Transitioning to a Fulltime Trader

louistrader

Junior member
46 3
Hello,

I have been reading through the forums here and decided to make an account. I want to connect with other traders since as you all know, it is a very unique pursuit and it is very difficult to find others that can relate. I hope to provide good insights and promote good discussion here.

I think a good topic of discussion is your story of how you actually transitioned to becoming a fulltime trader. I imagine most members here have fulltime jobs and want to trade fulltime so it would be interesting to hear from those that actually resigned from their jobs to pursue trading.

Some of the things I am curious about:

  1. What was "the" thing that made you take the plunge?
  2. Did you have someone else with income in the household such as a partner or parents? If not, what was your thinking like going into this?
  3. Without getting too specific, can you give others an idea of your account size? Do you need to have several hundred thousand or more to actually do this fulltime?
  4. What would you tell yourself in the past with what you know now?
  5. Any other advice, stories, etc.

Thank you all for reading and responding.
 
  • Like
Reactions: paszkman

louistrader

Junior member
46 3
if i had 700,000 i wouldnt be doing this

Do you mean that if you had that much you would just invest in dividend stocks and retire? By several hundred thousand I mean anywhere from $200,000 to $900,000+. Do people do this fulltime with less than $100,000? This is what I want to hear. Everyone's perspective and hearing from people that resigned from safe jobs to pursue this and are living the dream (or nightmare!).
 

CostaKapo

Active member
164 12
Do you mean that if you had that much you would just invest in dividend stocks and retire? By several hundred thousand I mean anywhere from $200,000 to $900,000+. Do people do this fulltime with less than $100,000? This is what I want to hear. Everyone's perspective and hearing from people that resigned from safe jobs to pursue this and are living the dream (or nightmare!).

I work fulltime and trade limitedly because I am a registered rep and my firm has restrictions on trading volume. I will trade fulltime if within the parameters I have I am able to have a track record of 12+ months of at least 75,000 in profits.
 
  • Like
Reactions: Forexmospherian

CostaKapo

Active member
164 12
Do you mean that if you had that much you would just invest in dividend stocks and retire? By several hundred thousand I mean anywhere from $200,000 to $900,000+. Do people do this fulltime with less than $100,000? This is what I want to hear. Everyone's perspective and hearing from people that resigned from safe jobs to pursue this and are living the dream (or nightmare!).

I worked in a retail banking setting after undergrad and I encountered a man who traded e mini SP futures using trading indicators that were set up for him. He was a huge guy who had a brand new corvette and he would come in and wire 50 grand to Trade Navigator every other month.

I got the guts one day to ask him what he did for a living and he told me that he and his wife quit their jobs after their indicators were installed. He said they wake up at 9 sit on the couch put on the different financial stations and just press a button for the first 2 hours of the market, then the final two before close.

The guy was a siding contractor before he started trading fulltime. He had two residential properties with tenants whos rent covered their monthly obligations incase they didn't make any money that month.

I was currently in the middle of my master of science in finance, and I had just had a derivatives class so I asked him what indicators he used and what the system was. He couldn't tell me anything other than "MACD." other than that he had no clue.

It was at that moment I asked myself what I was doing with my life busting my butt for 12 dollars an hour lol
 

louistrader

Junior member
46 3
I worked in a retail banking setting after undergrad and I encountered a man who traded e mini SP futures using trading indicators that were set up for him. He was a huge guy who had a brand new corvette and he would come in and wire 50 grand to Trade Navigator every other month.

I got the guts one day to ask him what he did for a living and he told me that he and his wife quit their jobs after their indicators were installed. He said they wake up at 9 sit on the couch put on the different financial stations and just press a button for the first 2 hours of the market, then the final two before close.

The guy was a siding contractor before he started trading fulltime. He had two residential properties with tenants whos rent covered their monthly obligations incase they didn't make any money that month.

I was currently in the middle of my master of science in finance, and I had just had a derivatives class so I asked him what indicators he used and what the system was. He couldn't tell me anything other than "MACD." other than that he had no clue.

It was at that moment I asked myself what I was doing with my life busting my butt for 12 dollars an hour lol

Thanks for sharing. I also worked in retail banking. Everyone that seems to do this has some sort of business, inheritance, etc.

I like your other post about building a 12+ month track recording of a certain dollar amount.

I am trying to find people where all (or almost all) of their income comes from trading. Someone that had a small account, built it up, quit their job and is living a life of freedom and prosperity. That's the dream, right?
 

brewski1984

Senior member
2,073 356
I was currently in the middle of my master of science in finance, and I had just had a derivatives class so I asked him what indicators he used and what the system was. He couldn't tell me anything other than "MACD." other than that he had no clue.

How does some random guy make a living having no clue other than "MACD"? And if he was wiring 50k every other month to Trade Navigator, how can you not be sure he was just losing all the time?
 

louistrader

Junior member
46 3
How does some random guy make a living having no clue other than "MACD"? And if he was wiring 50k every other month to Trade Navigator, how can you not be sure he was just losing all the time?

Good points. I worked in retail banks too and I encountered some traders. I tried getting them to give me some guidance and none of them ever wanted to take the time to help me. It's also a little difficult to ask when there are coworkers around. From experience, anyone wiring money means they got a margin call. Otherwise they would just do the transfer online. He was either losing all of the time like you said or just didn't want to share the information. It sounds as if it were both because he could have at least given the MACD settings. It's only 3 numbers.
 

brewski1984

Senior member
2,073 356
Yeah and it makes no difference what 3 numbers they were because there are no 3 numbers that would work anyway lol
 

CostaKapo

Active member
164 12
How does some random guy make a living having no clue other than "MACD"? And if he was wiring 50k every other month to Trade Navigator, how can you not be sure he was just losing all the time?

The way I look at it - what reason would he have to lie about it? Why make up a story about being a siding contractor? It's true, I only performed maybe 5,6 wires as I wasn't at the bank long so he could have easily just lost 200,000-300,000 grand, but siding contractors don't have that kind of money.

Maybe he didn't want to explain it to me because he didn't want to tell me what service he used.

Sure it is possible that the guy was full of it, and given my experience in trading as well as my current capacity at one of the largest AM firms in the country I would be inclined to think he was making it up, but again I fall back on what possible reason would he have to make that up to a 24 year old personal banker at a branch?

Regardless - It is not out of the realm of possibilities no matter how ridiculous it sounds. :clover:
 

CostaKapo

Active member
164 12
Thanks for sharing. I also worked in retail banking. Everyone that seems to do this has some sort of business, inheritance, etc.

I like your other post about building a 12+ month track recording of a certain dollar amount.

I am trying to find people where all (or almost all) of their income comes from trading. Someone that had a small account, built it up, quit their job and is living a life of freedom and prosperity. That's the dream, right?

Yes it sure is. If you'd like I do have a journal in the journal's section. Since June I have been able to turn 2800 into 7000 doing only credit spreads. I often have max risk exposed in order to get the premium I am looking for so hopefully I get to the capital requirements I am wanting so I can trade more appropriately and hopefully I get there before a black swan.
 
  • Like
Reactions: lloydbee

louistrader

Junior member
46 3
Yes it sure is. If you'd like I do have a journal in the journal's section. Since June I have been able to turn 2800 into 7000 doing only credit spreads. I often have max risk exposed in order to get the premium I am looking for so hopefully I get to the capital requirements I am wanting so I can trade more appropriately and hopefully I get there before a black swan.

Thank you. I will look at your journal. Your ROI is excellent.
 

louistrader

Junior member
46 3
I am currently in simulation and am backtesting a system. So far things are looking good, but it is too premature to say definitively.
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock