Going full time

[NoVoodooHere]

My take:
You need six months to a year of income replacement, available in cash somewhere.

If your day is driven by the looming need to earn money to live... Chance of success slim

 

[jcork4real]

Having had experience in doing what you are planning to do — If I had to do it over and do it right, I would not quit working cold turkey like that. That’s already a risk management no-no. When it comes to trading, it always makes sense to have at least a second source of income.

Instead, switch to remote work so you have a safety net of income while you work out your edge.

Besides, most jobs start around 8-10am, and there is also potential to pull a few trades pre-market long before your work day starts. How do you think a lot of software developers are also able to trade?

Can be any remote job/career that pays a steady wage, or at least covers most of your bills. That way you won’t be forcing your trades out of desperation.

 

[Arnie]

You can’t buy long term disability insurance on your own.

I've been self employed for for over 40 years and until recently had a disability policy. I paid $135/mo. for a benefit that would pay me a portion of what I made per month until 65. It was enough to survive. Luckily, never had to use it. IMO, a disability policy is more important than a life policy. Everybody should have one during their prime income years. If still disabled you go on SS after 65.

 

[hilmy83]

As long as you have fun having to go to work every day I guess that's fine.
Gotta look at the positive side of things.
I don't have a job to go too.
I decide when I want to work or whether I even fel like working
I can work from anywhere in the world, well almost.
For me the point of trading is to fund my lifestyle.

Just short of working anywhere I want, I pretty much have a job to lounge

It took me 20 yrs to get rich slowly with the help a bull market then I spent the next 20 speculating.
There were days in the beginning that one hell of a ride but things worked out and now I do what I want.
You got it. Think big!!! Don't be worried about healthcare and a secure job and a pension someday, Think Big

40 years experience. Mentor me

 

[newwurldmn]

I've been self employed for for over 40 years and until recently had a disability policy. I paid $135/mo. for a benefit that would pay me a portion of what I made per month until 65. It was enough to survive. Luckily, never had to use it. IMO, a disability policy is more important than a life policy. Everybody should have one during their prime income years. If still disabled you go on SS after 65.

self employed as a trader or something else?

 

[777]

I have written about this many times. I have decided (unless I change my mind) that March 15 is the date. I will quit the sales full time sales job and go full time with trading. I do have a side business where I sell Surf gear that brings in enough to cover my expenses and I will keep doing that.

Am I scarred? I sure am... am I excited,,, I sure am. Lot's of conflicting thoughts. I have decided I do not care what anyone thinks of this. I have been working on it for 8 years.
I feel that to cut the safety cord/leash of the full time job has to happen for me.

I have written about this many times. I have decided (unless I change my mind) that March 15 is the date. I will quit the sales full time sales job and go full time with trading. I do have a side business where I sell Surf gear that brings in enough to cover my expenses and I will keep doing that.

Am I scarred? I sure am... am I excited,,, I sure am. Lot's of conflicting thoughts. I have decided I do not care what anyone thinks of this. I have been working on it for 8 years.
I feel that to cut the safety cord/leash of the full time job has to happen for me.

Are you profitable now and if so, for how long?

 

[deaddog]

Just short of working anywhere I want, I pretty much have a job to lounge

sounds like a ptetty good situation. what do you do?

40 years experience. Mentor me

Buy stocks that are going up. Sell when the trend changes. Don't hold losers in your portfolio!

 

[Kalanim]

That is absolutely and utterly a tough one to decide on completely. I met with bunch of guys who have been going through the same thing. They were good, but they just were not able to clock in the hours necessary to become even better. They always had a thing, a place to be, a sales call, meeting with a client, or the boss whatever. When they were not at work, they also had to be with the wifey, pick up kids or take them to sports training and whatnot. They developed a side hustle to cover their expanses, saved up a little to cover for the family and quit to become a full time trader. Some have it easy, some have it way harder than the others but you know, its not the end of the world if it does not work out for you. You can always go back to work or find another gig. I'd give you kudos for having the guts the pull the trigger on that decision.

Im sure you're stressed out but, you will never know if you don't try. At least you're trying. Best of luck.

 

[Arnie]

self employed as a trader or something else?

That's a good point.

Mine was based on something else, real estate. The premium and payout are based on your earning history.
I would think a successful trader that pays taxes as a trader would qualify.

 

[GoldDigger]

They're easy to buy, that's for sure... look out when it comes time to sell them though.

I started trading Options last week.

There was no issue with buying or selling.
No problem at all.

If you ever had a problem selling, I would
invite you to give it another try.

I used TD Ameritrade and would highly
recommend that, although there are other
brokers you can trade Options with.

To anyone considering trading Options,
don't put it off. It is easier and more
profitable than regular day trades.