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My advice... Absolutely do not quit your job until you have;
A sufficent bank roll to last you a couple years if things go bad.
A system/systems that work for any type of market.
The ability to use your system to acheive the results you want.
This is your life we are talking about. Don't throw away all of your hard
earned cash based on the "I think I can." mentality. Even professionals who
have been doing this for years make mistakes and go broke. (Read
"Reminiscences of a Stock Operator") It would be much wiser to prove you can
do it first. The time/trade ratio you are thinking about is not as strong
as you think. I know people who day trade and people who trade end of day.
In every case the end of day traders make more money. Some even trade for a
living. It's not the time you spend watching the market that makes a good
trader. It's the logic, confidence, and understanding you have in your
trading methods that make you a good trader.
I'm not trying to discourage you from becoming a full time trader, but I
would question your timing if you start without proving you can be
successful enough to be full time first. You have to consistently beat the
market to trade full time... or you have to have enough of a bank roll to
live off of 5% to 20% returns assuming you are always coming out ahead.
I hope this helps.
Michael
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx
[mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Hey it's Gregoire
Sent: Wednesday, September 20, 2000 7:19 AM
To: metastock@xxxxxxxxxxxxx
Subject: Living as a trader - How to start?
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.
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