Trading from home insight!!

Hi all,

I was wondering if some of the more senior/successful home traders among you would be willing to share your stories with us. For example, how long it took before you knew you could trade successfully from home and were able to leave the rat race, any problems with the transition from 9-5 life to trading from home, a typical day for you, pros/cons of your new lifestyle etc etc

I just thought it might make an interesting thread!

ton22 said:

Hi all,

I was wondering if some of the more senior/successful home traders among you would be willing to share your stories with us. For example, how long it took before you knew you could trade successfully from home and were able to leave the rat race, any problems with the transition from 9-5 life to trading from home, a typical day for you, pros/cons of your new lifestyle etc etc

I just thought it might make an interesting thread!

Click to expand...

I just allow to tell you something about how long it takes: it took me about 5 years to become steady profitable. Till today I coached 21 people and I run my own trading room for friends of mine and people I coached. They all now have a steady up-trending equity curve. But my approach in bringing someone so far is very long term. So even with the best help, it is gonna take a lot of time (everybody who tells you less then one year is probably lying or has no clue about what exactly he is talking about) and considerable effort. Please also do understand that trading is not for everybody. I picked the people I coached very very carefully. Trading is a high performance discipline. Not everybody is gonna become a fitness cover model, and believe me: making one day a good living from trading is still way less likey. Don't wanna discourage you, just talking the truth.

Best

JT

I suppose it's horses for courses. Gregarious types that need someone to talk to for ideas etc. might get a tad lonely at home all day by themselves.
Personally I think it's great. I trade a bit when I feel like it, play a bit of poker or snooker in between. Must have a bit of excercise too. My dog is a great companion for walks or some gardening.
The old 9 to 5 was pretty awful as far as I remember. 1 hour on the tube to work in central London - never again.

any advice for next week ?.

thecoach said:

I just allow to tell you something about how long it takes: it took me about 5 years to become steady profitable. Till today I coached 21 people and I run my own trading room for friends of mine and people I coached. They all now have a steady up-trending equity curve. But my approach in bringing someone so far is very long term. So even with the best help, it is gonna take a lot of time (everybody who tells you less then one year is probably lying or has no clue about what exactly he is talking about) and considerable effort. Please also do understand that trading is not for everybody. I picked the people I coached very very carefully. Trading is a high performance discipline. Not everybody is gonna become a fitness cover model, and believe me: making one day a good living from trading is still way less likey. Don't wanna discourage you, just talking the truth.

Best

JT

Click to expand...

My situation is a little different than most, I think. I decided to leave my prior line of work and trade for a living. So, I just dove in, started learning. Did a practice account for about 2 weeks, then started live account. It's been about 4 months. So far, so good...

I am thinking about doing the same thing.
Please keep us posted on your journey.

aliasentric said:

My situation is a little different than most, I think. I decided to leave my prior line of work and trade for a living. So, I just dove in, started learning. Did a practice account for about 2 weeks, then started live account. It's been about 4 months. So far, so good...

Click to expand...

I decided I was done with working for anyone, whether it be clients, or employers. I had a cushion, so I could survive a few months without income, and a small capital fund to trade with. I ended up getting killed with stocks and ETFs. Then I discovered the FOREX market, with only about half of my capital left, I stated to studied FOREX for a couple weeks intensively and started up a practice account. After 2 weeks of practice account, I went live. Mixed results the first few weeks, then I gradually started losing, again, and again until I had refund my account, as it was getting low. Ended up refunding 2 times. I never completely blew my account, and probably could have built it back up without refunding. So, I was starting to build some confidence seeing myself recover loses.

Now, I'm at the point were things are going pretty well, after about 5 months. I started to feel semi-comfortable after 4 months. And now, I feel things are going fine. I don't worry if I can make money, and I don't worry if I have big losses, since I've experienced it before and was able to recover.

I spent 10-15 hours a day for weeks learning as much as I could, but I'd say the experience of actual live trading is about half the battle in actually learning how to trade. When I make mistakes, I research and correct. When my "system" fails I research and correct, or change my system. Now I'm pretty comfortable with how I trade, but I just need to work on my discipline, and be more selective. I am a very risk oriented person, so I will take unnecessary risks all the time, not sticking to my rules - working on that.

