Should I stay or should I go?

[cantagril]

.........
If your dream is to be unemployed and day trade like all these geniuses online claim to do it is probably because they are not telling you the full story. I have a friend who pretends to be a "professional artist" that makes her living selling paintings. That is all she does all day every day is paint her terrible artwork. The reason she doesn't need a job is from the $10k a month allowance she gets from her father's trust. If she had to actually live off her art she would be on the street.

I think that is actually a very good starting point. Having to make money is a completely different thing to doing so as a side-interest. In my own case, though I have improved enormously in the last few years I have no intention of giving up the day-job and launching myself into the void until my regular profits greatly exceed my usual income.......which will be a while yet, and I'm definitely not fixing a date.

 

[Nowler]

This clearly isn’t a decision you’re taking lightly - which I respect.

What is the ultimate end goal? To generate a few hundred a month or (like me) use trading to fully disengage from the corporate rat race, this will take me at least 5 years. Having been a member for 7 years here already, I realise that having interacted with some great people here just how important this resource is.

I read a thread on here recently where I guy went full bore, after being made redundant he decided to follow his passion and trade full time, only to discover the lonely, disengaged side of the game. From his latest post it sounds like he is getting back into a job which isn’t trading from home.

Sorry, this little bit of the reply has gone off piste but I think what I am trying to say is what is the plan B, should you blow an account (which I do not want to happen!) or you, like this forum member, decide that trading alone full time isn’t for you?

Is £6,500 your gross or net position (after additional travel costs, workwear etc)
What about your commute? Is this same distance, if the banksman role is a longer travel time, you will Need to charge your hourly rate for any travel time over the same travel time to your current place of work to establish your net/net.

£6,500 / 261 = £25 a day better off

261 being the average number of working days.
depending on capital, trading strategy, r2r ratio, leverage etc I would not say a £25 win or £ 125 a week is unachievable?

You will make the right choice, your inner compass will steer you!

I, like other good folk in this thread, would stick with the office job, but that’s because I prefer working inside when it’s winter and the soft touches.

Hey mate!
My ultimate goal is to have a level of financial freedom where I can do what I want. I want to provide a better life for my family. I want to travel. I want to experience wonderful things.
Something else that I have been keeping to myself is I would like to be a philanthropist. I would love to be in a position where I can do great things for people. It's not purely altruistic though, I feel really good when I do something nice for people.

My plan is to advance in a career, moving up the ladder and earning more money. I am hoping that I can be successful at trading, but it doesn't all fall apart if I can't. Though it would really help if I could. I am also planing for the long-term too by managing my own investing portfolio for retirement. I also pay into a pension which my employer contributes. So if I somehow mess up my own portfolio, I have that to fall back on.

The £6,500 was before costs.
I've put any notions of taking the job offer to bed. I am going to see what I can make of this current job. All the while working on my trading and investing goals.

It would me amazing if I could make a living from trading/investing, but I am not putting all my eggs in that basket.

 

[Nowler]

If you are competent at your job you should always take the higher salary from another company. You basically then get a free call option on the previous employer wanting you back at an even higher salary.

In the wise words of Charlie Munger "the first $100k is a real bitch".

Get to $100k account and then re-evaluate your goals and dreams.

If your dream is to be unemployed and day trade like all these geniuses online claim to do it is probably because they are not telling you the full story. I have a friend who pretends to be a "professional artist" that makes her living selling paintings. That is all she does all day every day is paint her terrible artwork. The reason she doesn't need a job is from the $10k a month allowance she gets from her father's trust. If she had to actually live off her art she would be on the street.

Thanks for the input mate!

100k would be nice 🙂
My first milestone for my trading account is to make back the 68% I lost when I began.
When I do, i'll start depositing money into it.
Currently clawed it back to 22% down

 

[Silverston]

Hello there, bit late to this party and I see you already decided to stay, I think you made the right decision.

