Am I mad?

[Steakeater]

I am currently in employment with a 40k+ a year annual salary. I am considering giving this up to get a job in prop trading, however, as you all know it will mean no money for probably at least a year. This is assumming that I can actually cover desk fees etc. anyway. Am I crazy for considering this?

Also, what would be the best prop firms to go for?

 

[tommac]

yes-stay real

 

[Steakeater]

yes-stay real

Could you explain your response please?

 

[neil]

Could you explain your response please?

I think he means "stay in touch with reality." The chances of you succeeding are small -otherwise we would all be doing it rather than scratching around with insubstantial spread betting accounts on a part time basis.
When you realise your chances of making a full time income are small you could cautiously try an approach at demo trading to ascertain your likelyhood of success before ditching a well paid job.

 

[Steakeater]

I think he means "stay in touch with reality." The chances of you succeeding are small -otherwise we would all be doing it rather than scratching around with insubstantial spread betting accounts on a part time basis.
When you realise your chances of making a full time income are small you could cautiously try an approach at demo trading to ascertain your likelyhood of success before ditching a well paid job.

But do prop shops not have an advantage over independent traders with regards to news delivery etc.?

 

[neil]

But do prop shops not have an advantage over independent traders with regards to news delivery etc.?

Don't think me unduly harsh but mechanical or digital advantage is not the issue standing between you and a success as a trader - it is you (psycholigical) -you have to discover this yourself by demo trading or using a small account part time. That way you will discover your strenghs and weaknesses before risking a well paid job for the vagaries of the stock market. I think 10000 hours of experience is the time, bandied about by better qualified people than I, before some one masters a given topic. Good luck.

 

[Steakeater]

But do prop shops not have an advantage over independent traders with regards to news delivery etc.?

Also the 2 months of training followed by 4 months of mentoring must accelerate your progress to becoming a successful trader if you have it in ya?

 

[BeginnerJoe]

Also the 2 months of training followed by 4 months of mentoring must accelerate your progress to becoming a successful trader if you have it in ya?

Why doesn't the trainer/mentor give it up and go trading and turn the market into an ATM ?

 

[Big_P]

I'm not going to say 'don't do it', because it's exactly what I did.

In fact, I was earning a lot more than you (this was back in 2007) and I got fed up with the industry I was in. I had wanted to be a trader for a long time and had the very misguided opinion 'it can't be that difficult'... so at 27 years old, I chucked the job in. I didn't really have a plan, just a LOT of savings behind me which I thought would see me through.

To cut a long story short, I ended up going back to my old job, minus thousands in savings. I didn't
actually burn through that much in trading losses, but more living costs, mortgage ..If I consider lost opportunity, the whole experience cost me an eye-watering amount.

All has worked out well for me though and I learnt a hell of a lot from the experience. But please, think very carefully before throwing away a 40k+ job.

You can learn to trade in your free time. Why not do that and see how you go?

Just my 2p...

 

[brewski1984]

There are countless topics of dreamers considering giving up their real job to make millions trading (including me) and they all pretty much have the same conclusion - don't do it.

 

[BeginnerJoe]

You can learn to trade in your free time.

No need to wait for free time. The bucketshop is open now. Instead of wasting his time chitchatting, the OP could have gotten an account open and go at it for teh monies.

 

[Steakeater]

I'm not going to say 'don't do it', because it's exactly what I did.

In fact, I was earning a lot more than you (this was back in 2007) and I got fed up with the industry I was in. I had wanted to be a trader for a long time and had the very misguided opinion 'it can't be that difficult'... so at 27 years old, I chucked the job in. I didn't really have a plan, just a LOT of savings behind me which I thought would see me through.

To cut a long story short, I ended up going back to my old job, minus thousands in savings. I didn't
actually burn through that much in trading losses, but more living costs, mortgage ..If I consider lost opportunity, the whole experience cost me an eye-watering amount.

All has worked out well for me though and I learnt a hell of a lot from the experience. But please, think very carefully before throwing away a 40k+ job.

You can learn to trade in your free time. Why not do that and see how you go?

Just my 2p...

Thank you very much for sharing your experiences. I am actually the same age as you which makes it relevant to me. I would not be risking my own capital at the prop shop but it is the living costs in London (I'm not from that area) that concern me with no income for potentially how long?

 

[Steakeater]

I should also add that I already have my own trading account and trend trade.

 

[rawrschach]

There is no training at prop shops so forget that aspect. There could be an advantage if you get friendly with the other traders and they help you out.

Factoring in desk fees etc you're better off staying at home trading on demo till you get a feel for whats happening.

nobsdaytrading.com will teach you more about scalping in a couple hours than you'll learn at any prop shop in six months.

 

[Steakeater]

There is no training at prop shops so forget that aspect. There could be an advantage if you get friendly with the other traders and they help you out.

Factoring in desk fees etc you're better off staying at home trading on demo till you get a feel for whats happening.

nobsdaytrading.com will teach you more about scalping in a couple hours than you'll learn at any prop shop in six months.

The places I have been looking into have offered 4-8 weeks training to begin with.

 

[Mr. Charts]

Trade something that is open outside your normal working hours so you can gain experience in the evening after work.
Besides, think of the perks you'd be giving up......

 

[Big_P]

Thank you very much for sharing your experiences. I am actually the same age as you which makes it relevant to me. I would not be risking my own capital at the prop shop but it is the living costs in London (I'm not from that area) that concern me with no income for potentially how long?

As rawrschach points out, going to a prop shop won't 'accelerate' any learning. Trading really is about figuring it out for yourself.

It's going to take you 5+ years. If you ever get there. That's the reality I'm afraid.

Good luck.

 

[BeginnerJoe]

Trade something that is open outside your normal working hours so you can gain experience in the evening after work.
Besides, think of the perks you'd be giving up......

Unless for your momentum plays, trading most things is like watching paint dry and can be done in parallel with a normal job.

 

[Mr. Charts]

Unless for your momentum plays, trading most things is like watching paint dry and can be done in parallel with a normal job.

unless you're a motorbike courier

 

[BeginnerJoe]

unless you're a motorbike courier

Doesn't take long to place a quick bet at a traffic light stop.