Absolutely, anything you find publicly written will be 99.9% useless to you, the markets have the smartest and most well capitalised people in the world, there are too many possibilities how to lose and too few how to profit. Having spent upwards of £7k on a desktop workstation someone on this forum asked about graphics cards, the problem is the "old timers" don't like people with experience coming along, you have to "prove yourself", and so the forum moderators said "I'm arrogant", fair enough. What happens is that I, and anyone with real world experience turn around and walk the other way, we really have better things to do than explain to inexperienced people that won't acknowledge their theory doesn't match practice, usually because they don't have £7k to spend on a setup. What does this have to do with becoming full time, last month trading BTC I made $15k, now the public forum "experienced" traders will say, so did we. All good, except for a rather small but very significant detail, they will have worked 40hrs per week, realisticly more, or 160hrs that month, making circa $94 per hour. The difference, I worked 4hrs last month, so made $3,750/hr. When you calculate your hourly income, 99.9% will be better off with a day job. Which brings me to the important part, as an independent trader in part of a group, I have access to the same tech Goldman use. We were looking at setting up prop firms in Marylebone, St Germain, and Monaco area as we have the fintech and strategy to take a trader to profitability in one month on Crypto/Forex/Futures. But no, the London economy is imploding, for example, the garbage we were offered as offices to dump the traders in, from one of the more upmarket office companies, is unbelievable. The problem is that everyone excepting the largest companies are so indebted that if they take any haircut whatsoever, they are underwater almost immediately, so either try and get rid of the rubbish or force you in to a long term liability. The financial markets punish such behaviour unless they are the ones forcing the liability. So I'm off to Monaco earlier than expected and we'll concentrate on in-house, we have no debt, we have no liabilities, and we can absorb the capital of everyone else with very little effort. There is the "secret", your strategy has to absorb the losses of everyone else, and they will fight you to the ends of the earth. Our strategy is much simpler, we just wait for them to over-indebt themselves and take the other side of the equation letting them collapse under their own weight. You then ask, but that takes months or years, not if your fintech can go down to seconds and lower timeframes. The world does not like people who know what they're doing, even less if you don't let them absorb your capital and experience, and heaven help you if you fight back. On that note I'm off to Bond St to get a "boutique" burger, and then off to the Hilton before starting my move to sunnier climbs surrounded by people who reward success, rather than try to absorb it. And there you have "arrogance".
You need to look at more than just earnings similar to your regular job. You need to look at the other benefits your regular job may be giving you such as health care benefits, life insurance, pension plan and paid vacations. That's the total your want to earn similar in your trading. Reality, very few traders can make it to full time...most of them would be happy with just being part-time & profitable...sort'uv like treating their trading like a 2nd income. Find a full time trader that's trading for a living...someone you can meet in person and see their lifestyle. Talk to them in person about those real costs I've mentioned above that goes far beyond the salary especially if you have a family. wrbtrader
never going to happen why? on dailies it will take one 200 - 300 years to develop the working method... people do not live such long lives - in army its called "masturbating on a dream" at some point if one talks about the dream he must leave the shore, abandon everything on it and swim towards the dream .. and then what happens - happens
I see that advice from fan27 commonly given out. Here's a scenario. You work for 10-20 years. Saved up 200k thinking that is what you need. Have a good period of success. Thinks you're ready. Quit your job. Market condition changed. Your system didn't anticipate it. Now you lost 50% or more. Out of the job market. Too old now to get rehired. What do you do from there?
Sorry, no I wasn't asking you. I was expressing my thought process. I was given that same exact advice early on. I ignored it. There is a reason why having a day job is a hindrance to trading.
Of course not, here's the windowless office they sent next to Bond St for £1k/person/mth. Here's our fintech on hybrid KDB/SQL Server used by Deutsche/Citadel, plus the charting system running Nasdaq/Bitstamp down to 100ms on Forex and 1second on Crypto. http://demo.cryptogxy.com/ http://demo.forexgxy.com/ Here's the PRT (Pattern Recognition Technology) algo output the strategists gave me in December cashing out most of my BTC at the top and leveraged shorting on the way down, that was a Tradestation PoC and now being converted to KDB fintech. That is why I make $4,000/hr and you don't, because the chart and algo access above costs $13k/mth to lease, and we're skipping subsidised prop because it's just simpler, if you're going to be labelled arrogant you might as well play the part!