Hello everyone, I was not sure if I should let this decision be influenced by the public opinion, but I`ve decided to think out loud and ask for some guidance. I`m sure many of you have been in the same place. Entering the holidays, I had finished my first two months of live futures trading (ES contract) in addition to working a full-time job. Living in Europe, this allows me to trade the afternoon session in the US markets, while missing the open of the session. Needless to say, this combination is very exhausting, especially since I sit up late with my post-analysis after the close and sleep way less than I should. My daytime job is also fairly demanding. I was very tired entering the holidays. As for my trading, after some initial success, I`m now down $3000, much of it due to a terrible mistake on Fed day (QE2) and swinging too much size early on. In spite of this, I feel fairly confident in my abilities to read the market and I`ve improved immensely since I went live. I`ve spent the last two years studying the markets (after my first failure, knowing nothing back then), so I should be fairly prepared for the task. However, the truth is that I have lost money and I need to re-evaluate things going forward from here. I fear that if I continue like I`ve done, it will be very hard to achieve decent results in my trading. Much because I miss the open and potentially the best moves of the day, but also because it give me less time for analysis and preparation and also the fact that my day job tires me physically and mentally. On the other hand, the reason I`m working a job is that I need to pay bills like everyone else. On the flip-side, my skills are in demand and I have a decent reputation so I will probably get a new job (or my old job) pretty quickly, if my trading does not work out. Considering that I need to change course, I see the following alternatives right now: 1) Give notice that I`m leaving and fulfill the last two months of my contract working long days. I should probably be able to save $7000 by then. That should cover 2-3 months of living expenses. Start trading full-time in March. 2) Negotiate a deal where I resume my current job, but reduce my hours by 40-50%. This would allow me to trade full time 2-3 days of the week in addition to the afternoon session on the remaining days. Having some savings, I should be able to cover my expenses for a while, provided I live frugally. If I can negotiate such a deal, I`m thinking that a reduced day time job would be my best bet as opposed to quitting completely. Thanks in advance for any good ideas. Best regards, Laissez Faire
2 months of live trading day trading in the es. i don't think so. need to give yourself at least a yr or 2. Your system has not prove yet.
if u begin trading live full time, i believe u will be part of the 97% of traders lose trading in the futures/commodity market. This is not get rich quick. it takes time to build a successful system. 2 months is not enough time. Tell me does it take to get bachelor degree in 2 months? A master degree in 2 months? a Phd in 2 months? Does it take 2 months to become a medical doctor without getting a bachelor, master and phd degrees? Does it takes 2 months to be come a lawyer without getting a college degree and take the bar exam and pass?
what kind of job do you have that you are quiting. take 2 weeks vacation and trade full time for two weeks..if yoiu can't make money in two weeks why quit regular pay check moron!!!! and some people trade only morninng session and still have a job or business. and don't be a moron telling your boss you are taking time off to 'trade' daytrading or trading is frowned upon by the public. if i can get better job i wouldn't be trading..this job and business sucks man.
I agree with MTE. Also, in order to confirm how robust your system is would require four or five years of actual trading so you will have gone through all the typical cycles. You need to go through a rough patch with your trading so you will think "Good thing I still have my day job!". I suspect many of us experienced traders have had those months where we our trading generated fantastic returns that we could easily live off. Unfortunately, such returns may be fleeting.
most daytraders at prop firms quit after a year. don't make enough money. or job sucks or found a better job with a future... there are lots of traders in the market who have a job or business. they trade at work .or have automated trading systems..automated trading system is the future. i don't understand why brokers don't sell these automated trading systems or HFT machines to retail clients(the edge) don't bother reinventing the wheel creating an edge...odds are somebody has the system..just buy the edge or system if you can get one at decent price.
The first 6 responses are negative... Love it hahhaha... That probably includes some of the 97% losing $$$ in the market To be honest OP your not going to get a proper answer to that question here. Your better off discussing it with someone in your life (work &/or social). Whatever you do ... Give it 100% of your effort and concentration... Going in hard cocked is always going to give a less than desirable outcome
Don't quit your cash-flow job until it makes absolutely no sense at all to keep it - which means that after taxes you should be liquid enough to the point that you could withstand a few serious drawdowns in addition to servicing several months worth of bills and living expenses. Trading is a business, and you have to approach it like a business and make smart, logical, well thought-out decisions.