Trading for a living

Discussion in 'Forex' started by gwac, Jun 23, 2005.

  1. FredBloggs

    FredBloggs Guest

    he is - didnt you read the post? he said hes gunna trade retail fx!!!


    seriously - i wouldnt jump in with the full 75k. start with 10k or so until u get used to the new environment. if you cant trade 10k with profit, u wont be able 2 do so with 75
    #31     Jun 24, 2005
  2. The Loon is the bird on our 1$ coin.


    Apropriate for this country if you ask me.
    #32     Jun 24, 2005
  3. newguy1


    oh my god. not again.

    For the love of god....its called
    E-N-G-L-I-S-H. Please work on this.

    I wouldn't mind in the least if one were to say: "...he is a prowd, arragant person who frm mhay point of view cannot take losing..." instead of that garbage above.

    And this isn't the first time I've had to read this nonsense....its all over the damn thread. I swear to god you cannot possibly understand what people are saying if your communication is so mangled.

    #33     Jun 24, 2005
  4. tomcole


    To the original poster-

    Most bank traders flame out early when they go out on their own.

    The problem is -

    1. You're used to catching small pops, not using your own money and feel like you're part of "the market". The first time you lose real money, you'll fold like a cheap suit and not be able to function because the $20-30Gs you just lost means a new car or vacation to you. Its not some nebulous number your boss breaks your nuts about. Your "supportive" wife wont be amused when you tell her to stop shopping or spending either.

    2. Your bank provides a wealth of benefits, from insurance to meals to tickets. These non-cash bennies probably add 30%+ to your salary. You get zippo here.

    3. Brokers now kiss your butt, here, brokers laugh at you.

    4. Traders at top tier firms who talk to you, wont even acknowledge you, much less tip you on resting orders.

    5. And, dont take this the wrong way, but if after 20 years of trading for any bank and making the money you claim, if you only have 2 years expenses and $75Gs tucked away, you're not very good at making money or financial management.

    6. Expect a few years of losses until you re-train to trade like an indie or upstairs local or whatever you want to call it.

    7. Lastly, if you flame out, no bank will hire you back.

    Of course, if you succeed and make millions and millions, as you expect now, I'll admire you and say that you're the 5% of traders who suceed and hopefully you'll throw some ideas to me.

    Whatever you decide, good luck, and dont discount the bennies you now have, the life you now have and your job. You spent a long time building your life and career, dont throw it all away because you're upset by the grind or your boss. Be rational in your decision.

    Feel free to PM , you may not like the advice, but I did it and regret it.
    #34     Jun 24, 2005
  5. Number one is the key and expresses far more articulately what I was trying to say. Having worked at a bank for years you have forgotten you trade money and instead it is a game. When I started trading for myself it became real money again. £20k down is real money and so you might not take the hit when you would have done as a bank. If you do trade for yourself start small and learn to trade again - I reckon 6 months is realistic.

    Despite all the negative stuff written here (which is mostly valid) there are huge advantages to trading for yourself compared to a bank and not just the usual ones that you are your own boss etc. You will be able to get tight prices in all market conditions as brokers fall over themselves to win business from people they think are bound to fail. (you might have to change brokers every so often when they realise you are not a mug punter) and you don't have to quote other people. You want to have a position you have one. If you don't like the market then you can stay out of it.

    Good luck and to balance the previous poster it was the best thing I ever did.
    #35     Jun 24, 2005
  6. tomcole


    Let me clarify a point or two.

    Yes, its probably a great thing to be your own boss, see whoever you want, whenever you want. But....anyone even remotely considering this path, should truly understand the meaning of being alone and and like being alone not to mention making decisions alone. It can be a very chilly experience. Be sure to get out to see friends, exercise etc.

    But you are working for yourself, your family and whatever you hold dear - which is a huge benefit.
    #36     Jun 24, 2005
  7. Are you a recent college graduate kido? :D
    How about a job at local starbuck, i'll make
    sure visit you for a coffee drink
    #37     Jun 24, 2005
  8. gwac


    I like to thank everyone for their responses. Tomcole
    do you feel comfortable in telling me why it was a big mistake?
    Are you still doing it?

    I am really undecided which means I am going to give
    myself some time and maybe try to fix the issues at
    my work first before I take the plunge.

    It a lot to think about. Thanks again everyone.
    #38     Jun 24, 2005
  9. mhashe


    If the job is that good why quit? Just put on swing positions from work or trade it after hours. FX is 24/7. :confused:
    #39     Jun 24, 2005
  10. gwac


    The money is good the job is very tiring....I sometime want
    to use my phone for purposes other than communication. lol

    On a side note anyone ever beat their keyboard with a phone?
    It feels really good. lol

    The problem with me trading from home with my own account
    is that if they found out it would be considered a conflict
    of interest. I could be fired and word travels fast. It would
    be next to impossible to ever get a job in the field again.

    It a good idea but it is not worth the risk.

    thanks for the response.
    #40     Jun 24, 2005