Trading for a living

[raj1688]

Sir

I know that we have some veterans here.

I am just a newbie. I am willing to work my ass out on charts and all and go about it in a structured manner but

I just want an opinion on whether trading for a living is a practical scenario? Does it cover the opportunity loss of quitting a well paid job.
(Forget about risk. willing to take it)

Thanks

 

[SavantGarde]

Hi Raj,

If You are willing to work your butt off... then you can aim for anything in life and succeed....

Yes... Trading can be very very rewarding.... but to succeed one needs to exhibit a little madness...to navigate our markets successfully...

... and then what is better than being your own boss..... in Shorts...

Happy & Safer Trading

SavantGarde

Sir

I know that we have some veterans here.

I am just a newbie. I am willing to work my ass out on charts and all and go about it in a structured manner but

I just want an opinion on whether trading for a living is a practical scenario? Does it cover the opportunity loss of quitting a well paid job.
(Forget about risk. willing to take it)

Thanks

 

[Jeremiah]

IMO, that's a kind of useless for to know if other traders can or can't earn enough money for living... Try to start by yourself - don't spend a lot of money, it's not necessary. Take the time to find out what works for other people and build experience, pick what you like and create a strategy. Test it, if it's profitable, trade it. Have a clear, concise written method of every action taken. Grab some psychology books. That helps.

 

[AW10]

Raj, reward of trading pulls in 1000s of people to this field..and everybody wants to have the dream lifestyle of a successful trader. And absolutely that is possible to achieve after putting in time and effort.
IMO, Main ingredient of success here is YOUR psychological strength, YOUR ability to learn from your mistakes and correct them quickly, YOUR emotional intelligence and YOUR drive to excel in whatever you do.

Look back at your life so far and rate yourself on these soft factors. Even if you don't score high on it, that is fine but it will give you idea about what u will need to fix before achieving that dream lifestyle of a trader.

Technicals aspect of trading (knowledge, system, rule definition, trading plan, risk mgmt etc etc) is fairly easy but that is not enough.

If you are deciding to enter this field, then don't give up the job and take 100% risk on your head. Rather then start trading as part time business first, slog in the night, do market reply till 4.00 am and get the basic ingredient in place. See if you can make some money consistently before taking it full time without any other source of income.
Scared money is first to leave the market. Lack of income or living on saving will put lot of psychological pressure (most of us have not experienced that, but check with the people who have been thru such tough conditions).

Don't want to discourage or want to sound too -ive here. Unfortunately, that is my observation of may wanna-be-traders in this field who enter with full zeal and finally end up struggling.

But if you enter with proper risk mgmt, proper planning to face various challanges that u are going to face here, then chances of success is lot higher. Take this as gyan on Risk mgmt 101 for your trading business (which is much bigger then just trading).

All the best to your success as pro-trader .
Happy trading

 

[DanPickUp]

Sir

I know that we have some veterans here.

I am just a newbie. I am willing to work my ass out on charts and all and go about it in a structured manner but

I just want an opinion on whether trading for a living is a practical scenario? Does it cover the opportunity loss of quitting a well paid job.
(Forget about risk. willing to take it)

Thanks

Hi raj1688

If you plan to live from trading, act as you would do when opening any other kind of business by your self. Let you teach and teach your self.

You would not open any shop with no knowledge. Opening a shop only with the idea : I have a lot of money and I can stand losses, is not my world.

If you not have a lot of money, the best power you can bring in this business is knowledge.

If you have a lot of money, the best power you can bring in this business is knowledge.

If you are willing to live a normal live in the first five or then years by doing this business, working for hours every day, having sleepless night at the beginning, asking your self if you can survive and never give up to learn more, you will have a change to survive.

It is in your head to make the choice to trade or not to trade. It is in your head to accept, that this is a job and it is in your head, why you choose this job.

If you choose to trade by your self, that road must not be straight. You may work first in a company, after that you work by your self, after that your friend gives you an offer to look for very big money, after that you work again for your self, after that you teach trading, after that you write a book, after that you trade again with new ideas and so on.

Check your head and you will find your answer, if it is a practical scenario.

DanPickUp