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Yea, that's exactly what I said a few pages back... regretting.. and better to try and fail, etc. So you think it's all just naive, idealistic thinking then?

This is what i like about ET.... all the warmth, love and support... makes you all warm and fuzzy dont it?

Withdrew enough profits before this major correction to pay for rent/bills for about 2 years.... guess i'm gonna dive in and see what happens. Even with living expenses taken care of, i'm still nervous as hell :( Just knowing you won't have a biweekly paycheck backing you up is...

Lots of apartments would allow someone to stay if you paid the entire lease term upfront... usually at the manager's discretion though. Of course they always do background checks and criminal investigations but that's normal anywhere.

Unless I'm totally misunderstanding something.... profits from your trading account are not income, but capital gains. And capital gains are reported on your FEDERAL tax return. How would the state come into play regarding my capital gains? (assuming I had no day job or other income).

If I'm not traditionally working for an entity within a state, why would I pay state/county taxes as a solo trader? Capital gains are a federal issue as far as i'm concerned, and I will report capital gains on my federal tax return as such. I'm glad Bush extended the 15% tax treatment for...

Worked regular job using my college degree (EE) for couple of years, and lived about 2-3 standards below my means. Being single, no kids, and staying healthy is a major advantage while you're saving up.

Broken, Not to be nosy or anything, but just out of curiosity so some of us can put your situation in proper context... how large were your biggest winners and losers?? Did you ever rake in big 5-digit or even a 6-digit winner in all the years you traded?

Just out of curiosity.... let's all be honest here... how exactly did your account hold up during the past few trading days, when a real correction finally hit??

Common sense dictates that truly "trading for a living" requires a six-figure account. Now I know there's a huge gap between $100k and $999k, but what it does is rule out trying to make a living with only a five-figure account.... for those with day jobs or trading part time instead.

If you're an Apex level member at TD Ameritrade, they settle equity trades in 1 day instead of the usual 3 as a courtesy.

Personally, I like to look at liquidity as a measure of wealth. It's one thing to say you have a million dollars in assets (houses, cars, paper profits, etc), and another thing to say you have a million dollars liquid (cash, gold/silver). Both situations say you have a million dollars, but...

It allows you to have more than 1 position in the same security, like allowing you to initiate multiple trade setups. And most importantly, it widens the revenue stream for the company. More trades, more positions, more commissions.... genius on their part if you think about it.

You never get truly scared enough until you've lost 100% (or more!!) and then still be able to come back... not right away obviously. It may sound perverse for some, but I think it's a necessary evil to feeel and experience what it's like to hit rock bottom, to the point where it truly...

The COMEX is where commercial-size traders, institutions, and even central banks are. Official international transactions occur here. You feel man enough to play with these guys?? :) Contract sizes are different too. I don't know all the exact differences point by point, but I know the CBOT...

Didn't sleeep hardly a wink last night thanks to all the advice I've read ... probably tonight too. This is one of those HUGE forks in the road in life I guess. Only experienced maybe 2 others in the past. I already know I can hold down a professional job.. why do I have to continue proving...

You're absolutely right! I've heard that from others too. You only get to be young, healthy and obligation-free just once in life... I couldn't even begin to think about leaving a job if I had a wifey and kids. The risk you ask? Biggest risk I foresee is not having an "official" job on paper...

:eek: oh my god.. you almost literally read my mind! I came up with a long-term goal just like that back when I was just starting college. The trading aspect though didn't present itself until closer to graduation. Accumulating over 1mil liquid in less than a lifetime is pretty tough...

hey all, thanks for the solid advice. This is helping me out a lot. I guess I should've elaborated more on WHY i need to quit. Been living in an isolated, rural area for the past 3 years. I only came here for the job. This is no place where I'd want to settle down. Not a very happening place...

Thought about that already. Problem is... 2, 3, 4-week vacation wouldn't change my perspective much since I have positions on monthly/yearly timeframes. Hell, "daytrading" for me is a roundtrip on a weekly basis :p Perhaps a 6-12 month sabbatical would do, but very few employers allow that.