Should I take the leap and quit my job to trade full-time?
- Thread starter Laissez Faire
- Start date
jinxu, a cash account would be more impressive than a paper trading account. :eek:
Hey OP,
I can most definitely empathize with your situation as I'm in a very similar spot. I started trading with a group of friends in Uni (mid 2000's), one of whom's parents owned a small IA firm and I was hooked. But when I graduated with my honors, I decided that Law school was my best choice and gave up trading to work for a year in a job that paid well but was not intended as a career - just a way to sock away some tuition $$. Then a twist - I got offered a promotion and free relocation to one of the top cities in the world after 8 months... tough choice. My g/f (now my wife) and I decided that this opportunity was too good to pass up, seeing as we were from a much smaller, rural city, it was very exciting.
Mistake... turned out that after another year or so I realized that I HATED my job and my wife was miserable with no friends or family. However I still followed markets constantly, did some swing trading when I could, and even got certified in the process (Cdn equivalent of S7).
So I took a job as a junior trader/operations coordinator with a large energy marketer where I gained a lot of valuable knowledge and continued my formal education. Nice office downtown, have been enjoying this position for some time now.
Then along came our little guy (16 mths old now) and boom! My wife has had enough and I cannot stand to see her suffer anymore. So I made the choice to put up our house for sale and move back to our hometown, giving up my job for the sake of her happiness.
So that brings me to the dilemma.... 99.9% chance that I have the option to return to my original company and a more senior position. But I know in my heart of hearts that I will be miserable (much like yourself).
I also want to trade, full time. I have adequate capital and can afford to devote ample time without the worry of paying the bills with my trading activities. I also have been working on strategies as much as time will allow, but I agree - I feel I need to focus on it like a business and give it all I've got.
So I wish you all the best, I am still undecided as well but thought it may be nice to know you're not alone out there!
I can most definitely empathize with your situation as I'm in a very similar spot. I started trading with a group of friends in Uni (mid 2000's), one of whom's parents owned a small IA firm and I was hooked. But when I graduated with my honors, I decided that Law school was my best choice and gave up trading to work for a year in a job that paid well but was not intended as a career - just a way to sock away some tuition $$. Then a twist - I got offered a promotion and free relocation to one of the top cities in the world after 8 months... tough choice. My g/f (now my wife) and I decided that this opportunity was too good to pass up, seeing as we were from a much smaller, rural city, it was very exciting.
Mistake... turned out that after another year or so I realized that I HATED my job and my wife was miserable with no friends or family. However I still followed markets constantly, did some swing trading when I could, and even got certified in the process (Cdn equivalent of S7).
So I took a job as a junior trader/operations coordinator with a large energy marketer where I gained a lot of valuable knowledge and continued my formal education. Nice office downtown, have been enjoying this position for some time now.
Then along came our little guy (16 mths old now) and boom! My wife has had enough and I cannot stand to see her suffer anymore. So I made the choice to put up our house for sale and move back to our hometown, giving up my job for the sake of her happiness.
So that brings me to the dilemma.... 99.9% chance that I have the option to return to my original company and a more senior position. But I know in my heart of hearts that I will be miserable (much like yourself).
I also want to trade, full time. I have adequate capital and can afford to devote ample time without the worry of paying the bills with my trading activities. I also have been working on strategies as much as time will allow, but I agree - I feel I need to focus on it like a business and give it all I've got.
So I wish you all the best, I am still undecided as well but thought it may be nice to know you're not alone out there!
Do you have any statistics to back this statement?
I understand your guys skepticism, but I think many of my arguments are valid. Since I`m not quitting a very exclusive position and I`m interested in switching jobs anyway, I don`t see a big issue with giving it a few months.
Besides, as I`ve mentioned, I may reduce my hours instead of quitting completely, which would improve my odds due to more market exposure and still provide the safety of earning some income.
Quote from jo0477:
So I wish you all the best, I am still undecided as well but thought it may be nice to know you're not alone out there!
Thanks and right back at you!
Good luck on making a choice.
Excellent post! Screen time (several years) and OBSERVATION of the price action using multi-time frame analysis with a disciplined strategy for entry and exit is what makes a trader.
Just observe the charts, play support and resistance using whatever technical indicators that you feel comfortable with. Mistakes are inevitable, so as long as you have enough capital by keeping the drawdowns low, then you are bound to be successful over time.
Quote from jo0477:
Hey OP,
I can most definitely empathize with your situation as I'm in a very similar spot. I started trading with a group of friends in Uni (mid 2000's), one of whom's parents owned a small IA firm and I was hooked. But when I graduated with my honors, I decided that Law school was my best choice and gave up trading to work for a year in a job that paid well but was not intended as a career - just a way to sock away some tuition $$. Then a twist - I got offered a promotion and free relocation to one of the top cities in the world after 8 months... tough choice. My g/f (now my wife) and I decided that this opportunity was too good to pass up, seeing as we were from a much smaller, rural city, it was very exciting.
Mistake... turned out that after another year or so I realized that I HATED my job and my wife was miserable with no friends or family. However I still followed markets constantly, did some swing trading when I could, and even got certified in the process (Cdn equivalent of S7).
So I took a job as a junior trader/operations coordinator with a large energy marketer where I gained a lot of valuable knowledge and continued my formal education. Nice office downtown, have been enjoying this position for some time now.
Then along came our little guy (16 mths old now) and boom! My wife has had enough and I cannot stand to see her suffer anymore. So I made the choice to put up our house for sale and move back to our hometown, giving up my job for the sake of her happiness.
So that brings me to the dilemma.... 99.9% chance that I have the option to return to my original company and a more senior position. But I know in my heart of hearts that I will be miserable (much like yourself).
I also want to trade, full time. I have adequate capital and can afford to devote ample time without the worry of paying the bills with my trading activities. I also have been working on strategies as much as time will allow, but I agree - I feel I need to focus on it like a business and give it all I've got.
So I wish you all the best, I am still undecided as well but thought it may be nice to know you're not alone out there!
I think you BOTH deserve to be happy. Why not go for the full time trading...say for a year....and see how it works out? This will allow you to do what you enjoy doing, AND give you more time to spend with your family. Your 'little guy' will grow up fast. You don't want to miss out on that. If you are working a full time job and doing trading on the side, there's not much time left over. You only go around once in life...why not go for the happiness. Your happiness will bring your family happiness, too. I think you risk resentment later in life if you pass up on what brings you joy.
So glad I found this thread, great read and I've enjoyed all the responses. (Sorry LF, not trying to hijack your thread) 
So I'm posting b/c I've been f*cked for the last time! I've had 3 corp gigs and all are/have been an absolute nightmare. I really thought (naively I'm sure) that this company was actually different... nope
This time its worse as I got royally screwed for trying to be honest and helpful. Anyone who buys into the "more than a boss but a friend" and "we care about our people - people are what matter"... bullsh!t. They will turn on you in a heartbeat and boot you in the ribs when you're down. Working hard, extra hours, excelling in your position (which I was told was the case) mean nothing. It really doesn't matter what you did last week, last month, last year and so on. You're a number on a section of the balance sheet. One company I worked for, I actually heard the president tell a VP (in a drunken haze) "I make money by finding smart but desperate people and paying them cheap". Another favorite from a regional manager "gotta keep 'em scared, the only way to keep these guys in line". Well 3 strikes and I'm out.
So If I want to trade full time, here's what I figure I'm in for. I have some experience but Like everything, it will take time. I've started jobs with zero knowledge and those have taken at least 6 mths to even get a feel for whats going on. Experience and "doing" is IMHO, the only logical direction from where I'm at.
Pros:
Freedom
Happiness (thx to the previous posters who understand that dollars are not the be all of end all)
Challenging myself: Things go south, its on me and no-one else
Doing something I love and devoting time to making a life on my terms
Making $$, no more, no less. And I don't mean millions overnight - I mean getting to a point through hard work and study where I'm living comfortably.
I can afford the capital and time - possibly my last chance in this lifetime to really give a shot at what I've wanted to for years but was too afraid to give up my paycheck.
Cons:
Odds stacked heavily against me, I completely understand this going in
Learning curve - I'm going to lose some $$, I know that this is inevitable. Mistakes will be made, I just have to apply the risk mgmt and discipline that I am currently using personally and professionally to mitigate losses.
Stress, emotion, all the human aspects of trading that inevitably rear up, I'm sure even for the veterans out there. Getting ready for high highs and low lows and how to manage this multiple times daily.
Lack of a secure, regular paycheck... but thats what I figure a wife is for kidding ladies
So keep the posts coming, I've enjoyed each and every viewpoint
So I'm posting b/c I've been f*cked for the last time! I've had 3 corp gigs and all are/have been an absolute nightmare. I really thought (naively I'm sure) that this company was actually different... nope
This time its worse as I got royally screwed for trying to be honest and helpful. Anyone who buys into the "more than a boss but a friend" and "we care about our people - people are what matter"... bullsh!t. They will turn on you in a heartbeat and boot you in the ribs when you're down. Working hard, extra hours, excelling in your position (which I was told was the case) mean nothing. It really doesn't matter what you did last week, last month, last year and so on. You're a number on a section of the balance sheet. One company I worked for, I actually heard the president tell a VP (in a drunken haze) "I make money by finding smart but desperate people and paying them cheap". Another favorite from a regional manager "gotta keep 'em scared, the only way to keep these guys in line". Well 3 strikes and I'm out.
So If I want to trade full time, here's what I figure I'm in for. I have some experience but Like everything, it will take time. I've started jobs with zero knowledge and those have taken at least 6 mths to even get a feel for whats going on. Experience and "doing" is IMHO, the only logical direction from where I'm at.
Pros:
Freedom
Happiness (thx to the previous posters who understand that dollars are not the be all of end all)
Challenging myself: Things go south, its on me and no-one else
Doing something I love and devoting time to making a life on my terms
Making $$, no more, no less. And I don't mean millions overnight - I mean getting to a point through hard work and study where I'm living comfortably.
I can afford the capital and time - possibly my last chance in this lifetime to really give a shot at what I've wanted to for years but was too afraid to give up my paycheck.
Cons:
Odds stacked heavily against me, I completely understand this going in
Learning curve - I'm going to lose some $$, I know that this is inevitable. Mistakes will be made, I just have to apply the risk mgmt and discipline that I am currently using personally and professionally to mitigate losses.
Stress, emotion, all the human aspects of trading that inevitably rear up, I'm sure even for the veterans out there. Getting ready for high highs and low lows and how to manage this multiple times daily.
Lack of a secure, regular paycheck... but thats what I figure a wife is for
kidding ladiesSo keep the posts coming, I've enjoyed each and every viewpoint
In my opinion you should definitely not quit your job. Frankly you've barely begun this process, there are more twists, turns, fakeouts and mindfucks than anyone can possibly imagine going in. It always seems like you're just around the corner, that your skills have improved dramatically etc. etc., but when all's said and done what matters is how much real money you made last month, and the months/years before that. And as a self-taught discretionary retail trader, you just can't bank on going from zero to consistent, durable profits in less than 4-6 years.
It's a mistake to think that you can force your way through with supreme effort and willpower in a do-or-die push. The basic limitation (for a discretionary trader) is the number of market days and market cycles you've traded, and what's needed here is time. By racing against the clock you'll almost certainly sacrifice your job, savings, and mental health and ultimately be unsuccessful because you didn't give yourself a chance to succeed.
My advice is to keep your job and let your profits and capital dictate when to go full-time. Once you've put away at least six months of consistent profits, every month, in live trading, and at a level of car size/after-tax income where you can comfortably support yourself and allow your capital to grow, then and only then it's time to consider quitting.