So, I'm in my mid 30's not married, no kids, decent stash in the bank & some decent passive income. I find myself blowing off my daytime gig in IT and constantly logging into Ameritrade. I've made a few grand a month trading 4-5 times a day. I'm really thinking of packing it in and heading to a prop shop. Any suggestions? Hold bros? Bright? Class B member? I'd appreciate any insight from people who have gone this route. thanks
protect your capital and always use a stop loss. If the career move was a trade, do you have a reliable 'stop'...so to speak. I'm saying...do you have an escape route in case it didn't work out?
look ... a friend of mine has made 50 - 100 K in 2 yrs breaking all sort of "rules" averaging down in SIRI and one or two other stocks ... in fact although sometimes he does "pick" the swing high or low price area in which to unload or load up on his shares ... he still treats it as his "gambling" money and still has his nice corporate job paying him nice benefits ... no way he would do as good if this was his sole source of income and if he had other pressures outside of his single life to deal with ... or if he had to depend on a steady income from his trading ... or even if he was not picking those stocks ...
Thanks for the replies.... much appreciated. The major concern is the odds game. I consider myself a disciplined trader & have definitely learned from my losses (check your ego at the door during trading hrs) . I believe in taking smart risks. I don't mind taking a shot with my career, it's just that I'd need something a little better than 90:1 odds. I guess what I really need is a trading company that will train traders from scratch , pay a modest salary, help me get into the game using their capital,and ultimately using mine if things go well. Know of any firms like that in the NYC area?
Do it!!! It sounds like you are well prepared to take a chance now. You can get a job later if you have to, or a part time job if you get bored. Don't be afraid to take chances.
lol 90:1 odds? where did that come from?? in this business, you make your own odds kid. if you go round believing your odds are 90:1, then i'll tell you this: your real odds aint even 9000:1. get it? why do you ask for a trading company to train you if youre doing so well kid? if you need training or are not confident, then id keep that job for now. having said that, hook n sinker does have a point - sometimes you just gotta go out there and get your teeth kicked in and your bollox squashed first hand before you learn anything (no matter if youve read it 1000 times in books ). good luck & keep at it.
THese forums are filled with 99% daytrader failure rate posts. Of course, you have to take everything with a grain salt- as in life. I got to believe people are making dough in prop shops outside of overrides & churning. Right now I basically subscribe to a few newsletters and do some due diligence before i swing trade. (or buy & hold) I take it you throw that out the window when you're day trading. I need a system if I'm going to day trade. Question is- who's got it and who's a snakeoil salesman? IF you have a successful system, are you really going to share it with others ?