Yes, I've done both. I started with trading at home for a few years and got bored with that. Then I met a few traders in the same situation and we decided to rent an office space together...we split the cost. My profits dramatically increased with less fluctuations along with family, friends, bank, mortgage company taking my job as a retail trader a lot serious. Now I'm back at home for the past 12 years and getting bored again. Thus, in a few years when the kids are older, I'll be looking for an office again. Yet, this time I want an office within walking or bike riding distance (no more than 30 mins walking or riding a bike).
I'm thinking of doing the same thing, how did renting the space work? Did you have to form a company to get a lease or just lease the space under your name? And were the other traders on the lease too? Thanks in advance for the info.
I work a full time job 730-430 so I am at work during stock market hours. The few days I have been home and the market open, my trading has been very poor. I used to trade options for about 30 minutes every morning at work and I was MUCH more successful there for the most part. At home I just couldn't get in the zone well, my little boy just turned 1 though so of course he doesn't understand when I am trying to focus and he will come up beating on my keyboard keys and laughing lol. If I was to trade for a living I would lease an office for sure though. Too many things to keep me from focusing on the market.
Distractions are always an issue. At home, if you can't isolate yourself from family, then an away office makes sense. At the office, if you keep chasing the secretary all day, than an office at home makes more sense. If you're distractions are self created, then it won't matter where you keep your office. Location isn't the issue, but discipline. I have a home office, I lock the door, I am effectively not home until I unlock that door. Once I unlock that door, experience has taught me that I am no longer in an optimal environment. I may monitor price and if one of my Watchlist instruments approach key areas I decide if I will trade or not. If conditions permit I will enter the office, lock the door and execute. If conditions do not permit, I accept that the market will always be there and proceed with my life. No stress, no lament, no excuses... Life is short, living life is foremost.
I did something like this a few years ago. I had to get the hell away from the wife and kids - their peripheral influence was detrimental to my trading. For me, the biggest obstacle is becoming committed to the space - most office spaces have a 3-5 yr lease (in NYC area, that can be 10 yrs+) and you have to show good financials as an entity or rely on your personal credit and guarantee to cover the rent. Plus, you got utilities and internet/T-1/T-3 you have to worry about paying each month. The best solution I found was to go with an executive suite firm (like Regus) where you can be set up within a day and have no long-term commitments (usually 1-3 months) or any credit checks. Everything is supplied for you. And you don't have to create an entity if you don't want. Only drawback is that cost per person can be a little high, but if you can get 2-4 guys working in the same room, it brings the costs in line with renting space from an existing trading floor. One thing, tho, is you don't really want to trade in one locked door for another (IMO). Sometimes it helps having someone there to bounce ideas off of or learn something new. PM me if you have other questions or I wasn't clear enough. Cheers
If you trade from home then it doesnot mean that your performance can be on down track. Millions of traders burst the account in offices or in brokerage firms. I used to trade from last 9 years, 7 years from brokerage firms and rest from home. I think at home you can concentrate more on your trades rather than at office.
It also depends on your style of trading. If you only trade during the most active hours, does it make sense to be in an office, or go back home during a two hour lunch break?
Trading from home is the best. I don't have kids running around in the background, though. Other alternatives are a step down from that, with the worst being commuting to an office full of people you did not choose to be around all day. Well, even worse I guess would be doing that in a suit. Performance-wise, there are some things you cannot do from an office outside the home. Unless you sleep there from time to time.
I'm a full time trader who love to open trade at right time and position, in European and American Sessions. Style of trading vary with positions, love to go with big lots but with safe margin + day trading & scalping. Success margin of part time traders is not too good.