Re: Who trades fulltime?
Ill move the post here so it doesn't left behind on the other page.
Also how long have you been trading off US options Wayne. Did it take you years to become successfull and develop the option strategies you have today? Was this journey mostly smooth sailing?
Heres the updated question from the previous page:
Sorry if my original post caused some confusion. I basically would like to hear some peoples daily schedule (can be as vague or as in depth as you like) regarding trading. Some might trade for most of the day but have other sources of income such as rental properties to help support them. I would still like to hear some details of how these people go about their business if they don't mind sharing. With regards to people who trade fulltime and derive their sole income from shares i would like to hear their story even more. Or even a little bit about how long they traded before they decided to quit work and take up trading fulltime and what inspired them to do it and if they enjoy it or if it's not what they thought it would be.
Just some general questions about the trading life with some technicals about their schedule and if they are pulling in an income they can live comfortably off.
It might offer some guidance or give rookie traders some undestanding of what it's like to trade fulltime. Trading fulltime seems like such a distant goal sometimes and and it would be nice to know what it actually is like with regards to spending hours attached to a computer screen or whether someone juggles social life with spending 4 or so hours a day trading etc. Just a bit of insight. When at high school you can do work experience and vacation work all involving a career path you would like to follow. With trading you can't really sit behind a trader riding him while he makes and plans trades.
Any input regarding what i've mentioned above would be great. The more the better.
Cheers.
I started just before the GFC, lost a lot of $ due to not placing stop losses and using too much leverage. Once i had eroded my capital down to 55-60% of what it once was (i admit it, i am honest), i had pretty much decided to throw it in and return to my 'afternoon shift' job. A month later, I decided to go straight, and get a full time job. I had a week off in between, and during this time, I traded CBA like it was going out of fashion. I made around 8% of the capital I had lost, back.
When I started my new f/t job, I had just started watching the market again. I pulled a short trade on NCM which was successful. I then pulled 2 others that were successful.
Three months into my new job, I was made redundant.
Whilst I was looking for a new job, I started trading casually again, this time with a lot less risk. NO LEVERAGE was my motto, cut your losses short and I worked on holding my positions longer. I was a bit nervous about this, as I had originally been a ‘day trader’. I kept trading in this fashion and somewhere along the line, I decided I could make more money and be happier working for myself, from home. I also had a small part time gig, which paid for my living expenses etc. So, I have been trading on a more permanent basis from Feb of this year.
I sometimes get bored and entertain the idea of conventional employment again, and am prepared to so schlep work if I have to (after hours) as it alleviates some of the stress from trading.
When I first started trading, I would take on larger positions and day trade. I now trade smaller positions (scaling in if I need to) and try to hold them for longer. If I see a reason to sell though, I don’t hesitate.
Now I’m at the stage where my strategy needs reviewing. I would like to use a bit of leverage and take slightly larger positions, but this won’t be without review.
Basically, my day starts like this:
8:30-9am: check NASDAQ website, read ADVFN email, check news on ASF, check economic calender. Check oil and gold prices. Analyze DOW performance (buying, sell offs, afternoon trading). Log on to CFD provider to see US futures..
Check charts possible price action, pre market. Make decisions on what i think is going to be hot for the day.
I tend to focus on 3-4 stocks at a time as I find the price and volume action ebbs and flows throughout the sectors.
Basically, I don’t refer to myself as a “trader” as I feel uncomfortable about it and know there are far more experienced than me here, but I realise I am “trading” for now.