timsk Throws in the Towel (but clings on to the facecloth) . . .

[Trader333]

Tim,

You may well decide to go back to a paid job but as you have already said trading fascinates you and as such I know you wont be able to let go. Why not do a halfway house and take a paid job but still continue trading in the evening ? This would fit with your chosen instrument (US Stocks) and will still give you plenty of opportunity to develop as a trader.


Paul

 

[N Rothschild]

goodluck in your new venture, my towel may follow yours!

 

[Paul71]

Tim,

You may well decide to go back to a paid job but as you have already said trading fascinates you and as such I know you wont be able to let go. Why not do a halfway house and take a paid job but still continue trading in the evening ? This would fit with your chosen instrument (US Stocks) and will still give you plenty of opportunity to develop as a trader.


Paul

Someone talking sense instead of commiseration. I don't know the 'decent family type not bad at golf good laugh with the guys' Tim, all i know is that trading went t!ts up for the guy, and there is absolutely nothing wrong in that, who hasn't f*cked up at some point in this game?

Ok, i'm not having that Tim is a great trader, let Tim take his results to a prop firm and i'd guess that he'd be shown the door with maybe some constructive critisism to take note of. That's just it though, what pieces were missing from Tims trading form?

All to easy going for the old psychology routine, although i think doing what he did as i know it at face value would put serious pressure on anybody.

Tim needs some type of coaching, i can only think of maybe 3, probably only one serious choice in terms of mentor who Tim could approach on this site, he may have approached the guy already, i don't know.

Even then, he still needs to experience application and judgement of a trade for himself, because it can't be read in a book what Tim needs.

 

[minch]

Tim,

You have my utmost respect for making the brave decision to trade on a full time basis in the first place. This is my eventual goal and I am sorry it hasnt worked out as you would have originally wished.

I am in the halfway house mentioned by Trader 333, a place where the pressure is not on to support myself and family from income derived solely from trading.

This serves as a wake up call to all aspiring fulltime traders that there is a big psychological difference between the dream and reality.

Without a doubt this is a fascinating business and I wish you every success in your trading future.

 

[Paul71]

The trading dream....what is the trading dream? Sitting in front of the screens all day to make a living isn't exactly a dream come true. How much money do you need not to have to waste time with such trivialities as trading? Or is trading the passion and drive that exceeds the lifestyle that it can yield?

 

[minch]

The trading dream....what is the trading dream? Sitting in front of the screens all day to make a living isn't exactly a dream come true. How much money do you need not to have to waste time with such trivialities as trading? Or is trading the passion and drive that exceeds the lifestyle that it can yield?

Trading isnt the dream, after all its said its the most difficult way to make easy money.The dream is not having to put up with the sh..te of the 9 - 5 and the constant daily bull...t. Believe me if i come up on the lottery tomorrow, and I am supping martinis on cococabana beach I wont give trading a second thought, but for now it is a better alternative IMHO. So trading is the lifestyle and untill I can think of anything else, I better be passionate otherwise its doomed to failure.

 

[zupcon]

Or is trading the passion and drive that exceeds the lifestyle that it can yield?

The lifestyle is completely irrelevant. There are far easier ways of making money if thats what you want

 

[Paul71]

Trading isnt the dream, after all its said its the most difficult way to make easy money.The dream is not having to put up with the sh..te of the 9 - 5 and the constant daily bull...t. Believe me if i come up on the lottery tomorrow, and I am supping martinis on cococabana beach I wont give trading a second thought, but for now it is a better alternative IMHO. So trading is the lifestyle and untill I can think of anything else, I better be passionate otherwise its doomed to failure.

But how much do you need? How much have you got? What are your trading capabilities? Is it worth it? What are you really achieving?


For 99.99% on here, on t2w, it's all false, it's not worth the hassle, it's just a dream, and more of an obstacle that will never be overcome than anything.


Look at Trader Dante for f*ck sake, well respected on here, more diamonds than the queens tiara, but his prop firm give him a phone to put his orders through......so where does that leave the newbies?


Trading isn't glamorous, it's just something else that earns you money, the same as any old job, we are all slaves to money.


Good trading.

 

[Paul71]

The lifestyle is completely irrelevant. There are far easier ways of making money if thats what you want

That's actually what i was getting at, Zupcon, apologies for the confusion.

 

[Dasnaq]

The lifestyle is completely irrelevant. There are far easier ways of making money if thats what you want

Good Point.
I have read many books over the years about various successfull traders. Many of them live very frugal lives still dispite 7 figure account balances.

 

[trader_dante]

Look at Trader Dante for f*ck sake, well respected on here, more diamonds than the queens tiara, but his prop firm give him a phone to put his orders through......so where does that leave the newbies?

