Hi all, I'm 54 years old playing with demo and real money for about 4-5 years. From a stock trader of screener 300 stock every 5 minutes I shaped my style to concentrate ln one market the emini 500. All this journey I made by my self. It took me time to find my way... Any way, I plan to consider this summer to go full time day trader, scalper. After 22 years as software developer.(which I learn by my self also..). I have big question I can't test.. How did you feel after your first 3 month 6 month, after year. If I have chance to trade live after 2 3 days I'm tired.. Do you take day off??? Thanks
Goal setting. Are you for example wanting to make $100 a day in 2 hours of screen time or $1000 a day? So account size is next question to consider. Getting tired and loss of focus is a result in large part is not having a Proven Written out trading plan which produces added stress when making decisions with your Live trading account. Best with all your trading,
Self learning, has proven to be your best route so you have the skills. Programming is a great background as well. So, a few hours a day trading with the right plan and focus should be fun and easy. Then knock off and enjoy Golf and or family and friends...
Real life trading is nothing like a demo. You have slippage on stock prices, you have your emotions which if you cannot control, you will make the wrong decision at the absolute worst time. Just my 2 cents, go live and trade small where the gains and losses do not matter. Have a trading journal and note all your trades and the reason you got in them. After a while, you will see a pattern of good trades and bad trades and the mistakes you are making. Try to avoid the mistakes and practice good risk management, not risking more than 2% per trade. That is to minimize the chances of blowing up your account. Do not put all your monies in trades. I risk no more than 10% of my account to my trades. That way, even if you lose 10%, you can always come back. Provided you learn from your mistakes and have a trading edge.
Your 1st mistake. One of the most competitive markets out there. 2nd: If you're tired after 3 days trading fulltime, this is definitely not the right job for you. 12h workdays are normal including premarket prep and aftermarket review as a daytrader. 3rd: I would highly suggest you reevaluate your plans for trading fulltime after 4-5 years demo/live. The signal for you to go fulltime is consistency. If you are able to bring home the dough on 4 out of 5 days for at least half a year that's when you burn the bridges. You're 54, you have made your income with software development. Chances are you blow up all your retirement money and then you have to compete against the young guns in software development to make it back. Learn to position - trade as a side gig. Low maintenance positions such as spreads that run forever and you don't have to watch them like a hawk. Get in touch with @bone For everything intraday you're heavily outgunned by younger people and machines. Really, I'm not trying to be mean or something. I trade fulltime and every day is like going to the mines....day off? Are you shitting me? I haven't had a day off in like almost 10 years
I believe I'm behind the technical stuff, I'm more concerned about the daily routine.. maybe my style little more exhausting. I scalp( and sometime get the day home run ) for the first hour the 10 second chrt. It requires.. but rewording. But maybe it to much for every day...
If you find yourself being exhausted after a few days I'd say (day) trading isn't for you or you're doing something wrong. I would advise you to not quit your job unless it's blocking your progress as a trader. For example if you have a ton of research that you're not able to progress on without it taking forever. If not, I would just trade on the side while holding your day job. When your account is growing from actual profits and you're feeling confident you can keep making those profits - then it's time to start considering quitting. I've been full time a few times, but it didn't work out for me yet. I made a lot of progress and learned a lot, though. And got back my old day job with a higher salary and a remote work agreement the last time I took the plunge. It's easy to think that things will be easier as soon as you're full time, but usually they won't be. I'd say the decision to quit the job depends on what you're risking as well. I have two vocations and routinely get calls from head hunters who wants to recruit me. Sadly, the pay isn't fantastic, but getting my job back or a new one is not a problem at all. For other people and in other countries it might be different.
I fail one time ( try to scalp CL, GC, ES at once , it start as practice to execute under pressure and in one day I decided to live like that ) Any way, back then I didn't think I'm stupid. Any way, in current state I feal pressure after few days of success. Like a rucky players. That have few good game and the didn't stand in the pressure. Psychology instability. Maybe I should accept the fact the for me no point to trade after first hour. At least to analyze my intrady day trade much more cerfully. Maybe little different rule for trade after first hour. Always place to improve.
22 years as software developer and you want to scalp eminis? after 22 years I assume you are productive. everything is remote now; you can get multiple jobs and be as productive as everyone else.