Is any body out there who was in a similar situation?

Discussion in 'Professional Trading' started by Thousand, Dec 3, 2005.

  1. Thousand


    About 2 years ago, I was terminated from a trading firm. Having difficulty finding another trading job, I finally gave up my dream of becoming a trader and settled for a low paying accounting job in a food service company. My time dedicated to completing CFA Level I, reading investment, trading, and technical analysis books were wasted.

    As many of you are correct. There is no life after trading. I am working 9 to 5 and sometime overtime to do the things I have no passion for. I feel like a line-assembly worker working the hours mindlessly without any real purpose. On top of that, I can barely survive with my salary level. Sofas, TVs, and beds are now a luxury to me ever since I moved out. My greatest assets are my laptop and my sleeping bag. This is not the life I want to live and I know I have to get out of this mess.

    I recently took out a line-of-credit and opened a trading account. I figure I would keep my full-time job and swing trade. I just bought 100 shares of stock and I have to admit it is such a great feeling to be in the market again. However, the market also reminded me of the daunting days in the trading firm when my fear of losing my job became a reality.

    I understand trading borrowed money is highly risky, but I know the amount of leverage I can handle. However, I am still scared because I have doubt in my own ability to succeed in this market.

    So, I am wondering if there is anyone here who was in the similar situation as me and is now in a better position. Any advice is appreciated. Thanks!

  2. mogul


    I would suggest not to trade with the line of credit for obvious reasons

    I think what you need is something to keep the hope and ambition alive

    much has been said about modern forex trading, both good and bad...HOWEVER, one thing it does offer is the mini lots, which allows you great flexibily in position sizing

    trade the 3hr or daily bars to keep the mind in the game, and try to grow a small account while you work your 9-5

    a chart is a chart, and some of the currencies trend nicely
  3. mizer


    Why were you terminated at your old trading firm?
  4. Thousand


    I was a trainee and I was having difficulty in meeting their expectation.
  5. Are you being over-dramatic by saying your sleeping out of a sleeping bag ???

    What do you mean by you moved out ???

    Usually when someone either sells their home or gets a cheaper apartment...

    They take their belongings with them and not leave them behind.

    Seems like after you lost your job...

    You continue with the same spending habits until you were forced to leave your prior residence and possibly forced to sell your belongings to pay off some debts you didn't take care of when you lost your job...

    That's the only reason why I can imagine that's what happen to you based upon your own comments.

    Simply, if your not able to make good financial decisions after losing your job that resulted in you having to sleep out of a sleeping bag...

    Your in no position (too desperate) to be trading in any way.

    Further, if you don't like your current job...

    Find another job even if its the same pay scale as the job you currently hate.

    Also, you should be using your spare time getting the resume out, networking and trying to find something better...

    Not trying to trade.

    Simply, don't use trading as a surrogate mother to nurse financial problems that you seem to allowed to get out of control.

    Stay away from trading because your not mentally prepared to succeed...

    Last of all, when someone says they are an accountant living out of a sleeping bag and to imply they can't afford a bed or futon...

    There's something else going on that hasn't been disclosed.

    (a.k.a. NihabaAshi) Japanese Candlestick term
  6. Nihaba,

    If you would not double space your lines and organize your posts into paragraphs...more people would read as your posts would not appear not to be so long. I find myself skipping your posts as they seem to be such a chore to read. Perhaps its me and in no way am I criticizing their content or completeness. Please do not take offense.

    I know you spend a lot of time with your informative replies but organizing thoughts into paragraphs is much more efficient.

    Michael B.

  7. maxpi


    The division I have my day job in got sold from a German corporation to an American one. Immediately they froze pay, made everybody replaceable, cut benefits, tossed out the retirement program, etc. The place turned into a dysfunctional hole overnight. That was 6 or 7 years ago. I started studying the markets because retirment looked bleak. That is all I am going to say, if you work hard at something you will look around one day and say to yourself "hey, I can do this". I had that epiphany about 2 years ago but I have the job as a "welfare check" so I decided to autotrade and keep on working, I like the people anyhow, so that led to a time of learning software skills, it is all good, it just takes time and work. At the time I first thought I could succeed I could have probably done break-even work, there was more to learn but it was a good milestone and things keep getting better as I work on the trading. I have to laugh when I think about how little I have learned regarding the job and how much I have learned regarding markets and software. It's all about where you put your efforts. If you want to trade there is a way.
  8. Thanks for the writing tip.

    However, I intentionally double space my lines and write that way especially when I'm discussing technical analysis or strategies...

    Won't change my style nor will I take it offense if you refuse to read my posts because of my writing style.

    The fact that you already do skip my posts...most likely has to do with there's nothing interesting enough to you in the content of my messages to overcome a writing style that bothers you...

    ...I find myself skipping your posts as they seem to be such a chore to read...

    No offense taken there either.

    P.S. I've gotten a few compliments that the double spacing is easier to read...I like it too.

    (a.k.a. NihabaAshi) Japanese Candlestick term
  9. i hate to be a wet blanket but someone has to say it. the chances you can make it trading with the few thousand you could borrow are slim to none. you would be better off learning a skill that would make you a good income and put off trading plans until you have some more money.
  10. I would agree. You won't get too far with borrowed money, especially since it's not going to be all that much.

    I would recommend getting in touch with a prop firm, and get a job at night delivering pizzas or whatever so you can live. That's if you just can't wait... If I were you I would try to save up some money for a few years and then go prop. Make sure you have 6 months to a year of living expenses saved up.

    The other thing you've got to realize is that you will have to be very strong and disciplined doing this, because any losing streaks will be amplified by the fact that you are starting at the bottom.

    Just my 2 cents...
    #10     Dec 3, 2005