I wonder where the 90% of traders that eventually quit end up? Where would you end up? Keep in mind daytrading experience on your resume will instantly lead to the resume being trashed. I ask because I'm thinking of joining the 90%. I haven't blown up but I'm burned out. And I'm 33 yo so I figure I only have a small window of opportunity to quit because age discrimination is very pervasive.
I don't agree with that. If you show something worthwhile on your resume, prospective employers will be receptive to that. But of course, you can't expect to go into a technical field that requires years of experience.
Trading is a very entrepreneurial type of business. Even through you might have traded in a firm's prop account, it's more akin to running you own business under some one else's umbrella. The skills you've learned as a trader are not portable to any other business. So, if you were not able to earn enough to save money to either retire or set up a new business, trying something new is very difficult after trading. I have one friend that after 15 years trading, went back to school to receive a teaching degree. He now works at a school. He's happy. It's difficult for most of us to go back to school after many years to be more marketable, but it might be your only choice. (Can be an expensive choice.) Good luck....Bob
They became the following: 1) Car Salesman 2) Real Estate Agent 3) Equity Broker 4) Commodity Broker 5) Restaurant Server 6) US Postalman 7) Fedex, UPS 8) Student I see more of them became a stock broker and churn and burn their client accounts like they did to theirs
D'uh... They become GURUS. Since they don't trade but like to talk about hypothetical trading, as well as taking your money. I'm 99% convinced every person selling a service really NEEDS the money. Why would you want to deal with people all day, trying to sell them something worthless, and then have to answer all their dumb questions..... unless you needed cash.
I rather get out now before Fiscal Cliff 2013. When austerity finally hits America it will be impossible to find a job. I'm thinking of getting licensed (series 7, and 65) and becoming a financial advisor. Luckily I've saved enough to be able to continue to swing trade and invest. For me to continue trading I need a PF>2.0 on over 1000 trades over 6 months at least. That's my simple definition of a Veteren trader. A Pro trader is someone with a PF of 1.4-2.0. An Amateur is in the 1.0-1.4 range. Anything less than 1.0 is a compulsive gambler. Right now I cannot sustain pro level trading for more than 6 months, there's always a setback that takes me down to the amateur level. I've been at this five years, I should be pro by now and veteran in a couple of years. I've run out of time I feel. But if I can make even 10-15% on my savings by investing and swing trading then it was all more than worth it.
Several years ago, I went to test drive a porsche. On the test drive, I told the salesman I worked in finance. He started to tell me about all the other guys in the dealership - most of them were credit analysts, traders, salesmen, etc. who couldn't hack it or got unlucky or something.
They start subscription based E-mini and stock advice websites with colorful charts on market direction and hundreds pay for it and lose $.
I'd guess that 80% of the 90% give-up within 6 months, so it doesn't change much for them - at least on their resume.
Forgive me if I'm wrong, but I recall the cboe saying 90% of all accounts are blown up, not all traders. I would imagine most of us have blown out accounts as new traders. So is it really 90% -of all people-?