I was not saying you can't own businesses but your comparison with celebrities is incorrect.
If you're a sports start, you lend your name to a business and you get 50% for just that, no money changing hands, as an unknown trader you'd need to invest millions.
Of course we are not debating the idea of having alternative/backup businesses, that's obvious to everyone I would think but only after your trading is fully established and you have free time in your hands.
It's much better to focus all your efforts on trading in the beginning years. Doing it properly requires great efforts, a lot of time and all your focus (not half, not quarter). You seem to suggest that doing it while working a full-time job is a realistic possibility, I can't agree and don't know any very successful traders who have done this.
You focus only on schedules/time when in reality it's about "mental time". You have around 3-4 hours of sharp mental focus per day only, the rest is just mundane repetitive tasks. If you waste 3 of those hours working a job, that 1 hour that is left won't be enough to focus on a trading plan.
Like in the show Shark Tank, they always insist that the entrepreneur has no side jobs, no other business ventures. This isn't for nothing, they know what they're doing.
I disagree because if you're a losing trader (most are) or a business owner that has a poor business reputation...starting another business will be tough. In contrast, if you're a profitable trader (few are) or a business owner that has a good business reputation...starting another business and using your name/reputation can be helpful based on the reputation of
prior success
or current success. It definitely shouldn't hurt you.
Simply, people tend to pay more attention to those that are successful. Yeah, if you're profitable and you're hiding out in your parents basement...nobody isn't going to know who you are.
Lets use Paul Rotter as an example. A very successful retail trader
prior to becoming a fund manager. His name got around fairly quickly in the financial world as a very successful retail trader...his name was stamp on many big trades that even the professional trading firms gave attention too...a guy that in prior had worked for an institutional trading firm before going retail. If that guy had started a side business on Wall Street or in some financial district in Europe while as a profitable retail trader and word got out he was the owner of that business that occasionally came by to chat with the financial folks...I'm confident he can use his name (face on the brand) to attract more customers to his business than a losing trader trying to do the same.
Note: I used Paul Rotter as an example because he once did consider starting a business when he was a profitable retail trader. I'm not sure what type of business he was considering in Europe.
Simply, if you're a successful trader...you can use your name (if you want) to help launch a side business. If you're a losing trader, you can still launch a side business but only based upon some other talent your have (e.g. building nice custom patios and its something you were already known for such)
What I'm saying that if you're one of the few profitable traders out there...you have a better chance to do such but there's no guarantee that the business will be a success unless you
co-own the business with someone that does know what he/she is doing. As for a losing trader, most likely isn't thinking about starting a side business unless the person already has an existing skill in another profession as my patio example above (I know some as such...reason why I used that example).
Yet, the most realistic option for most traders especially losing traders trying to stabilize their income is the following involving
their job:
1) Don't quit your job until you're profitable with real money. It makes obvious sense. It just doesn't make sense for a losing trader to quit a job so that he/she can give trading 100% focus. Heck, someone can even take a leave of absence if available, trade during their vacation full-time (3 - 5 weeks consecutively) to determine if they can really make money from trading.
Years back someone started a thread about such. He took like 6 months leave of absence to trade exclusively...100% focus and blew up his account twice. Now imagine had he quit his job and traded full-time...two blow ups and no job...that's a ton of financial pressure.
Thus, you got to be smart if you want to trade for a living but if its just a hobby (you're just trying to make extra spending money or keep the debts under control)...only an idiot would quit their job just to give trading 100% focus.
2) If you have a job while a trader and you're profitable but the income just isn't enough to bypass the income of the job and its benefits...trade markets that do not conflict with your job or get a different job that allows you to trade the markets you want to trade or relocate to another time zone that makes it easier to trade and have a job (the latter is what I did once for 5 years back in the 90s). I know a few others doing such.
Yes, its realistically possible...I've done it myself and so have many others.
Everybody is different...some are morning people and some are a evening/night person. Thus, you may be more focus in the morning in comparison to the night or more focus at night than the morning. You know yourself and can adjust your trading schedule. For example, if you're a morning person...it only seem obvious that the best time for you to trade is in the morning prior to going to work. Thus, you need to find a market suitable for such or find a job that allows you to trade in the morning. There's a few ET members doing such. One in particular trades 6 hours in the morning in Crude CL futures and then goes to his full-time job at 12noon until 8pm as an airport employee with full medical/health benefits for him and his family.
Simply, it works well for him but you believe its not possible.
3) If you're unemployed and you're not properly capitalized, I do not recommend getting involved in trading unless its something you've done before and was profitable at it and you have saved up enough living expenses prior to unemployment.
The key point is a stable income to support yourself. Realistically, most traders are not properly capitalized nor did they save up enough income so that they concentrate on exclusively on trading. In contrast, if you're one of the few that's properly capitalized and have save up several years worth of income...yeah...you can quit your job and take a swing at full-time trading.
Look at it this way, I know people that have a job but the hours conflict with their family life (e.g. spouse and kids). The fact they were not spending enough time with their family or barely seeing them...they got another job that better fits their schedule to prevent getting a divorce and having kids they don't even know. I've also met people in the same situation that do not care and they refuse to make changes.
My point, if trading is just a hobby...there's really no need to make any changes in your life. In contrast, if your goal is to trade for a living or go to college and get a degree so that you can work for a professional trading firm...
You really have no choice unless you're already rich.
Once again, you know when you're focus and not focus...you can use that knowledge to your advantage and many are doing such currently or did such in the past. The latter is what I did when I first begin trading.
It's realistically doable.
P.S. Those that are retired and getting involved in trading or college students...completely different story and not part of my discussion unless you're a poor student and you're working you're way through college.
P.S.S. If someone is not a successful trader and didn't save up a few years worth of living expenses...reality forces that trader to get a job if the trader really wants to be a trader. They then make changes in their schedule to be able to do both and I gave examples of above of being able to do both properly.
Yet, if the trader is living off of someone (sugar mama or sugar daddy or parents) or the trader is already rich...different story.
