Gone Full Time Trading

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tbreak

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Post Number: 118
Registered: 06-2004

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Tuesday, September 25, 2007 - 08:01 pm:

I have been on these boards for a few years now. Yet I don't think I have ever recall many posts saying they have gone full time. I have been full time for the last 3 months heart in my mouth as the market dropped just after I quit my job but I survived and have made a wage plus a little to help build capital.

I really would like to thank everybody with some special mentions. Some unfortunately don't seem to be on the boards much any more. Snifter,Merlin,Procharter,Rocky,Uturn,Spider and of course Mr Twiggs

Thank you all very much!!!!

Ps:I hope I can stay full time - it really is another level

spider

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Wednesday, September 26, 2007 - 01:42 pm:

Hi tbreak,
well done, and thank you for the acknowledgement.

When you get a moment, can you tell us when you knew it was the right time to go pro.
What support mechanisms did you put in place (financial and emotional)?

You are right when you say that not many have made the jump.
When I first started posting I assumed that was everyones goal, but I soon learned that many fall by the wayside, including at least one on your acknowledgement list.
This is a tough business, but only if you make it that way.
If you believe in yourself and keep the pressure under control you will do well.
I admire your patience, you have waited through a very interesting time in the life of our markets.
Welcome to the club, and long may you prosper.

spider.

eric

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Wednesday, September 26, 2007 - 03:56 pm:

Yes, I agree that not many make it. I have been full time for 2 years now, I love it. Not getting rich, but manage to pay for a 3 months trip every year.

lots to learn still

Eric

Time frame: as long as it takes

tbreak

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Thursday, September 27, 2007 - 02:51 am:

Spider - Thank you for the acknowledgement. No, I insist thank you

When did I know I should turn pro? Hard to explain but you might know what I mean. Around December last year I started to get a nagging feeling that I should stop work and go full time. The logical part of you saids you don't have enough capital. The emotional side saids it's a big risk if you fail but that feeling/voice is still there like a splinter in your mind. It took another 6 months after that. I would like to say all my figures added up nicely but they didn't.

What support mechanisms did you put in place (financial and emotional)?

financial - I carry 2 months worth of wage in my saving account.

emotional - Mostly answered above but it's a work in progress at this new level of trading. If I don't make it this time I will have at least 5 months full time before I will need to start looking for a job with still more capital then when I started with in July. That's 5 months paid study leave if you ask me.

rockon

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Thursday, September 27, 2007 - 07:27 am:

Hello Tbreak.......2.51 am ....your last post....not trading 23 hours a day are we? :-)

...

Will talk to you more in a couple of weeks ..... Still have some issues to resolve on this end re. getting shafted from the salt mines which happens to all old war horses eventually, but I'm on the same track as you just a bit behind thats all.

Forward planning your finances...Good stuff .Your on your way,mate.Cheers......Regards Mick.

qed

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Thursday, September 27, 2007 - 08:31 pm:

ROCK ON

davkell

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Monday, October 01, 2007 - 08:34 am:

tbreak: Congrats on going full-time, I am very envious as that is a goal I aspire to myself.

Can you advise of what sort of capital base you have gone full-time with (if you don't mind revealling that)? And what is your monthly or annual profit goal to make ends meet? Also, do you mind briefly explaining what type of trader you are (short-term/long-term, mechanical or discretionary)? And finally, what do you trade?

Hopefully not too many questions.

Keep up the good work, and I hope you trade well.

Cheers.

"Trade Your Way To Financial Freedom" - Van K Tharp

"Manage the downside; the upside will take care of itself" - Donald Trump

tbreak

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Monday, October 01, 2007 - 04:06 pm:

Geees... I don't mind but I would hate to think someone would consider it an example of when to do it and besides I am sure what I say will sound crazy to wiser heads than mind. I faded in to full time on $90,000. Faded in ? I took 6 weeks holidays from work at the 1st July and traded and made more money than at work. Resigned and went causal but told them I will be unavailable for another 6 weeks. Again made more then at work. So it was decision time, I did shift work(My wife hated it, I hated it) and after 12 weeks/3 months of full time trading I finally cut off all third party support hence my 1st post. My 6 weeks holidays at the start has been extended and is my 2 months wage buffer in my saving account.

Trading style is short term I do around 15 to 20 completed trades per month on 6 x $15000 positions. Goal would be 10% per month I can survive at 5% per month have average around 7% for the 3 months. Another goal is to build reserves and capital at 7% per month I can do that slowly. One bad month won't take me out but 2 and things will get a little hairy.

What I like to buy is basically the break of a pullback of a stock in uptrend in accumulation.

resillent1

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Monday, October 01, 2007 - 05:11 pm:

G'day tbreak

I'm interested to know what your motivation is to become a full time trader, what's your objectives, your goals?

I didn't recognise the significance of these big picture questions when I started out but have learnt they are vitally important. They are the key to dealing with both success and failure and are even the answer to questions such as whether your timing and capital to get started were correct.

