Can You Trade Full-Time? Part 1
One of the most common questions I am asked is whether someone is fit to trade full-time, and if they’re equipped with what it takes to make it. You might be wondering the same thing, and if so, this 4-part video series is for you.
A recent email exchange with a subscriber who had just reached a crossroads with his career path brought about the questions we’ll cover, so I wanted to share this exchange with you over the course of the next few posts.
Keep in mind that the things I’ll be sharing are my opinions of things I think are needed in order to trade full-time, but your unique situation may differ. Think of this series as a list of things to consider as you count the cost when weighing whether or not you’re ready or able to trade full-time.
Here in Part 1, we’ll discuss the question “Do I have what it takes to make it?”
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
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MarkWolfinger | Sep 30, 2011 | Reply
Very well done.
I do hope you will provide a STRONG recommendation that understanding and controlling RISK must be a top priority for success
Anonymous | Sep 30, 2011 | Reply
Hey Mark!
Hope things are well with you, have missed reading your posts the past couple of months.
Thanks for your comment, and yes I am absolutely going to cover risk, both in terms of comfort with it and via having a strategy that includes appropriate exits on all trades.
Enjoy your weekend and talk to you soon!
Arthuredayjr | Sep 30, 2011 | Reply
I worked for the commonwealth of Pa for 25 years. I couldn’t wait to retire (quit) so I could trade for a living. I have a $1500 a month retirement income so I still have some income coming in. In two months I will start getting soc sec $2,000 a month. Swing Trading is a great way to make big money. When you are on a fix salary per week that is all you can make. I never had the luxury of having $25,000 margin in my account to IMMEDIATELY close out a LOSING trade or one that looked good but retreated back to my start. I don’t use stop losses BUT I don’t let my losses lock me in any more. Learning, learning, learning to read charts and patterns, support and resistance, and learning to use indicators and multi frame charts ANYONE can do this. My frustration comes when I sit here all day and watch and wait and EXECUTE and make nothing. If you want to be rich, this is the time in your life which makes it possible. Will these stocks ever be this low again. Thanks Jeff for helping so many to learn. I have purchased training videos on charting, entering and exiting trades, etc and the potential is there to make $1,000 and $10s of thousands NOW and in the new future. My quest is to get to $50,000. My highest has been $43,600 and I am at $42,600. The losses have been from staying in losing trades and averaging on losses. It is tough to close out a trade and move on… Discipline my friends….
Anonymous | Oct 2, 2011 | Reply
Arthur, thanks for sharing your thoughts and experience on this here, it is appreciated. Sounds like you’ve implemented some solid rules for yourself in order to stay disciplined and keep growing your account – keep it up!
Martzee | Oct 13, 2011 | Reply
Boy I wish to get into that point to trade for a living, but as you said a lot of money and psychic stability is needed to overcome the fear of losing money or not making enough to pay your bills.
Arthur E Day Jr | Oct 13, 2011 | Reply
I am kicking myself in the butt. As the DOW got so close to 10,000 again, I sold everything to live for another day. This past wednesday to wednesday has to be historical for making money. Every stock I sold has been up at least .50 cents in those 5 days. I should have just kept doing what I had been doing and that was buying the dips. I had 9,000 shares of ALU and sold them @ 2.63. because I got scared. Today Lucent hit $3 an I am sitting here waiting for some pull backs.
Ouch….
Anonymous | Oct 14, 2011 | Reply
It’s definitely not something to rush. Too many get excited and don’t plan properly or simply don’t go at a pace where they’re accumulating experience faster than they’re hemmoraging capital, and the inevitable occurs. If it’s meant to be, it’ll happen. But there’s nothing wrong with going at it part-time if that’s most suitable. Full-time trading isn’t for everyone.
Thanks for stopping by!
Anonymous | Oct 14, 2011 | Reply
It has definitely been an impressive, hard-to-believe run right off fresh lows, no doubt about it. Don’t beat yourself up too bad, clearly most were not positioned for this move or else it wouldn’t carry so far!
Hang in there.