Are you considering quitting your dayjob to daytrade?! Message Board

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Strategies & Market Trends : Are you considering quitting your dayjob to daytrade?!

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To: SpongeBrain who wrote ()	1/16/1999 11:21:00 PM
From: HoodBuilder	Read Replies (2) of 611

I saw your post on P&F and thought I'd contribute. About 18 months ago I was experiencing a "valley" in my business and yearned for a shorter deal cycle. You see, I've been an industrial real estate broker for 15 years and as you might imagine transactions don't happen over night. I've been active in the market since 1984 and thought, "this is easy" all I need is a fast order execution system and good information and I can make a living. I signed up with A.B Watley and in 24 hours had a SOES system that worked as well as my friens that commute 4 hours a day to NY to trade. I was trading part time and continuing with my RE career as well. Bad move. To straddle the fence is suicide. I wasn't 100% focused on either opportunity and it cost me big time. Sure I made money trading, I think I was up 100,000 in the first few months but after awhile I thoght I could do no wrong and gave it all back, and then some. What I learned was that trading for a living is a difficult transformation. When you need the money to operate your household, pay bills and the like it's totally different than when you have another source of income and your investments are a luxury and your trading capital is gambling money. Throughout my RE career I consistently made a mid 6 figure income, and what I learned inside of 6 months trading was that you better be real good and real lucky to consistently bang out those kind of numbers and you better loose your emotions as well. Granted, the stock market today is slightly different than 18 months ago, with NET stocks moving 20 points a day, but you better be on the right side of those trades or else you're doomed in short order. In closing I would recommend that anyone thinking about trading for a living first decide how much money they need to maintain their lifestyle, how much they are willing to loose and how much they would be happy making on average in a given month. Once you quantify these items, paper trade a few stocks and see how good you really are. If after a few months you think you want to go live then pull the trigger but you better be ready for losses. Don't quit your day job until you are 80% convinced you can survive but in the event that you don't....make sure you can go back. I did and now I trade for sport again!

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