you might consider this thread from those who have done their due dilligence through actual experience.... caution is advised though.... in an essence, you would seem like the most desireable customer for these firms, rich, well off, and a cost basis that's already adjusted to persue this effort without needing results to live on... there really aren't many of your kind left as most have already been fleeced and left wondering just how that happened to them... anyways, take a look at this thread... http://elitetrader.com/vb/showthread.php?threadid=56365
You can succeed, some of the negative posts here are from failed traders. What's your chance of success? A lot depends on how hard you're willing to work. If you worked hard to build a business then you know what kind of challenges might be out there on the way to success. I left the corporate world going on 10 years ago. I too was told that I was foolish to walk away from what I had. Best decision I ever made. I'm happier, live where I want, supportive spouse, no debt, freedom (that often is elusive when one is in the corporate world or self employed) Having little, or no debt, is a big plus. Takes away some of the pressure to make $$ right off the bat. If the Munis interest can pay the bills you're in even better shape. But I'd suggest you (1) have a business plan before you jump into trading (2) have some clue as to how you'll trade (swing, scalp, etc.) (3) start with a relatively small account ($25 to $50K) (4) decide how long you'll give yourself to make this work (or set an amount of $$ you're willing to lose before throwing in the towel) (5) have a back up plan (i.e. can you go back to what you were doing in your prior career) (6) have the support of your wife as you'll have some tough days trading It can be done ... some of those who tell you have no chance apparently assume because they failed then everyone else will also fail. Anyone that's started a business knows how tough it can be to just get things rolling and keeping your head above water early on ... trading will be no different.
So. you're telling someone who's currently successful in their business that it'll be a struggle but they should come over and join you, anyway!? Why, you need company that badly? When farmers are struggling do you see them inviting more city folk to go and join them planting more cheap wheat? It's no different here!
Obviously, you didn't read my reply to the other guy. But just to add even more .. some people (i.e. myself) didn't want to spend their entire working life in the same industry, corporate or otherwise ... some of us have more motivation to excel in other endeavors. Some of us achieved our goals in other professions. What's wrong with setting new goals in new fields. And what's wrong with then achieving those goals? You see, some can, and do, succeed.
op makes me lol i started trading cos i could never get a good job making the (ceo) money op implies he makes - and i wanted some money. i had the confidence in myself, it just wasnt shared by the suits if i could have made ceo money doing 9-5 i would never have bothered trading. there is risk of losing money trading - not like 9-5 street where you gait paid a salary and if you fuck up you still get paid - but maybe not as much. in this business you fuck up and you dont eat. simple. op - if i were you id stay safe & stay out. greed will kill you in this business and i think youre greedy cos you just want more money and thrills/challenge. money usually does not provide the motivation for trading well. trading well either comes out of necessity (my case) or the desire and pursuit of excellence. money is a by product of trading well. like most - you are putting the cart before the horse. besides - you are probably so used to controlling your hired help, controlling your customers, controlling your suppliers like any business man, you will probably try and subconsciously control the market. sorry - but good luck what ever you decide to do
DHO thanks for the words of encouragement and I have no doubt that with hard work and a good business plan, I will succeed Thank again!!
The "you can do it boosterism" is the stock and trade of every get rich seminar. First hard work DOES NOT equal success in trading. You can work hard and still not get trading. Time does not equal success in trading. You can spend years tweaking some bogus trading strategy and still not be profitable. Trading is a noisy domain where there is much false info. The worst part is that by doing by wrong thing, you can still get rewarded sometimes. So you can waste all of your time and money climbing a local maxima with no chance of truly being sucessful. Remember : the more money you start out with, the more you will lose. Its best to start part time with a tiny account.
It's funny how the ''educated'' human mind is trained and conditioned to think..."I'm better, smarter, faster, harder-working" than those other guys, and by golly, I DESERVE IT!
Your point is a good one, in that hard work precedes meaningful success in trading but does not necessarily guarantee it. (Psst, the term is stock-in-trade.)