Advice on Trading options as a career

Discussion in 'Options' started by escrow, Jun 19, 2007.

  1. Sorry, I was referring to risk haircut which does allow such cross margining of index options and futures at a prop.
     
    #11     Jun 19, 2007
  2. Everyone wants to have plenty of money, free time to do everything, and easy way to make a lot of money. If you do not have extensive experience in options, giving up your job to espouse something alien is not a good idea. No to discourage you, but to remind you not to be intoxicated by the windfall you have. Respect your job, your current profession, for it is your current lifeline. When you have made 130K from consciously and diligently risking and managing many positions rather than getting most of your profits from one single position, then it may be appropriate to switch career. A profession or career is a daily grind; it is a low probability event to have home runs or winning lotteries on a daily basis in any profession.
     
    #12     Jun 19, 2007
  3. Can I have your software job?
     
    #13     Jun 19, 2007
  4. Tums

    Tums

    that's the best answer ever !
     
    #14     Jun 19, 2007
  5. Not to sound flippant, but if you join an options prop firm and have access to their tools and resources, you can make really good money right off the bat. The leverage can be a two edge sword, but if you manage your greeks well, you will earn $$$.

    I understand where most are giving very conservative advice about bankrolls and experience, because of the nature of the business. However, it is possible to make it as an options trader, with limited capital. I know traders who started less than a year ago with a pittance of a deposit and they have earned close to six figures in income already. I've seen the guys sheets, its true.

    With enough desire, and having an edge, anything is possible in this business.
     
    #15     Jun 19, 2007
  6. "Anything is possible" is not truly helpful nor realistic given the risk and money at stake. Everyone can find a story about the $25k starter that turned it into 6 figures but be honest and re-read what the OP has written and tell me if it is logical or probable for him at this stage to quit and trade options full-time. Newbie with a few all out loaded positions that came through.

    Desire is not enough to overcome lack of preparation, learning the foundations of options and proper risk management.

    Best advice was already given, keep working and trading on the side to build up capital and consistency first.

    :D
     
    #16     Jun 19, 2007
  7. Just keep it rollin'. Like riding a bike...
     
    #17     Jun 20, 2007
  8. escrow

    escrow

    All good advice, thanks everyone

    Ok, i think i got my answer + some tips to learning more about options. I am going to offer my software job to Eliot, the day i make my $$$$$$ (might be a while)

    :)
     
    #18     Jun 20, 2007