Trader lifestyle.

[Walkio]

Hi guys,

I know you might get this question a lot but I've recently started trading small amounts of money (I'm still in University) and considering a career as a commodities trader (professional, working for a Bank).

The one thing that really scares me away from the profession is the simple fact of just how risky it really is if you lose money year on year, and then end up having a crap track record.

I also hear stories of how traders have lost lots of money and been fired on the spot as well as retiring at 35 because they can't handle it anymore.

Is all this true? What do you think I should take into consideration when deciding on whether I should pursue this career?

 

[anley]

Large salaries mean large risk. Small salaries mean small risk. Most people cannot have it both ways, ie work as a Librarian and earn a lot.

 

[Cornix]

Trading is a highly scalable profession and as such, involves serious amount of risk. That's physics, law of conservation of energy, we can't do anything about it.

 

[brettus]

Hi guys,

I know you might get this question a lot but I've recently started trading small amounts of money (I'm still in University) and considering a career as a commodities trader (professional, working for a Bank).

The one thing that really scares me away from the profession is the simple fact of just how risky it really is if you lose money year on year, and then end up having a crap track record.

I also hear stories of how traders have lost lots of money and been fired on the spot as well as retiring at 35 because they can't handle it anymore.

Is all this true? What do you think I should take into consideration when deciding on whether I should pursue this career?

Not always true. Sometimes huge amounts of risk and little reward. Don't work at those places. If you fail at trading, you can always become a trade execution clerk.

 

[Bint_Crusher]

Do something with yer life first, join the Parachute Regiment where you will be encouraged to challenge yerself,follow instructions, overcome your fears and above all manage your risk.
You also get to fork a lot of nice bintos.

 

[Pipsaholic]

Trading is just as risky as joining the police the army or a sniper bodyguard for Obama.

 

[Chartsy]

'Trading- low stress!'

bull****!

Bye bye mental health!

 

[Bint_Crusher]

Trading is just as risky as joining the police the army or a sniper bodyguard for Obama.

Agreed, but learning to manage your emotions, follow a plan taking risk into consideration and enjoy it are traits of the British Army or even thr FFL. Think of all the bintos that will be queuing up to have you.
whistlingwhistlingwhistling

 

[Walkio]

But is it a career you recommend? What traits does one need to really succeed?

 

[pboyles]

But is it a career you recommend? What traits does one need to really succeed?

No get a proper job or you'll spend your life pushing buttons on a computer.

 

[Walkio]

No get a proper job or you'll spend your life pushing buttons on a computer.

Haha, it's gonna be a career in Finance either way. I'd rather do this than clean streets.

 

[Bint_Crusher]

But is it a career you recommend? What traits does one need to really succeed?

Its not a career for any other than the finest men who walk the planet. Even a short period say 3-5 years will give you:
Self discipline
Self awareness of strengths and weaknesses
Confidence to control fear from whatever source.
Confidence to re-engage after a setback
Confidence to treat your BROKER like your BITCH

These are all essential traits when trading.

It will also give you a taste of the lifestyle where cute chicks are falling over themselves to get you inside them.
whistlingwhistlingwhistling:whistling

 

[munchiedude]

But is it a career you recommend? What traits does one need to really succeed?

i'd say discipline, ability to follow a plan, numerical and analytical skills, ability to work under extreme pressure, risk taker are amongst the qualities that i think a trader should possess.

thats why its rumoured that ex military guys are seemingly the perfect candidate for this type of career...good luck!

 

[Bint_Crusher]

i'd say discipline, ability to follow a plan, numerical and analytical skills, ability to work under extreme pressure, risk taker are amongst the qualities that i think a trader should possess.

thats why its rumoured that ex military guys are seemingly the perfect candidate for this type of career...good luck!

Agreed dude. The mechanicals of trading are not that difficult to learn, but with persistance and a bit of coaching then learn them you will. Important to verify your learning process to make sure you don't develop bad habits.
Its a bit like learning how to strip down and operate a machine gun, great when you do it correctly and safely but a disaster if you make a mistake and don't follow the plan or rules.
Trading is not called pulling the trigger for nothing you know, you should at least have the confidence on the ground that when you go out to mow down hundreds of Afghans or Catholics in Belfast (entry to trade, setting targets) then you have a definate extraction plan if they send in a suicide bomber (stop loss). Hope this analogy helps.whistlingwhistling:whistling

 

[munchiedude]

Agreed dude. The mechanicals of trading are not that difficult to learn, but with persistance and a bit of coaching then learn them you will. Important to verify your learning process to make sure you don't develop bad habits.
Its a bit like learning how to strip down and operate a machine gun, great when you do it correctly and safely but a disaster if you make a mistake and don't follow the plan or rules.
Trading is not called pulling the trigger for nothing you know, you should at least have the confidence on the ground that when you go out to mow down hundreds of Afghans or Catholics in Belfast (entry to trade, setting targets) then you have a definate extraction plan if they send in a suicide bomber (stop loss). Hope this analogy helps.whistlingwhistling:whistling

spoken like a true soldier.....