LOL what's that supposed to mean?

The trades still worked, you just have to stop yourself getting spooked out by the order flow.

Our biggest trader used to put on 1200 lots and leave the office for the same reason and this guy was making hundreds of thousands per day.

Phone trading worked nicely but I'm back with TT now as I'm getting much more active...

So, no need to worry, newbies - you're in good hands!

 

[rols]

But how much do you need? .... we are all slaves to money.
.

Just to put things into perspective here......

Almost half the world — over three billion people — live on less than $2.50 a day.


Poverty Facts and Stats — Global Issues

 

[options]

Well, I did pen a message earlier in the day, but scrubbed it 'caused I couldn't be arsed to post it. I haven't read 'that' thread started by J Trader.

Then I thought. No post away...
So who else thinks we should hang J Trader because he is starting threads purely from a boredom point of view? J Trader your actions on the keyboard have reactions that you don't think about.
Do you know how many dentists have committed suicide this week because they became depressed by your thread on dentists and the national health?

The 'body' girl from your old avatar is considering slashing her wrists because she has been replaced by an eagle and no longer has anyone looking at her body!

Tim. You can't escape trading. It is now in your blood, and you can't escape from T2W (They always come back... (Evil laugh...)).

Seriously though, sometimes we get too close to the action of what we want to do, we can't see the wood for the trees.
I have great respect for the knowledge you have accumulated over the years and the assistance you have imparted on these boards. (just don't give me any trading tips).

All jokes aside now. You performed brilliantly in the beat the broker comp. How many of those trades were US share trades?

It may be stating the obvious and you may have thought of this already. (Well you have 'cause you want to quit). But doesn't that tell you something?

I am not one to mollycoddle, share your sympathies because you couldn't cut it as a usa share trader, pat you on the head and say never mind, so wake the f up.
Do me a big, big favour?
Take a couple of hundred quid and trade at a pound a point EXACTLY as you did in the beat the broker comp.

If trading/scalping the usa didn't work. Do some other form of trading. Naz is an excellent trader, (some question his teaching ability). Grey 1 is very very very good at what he does, if you haven't already, I would suggest you chat with him before you give up usa shares altogether.

Never give up, success could start from your very next trade, as long as you adapt to conditions.

I know full well about the trials and tribulations that come from the passion and addiction that trading is. If you have to stop 'being' a full time trader, have to get another job to bring money in and support trading that way then do it. It is not an admission of defeat. Don't look at it as such. If you were continually having problems trading the way you were. CHANGE SOMETHING. Do not repeat your mistakes.

YOU ALREADY HAVE A WINNING METHODOLOGY. THE BTB COMP 'PROVED' THAT. USE IT.
(But adjust the risks you took accordingly).

I hate to see anyone give up at this. People will of course because most deserve to. They will not or do not put the work in that is neccessary to advance. But you have done the hard bit.
Do not give up... ever!

And when you make it, just remember to send a couple of mill my way for keeping you in the game.

J Trader. They say that if a butterfly flaps it's wings in Japan a thunderous and god awful smell will come from the backside of the fat bloke standing beside you at the bar tonight.

 

[fifty2aces]

Trading isnt the dream, after all its said its the most difficult way to make easy money.The dream is not having to put up with the sh..te of the 9 - 5 and the constant daily bull...t. Believe me if i come up on the lottery tomorrow, and I am supping martinis on cococabana beach I wont give trading a second thought, but for now it is a better alternative IMHO. So trading is the lifestyle and untill I can think of anything else, I better be passionate otherwise its doomed to failure.

I know this is a common view around here, and I'm not looking to single anyone out, but surely not everyone feels this way? I genuinely find trading fascinating, and if someone handed me £1B tomorrow, that wouldn't stop me. There must be some other people here who actually enjoy the process for its own sake, not just the (potential) rewards - or am I just a massive geek?

 

[luckyd1976]

Tim. You can't escape trading. It is now in your blood, and you can't escape from T2W (They always come back... (Evil laugh...)).

Seriously though, sometimes we get too close to the action of what we want to do, we can't see the wood for the trees.
I have great respect for the knowledge you have accumulated over the years and the assistance you have imparted on these boards. (just don't give me any trading tips).

All jokes aside now. You performed brilliantly in the beat the broker comp. How many of those trades were US share trades?

It may be stating the obvious and you may have thought of this already. (Well you have 'cause you want to quit). But doesn't that tell you something?

I am not one to mollycoddle, share your sympathies because you couldn't cut it as a usa share trader, pat you on the head and say never mind, so wake the f up.
Do me a big, big favour?
Take a couple of hundred quid and trade at a pound a point EXACTLY as you did in the beat the broker comp.

