Going fulltime dilemma

Sounds like you`ve got a good thing going on for yourself.

Why not stick around with this routine for a bit longer until you`ve built both more confidence and capital? :)

Naturally, if you`re in a position where you could get back your old job or if you are qualified in a way that you can easily get work elsewhere, that should relieve you from a lot of pressure.

If you still consider quitting, maybe you should consider asking for a leave of absence instead of quitting completely?

Good luck :)
 
Quote from Wallace:

yes, I imagine it would cause a huge psychological performance pressure/stress
and not just for you, but your wife also and family - also feeding back on you

but from the time pov, if you were again able to double your account each of the
remaining quarters, you'd end the year with $1.6M , and how much time are you
spending each day/week doing so ? then at the end of next year you'd have $25.6M
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i wish i could, but guess too risky, take small step at a time
 
Thanks for your reply, i guess my main hurdle if i stop day job is, i have to take out 6k every month from my account, 1 year will cost me 72k...costly for my trading account

But coming back to the push factors for me to consider fulltime:
1) Health factor, i have been getting not enough sleep, 6 hrs + -, getting weak and sick often
2) Time to do my own stuff: this is tricky, i did tried for 3 months no pay leave, and somehow my trading don't turn out well, overtrading and too much time, and all those activities i planned out before, did not carry out those, instead, waste too much time surfing net and very quickly, the whole day gone, but if stay in day job, it can be quite stressful, not enough sleep and loads of work to do.......

Quote from DHOHHI:

Worry and/or anxiety isn't a productive emotion if you're trading full time. You have to be confident and sure of yourself or you'll end up trading 'scared'. A meltdown can easily be avoided if you know your exits on your trades. Before I enter a trade I set a target for my exit. I really don't care if I leave $$ on the table. I want to be around to keep playing each and every day. Years ago I saw traders get on the wrong side of a trade and they were like deer in headlights, and refused to take the loss. Some ultimately washed out and we eventually never saw them at the office again. We all like to be right but in trading we have to accept (small) losses.

As far as your $6K monthly expenses you don't say what your income is from your job so it's hard to extrapolate and figure if your trading income + job income is sufficient.

Last, if you're not 100% sure you can make enough trading to cover your ongoing expenses then I'd say don't go full time now. I had virtually no debt when I left my job 15 years ago; only a mortgage on a 2nd home which was in large part covered by rental income.
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The assessment of your monthly nut shows you are aware of and concerned about what can go wrong with a full time trading career. I would think 200k is too small to expect to throw off enough profit to cover taxes and then a 6k monthly nut, especially as you are already questioning your ability to do so!

Here are some more questions to ask yourself:
Do you fully understand why your trading results have gone from 'mediocre' to '3 to 5 times' your job salary?
Is your performance repeatable?
Are you confident of that?
If so, then are you confident you have sufficient capital to trade as a professional?

The above, along with some of the good advise in other posts to you, should not dampen your zeal to succeed, just open your eyes WIDE.
 
Quote from innovest_11:

All fulltimers,

Have been trading part time for some 7 years, 1st 5 yrs results have been inconsistent, but still able to grow account, on the 6th yr, have been getting consistent monthly income, but still got hit by some occasional losses, this year have been quite good, able to double my account to 200k

My trading income now is about 3 to 5 times my day job salary, but this is only for the past 4 months, before that is about 1.5 times my day job salary

Worries:
- will i be hit by unforseen situation or meltdown??
- every month i have high expense of 6k, family, house, car, etc
- will it affect my trading if i don't have job

Question for all fulltimers: how do u handle the above when they happen?
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Sorry but if you have to ask other people these questions and can't answer them yourself, then no don't quit your day job. Best of luck
 
U are so right, I need to work on these issues

Quote from dalen:

Sorry but if you have to ask other people these questions and can't answer them yourself, then no don't quit your day job. Best of luck
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A lotta good advice above but ............

imho it largely depends on your own character and circumstances. If you have a problem deciding then consult the wife, kids etc They will probably have a more unbiased insight and be more forgiving if you blow the lot !!

:confused:
 
One thing I cannot answer is that I cannot 100% confirm that I will get a fixed income every month, it is a business which is unpredictable, though I quite confident, so she seems not so comfortable with the idea that I may have a loss month or months
 
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