Short on market

I will post the chart on a later time. I am short on the STI futures as the rebound has been weak. STI could not close above 3120. Selling could see it fall towards 3000 region.

Trading for a living

The golden question: is it possible?

I will answer that with a resounding yes. After seeing the failure and success cases, i am convinced it is. There are so many profiles of traders out there, who quit jobs ranging from doctors, civil servants, and technicians to become full time traders. They found their success through trading in a way uniquely suited to themselves.

What does it take?

Realistically, i would say a minimum of SGD 50k capital and 4-5 years of experience in the market. I first started trading in 2008 proper, that is coming to slightly more than 3 years for me. As a student still, obviously i do not have the capital required. However, i still believe in trading my account no matter what size it is (not money i need to live on obviously) as my experience grows with each trade. It will still be different transiting into a bigger account in the future, but this is definitely a solid foundation. The draw downs, losses and disgusting feelings are part of the rite of passage i guess. At least for myself, i charted out this learning path where i force myself to absorb whatever is thrown at me.

Resilience. I can't emphasise this enough. In a bull run or a straight trending market, any beginner will be thrilled at their sheer genius for hitting the jackpot right away; but in the longer run, the key is how not to give back the profits when the market changes. An accountant goes from university to work and its not until the weekends are burned for a few years before they gain the experience required to become Chartered Public Accountants. Athletes grind out at the gym for hours, take part in exhibition matches and competitions to gain the edge needed for performing at a professional level. Why would trading be any different?

It is so ironic sometimes, when i recall how i went one big round just to be back staring at the fundamentals of trading that was taught to me right at the beginning. It is so easy to dismiss the common wisdom of cutting losses short, letting profits ride, of trendlines, support and resistances and of things so simple that any trader should have known when they started out. Yet it is often through experience that these seemingly simple knowledge start to make sense as they get ingrained together with trades and market conditions.

What is the way forward then?

I am halfway through my Certified Financial Technician qualification, which i value a lot as a personal milestone. I am into the 4th year of my trading journey and i am still eager about learning. Looking back, i have never been more glad that i started out on this journey. Going forward, the plan is to accumulate the capital required as i start out on work proper and to continue taking relevant courses. I will switch to the US futures market as well as the FX market to better suit my office hours. The local market will be traded on a positional basis. I will be free to venture into professional trading after my bond with the organisation is up, in 4 years time. I will have clocked a solid 8 year experience by then, and my capital will be more than ready. It does feel good to have such a passion to guide the years ahead and aim towards.