I'm burnt out

Discussion in 'Psychology' started by will848, Apr 20, 2011.

  1. Ya but I'm sure they don't hire no dummies to trade for them. Often times these prop shops will teach their methods to their traders to help them be more successful..at least I know SMB trains and has meetings...according to their videos.

    So if 50 trained and experienced trades out of 330 traders got the ax..what chance do the guys at home have?. rhetorical question. Less than 5%.
     
    #11     Apr 21, 2011
  2. I can't say that I know much about Schonfeld's hiring practices. There are other guys here that traded there that can comment on that. If they hire anything like my firm hires, then I'm sure they hire smart, driven, hungry people. That said, I've seen a few ivy league Harvard guys get the ax at my firm b/c they never made a penny. Hell, we even had a few guys that were "trading" on the floor of the NYSE try trading from behind the screen and they were gone pretty fast too.

    I've tried to train/mentor a few traders over the past 4 years or so and none of them worked out. Why? That's the funny thing about this business. Some people can sit right next to a guy that makes money for weeks/months and receive all types of advice and yet all of their actions are totally opposite of what they've been told and what they've observed. I'm guilty of it too. I didn't listen to my mentor when I first started...despite the fact that he was making a lot of money. Luckily I woke up before I dug myself too large a hole.

    I say all of this b/c being "trained" in the context of prop trading varies greatly. For some firms that means training you on the software, basic order flow observations, maybe some T&S stuff, basic technical analysis stuff and that's all before you're thrown into the fire.

    The basic at-home retail trader can still trade depending on his style of trading. If he's doing basic momentum or something like that, I don't think it means anything much for the guy at home. I don't think the guy's at home trading retail ever had the technology or the speed in order routing/fills to have an edge in anything oriented toward speed in the first place.

    Per that article, there's 280 guys still trading at Schonfeld. If there was no opportunity intraday they probably would've trimmed a larger percentage of the firm than they did and they may be planning to do so. From what I've heard and I've seen during my short time in this biz is that these washouts tend to happen after volatile periods like 2008 when the market changes and many people are incapable of adapting. Just my .02.
     
    #12     Apr 21, 2011
  3. Successful trading is boring as hell.
     
    #13     Apr 21, 2011
  4. You're just getting a bit stale. No need to go all or nothing for a whole year. Take some time off, perhaps a few weeks or even a month or two if necessary. Then, you'll very likely be back with fresh eyes and a healthy appetite. In the meantime, forget about the markets entirely. Let them miss you.
     
    #14     Apr 21, 2011
  5. jokepie

    jokepie

    What you need to understand is that market conditions change all the time. Its not that swing trading is getting tuf...its the market conditions that "Might" not fit your style "RIGHT NOW"

    you have to be adaptable to the market variations. This is only "EXPERIENCED" when you actually experience IT. Sorry if I am sounding Crazy.

    Don't try to apply whats not working at the moment, be sure to wait until the conditions fav. your style.

    Untill then ... keep learning.
     
    #15     Apr 21, 2011
  6. I'm made a lot more money since then daytrading futs, a market I know very well. Yes, if you want to cherry pick a great investment, then you really are showing me that you don't really understand this business.

    Moved on to better things?? Like what...I can't think of a way I'd make more than I currently do and from home.


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    #16     Apr 21, 2011
  7. If you're feeling burnt out take a break. Diversify your income. Lie low for a couple of months while you work on something you find exciting that might be able to make you a few bucks in the long run.
     
    #17     Apr 21, 2011
  8. pwrtrdr

    pwrtrdr

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    Could have bot 200 fut's when... blah bla...... could have, is the key

    Risj management, systematic...... not about making some certain percent day week etc....
     
    #18     Apr 21, 2011
  9. orl

    orl

    Exactly! For me, trading is a passion. If you love what you do, it's harder to get burnt out. You have two choices really, quit or:


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    #19     Apr 25, 2011
  10. funny thing is washouts happen in the opposite too. Once volatility dies down, (2009 and beyond) you have a washout of those who thrived on volatility and cant adapt to low volatility.
     
    #20     Apr 25, 2011