I am about 50. I got laid off from a giant telecom R&D in NJ four year ago in a major corporate downsize. I took home equity loan, rented out my house and moved out of state. I started full-time trading in June last year with my 190K of IRA and 50K of my own saving. I trade individual stocks only. I made 15% total in the peak of last October. However, I made some big mistakes during market downturn in the past three months. I become 9% loss total so far. Above all, I emotionally made a mistake of selling my NJ home at a much below market price in January.--- contracted on last December and closed middle Jan. These two months major fed cuts made me realized that I should have hold it as a long term investment. I've been suffered major anxiety depression these two months. I have all the symptoms of post traumatic stress disorder. I can't even manage my daily life well. I've never had this horrible experiences ever. Now I can only pray that I won't have physical problems coming soon. US and global market is going recession. Can I continue full-time trading at home for living? So far I have total only $210K assets (which include cash out from the sale of my NJ home) and $168K IRA. I have a child going to college this fall. I don't expect to become rich in stock trading, but I need to make living. I tend mentally disturbed and sell when the stock falls below technical stand point. IRA account is difficult to trade and perform in this market. I need to some serious advises how to do next about my cash and my IRA account.
Sorry to hear about your misfortunes. I'll be the first to say it will be extremely tough to trade (successfully) while you have this sense of urgency going on. Best of luck. If you have your health and loved ones around you, things are never as bad as they seem.
To answer the title of this thread in a a word, no. You are in the typical rut - - had a few great months wiped out by market turns and volatility. You've got the capital but no experience. You seem to feel like you must trade everyday. Perhaps more so now that you are down - that is a recipe for disaster.......been there, done that, couldn't even afford the Tshirt. You need to walk away for a while, your attitude needs to adjust from "gotta make money" to "gotta preserve capital". Step away for a few weeks. Know that every trader goes thru the same thing - -some get over the hump sooner than others - some NEVER make it over the hump and go bankrupt. Better to resist the urge to trade and lose zero - until you get some organization in your trading. http://youtube.com/user/SnP500Trader Helped me and I am sure he'll do the same for you. Best of luck!
Hi, I trade futures since 1998 and I trade part time (50%) and I could not stand the stress to trade full time and know that I need the money from trading for my living. I needed 3-4 years to become profitable and unless you are a genious and much better than me you can expect to blow out your account at some time during the next 2-3 years if you continue day trading. You have to ask yourselve why you should make it where 95% fail. Your start-conditions (small account, not psychological stable, not much trading experience) are not the best.
2nd post and youâre asking this â are you for real or is this a joke? Youâre almost expecting health problems, predicting a recession, feeling under pressure from all kinds of angles and then you ask total strangers if you can continue trading for a living? You have two options: get someone with a track record to manage your money in accordance with the risk profile that gives you peace of mind. My alternative suggestion if you want to trade for a living is⦠find a mentor and do exactly what he says. Trading is one of them most difficult jobs in the world with the highest failure rates. You are trading against the sharpest minds with the greatest skills and they will eat you for breakfast. Either get tooled up for the job or get out â itâs that simple. You need a very positive mindset and loads of confidence in addition to superb skills to trade well. You lack all three when lacking just one is suicidal. You position is possibly recoverable by trading if you have the qualities of a trader and get mentoring⦠otherwise forget it or you may seriously damage your health, wealth and family.
It appears that you don't have the right type of mindset here. You've already failed with the way you're looking at things in life. I don't think you'll make it as a trader with that type of fragile state of mind. Please go find a full-time job, keep learning how to trade on a side, build more confidence, think more positively, and try trading again full-time. But for now, you're a blowup waiting to happen IMO.
(Actually, the minds and skills of others has practically nothing to do with whether one wins or loses.)
exactly....I often read this and frankly dont understand...you might be competeting for a certain price; but not for a winning trade...peace to the OP....tell your son he has to put himself through school...peace
Trading is a financial business. It is not sound to take all your savings and put it into this business when you first start. It may be a good idea to get a financial planner to plan your retirement. With $200K+, you should not have to worry too much if you get a part-time job (something you'd enjoy), and live within your means. Capital preservation is the key. So, take only a small portion of your saving for trading. Paper trade first if you have the patience to do so. Please note that a career in trading is not just about buying and selling a financial instrument, but is also about financial planning and risk management. If one of these aspects is not optimized, failure is bound to happen. I wish you all the best and in finding a peace of mind. Pension_Admin
My advice is to quit trading ASAP, find a job and follow the markets in your spare time, If you're forced to have to make a living trading with your very limited skills you will blow up like I have 3 times. Your 50 and can't have a blow up, I am a lot younger and I'm able to come back. I got BS in Accounting and took a job for less than market value just to get back in the swing of things. Your mindset will comeback, but in all honesty you have zero experience trading. Bottom Line get a real job, and put your IRA in some ETFS and relax. Good Luck