I had to get a real Job

After working in the telecom industry for 3 years, saving up a stake, then quitting a year ago to daytrade the S&P fulltime, I went back to work last Wednesday.

The first 8 months of this past year I experienced a steady downward slope in my equity curve (modest losses trading 100 shrs of SPY). The past 4 months I have been breakeven trading ES. I got to the point to where I realized this was going to take longer than expected and it was doing me no good bleeding my capital for living expenses.

I did not get a job related to my previous profession (programming). I now work as a Valet at the local Marriott. I am not making much money but I am able to work during non market hours and by only working 4 days a week I will only have to withdraw $400.00 a month from my capital for living expenses if I stay at breakeven. At this rate, I can last several more years.

One of many things I have learned this past year trading the S&P is that one must be willing to go to any lengths. If you aren't, try something easier, like dentistry.

 

How about trading currency.. or swing trade ETF's.

A lot of ways to make money in this business. Daytrading the ES is probably one of the hardest.

--MIKE

 

Well said.

T-REX

 

Wow, your story is all too familiar with mine. I currently work as a hotel bellmen, after deciding i didn't want too pursue a career in my education. So, in order to continue to trade i went back to work full-time and opened up my own account for swing trading. As long as your comfortable doing this for the time-being, work toward your goal of being able to support yourself through trading either in-house or on your own. Good luck.

 

Don't get into fixation on the Es, i know what i'm talking about. The last couple of months i've done some trades on the German Bund, which worked out really well. Reading the responses on the thread about making $250k/month made me think about my trading. I came to the conclusion that i've become so obsessed by NQ/Es that i didn't see the opportunities that are there in other products and other styles of trading. Don't fall into the trap that you want to prove you can master the Es. I'm sure you learned a lot trading it, use it to your benefit on other styles/products. I've been trading it for two years now, i was able to grind out a living last year. Before that i was doing part-time swing trading in options, i made more money then in one month then in a whole year daytrading Es/Nq. Come to think of it!

 

Pick something you enjoy but above all makes money!If you'd been long Dow stocks since the war in Iraq you'd have turned a decent profit by now.I'm lucky in that I don't have to work.If ES doesn't suit,try swing trading/stock picking.You're heading toward a park bench.Not too many women there (clean ones anyway).

 

Probably makes a lot of sense taking your mind of trading for at least some part of the day if you find yourselves in a rut, losing your working capital. It probably gives a basis for some needed reflection, and perhaps better trades in the future.

 

Thanks for the comments so far. For the most part I trade 1 reversal signal (price action) in time frames 5 to 60 minutes (ES). It is a reliable signal but it doesn't happen that often. Problems have arisen when I try to incorporate other signals into my plan in order to stay more "active" during the day.

Here is what I am doing now: Stick to my signal that works. Papertrade all other ideas.

One good thing about having the job is now I don't have to trade. If I go 3 days without getting a signal, so what.

I will keep everyone posted and will also take some of the suggestions offered regarding looking at other instruments to trade.

Thanks
fan27

 

I'll second Ditch's comments - perhaps have a look at the bonds ?
If I had my time again on the futures I would have started with a 5 yr treasury or BOBL. They are (excluding economic releases) less harsh instruments compared to the ES/NQ. Every bugger in the world is trading the ES/NQ which obviously makes a very efficient market. Perhaps also take a look at the Euro stoxx 50
if you want to stick with equities.

The other good suggestion which has been given is to possibly add some swing trading to leverage off what you see intraday.
Another possibility given your programming background is to again diversify your alpha by some systems trading.

Best regards.

 

In this kind of market you should be making money with reversal swing ES system . I think you need a better system .