I felt I've have no place in office job where I can work myself up the corporate ladder. I've gave myself time to figure out what I wanted to do with the remainder of my youth. Thinking back, I felt that going to college was a waste of my 4 year of college, but it didn't go to waste, during my last year, I've encounter a beginners course in options and futures.
By no means, I've never thought I would want to become a full-time options derivatives trader and dream of becoming the very best.
A while back during my first job, I've remember the first time I've ever opened an account with a brokerage and traded my first share of Google, but it didn't really excited me. On my mobile phone in the ThinkorSwim, there was a button for options. A strange feeling came across me, yes I did felt sick and was ready to vomit losing almost a month's pay in matter of minutes, but I also felt I've discovered and learned something from a different perspective, being humble about it and know that if I could lose that as fast and that would mean it is possible to make it that fast also.
From then on, I've made a promise to learn and become a options trader. It sounds bizarre, I've never had any interested in trading stocks in whole my life my life before but when I started I've immediately became hooked with option trading. Keep in mind, this was trying to trade options while working a full time job and that was a big No-No, especially a suicidal attempt at the market. This went on for a while, to be honest, I had no real market analysis experience or trading experience, I kept losing money. I've probably lost 10k in total over a period of couple of small losing trades.
Fast forward, to my last job as an entry level financial operations analyst, I was paid okay salary for a freelancer, but I realized I won't make it big time, after losing my motivation and feeling depressed. I've changed my outlook and seek to move towards what drives me. I would never expected it to be trading, but specifically options trading. In my last two month, I've never had such intense desire, motivation, and perseverance to really wanted to do this full time.
The biggest turning point was knowing that I made my 8 hour shifts pay in matter of minutes, I no longer felt motivated and the situation was compounded with the boss who takes all the credit for my work. I don't want to say I am in trading for the money, I feel that the market challenges me in a way no other job could.
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I have the freedom to create my own approach, my own rules and try to make something out it in the market. I feel if I can master trading, the money will come, until then I will have to stay humble and keep learning and think of new ways to improve my odds in the market.
Starting from scratch with all the losses and experience that came with it, I went on to read and understand how options works. In my last two month of trading options and messing and tweaking around with the black-scholes model in excel, I can say from experience, I am getting to understand the nature of how options values shifts from the underlying movement. Fast forward to my current situation now, I've recently ended my corporate job and I've saved up about 10k for options trading, and a 6 month living expense.
I know my probability of success is slim, but I feel I want to give this a shot as I am still young, I want to know that my life didn't go to waste at least I tried to go after something I felt passionate about.
Leaving a Stressful Job to Trade Options Full Time Getting Started Guide Ep 51
I didn't come from a traditional finance background, and I know I still lack in market analysis, emotional trading, risk management, but I am putting a lot of my effort as I would do in a regular job to see myself trying to make it in this business. I'm a very fond learner of people's life experience, I would love to hear your thoughts and recommendations.
Last edited: Jul 5, To be honest, I view trading as a business. Going into any business under funded sets you up for failure. Good luck Best of Luck Mate!
Realities of Full-Time Option Trading
Keep a trade journal here and I will follow. The only advice I can give you for now is that with such low capital that you are going to have to trade on SPAN margin. Feel free to send me a PM and we can chat. I can point out some other websites to you that helped me. I'm looking to set up this thread as the only thread and keep a live update on my progress. I know to some this may seem like an social experiment. I've already made up my mind, in the last two-three months I've taken it seriously to become a trader full time. I've forgot to mention, I will only be trading with a cash account, no margins, thus my options are limited to long call, long puts, and straddles.
As I'm a firm believer of "less is more, and more is less. I have no interest in writing shorting options. I may have losses, and I am down, although it does cause me emotional pain sometimes, but I've continue to hone my skills in controlling my emotions. I feel I have to take trading as a objective approach, no single trade should be a reflection of the last trade. But it is up to me to follow my own strategy, guideline, where I feel if I follow through I can have a greater odd of success, then I know I did something right. I'm at where after many failed attempt, losing with options, I've finally understand how the Greeks works, and actually see how it works in conjunction with price action, influencing the bid-ask spread.
I feel no small advice is too small. Everything I've learned about specializing in options trading comes from a collective of individual pieces of knowledge in options trading, but the hard part of segregating what I need to improve my strategy and removing anything else that contributes to the noise. Chubbly - good suggestion, I will actually do that this time. I've always told myself to keep a physical copy of my progression, but never did. I will tomorrow go out and keep a record. My advice?
It's neither conventional "go back to your day job" or what you want to hear, but here goes. Study internet marketing and determine some kind of business or for-profit website that you can build. It could be geared towards trading and the financial markets or something else. Your odds will still be quite slim, but much better than a trader with a basic grasp of the options market.
That gives you no edge whatsoever. Neither give you realistic odds of staying in the game long enough. My plan was to "figure things out" as I went along. It did not work out for me but I was fortunate not to lose my stake gained a bit. All that being said, I don't regret for a second going for it.
It was a trip staying home and trading, watching Miami vice reruns and watching real time as we USA invaded Iraq. Twelve years has past since then and I am no longer day trading and am focusing on more modest returns with a much bigger account balance thanks to the day job.
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Good luck! I think it's great you are giving it a shot. If you are ever going to give this a shot, now is the time. Not when you are 45 with 4 kids, mortgage, and big expenses each month. WORST case scenario is you tried If you don't give it a shot you will probably always be thinking "What if?
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A few things: I am not an options guy, but is 10k enough for you to trade and make enough to at least cover your living expenses? I know with futures if you have a good strategy and good risk management you don't need a crazy amount of money in your account to make a very good living. So maybe 10k is fine. If it's not enough, and things are going well, do you have a game plan to raise more money to get the proper funding so you can earn enough each month?
What's your game plan if things aren't going so well lets say after 4 months. Will you be ok 2 months later if you haven't made anything or worse your trading account has dwindled down to very little? If you are not ok then you will be putting a ton of pressure on yourself at that point. I have seen some guys do some real stupid things when cornered.
Put on the 4th and long trade. Just air it out.
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You don't want to be that guy. If you can honestly say you will be ok then I think you'll be fine. To be successful you HAVE to take it seriously. You will also receive a certificate of completion when you finish the course. Instructor Dan Rawitch is a senior trader. Enroll now. Seasoned trader David Eaves brings you this introductory course on stock options. He covers the many facets of stock options, how they work and why investors trade them on the stock market. You will also complete a class project that requires you to download a trading platform with a paper trading feature and try your hand and buying and selling contracts.
This allows you to get real-world experience trading options in a practice setting.