I'm a successful day trader considering a major career change in part because it seems that many people who start trading in their twenties end up moving on from, or at least going into the business side of, day trading by the time they are in their late thirties. Long term consistent profitability is not the norm, although so far so good for 4 years now with improvement, and I don't see that changing for me. I've applied and am all set to go to medical school this fall at very good school, with a decent scholarship too. I'll be able to trade a bit the first two years (basic science courses) but after that it's over, and I'll have six years of lower earnings for sure (2 more years medical school + 4 year residency). I work around four hours a day now, from home, and make around the avg. for a physician, who work 50+ hours a week but actually provide a service (providing liquidity to the markets does not count as a contribution in my book) Thoughts on this career change? Anyone consider something similar? Anyone trading for 10-20+ years have comments on trading as a career? Thanks.
Put your trading aside for a few years and concentrate on getting your medical degree. The markets will always be here, but as you grow older other opportunities won't be.
Most people, for all their shiny altruistic rhetoric, become doctors for the money, and the respect. The respect comes in part because the process of becoming one is so tough and selective, but a lot of people simply respect doctors for their financial well-being. Let's not forget parental bragging rights in the respect calculation, they do have an impact. All that said, you're making very good money right now. What is your motivation to be a doctor? It must be the respect. Respect from peers? Your parents? I personally don't consider either important, but this is about your needs and motivations, not mine. Alternative solutions since you have quite a bit of time before you hit residency: Learn to code a trading system and have it run for you. You might be worried about future income further down the line (you mention the 10+ 20+ year time horizon). If you are making the money you say you are, and you aren't spending it all on stupid shit, you aren't very far off from saving up a good chunk, putting it in a responsible portfolio, and living off reasonable disbursements from that for a long time. You've been doing this for 4 years, you obviously love it. I'd stick with the trading, anything other than 100% devotion to med school isn't going to cut it. Put another way, why would you want to bust your ass for the next 6 years and take the opportunity cost of giving up your trading?
Either you do not know anyone in medical school or have no idea what medical school is like. To think that you will have time to undertake something that takes such intense focus as daytrading while in medical school is a little silly. Everyone I know who went though medical school worked their ass off everyday with the amount of work dumped on them the first two years and I cannot imagine in between all that you will have any time to focus on the markets and keep up with everything. Daytrading full time takes a lot of time and effort, doing it while in medical school is agreeing to pay 2 tuitions.
Both of my daughters are in University. One has just graduated with honors (degree in computer science) and the younger one is still in the Law School. Both of them trade. I find that trading stimulates their ability to succeed! Of course, you cannot be a hard-core day trader but there are other trading methods that allow better time utilization. They both are excellent option traders. I am very proud of them!
Trading can mean many things... trying to day trade regularly while in medical school means one side will suffer. Law school leaves plenty of time at night to read cases and prepare outlines as well as the weekends since there usually are not any tests or assignments for classes except to read. Med school... small classes and highly competitive and constant tests and studying, unless you are trading pre-market or late night or using end of day to enter swing positions, it is real tough.
Best quotes of the week. You sound a like a very smart and together person, so by all means if you want a different lifestyle please pursue your medical career, as someone else mentioned you most definitely will command a lot of respect and power (especially if you're really good). As far as the money is concerned, the amount of money you can make from trading is limited only by your imagination and the technique(s) you employee to make it. The only person who can define what you want is YOU, but I think we all feel that you should pursue this opportunity before you if you are serious. Don't take option coaches words lightly, you can't serve two masters.
Get your medical degree and then choose a field that might give you more time to trade on teh side or swing trade. IN other words do not be a brain surgeon or ER doc lol. Medical school will be tougher than you think. Get the degree and security if you love medicine. If you do not love medicine, you will hate medical school. So many classmates in law school who went just because they did not know what else to do or just wanted to make money and they really did not like the law. No wonder they were miserable and probably bad lawyers to boot lol.
Let's see. You don't consider day-trading a career. But you make as much money trading as physician while working fewer hours. AND YOU COME TO TRADING SITE TO ASK FOR OPINIONS ABOUT MEDICAL SCHOOL!!! So my question is what's the real purpose of your bullshit post???
Forget trading if you are going to be a doctor, considering the prestige and honor that goes it; you are out there helping others while making a good living, what else can be better? sg20