Well its time...

Discussion in 'Professional Trading' started by mmyatt, Feb 23, 2008.

  1. lindq

    lindq

    You have a good opportunity with a cushion and some time. But the reality is - sorry - it is tough going and the odds are against you.

    As someone who was in a similar position a few years back,
    I suggest that you set a deadline for yourself to become consistently profitable. Mark a date on the calendar, and on that date have a serious conversation about where you are in your trading.

    It should be enough time to give yourself a good shot, but not so much time that you find yourself 4 or 5 years from now still struggling, and still hoping, and that much older.
     
    #11     Feb 25, 2008
  2. The hardest part of making the transition from part-time extra-money trading to serious full-time primary income for me was the domestic setup believe it or not!

    If you're planning on working from home it's important to set realistic working hours, meal breaks, and undisturbed working space. It's too easy to end up in front of a screen working far more hours than you should (or would in a regular job), thereby decreasing your leisure and family time. It's also easy for other family members to think just because you're home that you'll be available for shopping/dog walking/babysitting/a chat!

    Apart from all that it might be wise to set yourself some financial and time-scale limits to avoid pressure. For example, have the security of knowing the mortgage and expenses are covered for the first x months and a ceiling is set for how much money you're going to risk on the venture, just as you would for any business. If those limits are set beforehand, you know and have accepted the worst case scenario if it all goes wrong, leaving your mind free to focus on the job without pressure. It might also be useful to have a Plan B just in case.

    Jusy my 2c, might have absolutely no relevance whatsoever!
     
    #12     Feb 25, 2008
  3. jmoo

    jmoo

    focus on quantifying your max daily losses first then work on your profit target.
     
    #13     Feb 25, 2008
  4. For some reason I automatically assumed the guy knows how to trade, had demo'd profitably, and had slowly increased equity in a live account before deciding to rely on trading as a sole income source......maybe not!
     
    #14     Feb 27, 2008
  5. bat1

    bat1

    good luck to you!

    I'm going to retire from the military next year
    and plan on going full time also...

    all I can say is trade what you know..never rush
    things...stay focused on the trade and goal ..
    never over trade...

    if you lose it all back to the 9 to 5 rat race you go!

    :p

    keep us posted

    Ed
     
    #15     Feb 27, 2008