Engineer looking to make a career change into trading

You need to intiuitively know the market. This takes time.

Find the right approach. Find the right mindset. Focus on swing trading.

 

Portfolio123.com. It has extensive fundamental and technical data on thousands of stocks with the capabilities to backtest over the past 5 to 10 years. Much is said about the importance of experience in gaining and edge, but having good tools can make a real difference as well - it has for me.

Ok, seriously. Calculating profit and loss is only an issue when it's mostly losses. It's fun when you are making profits, and it is critical to know how you are doing. Frankly I think most people really don't even know.

 

The good thing about keeping your job and becoming a successful trader is that you won't fear losing your job in case that happens. You will have options. I also understand your frustration at work. I hear you.

 

Tradestation or esignal - Tradestation very good but it costs an arm and a leg. Not sure if there are any other better platforms though. esignal is cheaper on the delayed version

 

thank you

 

Investor/RT is a good alternative. It's pretty flexible and powerful, and also relatively cheap. With DTN Market Access you also get quality data.

 

As an engineer I figured you would have the inherent cognitive ability to make logical decisions. Since it seems you may be in a position to make a very stupid mistake, let me help you.

Do any of the three you mentioned and you are a fool. You will quickly realize after a month or so how terrible of a decision you made. So please if you want to waste your time and life on being less than shit in the hierarchy in finance then go ahead. If you want to truly get into finance, do it the proper way and get educated like you did to become an engineer.

 

What does "get into finance" mean? What "education" should he undertake to be a daytrader?

 

Hello,
I am following the convesation here about "An Engineer trying to become a Trader". I am in the same boat (Computer programmer) looking for a transition into trading career and could not find a correct path or a company so far. Usefull stuff. Please keep posting.
Like the firms mentioned about in NY and Chicago, are there any good firms in Dallas, Tx ? Thx

 

I have found this quote from ChartAddict to ring especially true... it is often that professionals in other fields come in overconfident that their skill in whatever profession they chose (whether it be medicine, law, engineering) should transfer over into trading... Well, here's a newsflash: It doesn't mean jack. The vast majority of these people will get destroyed, for not having the right temperament to trade.

"Whatever they did in life, how well they did in their past occupation, and their previous successes do not equate to success in trading.

Being wealthy or being really smart also does not equate to success in trading. In fact, some of the biggest losers are doctors, lawyers, engineers, scientists, programmers, analysts, business owners, CEOs, retirees, etc. Why? Because typically, these people have this desire to always be right and for some reason, they refuse to take losses until they are annihilated."

g