Mid 6-figures? Are you nuts? Do yu know how many % of daytraders make that kind of money? Out of 700 at my firm, I would guess about 15 to 20 might make that kind of money. About 5 to 8 makes over $1M and the rest ( 650 +) are just getting by, if not blowing up. I once asked an I-banker buddy of mine who makes $1M a year how much he would be willing to give up in order to have my "daytrader" lifestyle. he said he would give up 50%. Well,,,giving up $500K from $$1M might not change your lifestyle, but giving up 1/2 of $100,000 job is a huge jump down. You just have to figure out what it's worth to you.
Guerilla, DayTraderNYC said it right, you don't know what you have until it is gone . Most daytraders are finding this a very challenging time to trade. However, if you can make it in this environment, you would do very well when market conditions get better. Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
riskless, Care to share how that guy blew $250k in 8 days? what's the difference in trading stocks and futures?
All the posts above are reasonable, intelligent, and sound advice. Yet, you read them, and you must be thinking to yourself - these guys are all talking about the money - I want a challenge and this is the biggest challenge I can think of. I sense that trading on your own is more than about money - Some above say that starting with money is good, but IMHO, I have come across traders that would only make it if their very existence was on the line with nothing to fall back on. Others trade OPM and have a gambling habit. Still others .... Trading is a deeply personal thing, and you won't _KNOW_ till you try. In response to your questions: [1] IMHO - no other way at first [2] Yes to the software question, but not running at the same time - and yes to the second question, but I have two DSL lines instead of Cable. [3] If it is liquid and it is electronic, the fills are instantenous. nitro
to leave that job. Like someone said before this market is not what it used to be. Stay with the job that guarantees you a salary. Unless you have a ton of wealth accumulated or just a bit and still want to day trade....I dont think its necessary to go prop. if you have 30,000 ...thats 120k day trading buying power... that should be enough for you to make money in retail.
I agree. The guys on the floor I met had topped out in things like computer programming. They traded because they made MORE money at trading. If you are making six figures now, what will you make in 10 years? Trading will NOT give you anything close to that.
Keep the six-figure job.....unless you are entering trading because the love of the game.......money isnt everything... at a prop shop you would have to avg. 5 cents a share to make 50% payout schedule( at least where i came from)....you do the math....I paid no commission, only ecn and sec fees... 5 pennies is very hard to avg........ Thats a great way to learn, but retail is the way to go.....