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We trade full time and it ain't easy (just look at our current trade for
instance).
I'd try to figure out a way to trade "part time" without giving up your day
job until you develop your trading methodology and prove your system. If
you aren't able to pay your bills and need trading profits to live on, then
you will have double the pressure that other traders work under.
My brother and I are fortunate in that we had successful business careers
(actually he just started a rep firm and went back to work this past year)
so we don't need any income from our trading for our day to day living and
are strictly building capital (and in my brother's case, buying a retirement
lot and joining a second country club).
All of the advice here should be looked at closely. A friend of mine went
fulltime a year or two ago and was doing quite well. Then we hit the
current market and he has lost a bunch. My cousin day trades and had the
good fortune to have someone mentor him. He still is up and down.
Good luck with your decision.
Guy
" When I die, I want to go peacefully like my grandfather did, in his sleep.
Not yelling and screaming like the passengers in his car."
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]On
Behalf Of Allan Havemose
Sent: Wednesday, September 20, 2000 10:58 AM
To: metastock@xxxxxxxxxxxxx
Subject: Re: Living as a trader - How to start?
I traded full time a few years ago, so here are a few thoughts:
1. It's more difficult than you think. It's very different trading
while having the security of a paycheck than trading to produce income
2. It takes a long time to get consistently profitable. Read Marty
Schwarts's book "pit bull" for an account of what it likely will take
you.
3. Realize than Metastock is nowhere close to what the big
institutional guys have at their disposal. Also, you will likely be at
a disadvantage with execution and commisions. Your methodology has to
more than marginally profitable on paper to be profitable in real time.
4. Do the math on the amount of capital you have. If you have 100k and
can generate 5% return per month consistently (which is very good for
most of us), you may only be able to cover your living and business
expenses.
Anyway, I enjoyed the ride. Best of luck !
Allan
--- Hey it's Gregoire <happy_greg@xxxxxxxxx> wrote:
> Dear all,
>
> My question is not about MetaStock. However, I
> realised that there are experienced traders on this
> list who could really help me.
>
> I am thinking about taking a leap of faith and trying
> to live from my trading activites. It is really wired
> to think about this unsecured situation. Beside, I
> don't really have a trading system that works today.
> But, of course, I think that success in trading
> depends on the time you grant to the information and
> model reasearch.
>
> I just feel that it is what I want to be doing, but I
> want to make sure that I do it the right way.
>
> Anyone who wants to recommend, advise, or even share
> opinion is welcome to help.
>
> Thanks.
>
> Greg.
>
> __________________________________________________
> Do You Yahoo!?
> Send instant messages & get email alerts with Yahoo! Messenger.
> http://im.yahoo.com/
=====
---
Allan Havemose, Ph.D.
havemose@xxxxxxxxxx
havemose@xxxxxxxxx
__________________________________________________
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