Should I quit my job and trade for a living?

[mangrove]

Assuming you could make 20%/year net of fees, commissions, etc, you'd need a bankroll of $250k to make $50k/year. Of course, you woudn't be building up your equity at that level so I'd say the minimum you'd need to be a self supporting trader who can live on $50k/year is $500k.

As for generating 20% net of fees - the very best of the very best traders in the world have a hard time doing this on an annual basis.

As for living on $50k/year - hahaha - not much of a lifestyle there.

 

[Specterx]

Quote from BillySimas:

I only have 10k in savings. I have no debt, I'm not married and I live with my mom so my expenses are very low. I have no trading profitability yet to speak of but I feel confident I will eventually get there. I work at a brokerage firm right now and I make a little over 50k a year. Should I quit to trade for a living?

What does everyone think? Comments, suggestions are much appreciated.

Absolutely you should not. IMO, of course, you need to save up much, much more, and be prepared to sustain yourself for at least 2 years, better 3, without any income from trading.

$10k really isn't anything. Suppose you're able to make 100% a year, how are you going to pay your expenses _and_ build up your capital? I would suggest you have $100k at a minimum before going fulltime, but more is always better. Of course this isn't to say you can't trade after work, or get a job that lets you trade during the day (lots of IT jobs are like this afaik).

 

[NetTecture]

Quote from mangrove:As for generating 20% net of fees - the very best of the very best traders in the world have a hard time doing this on an annual basis.

Like WHO?

Note that most of those are not "Traders" but more fund managers.

Thign are easier if you dont run 100 milion around. Lots of smaller traders make way more than 20% per month. Liquidity is not an issue for them.

 

[Trader666]

Projecting again? Like you've done with your homosexual fantasies?

Go back to stalking retaildaytrader, loser.

Quote from stock piker:

Trader666 just made the transition to assisted living from his mom's place. Congratulations 666. Baby steps.

 

[stock piker]

Quote from Trader666:

Projecting again? Like you've done with your homosexual fantasies?

Go back to stalking retaildaytrader, loser.

I'm straight, but you're making a compelling case. Send another PM.

 

[Trader666]

stock piker doth protest too much... then why all the projection of homosexual fantasies?

I don't know wtf Jack Hershey is, but you really like to ride his shaft. It's fairly creepy and quite homosexual.
http://www.elitetrader.com/vb/showthread.php?s=&postid=2742923#post2742923

you're a blatant pipe-smoker!
http://www.elitetrader.com/vb/showthread.php?s=&postid=2686892#post2686892

You're also a liar. I've never sent you a PM. Any mod has my permission to verify.

Go back to stalking retaildaytrader, loser.

Quote from stock piker:

I'm straight, but you're making a compelling case. Send another PM.

 

[stock piker]

Quote from Trader666:

stock piker doth protest too much... then why all the projection of homosexual fantasies?

I don't know wtf Jack Hershey is, but you really like to ride his shaft. It's fairly creepy and quite homosexual.
http://www.elitetrader.com/vb/showthread.php?s=&postid=2742923#post2742923

you're a blatant pipe-smoker!
http://www.elitetrader.com/vb/showthread.php?s=&postid=2686892#post2686892

You're also a liar. I've never sent you a PM. Any mod has my permission to verify.

Go back to stalking retaildaytrader, loser.

Wow, bold type and everything. You're searching my posts. I am blushing. You had me at "hello"

I have your permission to post your love letter?

 

[Trader666]

I've never sent you a PM liar but I'm sure you wish I did. Go stalk retaildaytrader.

Quote from stock piker:

I have your permission to post your love letter?

 

[TraderZones]

Quote from BillySimas:

Your posts are just insulting, it's not productive advice.

It is insulting and unproductive only to these people (in other words, they refuse to listen and would rather get cut to pieces because they know better):

 

[stock piker]

Quote from TraderZones:

It is insulting and unproductive only to these people (on other words, they refuse to listen and would rather get cut to pieces because they know better):

TraderZones is the one with the "come hither" look.