Seriously thinking turning Fulltime trader

Quote from MandelbrotSet:

Hmmm, lets see.

The kids come first so:

a) Take the day job and be happy

b) Learn how to position trade

c) Learn how to automate your system and trade by automation, while monitoring it at the job

GL
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WRONG!!!!!!!!!!!!!!!

ONLY, I say, ONLY trade "automated" when you are actually FULLTIME trading and can watch your system at all times. We get what we focus on in life, and trying to do two things at the same time is a non optimal level of focus for your trading.

I trade two systems which are FULLY automated and I watch them at all times when they are in trades. If you are fully "automated" with a system that actually works you wont need a regular job!!!
 
imo, the minimum amount of cash one should have (note" MY OPINION only) to trade fulltime is 500k.

that's liquid trading capital, not reserves, savings, investments, etc. those are not counted in the 500k total.
 
Quote from whitster:

imo, the minimum amount of cash one should have (note" MY OPINION only) to trade fulltime is 500k.

that's liquid trading capital, not reserves, savings, investments, etc. those are not counted in the 500k total.
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$500K - wow why do you need all that money to trade full time?

With $500k start up - better to sit on the beach and enjoy thhe interest risk free in bank :cool: enjoy the sun
 
Quote from whitster:

imo, the minimum amount of cash one should have (note" MY OPINION only) to trade fulltime is 500k.

that's liquid trading capital, not reserves, savings, investments, etc. those are not counted in the 500k total.
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How much does that assume you are taking out each month for living expenses? 50k?
 
Quote from whitster:

imo, the minimum amount of cash one should have (note" MY OPINION only) to trade fulltime is 500k.

that's liquid trading capital, not reserves, savings, investments, etc. those are not counted in the 500k total.
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Wow, 500k?

I guess I was a complete idiot, entering the world of daytrading with $26k.

Actually, everyone that knew about this thought I was a complete idiot! But I didn't care because I knew I could do it.

Now, they are not laughing at me any more. :D
 
Quote from Businessman:

If i was in your situation i would not give up my job unless i knew i could make atleast double $3000 a month. Maybe not in the first few months, but after six months you want to be pulling in atleast $6000 after taxes. Making only enough to cover expenses means everything will just be a big struggle.

So you really need to make 200% a year on 50K inorder to make $6000 after tax.

Thats very hard but not impossible.

I would also recommend a minimum of 6 months of living expenses in the bank to take the pressure off in the first few months. The more savings you have outside your trading account the less pressure you will feel.

If you have this then go i say go for it, you can always go back to your day job in six months. Just dont struggle for two or three years as a full time trader only to be forced to give up broke after that much time, it will be much harder to get back into the job market.
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this is excellent advice! I felt pressured because I lost some $, so I doubled up. You know what happens then... The less you feel pressured to make $ to support the family, the better. You end up taking small profits when they are offered to you, but not small losses - only big ones. yes, we've all been there.
 
Just when i thought i'm becoming consistent, becoming more confident, i got slaughtered by BIDU today, it's hell of volatility, but i think the main lesson is not to get too confident, it can cause u a bomb, don't try to get back the money u lost to the stock, it will only cost u more...

So i had better stick to my job and add more spice to it :cool:
 
Talk it over with your family. Don't be afraid to ask for their opinion. Then if you all agree to stay with the same job, trade for fun.
 
But holding a 9 to 5 job and trading at night to 2 or 3 am really is killing me, getting sick at least once a month...cause living in different timezone but trading US market

Wat will you do if you in my situation?
 
To OP:

Quit your boring job, find a job you enjoy, and swing/position trade.

The bulk of swing trading is waiting and looking at charts, so there's no reason not to work another job.
 
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