Day Trading & Family.... How do you manage??

T

The newb

Greatings,

I know that its not a good idea to start day trading when you have a family(kids) to take care of, the risks are too great and you need a constant inflow of capital. I am currently a single man and I am considering Day Trading because it is risky only for me and no-one else is relying on me for support. Plus because I don't have an extra mouth to feed I can take it slow and earn very little while learning the "game".

My question is for those in Day Trading who have a family and kids... How do you manage? are you able to keep up considering that the kids need to be taken care of in the bull and bear market?
 
It is better to learn while you are single. You will get into all kinds of emotional entanglements with the family if not well-grounded. Women do not understand it and most think it is gambling. Best to keep quiet on your activities. Good luck and get educated before you start. That cannot be emphasized enough, but the real education comes when money and emotions are on the line.
 
Quote from cleveland45:

It is better to learn while you are single. You will get into all kinds of emotional entanglements with the family if not well-grounded. Women do not understand it and most think it is gambling. Best to keep quiet on your activities. Good luck and get educated before you start. That cannot be emphasized enough, but the real education comes when money and emotions are on the line.
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Yes, that's what I am thinking... I am aware of all the risks (they all lead to the same destination: losing money), but there will be no better time to take those risks then now. I dont seem myself even looking in the direction of day trading when I have a family to feed.
 
Quote from The newb:

Yes, that's what I am thinking... I am aware of all the risks (they all lead to the same destination: losing money), but there will be no better time to take those risks then now. I dont seem myself even looking in the direction of day trading when I have a family to feed.
More...


not sure what time zone you live in, but I used to trade before going to work. I could trade from 6:30-9:00AM here PST and kept my real job until I felt I could simply just day trade for a living. I make most of my money and do 80% of my vol the first 3 hours of the day so I could still work if I needed too.

1. keep your job and trade if you can
2. find a mentor
3. keep your living expenses as cheap as possible
 
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