But I was thinking about your situation and you have alot going for you but looking back at what I did at a similar age that worked maybe consider;

- get some clarity from your employer about exactly when you can start training toward a qualification, don't let it drift
- possibly look to get a mentor, not just for coaching/motivation, but someone who is already doing what you want to do, for a specific role or profession you like, maybe you could be a trading psychology coach? - you ideally want someone you can work closely with, preferably one on one or in a small team, maybe as their employee, and pick up all the nuances of the business from so you can leapfrog ahead and do the same thing in the future, you need to be thinking about working closely people at much more senior, your bosses bosses because I expect you are under-employed in your role. Why not seek out these people in the UK, like Brett Steenbarger for example in the US. I'm sure they charge £200/hour for coaching.
- Develop a roadmap to where you specifically want to be in 5/10 years and work backwards to create a concrete plan
- Why I like professional qualifications is that you generally control whether you get them or not, its not up in the air like promotions that can be a bit fickle with office politics and favouritism. Qualifications generally you can just put in the hard work and guaranteed a higher salary - but think longer term because everything is at risk of obsolescence thesedays
- think about what business you could run and be self employed because then you will have the time freedom to trade when you like
- Remember that everything's got an opportunity cost
- Short term pain, long term gain - but try and enjoy the journey
- Keep your long term and trading interests plans close to your chest with people who haven't got your best interests at heart and unfortunately that's probably most if not all people at work

 

[Nowler]

Thanks for the input mate.

I have been considering talking to the 2 department managers in work. I'll see if I can do it this week. My next in the chain of command is my team leader. I've made it crystal clear that I am here to work hard, and to progress. Fortunately, I have come in at a time where more people are needed to administer this 1.1million policies coming in. Unfortunately, the team leader positions have been filled, and what hasn't, will likely be filled with the current initiative which trains people like me to be team leaders.

My best hope for team leader is if someone leaves, AND for me to get on to that initiative. I will work on it though. The company is growing, so perhaps positions that dont exist yet will in the near future. So as you said, get in snug with senior managers.

Your suggestion about finding someone like SMB's guy, Steenbarger... this is purely in a personal/professional way right? I got a.bit confused on first read and thought you were suggesting I work for them...?

In regards to qualifications: I currently have all I need in order to study for my first exam. The LF1.
I will clarify when I can sit it, but I know they said I have to sit it inside of 1 year (I'm there 5 weeks). My probation period lasts 3 month, so I'd imagine once I get past that, I can sit it. Unless there is set periods where it can be taken... I'll ask.
If the exam was only based on chapter 1, then I would ace it 🙂 However, I have 7 more chapters to go. I'll get to it

I really do need to settle on a career of some sort. I've started a lot of things, but not finished them to the point that I am highly qualified.

- DJ
- Fitness instructor
- Sports Hypnotist
- Psychology Degree
Etc...

 

[Silverston]

Ok, sounds like you're on track, I was thinking longer term with the trading psychology thing and not suggesting you work for them but its an example of what's possible if you're interested in that side.

Also I forgot to say you really need to commit and get something under your belt now, even if you move on later, it will reflect well on you whatever you end up doing. The other thing was that know that many people career plateau/earnings plateau around the mid 40s and unless you're in an equity position somewhere/owning the business your prospects may be limited for the second half of your career unless you're really creative and determined to retrain or whatnot at that age - so its important to be doing something you like or on the right track sooner rather than later.

 

[Nowler]

Ok, sounds like you're on track, I was thinking longer term with the trading psychology thing and not suggesting you work for them but its an example of what's possible if you're interested in that side.

Also I forgot to say you really need to commit and get something under your belt now, even if you move on later, it will reflect well on you whatever you end up doing. The other thing was that know that many people career plateau/earnings plateau around the mid 40s and unless you're in an equity position somewhere/owning the business your prospects may be limited for the second half of your career unless you're really creative and determined to retrain or whatnot at that age - so its important to be doing something you like or on the right track sooner rather than later.

Good point on the second half of my career.
I will hone in asap. Thankfully I dont have nor want kids, so that adds a lifeline to my career in regards to my current age.

I obviously like psychology, and I like trading/investing (counselling too). Perhaps being some sort of trading psych could be an option.

Anyway, I feel like I am narrowing in on something for myself. Let's see how the next 12 months pan out. First step is to pass probation, then the second is to pass that first exam inside 8 months, maybe even sooner. The sooner I do, the sooner I can work toward the CF1 exam.

Thanks for the help

 

[Nowler]

...

heres some Tony for Free.......his "change the blueprint" is a really good way of looking at things and adapting

[video]

and as a bonus heres 2 of the greatest mentors together that have ever graced this planet ...I use Wayne Dyer to stay humble and recognise the greater forces around us

[video]

N

I played the first one last week when you posted it. Really liked it!
Many of us are aware that certain things we do/think are not helpful, but it so often drifts back to the subconscious again. I certainly could do with re-framing some things. Something ive done recently is to put the words "Waking up is the first win each day!" on the whiteboard on the wall on the side of the bed I get out. So when I wake up and sit on the side of the bed to compose myself, I acknowledge it. Nothing major, but it puts a positive spin on my morning.

