I'm kind of in the same position here. For 4 years I worked my dream job (not going to say what it was). I was full-time for 1.5 years. After awhile I got really tired of it. I grew up thinking about doing it, I did it, and then the thrill was over. Took me a long time to make the decision to quit, giving up a nice full-time income for being single and the benefits that came with the job, including health insurance. I have a BA in Economics from a D2 school, but at the time I was interested in the topic and wanted to get out of college faster to work my dream job (not related to Economics). I was also in the National Guard for 6 years. I always felt like my degree and military status wasn't being used in my previous job. I am a big thinker, kind of a bit of a dreamer. I wanted to look for another job, but the problem was that I had no idea what it was that I wanted to do. It was hard for me to rededicate my life to something not knowing what I wanted to do, fearing that I may end up not liking it again. I also put off finding a job because on my days off I'd always be so tired and just want to chill out. I didn't want to have to spend my days off looking for a job. I moved to California in 2008 during the "crash." I applied to 54 jobs and only got 1 interview. I ended up moving back home about 1.5 months later because it was costing way too much to live out there without an income. After about 3 months of basically doing nothing, I decided to try trading again. I have a nice savings so I have a bankroll to start with. I will say that for about 2 months after I resigned I was getting money coming in from the hours owed to me, vacation/overtime, and my pension money. It finally hit me after the money stopped coming that it was time to get a move on something. I've been sim trading the ES for about 2 weeks now. Had some nice profitable days, but also some bombshell days when I try something new or just get overly aggressive trying to catch reversals. On my good "sim" days I feel like I could really do it. The most I've gotten on one day is 6.75 points. I reason that I could probably get at least 2-3 points a day if I just stay patient. It's a big step for me, but I really like the freedom. I'm pretty much all-in right now because if this doesn't work out then I don't know what I'm going to do. I'm giving myself a stop loss of about 25%-30% of my starting bankroll and I think I can do it. I am working out some kinks in my plan, but overall, I want to put the effort into doing it. I think someone said it in this thread, but I just want to reword it. I can't remember where it came from, but I'm sure some of you may recognize it: "What's the worst that can happen? Failing is better than never trying." So with that, I'm thinking maybe in 2-3 weeks I may fund an account and try my hand at it. I really believe I can do it.
I have enough savings to do ok for myself for a year or more if I really had to. I just don't like using my savings. I'm a big saver and risk averse unless I'm confident in what I'm doing. I understand I have like 20 posts on ET and I just reg'd about a week ago, but I've been investing since 2004. I also traded forex at one time (lost money), and have been back and forth looking at the markets for just as long. I have an average understanding of trading and what is involved, and I read a ton, probably more than the average person.
Ehh, you're getting into the wrong field at the very wrong time. Either get a second job on the side or get ready to kiss your savings goodbye with no guarantee of any success. Especially trading the ES.
I probably should just because I'm having a difficult time. I'm on a simulation account right now and every now and then I can feel myself just thinking, "well it's simulation so let's try to get in here on this entry and see if I'm right." Usually I end up on the wrong side. Or, like today, I get my entry, set my stop, second guess myself, get out before it gets to my stop, then price turns around and goes to my target. Trading is definitely hard, but I'm really enjoying the freedom I have right now. I hated working for my last employer after awhile because it was a huge drag. I was always bored. I want to succeed at trading, even if I start off with 1 or 2 points a day. The last time I tried trading I really didn't put the effort into it because I had a job at the time and was in college so I really didn't have the incentive to try as hard as I could. I have a second idea hanging around that I'm working on off to the side, but that is a little slower to get going. What would you suggest I trade, CL?
Why do you feel it is the wrong field and also what is wrong with the current time ? I don't think there will ever be a guarantee of a success in trading.
It's the most competitive, or at the very least, one of the most competitive financial products to trade. And the current trading environment is far far from optimal. If you want to trade, at least try to find a product that has potential edges.
No I would not reccomend CL but it is better than the ES. You can try looking into metal and energy spreads, there is some edge there. But realistically, approach the issue as if you are an investor looking to put your money to work. It's all about risk/reward.
Fear is the one part of the feelings. But do not worried about that. Another main thing is that if you have the great efficiency and powerful ability then you can get the job anyway. You should aware about your ability and understand to your mind.
I wouldn't listen to these guys FirstDegree. If you have the money and a set loss amount, you're fine. Definitely give trading a try, because if you can get the hang of it, it is the greatest job out there. If you screw up, so be it, but at least you tried. Failure is masculine, at least you had the balls to try. I say good luck. But I do agree, the ES can be extremely profitable, but it can also break you just as fast. I would keep a futures account just for the times when you're 95-100% sure the ES is going a certain way. I think equities are the way to go. It is easier to manage your risk, and there are more daily opportunities. There are more morons that trade equities as well, it is easier to profit. But really, it all depends on your bankroll size. Not sure how large your bankroll is. If you are a millionaire, I would only trade the ES. If you have less than 100k, I would trade equities.