Quit my job to trade - inspiration

Xfileshooter

Newbie
6 1
I'm 25 have no attachments or obligations. Debt free no credit card debt. Been trading live and demo for a year now. Have tried many methods and systems but I'm finally settling down on one. But have yet to forward test the method with a live account but I'm planning to from this Feb.

I've been at my current job for 2.4years now. Pay is decent workload is relatively low. Thus why I was able to trade while I was working the past year. However, I'm deeply unhappy at work. Mostly because it's a dead end job there's little to no opportunity to progress further. As a relatively young person who's ready to give it all this job serves me nothing but a paycheck. There's no satisfaction and I don't feel valued at all.

So I have been thinking of quitting my job to trade full time since I started demoing. I knew this job wasn't going to cut it for me more than 3 years. So here I am. Looking to quit my job in 9months from now on. If all else works I'll start travelling. What better things can you do ? There's gotta be more to life than being stuck in an environment that you're deeply happy.

I'm going to be spending the next 9 months to forward test and at the same time grow my account. And I'm never looking back...

I'm posting this post as an inspiration to a lot of full time wanna be traders. If you're already full time and have got some advice for us aspiring traders throw them in !
 
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tomorton

Legendary member
8,178 1,241
I've got to admire your courage and enthusiasm. If you don't have that at your age you won't succeed at trading or any other venture you turn to, so that's great so far.

That said, a job is good from many points of view, and the fact that you have a rubbish job now doesn't mean that employment is a bad idea. Why not get a better job?

I always think people are being literal when they talk about going into trading 'full-time'. I don't daytrade and regard it as the most difficult trading style suitable only for proven profitable masters. Most new traders start by daytrading and most new traders fail: I do see a link here. Daytrading as a beginner doesn't reduce your risk of going broke and doesn't speed up your road to consistent income.

Why not trade longer term or at chosen time windows while keeping an employed income to balance your cash flow?
 

Forexmospherian

Legendary member
39,928 3,301
I would advise you the same as tar - NO

Just a year's trading is too early to say you will make it.

It normally takes part time traders 3-5 yrs to be fairly consistent - you might be on a roll and think you have got it - but trust me - 95% certain you have not got it and you have had luck

Remember some where between 80% and 90% of all wannabe trader fail - dont matter if you are a maths professor - or a scientist or just a normal guy with good eyesight linked to a decent brain - you will only know if you have a chance after a few years and at least 500 live trades.

Stay with your job at least another 2 yrs whilst seeing how you go. Forget forward and back testing - work at it live on a small live account and see how you cut it. That might tell you

Good Luck and yes I am a full time FX trader of approx 7 yrs and it took me 5 yrs part time to have faith that I might be able to make a living out of it and then another year full time to find out I could

Regards


F
 
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timsk

Legendary member
7,394 2,178
. . . I'm posting this post as an inspiration to a lot of full time wanna be traders. If you're already full time and have got some advice for us aspiring traders throw them in !
Hi Xfileshooter,
Welcome to T2W!

I know what it's like to be in a job you hate - that's not nice at all. So, I understand fully your desire to move on. You sound like you're a cautious person, given that you're not planning on leaving your job for another 9 months, during which time your trading results will give you a good idea whether it's something you can do full time. As someone who has left full time employment in the past to travel and, on a separate occasion, as someone who has opted to trade full time rather than get a 'normal' job - I'd offer you these words of caution. Simply, don't burn your bridges, and plan for the worst case scenario. Namely, that not only does trading not work, but you blow up big time. So, imagine you're penniless and without a job. What's your next move? If you're completely happy with your answer to that question, and fully accept that that could happen (check out the threads on here about last week's SNB fiasco) - then go for it!
Tim.
 

tokyojoe

Established member
874 289
Hi Exfileshooter, I have been slowly transitioning to full time trading, it will be 4 years this coming march, trading part time while keeping my small business running.

Luckily by chance I came accross this excellent forum a long while back.

I have tried all sorts of methods, but mainly these days concentrating on keeping my losses small, I went to larger £pp mid to end of last year (£20 ish per point) as my confidence & skill level grew, but found this to be too stressfull overall, so back to smaller £pp for now.

It will take a very long time to see through the fog, so I'd suggest continuing to get paid while you continue to learn.

I am almost 4 years in now (part time, but many many hours) & there is no way I would rely on this my main income just yet.

Also there is the solitary aspect, I make sure I get out & about, only trade Dax etc 8am-4.30pm, it would drive me insane doing the out of London hours.

There is another thread called "anyone scalping the ftse futures" there are full time traders on there that have been around a long time & some of them are very very good.

Also lots of other threads with excellent advice, you kind of get to know who is & who isn't genuine.

Good luck
 

Xfileshooter

Newbie
6 1
Thanks everyone for your responses. I do appreciate that ! Blame me for being unrealistic, but I in honestly understand your suggestions on being cautious and take my time. Thanks Tim ! For your kind words. I may seem like in taking the plunge and I am well aware of that. But at this point in my life I feel like this is the right thing to do.

Just to give few more details about me. I live away from home and been having hard time making friends outside of work. Living alone and not having go to friends has been extremely challenging. Apparently making friends is no easy task after college. That is contributing partly to my dissatisfaction. And as I grew older I'm realizing the importance of family and friends. And not having these couple that up with my dead end job. You get the picture. I feel like a walking zombie at times.

