Omega To answer your question directly, there is no upper limit to how much you can make as a trader...
apparently theres at least one other person who is seeking the same advice as me. this is my first time posting.
Would you agree with Elder, who said that, just because your successful in one career, it has nothing to do with your success as a trader?. I'm sure there are house wives out there better than some doctors/ lawyers .
Inferiority complex to bankers???? Having been "Banker" I can attest to the fact that most in the industry are pure salesmen living off of commissions. 90% would starve if forced to make a living off performance fees alone. No inferiority complex here.... Many who have made the move will tell you the same. The single fact of asking yourself weather or not to enter this business, is in itself is a sign that you should more than likely go with the dentist route..... Passion will be the only thing that will keep you burning during the initial years when all you do is lose money... a lack of it will push you out even sooner.... If you are iffy on weather or not to enter... you should probably stay out.
If Elder used the word nothing... I strongly disagree because someone that's successful in one career than becomes successful in another career is someone that has traversed at least one thing from one career to the next career. I'm not saying that just because someone is successful in a prior career will be a successful trader. I'm saying that if someone is successful in two different careers there's at least one thing he/she did in both careers that's one of the reasons for being a successful trader. Mark
Since there are so many commonalities in all careers, it makes sense that a hard working, well disciplined and focused accountant should have a better chance at trading than a lazy and wild cowboy type, right? Why do Big firms hire excellent students from good schools? Obviously because they at least had enough dedication to complete a multi-year rigorous task of compelting their education. (That being said)....I have seen high school dropouts become excellent and highly profitable traders...it's not the education as much as the drive for some people. FWIW, Don
Trading full time is only worth the effort and the risk if you are going to manage money or perhaps go to the floor or some place where you have at least a small competitive advantage and preferably in a new, inefficient market (usually seen as risky or requiring special knowledge, and generally that's not the markets you have access to from the comfort of your home or your average arcade for that matter). Managing money remains the best business in trading, why ? mostly it's other people's money you are playing with . Some guy here had a signature, something like ...."this is ugly you became part of the market and now you can never leave". Don't step into trading unless you know what 's in store for you. The thing is you DON'T KNOW how ugly it can be. and you can never leave
I am a neuroradiologist living/working in the NE. I can honestly say that unless you love (and I mean LOVE) the idea of being a dentist, might want to try something more exciting first. I make 550-600K/yr and get 11 weeks vacation. I am still not terribly happy with my profession and may eventually switch to something else entirely. even though I'm h appy with my lifestyle, it's real tough to spend all day watching the clock. unless you are going to be happy fiddling around with teeth for the next 30 years, might want to rethink the dds thing. you may find yourself in my situation of being so comfortable that your're too scared to make yourself happy. also, at this point it would be really tough to take such a huge paycut. once you get used to it, it's tough to get rid of it. HJ p.s. despite the crass name I really am a radiologist. the rest is true too.
just to set the record straight, whatever the ADA says I can personally guarantee that a good dentist or one who has completed post dds training (e.g. endodontics, periodontics, orthodontics) can make far more than 200K. I personally know multiple dentists who make 4-500K and they have multiple friends doing the same. especially in endodontics, people will pay cash up front if their teeth hurt enough. if you are willing to put in the time you can expect more than 230K/yr. the job is still sucky no matter what you make. keep in mind the ADA averages in lots of real subpar people.
from the outside, neuroradiology seems like a cutting edge field. what about your career is unappealing? i have a few older friends in radio residency and they seem to love the hours and lack of interaction with patients. what do your dentist friends complain about? surely it isnt the salary or # of hours worked. ps i hear that post dds training is quite competitive and have been told its best to assume a career in general dentistry. pps it "appears" that only kings like lescor/millenium man can break 400k (this is judging by the number of posters who gawk at their numbers , no its not scientific and it'd be nice to have some real data). its much more common for a dentist to hit 400k (at least 10% of all GENERAL dentists hit 400k, as published in the above study. i'm sure MOST specialized dentists make 400k+, considering the average is 300k).