MAJOR LIFE CHANGE

Thanks for everyones recommendations. I'm sure they will be very helpful. I also appreciate the words of caution. I will consider all.

In 1998 I was trading stocks on the first ever wireless Palm Pilot with a 5 inch black and white screen from my cubicle. Then the downturn in semiconductor industry has started and I was laid off. Best thing that ever happened to me. I was trading for a living since. But.. make sure you have enough capital to do it. Risk management matters. However I'm going to be honest. I'm getting bored and tired with trading. I'm not getting younger and putting your own money on the line every day and taking risks is tough. I had very decent 8 years but I still need to put 2 kids through college and retire wealthy. And I don't want to put that in jeopardy. Managing other peoples money is easier. You just don't have the same responsibility so you can do stupid things and you make money if they work out or not. Running advisory websites and subscription services or wirting books, pretending that you actually know something, works too. Those who make money in the gold rush aren't the one who are digging for gold but those who are selling the tools. So I'm looking for opportunities in the tools sellng business these days. If anyone has any ideas, lets talk.

Edited by ogm, 09 April 2009 - 11:44 AM.

i can show you how to make big money selling art..........small investment big returns........i charge 100k for the tutorial......i hava 15 k sq ft gallery self financed....started with 8k sq ft.....

i can show you how to make big money selling art..........small investment big returns........i charge 100k for the tutorial......i hava 15 k sq ft gallery self financed....started with 8k sq ft.....

See , even for da_chief trading isn't the only occupation. If anything he makes more money selling art and collecting subscription fees then trading.

You gotta sell the tools. Trading for a living is overrated. Take it from someone who trades for a living and is successful at it. Risks outwiegh rewards. No matter how good the rewards may be.

You're getting all kinds of advice. Here's my experience.

The more I think about having to make money to support myself the worse I trade. When I trade without that thought in my mind the better I trade. I have no idea why this is so, and perhaps its just me. Then again, maybe its self-imposed pressure.

I do wish you the best regardless what you choose to do. All I have is a HP Pavilion desktop Samsung flatscreen monitor and a HP Deskjet F4180, with DSL internet service, and a cellphone which I do lots of trading on during the week when I'm away.

BW

I have been contemplating trading for a living for some time now but I've had a great job until tomorrow.

Looks like I will have assistance in making the career change.

My question for now is what to get for a computer. I have an old laptop that I use to look at my trades after hours when demand on the comp is not that heavy. I don't think I want to spend on a laptop just yet as I won't be traveling much any time soon.

I have a monitor so I really only need a cpu. My question is what type of hardware do I need to maximize trading. For example I would think using two or more monitors would be helpful.

Could someone make some recommendations on
processor
memory
video
sound
and any other hardware that will best suite trading.

Thanks

You can get a decent laptop for a very low price. The hardware requirements are much lower for a laptop running Vista. I would skip the Vista systems since the next Windows OS will be out within a year. I expect that the place listed below is nowhere near your home but I've provided the link as a reference for the prices that are available. They sell mostly business-class machines which should be durable.

http://www.pcretro.com/notebooks

Edited by Data, 09 April 2009 - 11:59 AM.

Since you're emotionally down right now, -- IMHO --

I'd take some time to adjust and give a lot of thought before deciding to try "trading for a living". I extremely dislike the words "trading" or "investing" as it is really "gambling".

1) People think it is easy money, but it is the hardest job in the world.
2) Your up against some of the best. Consider trading like a professional sport. A few at the top but most players end up losing money.
3) If you lose a large sum, whether in one hour, one day, or one week, it can have a great emotional impact. Given your situation, can you afford to lose?
4) Prepare to spend a lot of your time. I approx. 12-15 hour days, 7 days a week.
I've been doing this full time since 1994.

If you do decide to trade the best advice I can give is:

You're playing against your own fear and greed as the market doesn't know or care
where you get in or where you get out of a position.

Best of Luck

David

What David said is pretty much right on. I work at it about 12 hours.
What Dennis and IT said too do not go crazy with toys you can make money with one lap top from anywhere if you know what your doing.
90% is controlling your emotions and money management. Your going to loose except it but better small losses than a big one and it wipes you out.
Crawl,walk,run. my 2 cents.

and while I am here lost 5 shoulda seen the set up well anyway..I had another 20 min small long in am quickie again. I am now 50% short at 848 stop at 853 will add if we run up again or it looks like we have an island reversal look for Monday and think gap gets closed by Tuesday. I would doubt we go any lower than this mornings lows today but who knows. ES seems like the only safe trade with these crazy gap days.

Z

DTN satelite service and learning the tools they provide is what i use..........makes life very easy....its expensive....500 per month.....but for cheap u get what u paid for.....if ur gonna trade........dont be in a rush....in @ 6.75 overnout

Edited by da_cheif, 09 April 2009 - 11:59 AM.

I extremely dislike the words "trading" or "investing" as it is really "gambling".

Only if you need help understanding risk.

consider yourself a fish. the bait is now being thrown out. if you are dumb enough to bite, no one will care but you. this is a TOUGH JOB, very counterintuitive. saying that and knowing it does not prepare you for the tricks. the market is ALWAYS searching for your weakness. you have to listen carefully every day. you have to LOVE IT every day. most likely you won't; most likely you will lose your butt.