But at least I feel I've overcome the fear of "what if this doesn't work", and am determined to continue... Again, so far so good...

:clap:Good luck to you hope continues to go well

aliasentric said:

I decided I was done with working for anyone, whether it be clients, or employers. I had a cushion, so I could survive a few months without income, and a small capital fund to trade with. I ended up getting killed with stocks and ETFs. Then I discovered the FOREX market, with only about half of my capital left, I stated to studied FOREX for a couple weeks intensively and started up a practice account. After 2 weeks of practice account, I went live. Mixed results the first few weeks, then I gradually started losing, again, and again until I had refund my account, as it was getting low. Ended up refunding 2 times. I never completely blew my account, and probably could have built it back up without refunding. So, I was starting to build some confidence seeing myself recover loses.

Now, I'm at the point were things are going pretty well, after about 5 months. I started to feel semi-comfortable after 4 months. And now, I feel things are going fine. I don't worry if I can make money, and I don't worry if I have big losses, since I've experienced it before and was able to recover.

I spent 10-15 hours a day for weeks learning as much as I could, but I'd say the experience of actual live trading is about half the battle in actually learning how to trade. When I make mistakes, I research and correct. When my "system" fails I research and correct, or change my system. Now I'm pretty comfortable with how I trade, but I just need to work on my discipline, and be more selective. I am a very risk oriented person, so I will take unnecessary risks all the time, not sticking to my rules - working on that.

But at least I feel I've overcome the fear of "what if this doesn't work", and am determined to continue... Again, so far so good...

Click to expand...

aliasentric said:

My situation is a little different than most, I think. I decided to leave my prior line of work and trade for a living. So, I just dove in, started learning. Did a practice account for about 2 weeks, then started live account. It's been about 4 months. So far, so good...

Click to expand...

Very impressive, I hope you continue doing well with your trading.

I work a 9 to 5 job and only trade end of day, I consider myself a swing trader. My hope and dream is to quit my job after a few years and become an independent day trader.

Sandile84 said:

Very impressive, I hope you continue doing well with your trading.

I work a 9 to 5 job and only trade end of day, I consider myself a swing trader. My hope and dream is to quit my job after a few years and become an independent day trader.

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Thank you. I think you are on the right track with the EOD trading. I wish I could go back in time and do this while I could still tolerate the rat race. Then I could have eased into it.

Good think about EOD trading, is that once you get to the point of making enough to live on, you don't have to change anything, just quit your job, continue your EOD trading, and enjoy your "retirement"

My Story is long and varied and has been an 8 year journey..

I have traded just about every financial market and product known to man while searching for the holy grail...I have made a lot of money then proceeded to blow out various accounts because of getting too cocky and greedy...nothing is more humbling than giving back all your profits and then your starting capital...

After years of going no where I kept going back to options...and then option selling strategies...condors and credit spreads...etc tweaking and creating my trading strategy as I went...

As I live in New Zealand I ended up deciding on the U.S. market...which opens between 1:30 and 3:30 (depending on the season)in the morning N.Z. time..this enabled me to get up early sort out trades before I headed off to my day job..

I have only just quit my job at the end of last year, in order to become a full time trader...any body that says it easy to make a living from trading, either may not really be making their income solely from trading...or must have had an easy path to their goal than I did...

My advice to people considering trading from home as your only source of income...is that it will be a lot harder than you first think...it was easy for me to trade or not to trade when I had a salary taking care of my living expenses...but now I have the added pressure (sometimes)...of having to trade over the month enough times to make the $4,000 USD that I need to pay my bills and feed my family...

For those of you who want to know what I make trading...it is between $4,000 to $6,000 per month...so basically pretty much what I was getting paid at my job..before you ask why do I bother...it is for my lifestyle....by trading in the night I have time to spend with my kids for school trips..and sports etc...

If I had been told from day 1 how hard things would have been...I might have approached things from a different way...maybe a bit more serious...rather than thinking I could retire a millionaire by the end of next week..once I got the right strategy sorted..

My advice for the pinch of salt that it may be worth...

