Trading for a living

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

  1. I was just sitting here thinking about how amazing it is that I can sit here at home and compete. A couple of years ago it was a problem but since dsl came to my small town I have had no problem getting instantaneous executions. My hardware and software are state of the art and the only thing between me and the money is me.:)
    #81     Jun 26, 2005
  2. gwac


    Well said
    #82     Jun 26, 2005
  3. tomcole


    gwac- A couple of thoughts.

    1. IMHO, if I were you ( and I'm not ), I would also consider foregone income (eg, your 250K per year) as a very real opportunity cost. So, say after 10 years staying at your job, you're up $2.5MM from salary (plus add-in benefits like insurance, vacation ect if you want to be intellectually honest). In your own trading, will you hit this number after 10 years? Losing your $75gs or $100gs is a small number compared to your true lost income.

    2. In a new biz, everything takes longer to work and costs more than you think. If you do decide to proceed, heres my thought - buy the most advanced technology you can find for your office. Spare no cost on PCs, modems, screens etc - its worth it. Get the fastest net connection available to you - pay super premium prices to get it - its worth it.

    3. Keep in mind, that now, you basically have unlimited access to capital - your future ability to trade is a function of your margin - not your ability to hit bids and offers, as it is now. Now, folks will split trades with you, they wont here - read the horror stories some of the guys here have had.

    4. Even though you appear to be very experienced, it takes years to get away from trading the cash mkt and flip to futures. Trust me on that one. A problem I had was I knew what a big house trader reaction would be to news, but it takes some timing to avoid getting in, stopping yourself out, then watching yourself be right on the big move and losing money.

    5. I dont think your time frame/P&L loss number are big enough.

    6. On the UP side, you'll work for yourself/family which is a huge PLUS. You'll also see your family, make them breakfast, stuff that when you're dead (yeah, I know its morbid), your kids will look back and say, Dad was a great guy - and theres no value you can place on that - none.
    #83     Jun 27, 2005
  4. Gwac,
    You are in a stage of your life wher you need AFFECTION.....
    all the story you are talking about is b.... you have obviously succedded in your life and you can give us all your need if we refer to Maslow pyramid is autosatisfaction...but did you get the RECOGNITION first of your achievment?
    Does your wife still finds you GREAT GUY ....
    in your case if my feeling is right you will be very sad by your own...unless you go for a small office and you promote to young graduate to come and do some stage with you, this will keep you up and shift your concern from only money making to management and money making..

    I am a french so soory for my english and mistakes
    #84     Jun 27, 2005
  5. LOL

    great just what ET needed, a friggin The Rapist oops sorry Therapist.

    Just teasing welcome to ET :)
    #85     Jun 27, 2005
  6. Remiraz


    You make 6 figures a year? $250k a year??????????

    Check your bank account, if you have US$1mil (only 4 years of salary omg), chuck it into a termed deposit bank account and live off the interest.
    Then retire to go tour the world or something.

    You know my goal in life is to make US$250k trading and retire in a low standard of living part of the world! You earn US$250k in ONE year!! :eek:
    #86     Jul 18, 2005