Should I take the leap and quit my job to trade full-time?
- Thread starter Laissez Faire
- Start date
A couple years ago I got started in trading and had very good results with my first few trades. I had several subscription services that made money (sporadically). I quit my job to pursue trading full time. It was so easy at first.
Two years later I'm working again and have basically tried everything in the market that my heart pulled me into. I believe I'm standing on the doorstep to my own personal grail, which was actually presented to me by one of my subscription services, 2 years ago. I was too new at this to recognize it.
The grail for me was to find the winning setup / system, then trying everything else and truly convincing myself that no corners can be cut, all risk must be miminized and taken into account, and the full grail must be waited for - it can not be diluted.
Not having a job accelerated the process greatly for me. I also tested the "Carnegie Secret" and it, too, accelerated the process.
You know what? Traders that survive know it's all about risk. It's all about the details. And it takes discipline.
Not having a job will force you to think about what actually works over all market conditions, not what worked great in the beginning of your trading career. Your mind will be free of negative influences from the work place where losers naturally end up. Winners seek each other out. They become consumed by their talent, and obsessed with their own personal grail.
When you find it, it may be something you would have rejected in the beginning, before going on the journey.
-contract engineer, bored with aerospace
Two years later I'm working again and have basically tried everything in the market that my heart pulled me into. I believe I'm standing on the doorstep to my own personal grail, which was actually presented to me by one of my subscription services, 2 years ago. I was too new at this to recognize it.
The grail for me was to find the winning setup / system, then trying everything else and truly convincing myself that no corners can be cut, all risk must be miminized and taken into account, and the full grail must be waited for - it can not be diluted.
Not having a job accelerated the process greatly for me. I also tested the "Carnegie Secret" and it, too, accelerated the process.
You know what? Traders that survive know it's all about risk. It's all about the details. And it takes discipline.
Not having a job will force you to think about what actually works over all market conditions, not what worked great in the beginning of your trading career. Your mind will be free of negative influences from the work place where losers naturally end up. Winners seek each other out. They become consumed by their talent, and obsessed with their own personal grail.
When you find it, it may be something you would have rejected in the beginning, before going on the journey.
-contract engineer, bored with aerospace
Well, I am quitting my day job to try trading for a living. At least to see how it goes for a little while. Only way to find out is to give it a try all out.
I'm making this choice based on lifestyle choice and wanting to do something I love for a living, rather than a need or addiction to earn money this way, which lurking this forum the past couple days seems like many wannabe traders are categorized. Well, I'm currently a wannabe, so not meant as an insult or anything. It just seems to me some people really really hate their day jobs and took a long long time to save up their hard earned money for an amount to day trade that really isn't enough to do so properly. Or have a mindset it is "get rich quick", which I don't think it is at all... It's much faster to build a viable business and earn equity that way (i.e. Zuckerberg, Jobs, Gates, and many others that maybe not as well known). So I have no illusion of this.
I am interested to find out how many people are like me who are giving up a very good day job (I'm currently compensated $120k to $160k per year) to go day trading. I've seen a few member's posts that implied they are struggling a bit in their day job (not earning much $) and hence wanting to do day trading. I am not expecting to make as much day trading. in fact, I'm expecting if i make half that, I'll be happy. But I'm measuring success by the life style choice. That is, I want to get experienced enough to go cruise control on this, and doesn't affect me psychologically/emotional that much, be with young family more often in the next few years. Less travel, more at home in both body and mind.
Time will tell if I can implement my "system", which I know works, but don't know if disciplined in psychology and emotion. I really don't think I'll be as affected psych/emot as others seem like it would that much... Anyway, we shall see! I hope I make it out of the 99% wannabe batch, and become the elite several hundred! Surely, it won't take very long to find out.
I'm making this choice based on lifestyle choice and wanting to do something I love for a living, rather than a need or addiction to earn money this way, which lurking this forum the past couple days seems like many wannabe traders are categorized. Well, I'm currently a wannabe, so not meant as an insult or anything. It just seems to me some people really really hate their day jobs and took a long long time to save up their hard earned money for an amount to day trade that really isn't enough to do so properly. Or have a mindset it is "get rich quick", which I don't think it is at all... It's much faster to build a viable business and earn equity that way (i.e. Zuckerberg, Jobs, Gates, and many others that maybe not as well known). So I have no illusion of this.
I am interested to find out how many people are like me who are giving up a very good day job (I'm currently compensated $120k to $160k per year) to go day trading. I've seen a few member's posts that implied they are struggling a bit in their day job (not earning much $) and hence wanting to do day trading. I am not expecting to make as much day trading. in fact, I'm expecting if i make half that, I'll be happy. But I'm measuring success by the life style choice. That is, I want to get experienced enough to go cruise control on this, and doesn't affect me psychologically/emotional that much, be with young family more often in the next few years. Less travel, more at home in both body and mind.
Time will tell if I can implement my "system", which I know works, but don't know if disciplined in psychology and emotion. I really don't think I'll be as affected psych/emot as others seem like it would that much... Anyway, we shall see! I hope I make it out of the 99% wannabe batch, and become the elite several hundred! Surely, it won't take very long to find out.
I quit my job to day trade futures after only 6 month of profitable trading because I hated my day job. All I did was saved my money so I had quite a bit in the reserves. I couldn't find employment so I decided I would chance making money in the futures market while I looked for another job. I gave up on finding another job and stuck with my trading career to this day (it has been 2 years). Becoming a full time day trader (if you want to call it that, I work roughly 3 hours a day) is feasible but you need to make sure you have some money saved up and are not living pay check to pay check. It is also nice to have a spouse that can provide you with low cost health benefits from their employer. If you do not have money saved up though, I would consider saving some first because chances are you will blow you account up and FAIL! 
Quote from wilsorama:
chances are you will blow you account up and FAIL!
More than 90% of small traders lose! They just lose!
Good for you.
Now the questions are:
1. Are you trading?
2. Are you making money trading?
Yes, yes, and that`s all you need to know.
