DUDE, I am and I WAS once in your situation. I did quit a $90K plus job after only few months of sim trading, only to FAIL (according to the SOCIETY) I lost about 10K in trading and 5 months of unemployment cost me 40K. In my case I took it well, I learned few great lessons and for the last 2 years I have been glued to the screen at my work. I watch the market open to close and trade now and then. Making few thousand dollors a day is not a dream but very much achievable. I am going to quit my job once again. SOON!!! Below are few pointer for you. - You need to have expenses for atleast for 6-10 months. Trust me as soon as the that direct deposite stops hittin your a/c, after 1 month you will see the effect. It has psychological effect on your ttrding. Your NEED to make money will keep you on the tilt always. you WILL question your own descision every day and would either start taking too much risk or would not be able to pull the trigger. - I am not sure if ES or for that matter any futures trading is good for any beginner. for the resons that you are leveraged too much and they do not show strong trends (intraday) for the most days of the month. Just take the last few weeks of ES slow creep-up. My recommendation is to trade stocks for the start, small size and always... Size in when you have a winner. Cut the loosers early - Try to work with a Prop firm that will absorb your losses and give you a decent cut in profit. you do not want to be in a workplace that Frustrates you at the very core. - If possible, take a Leave of Absence for 2 months and trade at a prop firm. DO NOT sim for more than a few days. small sizes at the beginning as always. - 2 -3 yrs of screen time is usually enuf to gather "INSTYNCT" about price behaviour. Furthermore, your confidence in your readings in key, you should be able to pull the trigger whn needed. - Last but not the least. Do you FEEL PAIN/ Frustration/ Anger when you take a loosing trade or its JUST A NUMBERS game for you ??? This is not key for a 20 yr Old starting their career in Trading. but for you who is going to put a lot on stake - it is a must that you UNDERSTAND you are going to be a Professional Gambler. Yes oFFcourse with better than casino Odds !!!
are you retarded? quit a $90,000 steady job to hangout in the street dealing stocks... what kind of job did you quit and lose money after you quit your job..what a moron..the fact that you quit your job and trade only to lose shows you are stupid duh
it's not everybody's dream to be a slave in the system ! One of the best traders I know left a very lucrative career to pursue trading. In your eyes he would have been stupid at that time, he's not !
I had a boss, of whom I was second tier support to those who were reviewing his work five years before I worked for him. each time he lectured me on something, only thing I was thinking was to smash his face.
I can relate to that. 9-5 office work was pure misery for me. Seeing the petty power plays and people broken down and institutionalized by the routine had a strong impression on me. I despised my boss. I decided it was so bad that, if it came down to it, I'd gladly take a 50% pay cut just to be in control of my own fate. Watching lines on a screen may bore the hell out of some, and it is boring, but there are few conventional jobs I'd ever consider taking again over this, and that's not even considering the benefits of scaling profits.
I understand what WHY you call me stupid. And trust me I do not feel bad. I WAS stupid. I did not realize that trading is a career and will require experience to be successful. I spent $200K in fees for Engineering and a MBA degree to only start a Career that payed $70K. This took my what about 7 years of my Life. Even then on my first day at JOB - My boss made me feel like i am stupid. Because I WAS. I had no experience. Just because I took classes and get a high GPA did not gaurantee me respect or success in my current Career. Trading started as an interesting THING (when a friend of mine showed me what are the possibilities). I only saw the up sides, why would i see the negatives. I had no way to actually feel it on the SIM. I had an easy way out. Hit Reset the account. when I said i lost 10K in trading losses, $5,350 was just on the FIRST DAY, I remember OCT 27, 2009. I went live. what a DAY to go LIVE. VIX was @ 80, I had no concept of STOPS, and guess what i used all the leverage on EACH trade. Result i shook to the core of my soul in and hour and half. I literally felt i will go CRAZY. The reason I am here writing this post is, coz one day after few MONTHs of experience I made $900 in an Hr (with shit in my pants tho), then after few yrs (2 to be specific) I made $1500 in half an hr ( WITH NO SHIT in Pants & at work) What I mean is - I never gave up. I just told my self, IF SOMEONE CAN DO IT _ SO CAN I. period. I love trading coz it made me Humble and therefore i can tell you my experience with no shame. I always recommend Jesse Livermore's book. It is a great reading and you will learn alot but only after you have been there in your lil trading desk - SCARED. thinking THEY ARE AFTER ME !!! After you understand that it is just a numbers game, turn NUMB to losses AND profits, understand what is exactly you have to do to get what you want as clear as DRIVING A CAR. hundreds/ thousands/ millions will just seem to be targets in a video game. Always run after excellence and not success !!!
Great book but as an interesting side note I discovered a little while ago... From being considered the best trader of his time and being one of the richest men in the world...He actually lost his entire account later on and committed suicide... True story! Crazy but a cautionary tale about the pitfalls of trading and failing to adapt!!
He was worth 100 mil when he died, Causes of his suicide are not known. his last letter just said - he cant take it any more and he loved his wife. His wife at the time --- her last 4 FOUR , husbands commited suicides. I GUESS HE DID NOT SEE THE TREND !!!!!
not quite: "Untouchable trusts and cash assets at his death totalled over $5 million. A lifelong history of clinical depression had become the dominant factor in his final years"