On stability, I have set myself 9 months to work so that I can grow my capital and forward test my strategy at the same time. And in the meanwhile I'm saving up for a yearlong language course abroad. So I'll be going abroad studying new culture while day/swing trading and I can drop by home whenever I want for how long ever I want to.
 

tomorton

Legendary member
8,178 1,241
It might seem odd to you that users of this forum traders, and therefore speculators and risk-takers by definition are giving such cautious advice. But the professional will always think about the risk first, profit second - the only way to lose this game is to get knocked out, so your first goal is to stay in the game long enough to win the game.
 

spinola

Established member
614 137
Why not swing trade , whilst staying in work , if you're thinking of being a tourist, mopping up cultures, and learning to trade ?

It's likely to be some years before you can lob a trade on, then happily attend a BBQ ,and let go of wondering tick by tick, what your trade is doing.

And if you're daytrading , you don't want ANY outside distractions?

Just thoughts. Good luck.
 

Dinos

Veteren member
4,112 713
I'm going to be spending the next 9 months to forward test and at the same time grow my account. And I'm never looking back...
!

Don't do it, stay in work and forward test your strategy per say, at the end of the 9 months analyse the outcome, IMHO madness to give up work without a tried and tested system that has been back, forward tested and run live and analysed to know if you have the mentality and discipline to move into the trading word.

Good luck
 

Dinos

Veteren member
4,112 713
I'm going to be spending the next 9 months to forward test and at the same time grow my account. And I'm never looking back...
!

Don't do it, stay in work and forward test your strategy per say, at the end of the 9 months analyse the outcome, IMHO madness to give up work without a tried and tested system that has been back and forward tested, then run live and the results fully analysed, you then have to decide whether you have the mentality and discipline to move into the trading word.

Good luck
 

karmit

Well-known member
490 5
Look at it this way... your "dead end" job pays the bills - while you dabble with your system(s), and build up a capital to trade bigger.

Nothing to lose in keeping the job. On the other hand, everything to lose trading an untested system.
 

Charlton

Experienced member
1,501 325
I'm 25 have no attachments or obligations. Debt free no credit card debt. Been trading live and demo for a year now. Have tried many methods and systems but I'm finally settling down on one. But have yet to forward test the method with a live account but I'm planning to from this Feb.

I've been at my current job for 2.4years now. Pay is decent workload is relatively low. Thus why I was able to trade while I was working the past year. However, I'm deeply unhappy at work. Mostly because it's a dead end job there's little to no opportunity to progress further. As a relatively young person who's ready to give it all this job serves me nothing but a paycheck. There's no satisfaction and I don't feel valued at all.

So I have been thinking of quitting my job to trade full time since I started demoing. I knew this job wasn't going to cut it for me more than 3 years. So here I am. Looking to quit my job in 9months from now on. If all else works I'll start travelling. What better things can you do ? There's gotta be more to life than being stuck in an environment that you're deeply happy.

I'm going to be spending the next 9 months to forward test and at the same time grow my account. And I'm never looking back...

I'm posting this post as an inspiration to a lot of full time wanna be traders. If you're already full time and have got some advice for us aspiring traders throw them in !
At your age a year seems like a life-time and in a sense it is as it represents 1/25 of your entire life !! So the young are often impatient for change and development, for recognition and prestige and for quick growth in material wealth.

Whilst that is a good thing sometimes it can lead to errors of judgement where a good stable base is thrown away because of impatience, so be wary. Before trying to go down the route of independence through trading (a difficult route as many have pointed out), work on improving 2 things - your work and your social life.

For work analyse what you enjoy doing and what you do not, think of other people/jobs in your company or in other companies which you might like to try. Approach recruitment agencies, career advice sites or advisers and organisations which look after the type of industry/job you are interested in. Find out how you can improve your CV, skills and experience without giving up your job - what courses are relevant, is there a mentor you can contact to find out what it is like doing a job which is of more interest and finally work on networking.

Which brings me onto your social life. Part of your frustration is, you say, due to a lack of contacts. I suggest you try sites such as meetup.com. This has meetup groups for every possible subject, so you can join like-minded people in any subject you desire (trading, travel, eating, drinking .....). This will help with giving you something to look forward to outside work and you may even find a new job quite by chance when meeting others.

Only do the trading as an addition to these other activities - for "pocket money" at first - that is my advice

Good luck

Charlton
 

tmilligan

Junior member
10 2
I would caution against this too. I really don't think you've had long enough to know if it will work. A few months or years of profits can easily be wiped out in a few minutes.

There is something rather comforting about a monthly pay cheque. You many not enjoy your current job but I'd put the effort into finding a better one rather than hoping to make a living from trading - very few people genuinely do that.

Remember also that without a regular income, you will find it very hard to get a mortgage. It may not be a priority to buy a property, and indeed they are hardly cheap, but I would think the vast majority of people you ask would say one thing they wish they had done sooner is buy a house.

Why not try to get a trading job in a bank or fund rather than risk your own cash? If nothing else, you will learn an awful lot about how markets function which will make you far more aware, and wary.
 
 
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