Some brutal honesty for the day traders out there. It's a tough, tough game you've chosen to compete in.
As many of you know, I’ve considered myself a Trader for nearly 20 years. I began in the late 90’s as a daytrader in stocks, then moved into a trendfollowing futures trader, followed by a brief dalliance with daytrading futures as a Chicago Board of Trade Member. I then embarked on options trading and have attempted to make a go of it in this arena off-and-on for the past 10 years or so. I’ve lost track of time and times. It happens.
And here's the rub:
what happens to the Trader (like me) who’s been at this business for most of his professional life, and then finds himself out of money and needing to find some income — any income — to support his family?
I’ll tell you what happens: You discover that you have a resume that makes a dry desert bed appear fertile. You discover that you have little or no transferrable skills that “check the right boxes” for recruiters and machines that scan your online job application. You find that you’ve spent little time “building your network” because you’ve been solely focused on building your trading account because that was what was supposed to take care of you — until it doesn’t anymore. And then you find yourself seemingly alone, without options, without savings, and desperate. That’s where I find myself today.