Don't Quit Your Day Job to Turn Pro Trader YET

Mike,

I recently read an interview you gave in YTE magazine a few years ago. I subscribed online and have been reading previous interviews etc. Your interview offered some great perspective to a new trader like myself.

Although I work full time for a REIT here in PA, I am absolutely obsessed with trading and wanting to be the best at what I do. The challenge that I have is that I do not live in a major city and am interested in a proprietary trading firm that offers the flexibility of working off site and has a fantastic training program. I was wondering if you have any suggestions for someone like myself or would be willing to speak with me via telephone….if your schedule permits. I am willing to work do hard, but it’s very challenging to decipher which training programs are good and which ones just want my money and offer very little in the long run.

@mikebellafiore

I love the idea of those with a full-time job, staying in that job, working on their trading game by training with a pro firm before deciding to turn pro. In my next book, The PlayBook, I ask new traders “where are you going?” It takes 3 years of training and trading before you will ever make know just how good you can be. So why not stay in that job, get some screen-time, and develop trading skill? Having said this I know thousands every year are going to quit their jobs and start trading pro without the necessary preparation. Trading is just viewed as too awesome an opportunity to let pass when you are young and able to take risk, or bored to death in a pushing-around-paper job. Well at least I said it.

The first question you should answer before you turn pro is: do you have a passion for trading? You cannot answer this until you do some live trading.

Next you must discover what product and time frame is best for your talents and interests. Too many just decide they want to intraday trade or scalp futures. What they should do is learn, train and trade multiple products before they focus on their best product. That is why SMBU created the Rotation Training Program. Dabble in every product before deciding which one is best for you. As I and the great Dave Matthews has said before: “where are you going?”

To the gentleman above, go find an elite training program after your due diligence that feels right to you. For your next vaction, spend two weeks at the office of those traders, experiencing what it is like to trade pro. Open up an account and start working on some trade setups in real-time, building your trading PlayBook. Become proficient in one trade live, and then and only then, move to the next trade. Trade by trade, build your PlayBook.

I hope that helps. Keep rehearsing your trading game. Train well!