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> I (and possibably others) would like very much to hear from
> professional traders who have made the transition from part time trading to
> fully supporting themselves (and family) from trading. My personal goal is
> to accomplish this in about 2 years.
>
> I have many questions but will save them for later. For now I would
> like to hear your experiences and sugustions on how to accomplish this goal.
> Thanks in advance for your responces.
>
> Good luck and good trading,
> Ray Raffurty
Ray,
Of course, there are many ramifications to this, both psychological,
logistic, and the physical change of continued work in "isolation",
which may be quite different from present career social environment.
One very important item, IMO is, try your best not to "need the
money" from trading as you make the transition. Not everyone has this
luxury, but it sounds as if you may. Use the transition period to
build base equity so that when you really turn it on fulltime, there
is plenty of cushion. If your trading is very sucessful, take money
out, into TB or CD at bank separate from brokerage. Let compounding
work for you without any attention needed.
Get in the mindset that you are operating a business. If you have
been a businessperson prior, you know what I mean, and why it is
important. If not, just do it <g>. It's no different than any other
business. You have fixed costs, variable costs, and your business
must generate a rate of return to sustain itself and grow. Set up
proforma budgets during the transition period, with the goal that
they will become your operating guidelines later. Allocate time and
money for R&D because whatever way you trade now won't work as well
in the future, I guarantee it.
Not to discourage you in ANY way, but please make sure your recent
success is not simply because of the bull market. This kind of
objectivity and self-critique is good for you always.
good luck. let me know when you buy the first porsche.
Cliff
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