Maybe I should also put up in brackets "Not pissing the bed is another win! 🙂 hahah

I'll flick on that second video now before I tuck in to a book i've been neglecting.

 

[trendie]

 

[Nowler]

I did consider putting the word "now" at the end of the title 🙂

 

[NVP]

So nice of you Herr Oberfussgang to send the boy into deeper sh*t by parceling him off to Robert Kiyosaki. The boy will be torn to shreds in under half a second.

Elsewhere you mentioned Tony Robbins. Tony will spin this boy like a top and make him his slave for life.

Help them Father, the blind leading the blind

sorry been busy and away from T2win .........so why am i called Herr Oberfussgang ?........have i missed some posts here ?

(he asked foolishly)

and are you implying Nowler is not capable of understanding or interpreting the work of Rober Kyosaki and others ?

Roberts Concepts are pretty straightforward .......admittedly i cant see how hes written about 200 books saying the same thing ...but that doesnt mean his fundamental principles are wrong or overcomplicated

N

 

[Nowler]

...We had just cleaned the poop off the walls...
Would you not just take the hint?

What's really funny is that with all the criticism you've given me, I'm probably still going to outperform you 🙂

 

[Nowler]

By the time we are done, the poop off the walls will be the best pudding you ever can conceive of in comparison to what you see at the trading record showdown

Get to it, boy. 🙂

The beauty about it is I don't even have to do much 🙂
You will prove me right... you just can't help it... you lack the self-control.

You are in it for the dopamine and probably the admiration of others.
I am in it for the challenge and development.

Your uncontrolled need for dopamine will leave lasting changes to the structure of your brain (potentially evident in how you behave here), However, my insatiable thirst for a challenge and to develop further will have a different lasting effect on my brain.

Essentially, I've already won 😉
Now back on ignore you go.

 

[cantagril]

The beauty about it is I don't even have to do much 🙂
You will prove me right... you just can't help it... you lack the self-control.

You are in it for the dopamine and probably the admiration of others.
I am in it for the challenge and development.

Your uncontrolled need for dopamine will leave lasting changes to the structure of your brain (potentially evident in how you behave here), However, my insatiable thirst for a challenge and to develop further will have a different lasting effect on my brain.

Essentially, I've already won 😉
Now back on ignore you go.

I have always found it mildly amusing that the people who delight in calling other people "pathetic" etc are very often even more so themselves.

Onward and upward Nowler - don't let the bastards get you down.

 

[Nowler]

I have always found it mildly amusing that the people who delight in calling other people "pathetic" etc are very often even more so themselves.

Onward and upward Nowler - don't let the bastards get you down.

Haters gonna hate 😉

 

[counter_violent]

Haters gonna hate 😉

And Brexiters gonna Brexit ! 🙂

 

[NVP]

Haters gonna hate 😉

ive been the subject of many attacks here at trade2win over the years N.....its all just nonsense ......so just stick with it .....if you ever have a major issue with anyone just complain to the Mods ...they are pretty good with these issues

N

 

[Nowler]

It's an odd thing to do...
If they want to become traders, or better traders, then how does taking such an approach make sense in their minds? All they are going to do is alienate.

The stuff about me going to bring the place down was weird. I can just about manage to bring my own lunch to work 🙂

The Mods were on it pretty quick when I reported his posts that went too far. Kudos.

 

[cantagril]

It's an odd thing to do...
If they want to become traders, or better traders, then how does taking such an approach make sense in their minds? All they are going to do is alienate.

Not that it's a consolation or even of general interest but I have been interested to to observe that there's a great majority of human behaviour which is completely predictable.....especially behaviour that we often consider to be individual and particular to each of us. When it comes to skill sets and skills acquisition generally, the distribution of two "attitudes" would bring a smile to the face of Signor Pareto. At one end you get people who are quite skilled (or have convinced themselves that they are) and look down on the those they perceive to be less skilled with disdain and/or contempt and at the other end you have people who believe (with varying sincerity) that as they themselves have not been able to acquire the desired/desirable skill then nobody else can possibly do so and by extension the task is impossible and pointless to pursue. Between those two extremes there is a not very exciting area which is neither black nor white being instead comprised of an infinite number of shades of grey. Monochrome 80/20.

We can all get onto that boring spectrum with the right kind of education and training and it's only the positioning which is uncertain.

 

[cantagril]

And Brexiters gonna Brexit ! 🙂

...and Remoaners gonna Remoan