Hitman, The money I made in Ibanking covered my college loans. I wish I was so lucky to have any support but when I started to daytrade I had to debt finance the money I trade with. Even today, I have a part-time night job to cover the rent. I've only been trading since Jan. I am finally making money after paying my dues like the rest of us and slowly I hope to make what I use to at Ibanking and more. >> a six figure bank account and a nice home fully paid for. Many people don't have that choice. :eek: I'm one of them.
When I started to daytrade, I hoped to make on average $200 per day, which is $50k a year. When I made more than that during first year I was very happy. The way I look at trading is, it takes several years for any professional to get into serious money. With daytrading especially during the last VOLATILE years, it took some people a lot less than 3 or 4 years to kind of make serious money. Now the market is so so different, it will take lots of discipline to survive and make money. But then again, in a few years, it could be an opportunity of a lifetime again, that's the beauty no one knows.
Hitman;; enjoyed your summation of success parameters. Whether or not these are actual, factual or simply satisfactual, zip-adee-doda. It certainly provides some landmark with which to navigate by. cheers
Grey, I quit a career myself and am going for broke with trading as a career. Started in April and am just beginning to make some money, very little so far. This is way harder than what I used to do, and a lot riskier, I can see why 95% fail at it, but at least I can see some light at the end of the tunnel. In my old job I couldn't see anything, all black. PS I wandered for 2 1/2 years before starting this. I don't care what anyone thinks about me either. I think that's a trap actually.
First, you can never go back....er, you WILL NEVER go back or I will personally spank you, kid. To the rest of the "industry," you are a blight on its good name. So what that most people "look down their nose" at you? Why are you asking now? It's because you are not doing too well and you don't see a road to riches. I understand. According to hitman's analysis of trader income, I would qualify as a "trading legend" (although perhaps only in my own mind). So, here's some unrequested advice. 1) Get your execution costs as low as possible. This is the one most important component of profitability for me. I have traded roughly 70,000,000 shares as a proprietary trader this year. If I could cut my costs by one-tenth of 1 cent, I save (or make, depending how you look at it) $70,000 per year. That's enough to feed quite a few family members (but just one of me--the buffets are getting more expensive here and the trading firm doesn't give "comps") 2) Get access to leverage. 3) Wait around for "train wrecks.' They happen quite often (The 42 million share market-on-close sell imbalance in Global Crossing last month comes to mind.) 4) Always be looking for a lower cost trading deal.
Grey, I have had bosses, I have had partners, I have had employees, I have had clients, and I have worried about such things as status, image, and security. Now, I look in the mirror and address all of that. For me the money in trading is fine, whatever it is, but the independence is priceless.
cman15, From what I hear WorldCo will back selected traders. If you have a track record and confirms, I would bring your track record along to the interview. The problem we have in NYC area is that losing traders go from firm to firm and lose money. We do back prop traders occasion, but most of the profitable traders stay where they are trading. I spoke to a firm owner at the online Expo in NYC and I hear many of the top WorldCo prop traders are doing well. Like any new trader, you will get a "trial" period to get adjusted and then prove your trading abilities. Good luck. Gene Weissman Lieber & Weissman sec., L.L.C. gweissman@stocktrade.net
I have decided to give this day trading thing a shot. Why? Because I think I'm better, smarter, more disciplined, and more motivated then the rest. Who else feels this way? Everyone probably. Who know this for a fact? Only a few. I haven't even begun, but I'm already confident. It's either my fatal flaw, or my pledged committment...I don't know. But one thing that I will NOT do, is bank on this as a career. I have read the gambling books and am now stepping up to the craps table. Probably nine in ten that read this post will fail outright, .5 will survive, and .5 will reap great rewards and a relatively short life span. Nice odds eh... The moral of the story is intelligence is power. What works today in trading, may not, and inevitably will not, work at some point in the future. today's success is tomorrow's failure....KNOW THIS! The only thing you have behind you is your knowledge. We work in a dynamic environment. Get your MBA. That way, when you fail at day trading, and most of us will, you'll have a solid degree to fall back on. Tailor your MBA to what your "dream" is. Maybe it's to own a business, maybe it's an MBA in management, M&A, LBO...dwarf tossing....anything. Whatever it is, you have it. And it's NOT to be discounted. You hedge your future, and you do this through credentials. Unless you want to be some Sr. VP and above you do NOT need it. That's a fact. But is it worth banking on??? Day trading is a risk, a degree is not. Good luck to us all. Makr