Considering day trading for a living

Discussion in 'Professional Trading' started by dasnemesis, Jul 6, 2007.



    If you've been doing long term investing then certainly you've made $$ the past couple years. But as a trader you need to be able to make money in ANY market --- up or down. How much money have you made so far shorting stocks? If none, you need to think long and hard about how you'd generate income (i.e. profits) in a bear market.

    I always think of a football analogy --- how many teams win consistently if they ONLY employ a running game (or passing) and don't use the other offensive option? Same with trading --- you need to play both ways if you hope to make money as a trader.
    #21     Jul 8, 2007
  2. In my limited experience (25 yrs) meeting hundreds of traders, I have not met one who did not lose their initial stake AT LEAST once. In my opinion you are asking a trick question as I don't think there is a magical amount to start with or maintain to be successful. Doesn't matter if the initial stake was $25 or 5, or 500k. In reality it is the cost of "Trading School" which is or actually should be as expensive as med or law school as the rewards can be as or many times more.

    While trading really is very straightfoward (all you need is a good business plan, trading plan, strict money management and emotional control) but for all but the very very very few, good guidance and mentoring are essential.
    #22     Jul 8, 2007
  3. just throw it against the wall and see how it feels
    what you do with the stuff on the wall is what counts
    #23     Jul 8, 2007
  4. Since it hasn't yet been mentioned, another option is to keep the 9-to-5 job and daytrade the Asian indices or FX at night. You can setup an account with IB for as little as $5k and get free data to Singapore, Sydney, and Hong Kong futures exchanges (disclaimer: $10 monthly activity fee if you don't trade $30 in commissions/month, and no interest on balances <$10k).

    This isn't meant as a recommendation nor an endorsement, just trying to dispel the notion that it's either work OR daytrade (not both) and also that US markets are the only viable options. With futures, there's no reason to go to a prop firm/trading arcade (I would avoid them). And with the ease of access to foreign markets, there's no reason to be confined to only trading US markets/trading hours.
    #24     Jul 8, 2007
  5. I think it would be interesting if you would let us know what you finally decide.
    #25     Jul 27, 2007
  6. I'm going to do a hell of a lot of reading over the next few years. Heh. I know that much. And I'm leaning towards being a swing trader rather than intra-day. Swing trading, as was mentioned before, would mix well with my 9-5 job and I'd learn from it over time.
    #26     Jul 27, 2007
  7. GTG


    At least you aren't like most people on this board who ask that question, that have 10k, but still with 25k it's not likely that you could make enough money to live off of.
    #27     Jul 27, 2007
  8. That sounds like a good idea, better to go slow then to burn your capital. Try paper trading to begin with.
    #28     Jul 28, 2007
  9. Find a mentor, ie join a prop. Will cut down learning curve period significantly.

    #29     Jul 28, 2007
  10. HELLO, I read your initial post and a few of the responses. I will be happy to give you a bit of my time.

    First off, I wish you the best in your endeavours(whatever they may be) and I hope you find all you are searching for in life.

    I have been Investing and Trading Securities for 26 years. I began at this at an early age, 20 so you can guess my age. It has been my only means of income and financial growth aside from financial consulting contracts.

    DO NOT QUIT your career or job that supports your income. With 25K capital can you generate enough capital growth to sustain even a modest lifestyle of $2000 a month to pay necessary bills? That's pretty damn tough to do.
    IF what you are currently doing is unrewarding find something else that is rewarding.

    Do you actually believe that after a month or a few months, 6 months, or a year you could become a successful Trail Attorney In Corporate/Tax Litigation Law?
    Could you become a successful NeuroSurgeon? A Commercial Airline Pilot?
    But after 3,6,12 months you can grasp the nuances of the financial markets and know everything about trading and investing/finance/economics and make 100%+, 200%+, 500%+, 1000%+?

    No you CAN NOT MASTER ALL these areas of Trading and Finance in a few months. And let me assure you they are all very vital and important to your success..

    AND You won't become a successful Investor/Trader in 3,6,12+ months despite what Internet people will tell you. These People will tell you that you can make 100%, 200%..1000% after a few months of trading and your wishful hopes and greed will buy into their BS.
    You will LOSE your money to the other guy on the trade.

    You need to educate yourself and go out and get yourself your OWN PHD in Finance/Trading/Economics etc. And anyone can do this IF they have the discipline to self educate themselves.
    You want to be a Successful Trader?
    Get a PHD in Trading.
    And that takes time and self Investment, LEARNING, STUDY.

    Keep your other job and trade on the side.
    EDUCATE YOURSELF, strive to gain a PHD in Finance/Trading/ Markets etc.>

    There is ALOT of BS on the Internet...Don't Buy into it.
    That's your first successful trade.

    Good Trading.
    #30     Jul 29, 2007