Hi there... I currently work in IT but have a B.S. in economics and information systems I am looking for a change in lifestyle. I would like to make in the 60-70k range minimum, though I would also be fine with this amount. I also like to travel, so was thinking I could travel around and make money on different countries stock exchanges on the floor, or remote when I wasn't doing that day trading. Is this a feasible options. I don't have many expenses, I just don't want a 9-5 everyday.
It takes years, even decades, to trade well on one class of instruments in one market (or country) - learning all the intricacies, who is who, who owns whom, the alphabet soups, regulations, margin rules, so you can finally profit. You want to go and trade in Milan, Frankfurt, London, Leon, Singapore, Hong Kong, Tokyo, Taipei spending just a few months in each and be profitable? And you speak their languages, right?
7-7 is fine, as long as I can take a break for a month or so. Sorry if the post is vague or off the wall, it is a serious post, and I can always make money programming on the side. I speak english (obviously), french (France not Canadian), and spanish. I am just looking for a different life path.
of course, I am just seeing if this path is even feasible, i.e. being to trade on the floor of multiple stock exchanges, etc. I realize it will not be an easy task, nothing is that is worth doing, but I am up for a challenge. again I have a b.s. in econ ...so... I am not a total newb... I also have etrade account, but really just for investments at this point.
Oh...ok you have a B.S. in econ...you ARE a total newbie. If you think you aren't, you will soon find out just how much you do NOT know. Investing and trading are two totally different things. I have to go against the grain of the thread and say that you're merely dreaming about going from country to country and trading on the floor of their domestic exchange. Not only is it unrealistic, it's unnecessary. If you're not primarily daytrading, why would you need to be on the floor? It's not free to walk down to the floor of any exchange and simply place trades. It's a business and there are costs -- not to mention the cost of your tuition of learning how to trade...if you can learn. I don't say that to slight you or discourage you from becoming a successful trader. The reality is most people cannot do this for a living. I recommend that you learn how to trade one instrument (equities/futures/options -- I prefer equities...especially since I've seen that Obama intends to get rid of the 60/40 tax law for futures) and support yourself in your present domestic setting. Once you can do that, then you can think about traveling abroad....but there would still be no need to trade on an exchange floor since most trades are executed electronically. I just hope for your sake that you're serious about trading b/c from reading your post it looks like you're looking for an adventure. If you're not serious about succeeding, your main adventure will be losing all the money in your E-Trade account. Hopefully that isn't your idea of excitement.
TrueProp, no that is the exact type of post I was looking for, the brutal reality of it. I made my post purposely vague to get these responses on how feasible would be. Yes I am a total newbie to trading, I meant that I have a background which would get me up to speed. I already travel quite frequently, just looking for something to make money while doing it. The IT consulting sector I am in has taking a bit of a hit in amount of contracts out there... I have already been moving around quite frequently since finishing university, I am 28. I realize this will take years to get up to speed, I am more concerned with the feasibility. I had a friend who only traded on the CME and was also previously in IT... he said in a nutshell a friend turned him on to it, he saved up 50k and went at it and hasn't looked back. (I used to live on Wells street right across from it.) Trading, whether on the floor, or even just day trading is one of the only few professions I could see being able to lead the lifestyle I want. I was always under the assumption, perhaps a false assumption, that more money could be made on the floor. Cheers.
Where have you heard Obama wants to get rid of the 60/40 tax law? This is new to me is this verifiable? Anyway, I am basically in the same situation. I am in IT wanting to switch to trading. Not backoffice BS actual trading. I have been thinking a quant finance/mba is the only way for me to break the IT chains. I want to work at a respected Hedge Fund or a place say like Wolverine Capital. I am looking at the GA Tech quant finance program since it is relatively close to me however a different state. I don't see how you plan to make the switch without some re-branding i.e. degrees.