I certainly can. I sit here from 8 to 4 est everyday, but honestly, I don't trade much more than 1 hr a day. For the most part, I surf the web, play games, play guitar, etc etc while I got my charts up. I can hear myself getting fat and lazy......and frankly I'm a bit burnt out(from churning time). How's my trading? My trading is fine. I'm not raking in $$$$ as some do, but I'm still making a good living. The core of my strategy is at the open and close. I'm willing to give up one of them if I can find a decent away-from-home job. Even another home-based job is fine as long as it doesn't interfere with my trading. I guess I'm looking for something to build another career in. Something that I hope to grow into in 1-2 years time frame while still trading 30 minutes a day. I'm not necessarily looking for a pay at the moment as I'm more interested in learning something new. as long as it's something that I'll be rewarded for my time and dedication down the road, it's fine. Yes, I'll read books and take tests if I have to. As for my background, I majored in Econ & Finance, then studied Medicine for 2 years before trading...........In the past, I've tutored high school students(NY & NJ) for extra income(when I first started trading and didn't make much). Now, I'm in Northern Va with a lovely wife and 3 kids. I've been an active ET'er for the past 3 years, and thought maybe some of you might be in the same situations as I am. I hope to hear from traders who succeeded with this dillemna. Thanks ahead,
Bruce Kovner used to be a cab driver.... There's a whole bunch who worked shit jobs or unrelated jobs in order to become top traders...
Maybe you should trade TWO hours a day during that 8-4 time frame, and there is your second job. And do less of this: " For the most part, I surf the web, play games, play guitar, etc etc"
that's in part why I tutored for couple of years. I made under 10k my first year trading and under 20k my 2nd year. I tutored 20-25hrs/wk and was able to earn extra 2000-2500/mo to help out, but that was in NY/NJ. Parents here(VA) don't spend this kind of money for highschoolers. Either that or I'm not competent enough to get the job. more importantly, it's not something I'm looking to do anyway.....
well said JoePa. but as any trader would and should do, I evaluate and analyze my perfomances. i found that I'm most efficient trading under 1 hr/day. Overall, I do make slightly more money(around 2k) when I do full-time. believe, I was an impulsive scalper. I used to scalp 1k shares of JPM all day and do 500k shares/day. but as we all know, HFT took this strategy away. anyway, back to the point. while I did make more money trading full time, i wasn't as consistent and I dealt with so much stress. believe me, when you have 3 kids, consistency is king. In addition, this thread is not about why I should trade more than 1 hrs/day. If the amount I make directly correlates with how many hours I trade, I would... and this thread would've never existed as you could've guessed.. I hope you are able to discern that from my point. I'm merely seeking advice from traders who were in my shoes not long ago and had success with it. cheers
Is it possible for you to branch out to other markets? Can you trade the European open or close and make that your second job?
I thought about global mkts and other instruments as well. but based on my trading strategy/style, it would mean trading an additional hour while churning additional 5-6 hrs. In a way, i want to get away from trading, i guess. thx for the input.
Since you are making a living trading, find something you are interested in and do that. Fun is good. My personal experience may provide inspiration. I'm a retired software engineer and am able to make my living by trading. I still do some consulting when the opportunity tracks me down. I obtained my Concealed Carry Weapons permit. I've always believed that to best understand a topic, teach it. I became an NRA Certified Instructor for pistol. I then developed some supplemental modules for the State required education to obtain a CCW permit. Now I partner with other CCW instructors to present my material. I developed a more robust method of trading credit spreads than is popularly taught by gurus. I was asked to present it to local investment groups. Now I provide education, training and coaching on this topic over the internet. I'm reaching the period of my life where I have the time to travel more. When my wife retires, I expect the occasions to increase even more. I'm opening my own online travel agency. Now I can get my travel at agents prices, and I can also write off some trips that are related to the services I sell. And I can easily trade while I travel. Think outside the box
Thanks Howard for your much appreciated input. This maybe the type of thing I may want to do. Thinking outside the box really open things up. It presents limitless possibilities, and the thought of being successful at something I never imagined doing sounds awesome. but let me ask you, what inspired you to pursue CCW permit? I'm not a firm believer in that things happen for a reason, but just curious how you would arrive at something like pistol instructor as a trader and a retired software engineer.