So if you get to be consistently profitable, what next?

[sharabela]

You have a good capital to trade in the market, which is fantastic. I would suggest that you may trade more and learn more about the market. You will surely be able to make more money by trading. Doing a course is a good idea but asking family members to invest in this market may not. It is a risky business. Most people fail to deal with it. Thus, there is no point of asking family members to invest and get blamed at the end.

 

[Farm Yard Forex]

I'm a great believer in the importance of using your mind. That's one reason why I left my previous job - because I found the work so mindless. So whether I can be bothered or not is not in question. I need to be mentally active. Nor is earning a living wage - I have plenty of money to live on. So I'll just keep going. Either one day I will have made enough money to move to a bigger property, or more likely not, in which case I expect I will stay living where I do forever.

I think that is admirable. Use it or lose it as they say. If you are able to get the prop firm money then perhaps you can look into some other asset classes to trade for fun to see if they give you a mental challenge. If money is no issue then you have time freedom which is the most important thing.

 

[Jungletrader]

Well having enough to live off would be ideal !
I would advise you to have other passive income streams if possible.
As even if you can make your living from trading the markets could change maybe not providing as many opportunities as before.
Fingers in many 🥧 so to speak

 

[Arbu]

Take your time with your interviews.

I probably apply for about twenty jobs a year, but I never get interviews. So it's a bit of a bore applying for them really.

 

[LuckyMac]

I think them results are not bad at all for six months. You can look at tweaking some of your parameters if you have a few years of data from backtesting. I assume you have traded for a few years now then becoming consistently profitable over the last six months. I would look at other side incomes besides trading too to amplify your income and not necessarily a job.

 

[iq200]

I worked as a quantitative software developer in banking but am no longer working as I'm looking to startup my trading career. There is currently a job boom in all aspects of IT especially in London. I'm not even looking for a job and constantly get contacted by several headhunters a week. Now is the time to apply!

 

[pathsofglory]

Earning consistently is my only goal. Once I start making consistent profits, I’ll try to keep myself grounded and not get overconfident. Very often successful traders lose ground and start taking risks in the hopes of making more profits. That’s why forex is said to be the riskiest market because it’s very easy to get attracted to big opportunities and lose everything. Preserving your funds and at the same time creating steady profits requires equal hardwork as getting consistent.

 

[Arbu]

I think them results are not bad at all for six months. You can look at tweaking some of your parameters if you have a few years of data from backtesting. I assume you have traded for a few years now then becoming consistently profitable over the last six months. I would look at other side incomes besides trading too to amplify your income and not necessarily a job.

There are no parameters or backtesting. I just read the news, that's all.

I do occasional market research assignments for other income.

 

[Arbu]

Scale baby, scale.

Yes, I think you might be right. It seems hard to know what you're getting into with a prop firm. (a) how do you know that their business model isn't just based on taking fees to assess potential traders and (b) I remember what happened with Futex - people thought they had big accounts built up only to find the money wasn't there.

 

[IceThor]

Then you live your life financially free

 

[WalletInvestor]

Then you live your life financially free

That's the ideal goal I guess, but if you don't have enough trading capital to work with, it's usually not feasible.

 

[IceThor]

That's the ideal goal I guess, but if you don't have enough trading capital to work with, it's usually not feasible.

Yes that is true. You could get funded of course.

 

[IceThor]

Being consistently profitable is not a one-time game. You have to constantly work for it so that you can stay consistent. Once you stop working hard, the market won’t fill your pockets.

A lot of truth in this.

 

[HeavLeighGill]

Any update on how things are going?

 

[Attila the trader]

Trust me, over-educated people don't intimidate others.

I work in an industry where the over-educated often (but not always) have zero personality, zero people skills and only a sense of entitlement that gets them absolutely nowhere.

true, the so called educated people , includes the some of the dumbest people you'll ever see , so arrogant and cocky, just having a piece of paper , that you went into sever debt to obtain; doesn't mean you are better than everyone else.

 

[WalletInvestor]

true, the so called educated people , includes the some of the dumbest people you'll ever see , so arrogant and cocky, just having a piece of paper , that you went into sever debt to obtain; doesn't mean you are better than everyone else.

I think this really depends on the person - luckily I know a lot of highly educated people who have remained humble over the years. But of course, whether or not you have qualifications should not be used as a basis for judgement.

 

[Attila the trader]

I believe that even if one starts making consistent profits in trading, the learning continues.

yeah , all that profitability could just be good luck

 

[Attila the trader]

With this 2022, I think one must dwell himself or herself more into the robust trading strategies and stronger trading plans.

why do you say so ?

 

[Arbu]

Any update on how thing are going?

Sure, sorry for the long delay. I continued trading in 2022, doing well out of Russia invading the Ukraine and again on Kwasi Kwarteng's mini budget disaster. But that latter success seems to have really messed me up - I haven't been able to make money at all since then, losing a modest amount last year. Maybe I got overconfident, but whatever, I haven't been able to find my mojo again.

An organisation paid for me to have some careers counselling. It consisted of four half hour sessions and some Internet resources to look at. The counsellor didn't seem to have much to suggest - just small things on my cv and ways to look for work. I was encouraged to apply for some jobs but nothing came of any of the applications, not even an interview. The counsellor mentioned that recruiters often approach people by doing linkedin searches. I said that no-one ever contacted me that way. She said that there was probably a reason for that. But she didn't have any suggestions as to what.

I came up with the idea that maybe there was an erroneous criminal conviction registered against me, and that employers were seeing that. But I did some exams required to be called to the Bar, and as part of that had to get a criminal records check. It revealed nothing. And being called to the Bar doesn't lead to anything either - I have made applications but not had one interview.

On one occasion I had a conversation with an acquaintance:

She: Do you like not working?
Me: Well, it's kind of just the way it is. There's something to be said for the freedom. Maybe I could come and work in your organisation?
She: Bah! You'd probably do a better job than me.

And she turned away. So that didn't lead anywhere. This is what I think the problem is. I shouldn't have studied so hard at school. I should have spent my time hanging out behind the bicycle sheds.

 

[joyny]

1. What are your major goals and aspirations in life, both broadly and in specific terms?
2. How do you prefer to spend your free time, including typical weekends and other leisure moments?
3. Can you describe your ideal day?