Your starting capital may not give you the best statistical chance of success, but the amount is irrelevant if you had reached that point where the emotional risks of not doing it outweighed the risks of failure.

If it doesn't work out this time remember failure is only permanent when you agree to accept it. Enjoy the journey.

peterloh

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Monday, October 01, 2007 - 07:09 pm:

Congratulations tbreak and thank you for sharing with us your strategy.In a short term trade, when do you decide when to take profit!How do you select the share you would trade in, the top S&P 100 or no boundary?
I have never traded for a living before so I do not know how and the emotions that go along with it.Rewards will come to those that are willing to take the risks and to learn from their experience.
Good Luck.

Peter

-------------------------------------------------
Disclaimer: Please note that comments made in this column is mainly for the interpretation of charts in technical analysis. It is not made in my professional capacity and should not be taken as advice.In my professional capacity I am only allowed to give advice on certain managed funds authorised by my license dealer.Any share discuss is for general interest and should not be relied on to make an investment decision.It is likely that I may own the shares that we discussed as a trade or as an investment. Please consult your stock broker or financial adviser in regard to your personal situation.

The views expressed here contain information derived from public available sources that has not been independently verified.No representation or warranty is made as to the accuracy, completeness or reliability of the information.Any forward looking information in this representation has been prepared on the basis of a number of assumptions which may prove to be incorrect.It should not be relied upon as a recommendation or forecast by the writer.

tbreak

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Tuesday, October 02, 2007 - 02:37 am:

resillent1:
I'm interested to know what your motivation is to become a full time trader, what's your objectives, your goals?

They are wise questions - It is certainly not so I can say "Yea, I trade full time"

I worked as a wardsman at a private hospital. One day I went into work and the in house security had been replaced by contractors. With a stroke of a pen there jobs were gone. That thought scared me so I moved over to public system. As with any hospital they can be labour intensive jobs at times. Everybody I know has worked sore at one time or another. Any type of spain injury can take weeks to heal because it just does not get the rest. The regular pay is in many ways an illusion. A decent injury at work were you need to go on compo for a couple of months can be devastating financially. I have seen it happen to good people who could not afford to take the drop in wage for that long.

In some ways I am safer now but it messes with your mind a lot more.

Peter:
In a short term trade, when do you decide when to take profit!How do you select the share you would trade in, the top S&P 100 or no boundary?

This might give you a basic idea before I get philosophical.
5% stop 10% target win/loss of 50% at 12 trades per month on a $15000 position will give me 5% on total capital.

I have been having a bit of a revelation. I am starting to wonder what I have written down is not really the system but just some parameters. What really is the system is me because I choose to take the stop or not. Have you ever notice how quickly some pro traders can change to a different time frame. Eric's Day Trading the ASX20 with CFD thread case in point. After a month he is good to go with a change of parameters. I know I can't go shorter at the moment but I could easily go to a longer time frame.

My system is here
http://forum.incrediblecharts.com/messages/12/1112524.html

But what I really want to point to in the thread is hilarius post where he says "Mr Weinstein says that if a stock is making higher highs and higher lows above the 30 week moving average the long term investor has nothing to worry about" I get it. Let me say it again I get it.

When you get it you really get it. I don't understand in some ways why I lost money for the first three years. Trading is simply really and it took me 5 years to figure that out and to stop doing some dumb things. A while back I got my capital up to 150,000 but gave 60,000 back. Yet now I feel really for this next step with the little money I got because I get it. From my other post above "What I like to buy is basically the break of a pullback of a stock in uptrend in accumulation." because I get it!

Back to the basic idea of 5% stop 10% target win/loss of 50% at 12 trades per month on a $15000 position will give me 5% on total capital. All I need to do if find stocks in an uptrend that will be hard pressed to go down another 5% on a break of the pullback the rest kind of takes care of itself if you have a half decent trailing stop.

When do you take profits? Anywhere I like above a certain risk/reward it's a work in progress. How do I select a share? I scan for 21 ema>55 ema TMF(100)>0 and CCI(14)<0. Outside ASX100

Eric's Day Trading the ASX20 with CFD thread is really just an entry into the trend with a trailing stop. Like I said, I get it.

I am not discounting other styles of trading it's just were I am at the moment.

I would like to thanks thous who have offered there congratulations but I feel really indebted to thous from which I have learnt things to many names to mention. I would like to hear more from some full timers about when they turned pro. What you did to make things easier on yourself. It might give me a few things to aim for in the near future

(Message edited by tbreak on October 02, 2007)

ohkoolnutz

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Tuesday, October 02, 2007 - 10:20 am:

"A while back I got my capital up to 150,000 but gave 60,000 back."

Can you elaborate on this experience?

I have no trouble buying and stopping out properly. I have trouble where to sell profitably.

---
ohk

Lies, Damn Lies and Technical Analysis

tbreak

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Tuesday, October 02, 2007 - 12:13 pm: