Trading for a Living

H

higherSelfishness

Active member
Messages
103
Likes
9
I know many of us have full time jobs, whilst also trading full time as well. I am just starting to trade real time - mind you, after nearly 10 years of self-education - and I wanted to garner some insight as to how people use their profits, esp if you're counting on your trading to make a living. Do you pull a percentage, or all of your monthly profits? Weekly? Annually? Do you pull money based on account growth (ie, once your account grows 50%, you take out have the profits . . . or all?) Maybe those of you with larger accounts give yourself an allowance - like 1% or 2% per month, for spending and bills? I wonder how many are making enough moolah with their trading that it's more of a cash generator than a savings account...?

Basically . . . How do you use your trading money?
 
well, again, I'm just beginning, and I only have "theories" as to how I want to withdraw funds once and if i begin making profits. . . and i want to see the way others are doing it so I can decide what will be best for me. I want to use my "winnings" to pay for necessity and luxury. question is, how and when do i withdraw funds? again, it could be any number of things - take {some percent} of weekly/monthly/annual profits (or all)? or if I grow the account 50%, take 4-5% of total account worth? leave it in, let it grow and keep working? so many ways, no, one, "right" way. i have no idea how anyone does it - i'm mainly interested in those who depend fully on trading and how they decide how much to pull and how much to leave . . . perhaps, most just kind of "feel it out."
 
Well, it's not too late to wait for the winnings to appear before deciding. Normally, the market makes profit from you and not the other way round. So potentially, the market could give you years to think over how to spend your winnings before you are actually in that situation.
 
BeginnerJoe said:
Well, it's not too late to wait for the winnings to appear before deciding. Normally, the market makes profit from you and not the other way round. So potentially, the market could give you years to think over how to spend your winnings before you are actually in that situation.
Click to expand...

Food for thought Joe
 
Live trading has a different psychological impact to paper/demo trading. If in a few months you find you're consistently making money, you'll be in the minority. If you can sit back and ponder this question then, and have money burning a hole in your account, you'll find your own use for it.
 
what trading money ? its ALL GONE. give it a try if you want, see if you can do better...

trading in-between doing your day job, not doing proper analysis due to less time, placing a trade, getting called away to a meeting, having to hide your screen from your manager, forgetting to place a stop because the office fire alarm goes off (BEEN THERE...).....just try it and see. trading & your job performance suffer !! you are DREAMING

you are likely to lose all of your money AND you job !!! that is more the reality of the situation
 
advfntrader said:
what trading money ? its ALL GONE. give it a try if you want, see if you can do better...

trading in-between doing your day job, not doing proper analysis due to less time, placing a trade, getting called away to a meeting, having to hide your screen from your manager, forgetting to place a stop because the office fire alarm goes off (BEEN THERE...).....just try it and see. trading & your job performance suffer !! you are DREAMING

you are likely to lose all of your money AND you job !!! that is more the reality of the situation
Click to expand...

I sit here pondering as it's Friday night and usually I'm out but for a couple of months I am sat here looking on using T2W as an extension to Facebook (it makes me feel better :) ) I am awaiting a very special delivery is all I'll say at this point, but I think you've guessed already what that is.

I have to add while I sit here (casually) drinking and its been something thats been on my lips and probably many others for some time:

Ignore everything that ADVFNTRADER says and stay clear of his negative outlook on life - this person (who remains anonymous) needs professional help , not help from forum guys like us. He has admitted to a gambling problem and thus has nothing to do with trading full stop.

advfntrader - for your own sake seek professional help and stay off professional trading and gambling forums - this will not help you nor others. It is only damaging to yourself and you will only inevitably embarrass yourself and others around and close to you.

:eek:
 
thx, d70 -

that was all I was looking for. i wasn't asking how to "use it" . . . just wanted insight as to how traders withdraw funds, though most of the responses insist this just isn't going to happen. what i think i've decided to do is remove 50% after 100% gain, so that leaves room for compounding.

advfn - sorry to hear you're having a hard time. i can and will do better. :)

perhaps I should clarify that I'm no newbie or rookie to trading and that I can confidently say I know what I'm doing. i have traded a few friend's accounts over the years which has paid for small vacations and down payments, but I've finally saved enough to start trading on my own. iow, while I'm grateful for the input and time given to responses, "profits" in my initial question is stipulated - i don't need to be warned I might not make any, cause that's a big "duh."
 
i suppose the first trick is to have substantial capital, risk little of it (.5-1%), but the cash generated from trades is plenty when addressing the expenses of life (and luxury.) problems with small accounts include the discipline of leaving the money in there to let it grow, not to mention, at first, it really just feels like you're wasting your time to make what seem like pennies on the dollar.

anybody here sell covered options? i suppose it would be pretty easy to just funnel the premium cash into your checking account (of course, there are more intricacies than that.) $1/2milllion could easily generate 60-100k/year in premiums, with little to no damage on your security if it's a relatively stable stock.

but of course, now, I'm just rambling.

i realize how one rewards themselves with their profits is somewhat of a trade secret in itself. . . i imagine one could get pretty creative as to how this is approached.
 
As Einstein probably didn't say: compounding - the strongest force in the universe. Pay the bills with the day job, leave the trading account alone, let it build and one day it will buy the mansion, Ferrari and yacht. Possibly.
 
usually when lack of money, get some. just use it to live a good life .
 
Well if you can hide your burgeoning account from the wife, the kids and in some countries the taxman - I say you probably qualify for 003.5 status, watch out James he's coming.
But if you are in to cars then it has to be a prancing horse !
 
Pat494 said:
Well if you can hide your burgeoning account from the wife,
Click to expand...

Why hide if you have a market ATM in the bedroom where you can just withdraw more for the wife for however much she wants ? We are looking at a dead cert here, and making monies from the market is easier than a walk in the park.
 
this months profits payed for a pizza (medium meal deal from dominos),
I had to pick it up though as i could,nt afford a tip.:cheesy:

yes i,m that awesome at trading:clap:
 
higherSelfishness said:
???
Click to expand...

Originally Posted by higherSelfishness
thx, d70 -

what i think i've decided to do is remove 50% after 100% gain, so that leaves room for compounding.

Quote:
Originally Posted by higherSelfishness
the first trick is to have substantial capital, risk little of it (.5-1%),

--------------------------------------------------------------------------------


I don't know how you missed my point. In one post you stated you would pay yourself 50% of your profits after a 100% gain on your account.

In another post in the same thread you said you will risk 0.5% a trade. So...

My point was how long do you really think it would take you to double your account at .5 risk???
 
You must log in or register to reply here.

Similar threads

G
  • Article
Getting Started Trading for a Living
Replies
7
Views
5K
daytradingUK
D
G
Trading for a living?
Replies
8
Views
3K
shadowninja
shadowninja
N
Trading for a Living
Replies
2
Views
4K
ChartMan
C
J
Trading for a living.
Replies
1
Views
1K
iota
iota
Sharky
Trading for a Living?
2 3
Replies
45
Views
25K
bryt-molina
B
Top