Find the strategy or product that fits with your lifestyle...meaning you can trade while holding down a job...a lot of people go to forex because of the multiple trading timezones...
Learn as much as you can from books or the internet for free or pretty much free...
If you must follow the gurus in your specialty...try to pick 1 or 2 at the most....there are a lot of genuine traders out there who will offer help and advice...without getting their hands to far into your wallet...

No doubt I will cop some flack for this.....but if are to say become a plumber..you do a 3 year apprenticeship...but yet you can learn to become a trader in 2 days...by say paying $4,000...99% of the advice in most educational seminars can be found on the net or in books...for a fraction of the price..

Trading like becoming a plumber requires a lot of work and time spent learning your craft..I usually spend 3-4 hours a day just about every day looking at charts market news etc...

I consider myself extremely fortunate to have achieved my goal of becoming a full time trader....and are not bragging about it...but are sharing an insight into my journey..and how long it really took

Happy to answer questions...as long as it helps the thread

SPX Trader

Hey SPX trader............thats some great advice and sounds pretty similar to the people I know are or were full time traders

I have been involved in Gambling since I was a kid (Dad / Grandad were bookmakers) and actual Trading since the early 80's ......trading part time during that period in varying levels of intensity and time spent..........I backed out in late 90's for a few years due to work pressures and family committments but came back in early 2000's to Forex, still using the current strategies I still use now (albeit adapted and improved over the years)

I am a part time Forex Trader/Scalper and will remain so until I decide to end my employment as an Accountant/Analyst in the next 5 years or so......

I could trade full time but am well aware of the challenges that I know would not work for me

Boredom / stimulation
Isolation
Income needs
the list is endless ....

I am a gregarious person and also like to earn a lot of money ......something I would have to defer if I went full time.......as the capital base I would leverage is reasonable but would not be sufficent (using standard MM and realistic profit expectations) to match what I earn now from Part time trading and full time employment........

I would urge anone thinking about FT trading to consider the decision carefully ...........its a quantum leap and you wont realise how well you were off until its perhaps to late

N

NVP said:

Hey SPX trader............thats some great advice and sounds pretty similar to the people I know are or were full time traders

I have been involved in Gambling since I was a kid (Dad / Grandad were bookmakers) and actual Trading since the early 80's ......trading part time during that period in varying levels of intensity and time spent..........I backed out in late 90's for a few years due to work pressures and family committments but came back in early 2000's to Forex, still using the current strategies I still use now (albeit adapted and improved over the years)

I am a part time Forex Trader/Scalper and will remain so until I decide to end my employment as an Accountant/Analyst in the next 5 years or so......

I could trade full time but am well aware of the challenges that I know would not work for me

Boredom / stimulation
Isolation
Income needs
the list is endless ....

I am a gregarious person and also like to earn a lot of money ......something I would have to defer if I went full time.......as the capital base I would leverage is reasonable but would not be sufficent (using standard MM and realistic profit expectations) to match what I earn now from Part time trading and full time employment........

I would urge anone thinking about FT trading to consider the decision carefully ...........its a quantum leap and you wont realise how well you were off until its perhaps to late

N

Click to expand...

Hi NVP

After reading your post...I also thought about the downside some more....especially if you were single...I imagine you would be bored alright especially if your mates were working a job...If i didn't have a family and helped at at school etc....I imagine I could get quite bored...Trading from home can a very lonely encounter if you let it get to you....there are guys that I know of who trade prop or with a group...just so they can have human interaction...they tried trading from home...but didn't like the solitude...

SPX Trader said:

Hi NVP

After reading your post...I also thought about the downside some more....especially if you were single...I imagine you would be bored alright especially if your mates were working a job...If i didn't have a family and helped at at school etc....I imagine I could get quite bored...Trading from home can a very lonely encounter if you let it get to you....there are guys that I know of who trade prop or with a group...just so they can have human interaction...they tried trading from home...but didn't like the solitude...

Click to expand...

for me the isolation would be the downward spiral..........I am now a forex scalper generally and can hammer it out for an hour or so before going to work most mornings (UK)........

When I do (ocaisionally) get a chance to spend more than a few hours at the screens I do get bored waiting for the setups ...........I could use alerts but it will be to late or I wont hear it if elsewhere.......although I will have higher TF's also running if anything appears on the radar

all the best SPX and thanks for the realistic and informed info.......

