Full-time trader

Discussion in 'Professional Trading' started by WmWaster, Jan 27, 2006.

  1. Hi.
    What do you think about being a ful-time trader?
    As an individual, Is it wise to do so?

    If I wish to be a full-time trader, which is better - individual trader only or join firm or get a broker qualification?

    After all, are you a ful-time or part-time trader? And why do you wish to be a full/part-time trader?

    Thanks! :)
  2. God you just stink with the smell of NOOB. Try the search feature located on upper right hand corner of the website.

    This topic has been discussed countless times.
  3. Do you have a strategy, plan, or any experience in the markets. Or did you just decide that you want to be a trader and you could do your own thing or work for a firm?

    Just curious, because if you have no experience, trading plan, or strategy, then you have MUCH bigger problems that you will have to deal with.
  4. Hey WmWaster
    Well i have to tell you somehting nothing like being a full time trader but make sure u have enough back up just in case if you have to pay 3 month rent expensive from you pocket
    It has been 2 week since i have started trading
    i made $500 in the 1st 4 days and the last day black fri i lost (-2000 ) all due to my stupid mistake ( playing big with too much confidence :( ) and i got caught in the sell off
    so i wont be getting my cheque this month
    I have learned a lot after that loss i have almost covered up my loss (-800 ) more to go
    Been positive everday :)
    And if you ask me do u like being a trader full time i have to say i LOVE IT
  5. Hi , i can sympathize with you- it probably isn't a wise choice
    but if you are determined , no one will be able to talk you out of it.
    You really need to become educated in trading- that means technicals, fundamentals (as well as economics)and the interpretation of the flood of news that you will have to decypher. You will notice that various news agencies have certain characteristics that you will get to know during various market conditions.

    It is not easy by any means- maybe for awhile, then its gets tougher again- your emotions might even be measured with an oscillator.

    If you want to mix in some daytrades, you might consider a simulator before jumping in. You will need books if you are going at it alone. Start slowly,the temptation to start with large sizes will be there- it can hurt you.

    www.traderslibrary.com and www.traderspress.com

    I found those sites helpful also i like neoticker's simulator and platform
  6. trading bubble..

    thanks Greenie
  7. I did learn before trade.
    I have experiences in both stock and futures.
    I'm more confident in trading stocks (winning percentage is high, say 90%) than in futures. But it seems "futures" is more attractive, not really risky (if you know risk/money control), high returns.
    I'm still working hard to perfect my futures trading.

    Up till now, it seems I can gain in the markets. But this doesn't guarantee that I must be able to win in the long run. Eg: something might be changing and my old methodology become useless.

    Can it be successful as a long-time individual investor (you know, someone stay at home to trade and make the living)?

    That's the point.

    Or should I choose to work in a brokerage firm and trade inside, or else?

    Not sure which way I should go when I graduate.
  8. Sad to hear that.
    But why did you encounter such a big loss?
    Did you forget to put stop-loss, or is it just because you placed too much bets (so ten something point still make you lose a lot)?

    To me, I am eager to be a full-time trader. Imagine if I can manage to trade at home succesfully (without the need to work as an employee and endure stress/grievance), it is really a good life. I can have more free time which I can do lots of things I like. :)
    If I'm lucky enough and earn a big profit in a strong trend, I can buy something which I can't afford in the past. Have a long holiday, or even early retirement. :p

    By the way, so are you a full-time trader? If not, are you working (and trading part-time)? Do you trade futures/options?
  9. Can you give an exmaple to illustrate your point?
    I couldn't get it very well.

    Yes, you are right.
    So we should plot an emotion level in the chart. 0 = pessimistic; 50 = neutral; 100 = optimistic.

    If the emotion level is within the safety area of 40-60, we can buy/sell position. If it digress from 40-60, we shouldn't trade. :D

    Thanks for the link!
    I did trade in Futures market. Originally I got excellent result. But I gave some of my profits back later on. So I do think I should train more before I re-enter the market.

    A simulator will be of great help. Thanks! :)
  10. Hello my friend -the one main advantage of full-time is that all your losses are decuctible as it is your business. You just have to file with the IRS by April 15 to register as a full-time trading.
    But don't even think about unless you have $100k in the bank - $50k to live on and $50k in reserve so you don't freak out when your other $50k is almost up.

    Please, please try this first before you go full-time:

    1. Read every book on the subject.
    2. Read all the posts on this site.
    3. Practice trade with a $10k account for at least one year

    Best of luck either way
    #10     Jan 27, 2006