Any advice for a soon to be full-time trader?

Discussion in 'Professional Trading' started by Howard, Sep 29, 2019.

    #201     Dec 10, 2019
    Howard and bone like this.
  2. You can't take "one week off" and learn trading. Either you're going to make a go of it or not. Have 2 years of savings in near-liquid, then go to town.

    Otherwise you will die thinking what if.

    Like me, what if I hadn't covered my short yesterday.
    #202     Dec 10, 2019
  3. Whatever amount you think you will need to start trading full-time - at a minimum double it or more. I've always recommended having at least 1 1/2 years of expenses put aside in addition to your trading account money.
    #203     Dec 10, 2019
    Howard likes this.
  4. Hi Howard, I am glad to find your post. You actually motivated me to sign up for this forum. I am pretty much exactly like you. I quit my full time software engineering job to pursuing full time day trading career last month.
    Here are some brief details on myself:
    - live in Toronto, Canada

    - 30 years old, married, no kids(plan to be child-free)

    - own a house, my wife and I run Airbnb on the side, makes enough every month to cover all housing expenses off during off-season, and living+housing expenses summer season.

    - no plan to ever return to my job as a senior iOS software engineer

    - account size of $20k, but I don't plan on using it at the start, I signed up for a $50k account from TopStepTrader(Prop firm company)

    - daytrade NQ only, 9:30 am - 4 pm

    - exposed to stock trading in general for 3 years, knowledgable in technical analysis and trading psychology

    - developed a futures trend-following trading strategy focusing on 1-5 minute timeframe, fully automatic signals, very little discretion required. I won't give too much details about it here

    - "live tested" my system since everyday since August of this year, November and December so far has been much worse than August and September. ("live tested" because I was doing it periodically during work and had the benefit of hindsight)

    I hope we can discuss further off the forum but free feel to share your opinions and insights about our situation here as well.


    Last edited: Dec 11, 2019
    #204     Dec 11, 2019
    Howard likes this.
  5. imjohn


    Welcome to ET.

    I think most equity index day traders would agree Nov-Dec was worse than Aug-Sep. August 1-Sept 4, RTH range/volatility was about the best it's been all year for intraday. Range tightened up a bit in early September, but then a nice expansion came back later in the month which lasted into early October. It starts to feel easy in these conditions.

    But the week beginning 10/14 up to present day has been mostly shit in the RTH. Probably the worst period of the year along with pretty much all of April and some weeks in mid-July. Frustrating times, but they come and go.
    #205     Dec 11, 2019
    Howard likes this.
  6. comagnum


    There is always a market breaking out. Coffee has been on the move along with some of the grains & the British pound to name a few.

    It's the traders job to figure out where the $ is flowing to.

    Last edited: Dec 11, 2019
    #206     Dec 11, 2019
    Howard likes this.
  7. Absolutely, the performance of my system has dropped drastically recently compare to September and October. It was able to capture(per NQ contract) $19k in September, $26k in October, but only $8k in November. This month isn't looking so good so far neither, December 2nd it caught $2.4k of profits but the rest of the week were pretty much break even to -$200 days. I am just glad it's not negative on the week.
    I am still practising my execution skills. There is still a significant gap between the hypothetical result vs real result. Hence my decision to start on TST Combine.
    #207     Dec 11, 2019
  8. imjohn


    True that, every day some instrument is doing better than others.

    I used to scan various instruments prior to a session and pick the few that looked most promising for the day, but overtime switched to just specializing in a couple and learning to trade them in various conditions. Either way gotta be adaptable.
    #208     Dec 11, 2019
    comagnum and Howard like this.
  9. Howard


    That's a stretch, but I'm certainly not doing this to earn a living. I'm extremely ambitious and my end goal is to become filthy rich and I'm willing to do whatever it takes to accomplish that. I'm done playing around. It's time.

    Retaining profits and compounding them through increasing contract size is key to achieve that.

    It seems like most people here lack the entrepreneurial spirit, drive and willingness to take the risk that's necessary if one want to leave the 9-5 behind. Most great stories have an element of risk and sacrifice.
    #209     Dec 11, 2019
    jl1575 likes this.
  10. Howard


    Hi, MercForHire,

    Welcome and nice to hear from you.

    As you should not. :)

    Sure. Just logging in for a quick comment now. We can talk more here or privately later.

    #210     Dec 11, 2019