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Decisions...Decisions
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Decisions...Decisions

  #1 (permalink)
Elite Member
maple, ontario, canada
 
Futures Experience: Intermediate
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camsolution's Avatar
 
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Decisions...Decisions

Wanted to get some feedback from traders that are sucessfull(anyone can reply though).
I am working full-time in a company that I can still trade the open of the emini's. I haven't blown up my account yet, but am down a bit after live trading for almost a year and a half. Mostly all traders have had to have some sort of income on the road to becoming sucessfull.
Just got a job offer within the government, long term stability, pension..all the security, pay is actually a little less than my current pay.
Problem is that my emini trading career will pretty much over as I will not be able to continue trading the eminis.
I know there are other markets to trade, but the emini's is what I enjoy.

It takes work and a lot of time to become successfull and my current job would allow that, but the decision I have to make is do I give it up and go for a cushy job, or do I stay at current job and continue to work at trading which is my passion???
I wanted to hear from other traders who have been in a simular situation and what they did?
I'm hearing feedback from non-traders mostly, but wanted some input from the Big Mike community.

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  #2 (permalink)
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  #3 (permalink)
Elite Member
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Are you 25 or 45?
Married or Single? Looking to change that?
Own or Rent? Looking to change that?
If you lost your job tomorrow do you have enough savings to last 1 year without a lifestyle change?
Over and above the 1 year question, do you have 2x overnight margin per contract you want to trade in your system? For example if you are trading the ES do you have $10K in the account per car?

Just a thought.

Also, perhaps it is worth looking at x && y && z as an income stream instead of x || y || z?

Random thoughts on a Saturday night.

EDIT: I consider myself a sucessful trader based on my benchmark, and my benchmark is 800 basis points above the risk-free rate.

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  #4 (permalink)
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No pain, no gain

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  #5 (permalink)
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My advice is take the government job. Govt jobs always match inflation or better. 35 a week. My two best friends work for the govt, one get 50% increase in 2 years, the other double his in 4.

Best of it is there is no performance requirement. You get 30 days vacation a years

Sent from my PC36100 using Tapatalk

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  #6 (permalink)
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My advice is do what you love. Adjust your life style accordingly, so that you enjoy life and your work, do not worry about the pay. I also am one to frequently say "you can't live your life in fear", so while it is important to be prepared, I wouldn't take the govt job just because it offers stability.

Doing what makes you happy is the most important thing you can do for yourself. Some people don't have that luxury, they have family obligations for instance that they need to consider beyond just themselves.

Mike

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  #7 (permalink)
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Thanks Mike, better to be happy at the end of the day..

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  #8 (permalink)
Market Wizard
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there was a guy who was on his gf's credit card (already maxed out on his card) before he made a miraculous turn around. ask yourself are you willing to be that guy?

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  #9 (permalink)
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camsolution View Post
Thanks Mike, better to be happy at the end of the day..

100% Absolutely. And I am speaking from direct experience here. For years I chased bigger positions, more pay, more responsibilities in the corporate world. I've also owned several of my own businesses. But even when I was my own boss, I was not always happy.

After my divorce, I re-evaluated just about everything. It was a very tough period, but I decided to make drastic changes to my life because I started to understand more and more what true happiness was. Even though I had a huge home, Corvette's, every gizmo you could imagine, ate at the finest restaurants, and never "wanted for anything" as the saying goes --- the truth is I was not at all happy.

I absolutely agree with the saying of "money can't buy happiness". I downsized my life, changed everything, took some big risks and did it all on my own - no support from my family who thought I was crazy. I am not going to say it was easy because it was the hardest thing I have ever done. But, in the end, I can proudly say that I am happier than I have ever been, I do what I want and what I enjoy. It isn't work if you enjoy it.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #10 (permalink)
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I hate to say this, but im gonna have to say that your situation will have to play a factor in this one. Every decision you make, you have to asses risk/reward.
If you are much older nearing retirement, and you have to accept that it will take you a while longer to just become profitable, your risk will be too high IMO. I don't know you're marital status either, and if you have kids or not for which you need support. The stock market will always be here, and you can still do swing setups in the ES, since its a 24 hour market....
To be completely honest, even though im profitable, im still finishing up med school because i enjoy trading and medicine. Like i said, the stock market will always be here, so i can always trade whenever i want, thats the beauty of the market.

I guess the point im making is that you can have your cake and eat it too...
You can always quit your job anytime you want later on. And you can use the income to build capital if you decide to ever do that later.

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