUN 07 12440 USD ECBOT 20070402 6:41:35 BOT 2 YM FALSE JUN07 Futures YM JUN 07 12450 USD ECBOT 20070402 6:58:47 SLD 6 YM FALSE JUN07 Futures YM JUN 07 12445 USD ECBOT 20070402 6:59:17 BOT 6 YM FALSE JUN07 Futures YM JUN 07 12425.83333 USD ECBOT 20070402 7:01:36 SLD 8 YM FALSE JUN07 Futures YM JUN 07 12440 USD ECBOT 20070402 7:03:23 BOT 4 YM FALSE JUN07 Futures YM JUN 07 12410 USD ECBOT 20070402 7:07:41 SLD 4 YM FALSE JUN07 Futures YM JUN 07 12405 USD ECBOT 20070402 7:12:08 SLD 6 YM FALSE JUN07 Futures YM JUN 07 12415 USD ECBOT 20070402 7:14:59 BOT 6 YM FALSE JUN07 Futures YM JUN 07 12400 USD ECBOT 20070402 7:23:48 SLD 4 YM FALSE JUN07 Futures YM JUN 07 12405 USD ECBOT 20070402 7:29:47 SLD 4 YM FALSE JUN07 Futures YM JUN 07 12410 USD ECBOT 20070402 7:32:07 BOT 8 YM FALSE JUN07 Futures YM JUN 07 12420 USD ECBOT 20070402 7:55:14 SLD 8 YM FALSE JUN07 Futures YM JUN 07 12445 USD ECBOT 20070402 8:06:04 BOT 8 YM FALSE JUN07 Futures YM JUN 07 12435 USD ECBOT 20070402 8:21:39 BOT 10 YM FALSE JUN07 Futures YM JUN 07 12425 USD ECBOT 20070402 9:27:59 SLD 10 YM FALSE JUN07 Futures YM JUN 07 12419 USD ECBOT 20070402 9:55:08 SLD 10 YM FALSE JUN07 Futures YM JUN 07 12426 USD ECBOT 20070402 10:00:20 BOT 10 YM FALSE JUN07 Futures YM JUN 07 12410 USD ECBOT 20070402 11:02:41 BOT 5 YM FALSE JUN07 Futures YM JUN 07 12411 USD ECBOT 20070402 11:10:04 SLD 5 YM FALSE JUN07 Futures YM JUN 07 12421 USD ECBOT 20070402 11:16:37 SLD 5 YM FALSE JUN07 Futures YM JUN 07 12423 USD ECBOT 20070402 11:19:12 SLD 5 YM FALSE JUN07 Futures YM JUN 07 12437 USD ECBOT 20070402 11:39:09 BOT 10 YM FALSE JUN07 Futures YM JUN 07 12443 USD ECBOT 20070402 11:45:01 BOT 5 YM FALSE JUN07 Futures YM JUN 07 12439 USD ECBOT 20070402 11:47:48 BOT 5 YM FALSE JUN07 Futures YM JUN 07 12435 USD ECBOT 20070402 11:48:43 SLD 10 YM FALSE JUN07 Futures YM JUN 07 12451 USD ECBOT 20070402 12:35:13 TOTALS: YM JUN07 Futures YM JUN 07 false 85 X 85 0 12,425.647 12,429.235 ECBOT Damn Lucky Day... will make my blowup day less painfull!! Missed one of my targets by 2 points then got stopped out for 25 point swing on 10 YM's. If I hit that woulda made the day truly killer.
I always focus on risk first. Before I take any setup I look at the stop loss point, take the trade, then decide the target. In reality I don't have too many expenses. Been taking a hard look at my monthly budget. Gonna have to be lean and mean. Also my girlfriend is able to help out a lot which is a nice bit of support!!!
Yes. But I think it may be more prudent to file as a full time trader? If anyone has any advice on filing as a trader I would appreciate it.
Rough day today. Made $100 on 60 YM contracts. Made some mistakes. Gave away 20 points. Should have been a nice day. Need to be more patient when I don't have a position and more apt to take profits when I'm in a position.