Purchase of Home or Trading Biz?

topguntrader,

This thread really does have some excellent advice. I have to agree with Jeffm--DON'T QUIT, at least not just because you overheard your supervisor shooting her mouth off. For all you know, she gets the can tomorrow. Hang in there, save as much as possible and don't do anything to give them an opening to fire you. You might alsowant to talk to an employment attorney to find out your rights. In some states it is hard to let people go. Legally, you screw yourself if you quit. If they fire you, they have to provide insurance for a year, although you pay for it, and you can get unemployment , which might be a nice supplement while you;re learning to trade.

You didn't mention how you're doing swing trading. In general, I'd say swing trading is much easier than daytrading, so if you're struggling, then you have some learning to do before you go fulltime. I'd also carefully consider what this will do to your future employability if you decide trading is not for you after a year or two.
 
You have to believe in yourself.

If you really believe that you may do it the go for it.

I find the guys in the forum a bit too cautious. Of course, I am not teeling you to quit without negociating and withoiut any interest. But it may take time to be fired. so prepare yourself for that event and consider it an opportunity and not a failure.

Last time I talked about market Wizzars and Tom Baldwin. There is another amazing guy in this book, michael weinstein. he worked as a stock broker and said he was bored with his daily job. after losing all his money in a first attempt , he worked like a madman to save enough money to be able to trade and live for 6 months. this guy never looked back.

I have a passion for trading and I understand that it is necessary to be well capitalised. But don't forget that this is your chance, nobody else will give you the opportunity to make it.

good luck to you
 
topguntrader,

Have you ever thought of starting your own business instead of starting a trading career? 100K is more than enough as a start up capital for many small businesses. It appears to me that what you are after is having a future in your own hands. Regardless of what many "traders" on this and similar forums may be claiming daytrading is far from being a legitimate career choice. If you were able to save 100k it means that you are reasonable hard working person and as such you have a far better chance of success in starting your own business. Worlds' richest businessman - Bill Gates has more money than richest investor(not trader) - Warren Buffett.
 
And far more troubles also :) :) :) :)
I don’t agree with u michaelday. There are many start ups that blew up and the probability of success of a new business is not superior to the probability of success in trading especially during the first year.

Moreover, for a good trader, the rewards could be very quick but for a business, it could take years and you may lose everything at the end.

It really depends on your personality topguntrader. The main advantage or drawback of trading is that you are on your own. If you love your independence and you don’t want troubles and so on with employees and the like, then trading is for you.

Of course it is a really difficult and demanding endeavour but the rewards are there waiting for the astute investor.

There is no guarantee of success.. but I am really amazed that people in this forum are so cautious. After all we live just once…

There is a proverb that says It is better to live 10 years like a lion than 100 years like a sheep.

You are not married, you have no children and you have 100k and the passion for trading. So unless you are really not confident you will make it, you have all the chances to do it.

May be you will say thank you later for this or you will hate me but it's your own decision and I am sincerely telling you what , for me, is the best choice.
 
I got out of my IT job a few months ago.
It was a well rewarding job for a company among the 40 largest worldwide.

I was quite anxious for the first week after I dropped out, but now I have no longer any regrets.

Good points :
-no boss/hierarchy
-no need to commute
-living in which part of the country I wish.

Bad points :
-this choice seems strange to everyone
(might be different in the US, though)
-I wont make as much cash as in IT, at first.
(as of now, I only trade one fifth of my capital, I except to
trade a larger proportion as I will get more confident)

This said, I'm not relying on my sole trading since I do technical analysis off-hours. This relieves some stress(paying for the living expenses).

All in all, seems like I made the good choice.

I'm 22 and can afford to do this, but I'm not sure that it would be a good idea at 31.
It would be better to wait for the economy to get back on track so that the operation, should it be a failure, won't put one in a jobless situation for months.

Just my honest opinion.


Chris
 
Michaelday
Regardless of what many "traders" on this and similar forums may be claiming daytrading is far from being a legitimate career choice.
I'd like to know what's your definition of a "legitimate career choice".
Second, what's the purpose of you contributing to this board? ( I guess you do not trade!?)
 
Originally posted by michaelday
topguntrader,

Have you ever thought of starting your own business instead of starting a trading career? 100K is more than enough as a start up capital for many small businesses. It appears to me that what you are after is having a future in your own hands. Regardless of what many "traders" on this and similar forums may be claiming daytrading is far from being a legitimate career choice. If you were able to save 100k it means that you are reasonable hard working person and as such you have a far better chance of success in starting your own business. Worlds' richest businessman - Bill Gates has more money than richest investor(not trader) - Warren Buffett.
More...

You can at least do this business on paper before trying, unlike a brick and mortar business. You also can try and fail on 20K 5 times and still not lose as much as a conventional business startup. And the rewards are huge if you're successful in some cases. So I think the risk/reward is more favorable in trading.
 
I noticed that one too.
"..daytrading is far from being a legitimate career choice."
Trading and investing are no different from any other business. They all revolve around price, supply, demand, knowledge, and effort. A store owner makes his money by purchasing his product at the lowest price possible and then selling it at the highest price he can get. If his competition starts selling the product for less than he is then he is forced to lower his price, and his profit goes down, or he can keep the higher price and loose sales. It's all dynamic just like the market. The store owner doesn't manufacture the product, he doesn't use the product, he just distributes it and his no.1 goal is to make as much money as possible. Traders do exactly the same thing. In one business the product might be a hamburger. In another it might be a car. In a shopping mall store at Christmas it might be one of those nifty Tweedy-Bird / Puddy-Tat clocks. In trading it is an equity. If you can consistently sell something at a profit then you have a legitimate business.
Websters dictionary
Business- "the activity of buying, selling, trade"
 
Brilliant brilliant posts...THANK YOU ..For those interested I still have my job....I think I really hate it...Maybe I am just looking for reasons to get out.....Everyday when I get off of work after 6:00 pm I am NUM...I drive in my car amelessly for like twenty minutes deciding on dinner (lol).(CAN ANY OF YOU RELATE) .About 7:30 pm I finally regain my compusure and I can enjoy life...Also I enjoy life on the weekends...I just thought I would throw that in for any other fellow NUM..9 to 5rs LOLOL...
ILL keep on dreaming for now
 
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