Daryl, for a "case history" of how to make it in trading, read any and all posts by ET member "40yotrader". Here is a guy who was forced out of a job, started at the beginning learning to trade futures, and is now managing a fund or CTA. He did start with $3 or $400K, I think. But it does show what is possible with work and discipline. Good luck.
That is a big plus for you in trading. A post somewhere said that doctors and lawyers make terrible traders because they try to outthink and intellectualize a trade. They also hate admitting when they're wrong. Ex-military make great traders because they are disciplined and presumably more willing to admit when they're wrong. I think that may be a reason there are many people who have played organized sports on wall street.
It seems that all of the great traders are honest with themselves. In fact, they are probably their own toughest critics... One of the best things I did was make myself accountable to my wife for my performance. I have lost a lot of money trading in the past in order to get to the point I am today. While she still chastises me for it, she is starting to let up a bit in light of my consistent performance. Sad to say, but that alone is almost better than the profits!
lol, yes, my wife hates it when I lose money as well. consistency does help the life at home tremendously.
yeah you cant take your 5 billion with you to the grave. I find that treating people and helping people to be the most rewarding. In the end when deaths at your door, and your breathing your last breath, may you be surrounded by loved ones and may your family keep you in their memories if not history. Although I wouldn't mind my own private island in the Exumas to trade from, its really not that important when it comes down to it.
Wayne, it took a few hours, but I went through the several hundred postings by 40yotrader as you suggested. I started with the oldest posts and worked my way to the present. It was very interesting to watch him evolve as a trader. He was methodical and persistent and while I personally think that system trading takes all the fun out of trading, I have to respect the fact that he succeeded in achieving his goals. His story is very applicable to my situation. Thanks for the example. Continued success, Daryl
Since beginning this thread, I have received some GREAT advice from my fellow traders and I would like to thank each and every one of you that took the time to share your hard-won knowledge and experience. I would go so far as to say that the guidance I have received in this thread has literally changed the course of my life, and so I wanted to post an update... Based on what I have learned, I have decided to leave behind my current profession as a commercial real estate agent and investment analyst/business broker. Instead, I have chosen to pursue a trading opportunity as a remote proprietary trader with Bright Trading. They appear to have an excellent reputation, have been receptive and patient with my inquiries, and it seems that they have a lot of successful traders to learn from. I am currently studying for my series 7 license and upon passing it, plan on attending Bright's orientation and bootcamp in April/May in Las Vegas. Upon completion, I will be able to return to my home and trade from my home office. Because Bright Trading is based on intraday trading, with Bright's permission, I eventually plan on starting an incubation hedge fund with a portion of my trading capital so that I may concurrently continue trading on a mid-term basis (~45 days) and develop a reputation as a hedge fund manager. My trading continues to go very well in this regard and proves to be a consistent money maker that I would prefer not to give up. Once again I would just like to thank the trading community here at ET and let you know that I appreciate your advice; it truly provided the direction I was looking for. God bless, Daryl