N

Appreciate all the comments/experience posted here. An update to my situation…

After 8 months of up and down success, I was forced to go back to work… temporarily. I took a 2 month contract that will take me through the end of the year.

Funny thing is, as soon as I had the peace of mind of an additional income, my trading took off. I've been profitable for the past 4 weeks, with about a 70-80 percent success rate in terms of trades won trading primarily the 4 hour and daily charts.

I knew this would be the case as I recognized my biggest problem was feeling pressure to take trades and not waiting for the good opportunities. So, now with patience and discipline, I am experiencing the success I knew was possible.

So, my plan is to increase my capital to a level that it will take the pressure off and I can apply my trading strategy with the patience and discipline necessary. How long will this take? I'm hoping to be there by the end of the year, but if not, I'll continue to take on temporary work as needed.

My advice to anyone considering trading full-time. Make sure you know what you are doing before you quit your job, i.e. have at least 3-6 months of success. In addition, have 6 months to 1 years living expenses so that any income you make with trading is for next year, and you don't have pressure to make ends meet with trading…

As far as the need to interact with people, I can only say this. If work is the only place you connect with people, something is seriously wrong with your life. No offense is meant by this, just my opinion that a person should choose their friends and social settings and not let whatever they end up doing for a living chose it for them...

aliasentric said:

Appreciate all the comments/experience posted here. An update to my situation…

After 8 months of up and down success, I was forced to go back to work… temporarily. I took a 2 month contract that will take me through the end of the year.

Funny thing is, as soon as I had the peace of mind of an additional income, my trading took off. I've been profitable for the past 4 weeks, with about a 70-80 percent success rate in terms of trades won trading primarily the 4 hour and daily charts.

I knew this would be the case as I recognized my biggest problem was feeling pressure to take trades and not waiting for the good opportunities. So, now with patience and discipline, I am experiencing the success I knew was possible.

So, my plan is to increase my capital to a level that it will take the pressure off and I can apply my trading strategy with the patience and discipline necessary. How long will this take? I'm hoping to be there by the end of the year, but if not, I'll continue to take on temporary work as needed.

My advice to anyone considering trading full-time. Make sure you know what you are doing before you quit your job, i.e. have at least 3-6 months of success. In addition, have 6 months to 1 years living expenses so that any income you make with trading is for next year, and you don't have pressure to make ends meet with trading…

As far as the need to interact with people, I can only say this. If work is the only place you connect with people, something is seriously wrong with your life. No offense is meant by this, just my opinion that a person should choose their friends and social settings and not let whatever they end up doing for a living chose it for them...

Click to expand...

I wanted to also add that I know my "success" is "real" and not just a fluke, since it consists of around 30 trades, about 5-7 trades per week. In fact the almost all of my losses were due to stop-loss being too tight. If I would have set my stop loss correctly, I could have had a 95-98 percent winning percentage. I truly do believe that a 95% success rate in trading is sustainable if you wait for the high probability set-ups and apply patience and discipline.

But again, even if success isn't quite that good, I like to see what mistake I made when I have a loss, rather than just write it off to being "wrong". That way I continue to learn and improve...

Using really short TFs cures boredom. All the same really.

I lost my first 2 pots, before I finally learnt how to trade, an uncomfortable path, but I guess there are a lot of us who took the heat before finding consistency.

I worked from home, but eventually set up an office in the town centre, the reason behind this was many fold. First I never had any home/work balance, it all happened there. The isolation and boredom of trading was to much for me to handle, as I only look for 3 to 5 trades a day. In my office, which is a fully serviced accommodation, I meet other people from other walks off life, I get social interaction throughout the day, something that doesn't happen working from home, I get a sense of purpose and routine. Best of all when I finish my working day, I go home, get out my suit and into my shorts and tea shirt, and leave trading at work.

Just my thoughts, good luck

Pat494 said:

Using really short TFs cures boredom. All the same really.

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AND upping the stakes of course, for the eek factor if you can stand it.

Pat494 said:

AND upping the stakes of course, for the eek factor if you can stand it.

Click to expand...

Yep, better to go 5 pips @ £20 a pip than 10 pips @ £10, in and out quicker, and less sweaky bum time