I'm switching to full-time

I've recently decided to switch to trading full time. I've been day trading since late 2004, profitable since early 2006 and making decent money for just under a year now. I believe I'm ok on: profitability consistency, account capitalization and extra savings side of things but was curious if someone had an advise or could share their experience on what else to watch out for and how their switch to full time went.

 

good luck to you.

 

Ajax,

Withdraw profits every single month, no exception. Keep a journal, re-visit often. Don't be afraid of ANYTHING except big losses.

Wish you the best.

Anek

 

i'll be cheering for u, keep us informed of your progress, both gd & bad

 

#1

What markets do you trade?

 

Thanks everyone for your comments.

I trade equities only. Considering adding other less correlated instruments when I get a chance to work on that.

- edited for typo.

 

Explain us something about your past strategy.

 

lojze, I trade the movers of the day either long or short.

how does this info help you reply to the question in the OP?

 

the only thing that i can add, is to watch out for the personal issues that can crop up. about two months after i went full-time, my wife and i hit the skids. nothing to do with trading, just personal issues. but this isn't about that failure.

its about the time and energy that it took away from my trading. i would have been much better off, if i had slowed my trading down. i could afford to not trade for a short time. at least long enough to straighten out my personal life. but didn't.

and to say the least it was almost a trading melt-down. and the last lesson i had to learn the hard way.

that being said. just watch out for the personal stuff and have a plan for how you are going to handle them when they do come around.

the only other nugget that i have found useful is to do something i like when the losses hit. it just seems to ease the pain, when i do something on those pesky losing days.

take in a movie. go hit some balls at the range, or maybe play a round of 9 holes. play ball with the kids, ride the bike, anything to take my mind off the markets. even if it is just for a little while...

good luck.....

 

Do you feel you can adapt your trading if (when) the market changes? Not sure if you trade a system, TA based, scalp, etc. but there will be a time when what made you money no longer works (as well) and finding a new (or modified) approach becomes a necessity.

I've been at this since early 1996. You'll have many challenges along the way.