If trading/scalping the usa didn't work. Do some other form of trading. Naz is an excellent trader, (some question his teaching ability). Grey 1 is very very very good at what he does, if you haven't already, I would suggest you chat with him before you give up usa shares altogether.

Never give up, success could start from your very next trade, as long as you adapt to conditions.

I know full well about the trials and tribilations that come from the passion and addiction that trading is. If you have to stop 'being' a full time trader, have to get another job to bring money in and support trading that way then do it. It is not an admission of defeat. Don't look at it as such. If you were continually having problems trading the way you were. CHANGE SOMETHING. Do not repeat your mistakes.

YOU ALREADY HAVE A WINNING METHODOLOGY. THE BTB COMP 'PROVED' THAT. USE IT.
(But adjust the risks you took accordingly).

I hate to see anyone give up at this. People will of course because most deserve to. They will not or do not put the work in that is neccessary to advance. But you have done the hard bit.
Do not give up... ever!

And when you make it, just remember to send a couple of mill my way for keeping you in the game.

Timsk,

Though I dont know you, it seems you have the respect of alot of people on here. And that my frined is admiralable and a hard thing to do in this Internet day and age.

Options is right never give up. Take some time off and see if this is something you truly enjoy to do. If after some time away if you find yourself talking, backtesting, etc... Man, then you know you were born to trade.

This current market (VIX+60) is making fools of alot of good traders. Hedge Funds are blowing up and people are closing shop and walking away, you're not alone.

Take Care and Hope to see ya profitable in whatever you do.

 

[luckyd1976]

I know this is a common view around here, and I'm not looking to single anyone out, but surely not everyone feels this way? I genuinely find trading fascinating, and if someone handed me £1B tomorrow, that wouldn't stop me. There must be some other people here who actually enjoy the process for its own sake, not just the (potential) rewards - or am I just a massive geek?

Nope, you're a geek.
LOL

 

[options]

I know this is a common view around here, and I'm not looking to single anyone out, but surely not everyone feels this way? I genuinely find trading fascinating, and if someone handed me £1B tomorrow, that wouldn't stop me. There must be some other people here who actually enjoy the process for its own sake, not just the (potential) rewards - or am I just a massive geek?

Laying on a beach supping a beer or sipping whatever and just tanning get boring very, very quickly. It becomes a 'job' to do that everyday.
It may be a lot of people's dream, but reality is far different.
Trading is both the worst job in the world and the best job in the world. It is also the hardest job to do and the easiest job to do.

 

[luckyd1976]

I know this is a common view around here, and I'm not looking to single anyone out, but surely not everyone feels this way? I genuinely find trading fascinating, and if someone handed me £1B tomorrow, that wouldn't stop me. There must be some other people here who actually enjoy the process for its own sake, not just the (potential) rewards - or am I just a massive geek?

I truly do love it. trading to me is the biggest soap opera of our time. There's drama, the rush, intrigue, scandal, fraud, and passion. Everyday there's something new (Government Intervention, bankrupcies, etc...) Then the strategies (testing, knowledge gathering, etc...) PLays to the math side of my brain.

Damn I'm a geek too.

 

[luckyd1976]

Laying on a beach supping a beer or sipping whatever and just tanning get boring very, very quickly. It becomes a 'job' to do that everyday.
It may be a lot of people's dream, but reality is far different.
Trading is both the worst job in the world and the best job in the world. It is also the hardest job to do and the easiest job to do.

So true, (tried to REP ya but I'll give ya an IOU) on this post

 

[candles]

I hate to see anyone give up at this. People will of course because most deserve to. They will not or do not put the work in that is neccessary to advance. But you have done the hard bit.
Do not give up... ever!.

I like this bit. Threads like this remind me just how hard this game, let alone making your fulltime wages from it. My mind wonders all day at work, mainly about trading for a living, and if I could really cut it. So many bright people fail, and im certaily not the brightest guy....so what chance do I have? Other times I remind myself that I have put in more effort, screen time, time spent studying charts endlessly, time spent reading about various trading systems, time demo trading new theories than that 95% who supposeldy fail. I dont want to make a competition out of it but im sure no many could match me in that department, lol. (well...maybe traderDante. From what i know of him he's as obsessed as me)

For now im gonna continue trading as per my little journal as a 'side line' business, but the fulltime transition will always be in the back of my mind.

There are a few options open you Timsk. You've already made the tought decision of packing it in, so your probably getting confused at the moment with the mixed advice! You've put in lots of hard work. You need to be involved, at least on some level. Maybe join grey1's trading room (for free) and trade small size after work each day? Maybe swing trade with smaller amount so that your still involved and can make a little income on the side until something clicks into place and you can think about giving it another go?

Whatever you decide, good luck.