Quote from rcj: BS dont like the poker angle. dont like idea of quitting the brokerage job. With little expenses you say you have you should be able to save thousands of $$ in about 36 mo or so. dont like quitting job AND trying to trade with ONLY 10K. This is just utter Bullshit. Just not sound thinking/planning of a winner. You're way to soft, bud. rj Didnt like that feedback, eh. Go do your job every day, gotdamit. Do it real good. Save lots of $$. Right now, you're way to soft, buddy. rj
I actually read every post in this thread, and I will briefly make these points to BillySimas 1) Most all the people responding to your posts have no idea how to trade or are trader wannabes. 2) Some of your thoughts about yourself are really naive. Working in a brokerage gives you little towards becoming a seriously successful trader 3) $10K is not even a down payment on what you need to trade. $100K is closer. You need to support yourself. You are unlikely to become successful even after 5-8 years. People here talk about 10,000 plus hours of screen time before getting it. And there was probably a lot of people who did that time and never got it. 4) It is insane to leave a job in this awful economy. You will likely find you will not be able to get another one even after a year or more of heavy searching, and the longer you are out, the less likely anyone will hire you. There are a lot of people (including those who left a job to trade just like you) who would jump on your job. You plan to just give it up? 5) Your chance of becoming a longterm, self-supporting trader are probably less than 1%. Self-confidence does nothing to help your odds. For some odd reason, most of the people think they will be in that 0-1%. They are very wrong Seriously, you need to put away the Tech Analysis made easy books and the stars in your eyes, and get a strong dose of reality. I will give you one. Go to this site, Collective2.com. It is filled with THOUSANDS of systems put up by HUNDREDS of trader wannabes; likely none of them work. Go to TimerTrac.com or other auditing sites. You will find little there that is independently audited, of use. THIS is your most likely final result, in spite of how you convince yourself otherwise. In a year or two, you will be banging your head on the wall, wishing you had not done this. Therefore, think very long and very hard before making a lousy decision that will cost you so much.
BillySimas: Don't be too discouraged by the nay-sayers. In TraderZones' world, 99.99% of the traders are good for nothing. And perhaps we should all commit suicide. Yes the odds of success are against you. But everybody has to start somewhere. If Edison was discouraged by his thousand failed experiments and had given up, today we may not have light bulbs. You know your parameters. Be realistic and not get suckered in to the idealistics. Take risks but guard your downsides.
I really like to meet those successful traders who started out believing that they are failures, they are just part of the 99.99% statistics.
For BS ... Now, here's what you have going for you. You've won and lost your own money. Worked at a futures trading firm. More experience. Not afraid to say you lost money there - got fired. Saved up 10K. Keep it up. Save lots more! Job at brokerage. Execellent! Stay with it- hope you do. System work/sim trading. Age. lots of time for you. Want to be very patient. Stable family situation. low expenses. Not afraid to ask for serious advice/feedback on ET. Work with all these things for right now - low risk, high reward later, bro. rj
If Edison was so brilliant, perhaps he could have produced a workable light bulb after 10 or 100 failures? He succeeded through perseverance is the point. Some people learn fast. Some people learn slow. I am in the latter camp. Some people claimed to be profitable after 3 months of trading. I concede those are geniuses. I just know I cannot be where I am now if I got discouraged easily by those who said to me I was good for nothing.
lol then how do citizens get trained to become lethal soldiers? That logic is completely flawed. Even someone extremely talented at something still has to do it to even discover that they can. In medieval times people thought that only the rich and noble could fight in wars. However look what happened when the longbow came along and when peasants were trained to use the spear?