To everyone who wants to quit their job and trade full-time

dumb_mother · Mar 11, 2010

Quote from Halal Burger:

What amazes me the most is that there are people who are not even consistently profitable who are willing to quit there job and go full time hoping that in the process they will learn!?!

If you're going to go full time then you need to be at the point where your trading income dwarfs your day job income. Your day job then becomes a hindrance; it really is not worth your time or money. Only at that point should you consider quitting.

I feel that a lot of people want to quit their jobs for psychological reasons more than anything else. They want to have that big moment where they tell their boss to go fuck themselves, they want to feel that they're actually doing something worthwhile and not stuck in a dead end job. All ego based reasons and totally wrong/irrational reasons to go full time.
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+1

i agree- hindrance is a good word

RedDuke · Mar 11, 2010

I also use IB. I trade intra day with high frequency, and that is why KOSPI is ideal for me. My method requires 1 tick spread, no or rare slippage and decent size.

I wish I could also trade KOSPI options, but they are not approved for US residents.

Biog · Mar 11, 2010

Quote from jackson1234:

Every week there seems to be a thread about this, I thought I would offer my advise. I have been trading full-time for almost 10 years. I started out with 30k and have slowly built my capital, for several years I have been making an annual income that would put me in the top 1% of wage earners.

When I started I was 26 with a back up plan, if trading didn't work after 1-2 years I could easily get a job. Also low expenses, and no wife/kids to support.

A lot of people on here have a family to support, also the economy being what it is there is no guarantee of getting a job. Trading can be very stressful at times, I've had periods where I didn't make a cent for 6 months. If I had a family, just imagine how hard that would be.

Now I'm not trying to put anyone off with this post, after all it worked for me and I'm living the dream, but I do want to offer some positive advice.

I know this is a US board, but everyone seems to be focussed on US markets and not considering there is incredible opportunity in other time zones. People seem to think the only option is to quit their job and day trade the US session.

I trade in the Asian time zone, and spend about 2-3 hours a day at the screens. It is absolutely not necessary to sit in front of the screens many hours a day to make a great living.

Change your mentality from "if I could quit my job I could focus 100% on trading and make a living", and realise you have a great opportunity right in front of you. Keep your day job and come home at night and learn to trade Asian futures. You have job security and your wife is happy, and a huge advantage is you can trade without pressure.

If you have what it takes, you can make more money than you dreamed of, and the great thing is you can keep your job while you do it. Once you have the results under your belt and a lot of capital, quit your job. And if trading doesn't work out, you haven't stuffed your life.

I really hope this post helps some of you. Trading for a living is a total different ball game than dabbling part-time. Please don't PM me asking how I trade, I'm not into mentoring or selling any services.
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Great post!

stevegee58 · Mar 11, 2010

You guys got me curious about KOSPI so I subscribed to the Korean data and pulled up the KOSPI MAR10 futures contract.

Supposedly the market just opened 10 minutes ago (0900 Korean time) but there's no movement.

Baywolf · Mar 11, 2010

Isn't today rollover day?

stevegee58 · Mar 11, 2010

There's bid/ask activity on the JUN10 now.
It looks like MAR10 expired.

sfcowen · Mar 12, 2010

I'm new to this website and you've given me some great advice. I have been trading with a simulator to see how I would do and gain more experience. I promised myself to trade 6-10 months through the simulator and if I'm successful I was going to try to get in with a proprietary firm. I have a pretty good full-time job now, so I want to ask you experienced traders if prop firms accept traders who would start part-time and then move into full-time once they get to a point when they have grasped trading and will be successful. I want to be a trader, but I want to be realistic and not risk putting myself in a bad position and not only hurting my career but effecting my family as well. Thank you in advance, you guys provide a ton of great information!

RedDuke · Mar 14, 2010

Quote from sfcowen:

I'm new to this website and you've given me some great advice. I have been trading with a simulator to see how I would do and gain more experience. I promised myself to trade 6-10 months through the simulator and if I'm successful I was going to try to get in with a proprietary firm. I have a pretty good full-time job now, so I want to ask you experienced traders if prop firms accept traders who would start part-time and then move into full-time once they get to a point when they have grasped trading and will be successful. I want to be a trader, but I want to be realistic and not risk putting myself in a bad position and not only hurting my career but effecting my family as well. Thank you in advance, you guys provide a ton of great information!
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Why do you want to join a prop firm? Futures give you great leverage and are a more leveled instrument than stocks to trade.

TIKITRADER · Mar 14, 2010

nice thread that reaches out to help so many traders.

MohdSalleh · Mar 14, 2010

Quote from jackson1234:

, for several years I have been making an annual income that would put me in the top 1% of wage earners.

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you make 750k a year for the last few yrs?:eek: