Throwing in the towel

Discussion in 'Trading' started by proptr8r, Feb 24, 2003.

  1. proptr8r


    I've been trading as a career for the last eight years. I've done well for myself and have had an absolutely amazing time learning and implementing various strategies. However, during the last year, trading has become way too inconsistent of a way to make money, at least for me. I thought I would be able to weather the storm, but this is more like a never ending hurracaine. I've actually managed to stay profitable, but making $40k a year isn't cutting it. Maybe I'll be back during more favorable conditions, but (I never thought or hoped I'd be saying this), it's time to throw in the towel and look for greener pastuers.

    Good luck to all the remaining traders out there!
  2. Were you trading prop or retail? What are you gonna do , another business? 40 K is decent money , that's why you want to quit? It sucks to go back to a real job after trading.
  3. proptr8r


    I was trading prop.

    A relative is bringing me in as an assistant. The job pays a high salary + bonus incentives. I'm sure I can speak for many here that I didn't get into trading to make $40k a year. Yes, that is decent money, but most of the people in this business are extremely ambitious and are looking for much more. I'm willing to give up some of my independence for more security and stability. 9-5's going to suck, but I really don't see a better alternative.

    At least I don't think I'll ever say to myself that I didn't give it my all.
  4. qdz2


    No offense, got stuff for sale? Thanks.

    Good luck.

  5. brook89


    I also know someone who was trading prop succesfully for 6 years who gave up just recently.

    He said things are so bad that very few people at the firm was making money. In fact the firm had to give up one of its trading
    floors due to many trades leaving.
  6. What and how were you trading?
  7. proptr8r


    For several years I only traded intraday momentum. This last year I gravitated towards whatever strategies seemed to be working. Everything from pairs, overnight, position trading, opening orders. Whatever was working for a little while would soon fade. Trying to find a competitve edge in this market is extremely difficult. Whatever little edge you can find is soon taken away because every other trader is watching like a hawk if someone else is making money. I'm sure trading will get good again someday, but I used to feel like it was a no-brainer. Now I feel like I'm gambling. Maybe I gravitated towards too many different techniques this last year, but I don't think I would've done much better if I stuck to just one trading strategy.
  8. I took a 5 grand position this morning.

    The profit window started to go to 40, then 50, then 70 appeared and disappeared (in seconds) and I was back at ZERO.

    Exited the position at just about breakeven before a severe downturn.

    Now a few years ago, that would have been a $500 dollar profit that was easy to take down.

    You have to be lightning fingers and for peanuts in profit for the risk.

    You need about a Quarter Million in Buying power to trade this market and deal with it.
  9. kowboy


    Could I ask what platform you are trading on, that has a profit window?

  10. mmuloin


    Daytrading the e-minis has become a game of whipsaw back and forth; continuously having to be ready to pounce on the keyboard when it briefly takes off in one direction and quickly reverses.

    Recently, my best trades have been shorting resistance and buying support in large cap stocks. Most of my trades are swing - 1-5 days. Today, I picked up some UNP at $55.05 with a stoploss at 24.75. I will pare out 1/2 position at 25.50 with a trailing stop.

    #10     Feb 24, 2003