Should I trade full time???
- Thread starter trader07
- Start date
You need to clarify your goals: personal, family, financial/income etc. and then make the decision off of that
Will it be relatively easy for you to find a similar job down the road if trading full time doesn't work out? If so, it makes more sense, assuming you have enough money outside of your trading accounts to live off of for a couple of years. Either way, I'd first try taking an unpaid leave of absence if possible for 3-6 months. If you notice your results aren't any better or even worse (perhaps you start overtrading or it becomes psychologically different for you), then you can go back to your job and keep doing what you were doing. If they are better, then you may have found your new career. Good luck!
This is a good post, interesting to see lots of differant views. I believe people should follow their dreams by taking controlled risks.
It seems trader07 has the skills to trade in his current environment and therefore should be able to migrate those skills when he goes full-time.
My view - ensure you can give this a go for 1 year wthout having to worry about making profits (so whatever cash you need to support your current lifestyle and financial commitments on top of your current trading account). Then simply give it a go. Don't change much as you can clearly trade (eg if you don't watch the open at the moment, don't watch the open when you go full-time) - go play with the kids instead. If you are going to try a new strategy that requires you to monitor the open, then use your new freedom to develop this strategy in a low risk way, for example using a smaller position size. You'll soon know if full-time works for you and if this is the dream you expected.
Good luck and remember - most of the worlds traders would love to be in the dilemma you currently find yourself in.
It seems trader07 has the skills to trade in his current environment and therefore should be able to migrate those skills when he goes full-time.
My view - ensure you can give this a go for 1 year wthout having to worry about making profits (so whatever cash you need to support your current lifestyle and financial commitments on top of your current trading account). Then simply give it a go. Don't change much as you can clearly trade (eg if you don't watch the open at the moment, don't watch the open when you go full-time) - go play with the kids instead. If you are going to try a new strategy that requires you to monitor the open, then use your new freedom to develop this strategy in a low risk way, for example using a smaller position size. You'll soon know if full-time works for you and if this is the dream you expected.
Good luck and remember - most of the worlds traders would love to be in the dilemma you currently find yourself in.
Do you own your house (no mortgage) ?
Is all other debt paid off (credit card, cars, etc.)?
Does your wife earn enough money to pay all the monthly bills, including property taxes, etc.?
Do you have enough saved in an emergency account?
If the answer is yes to all four, carpe diem. If not, keep working, you'll get there.
Definitely ask the employer for a sabatical if you decide to go for it. That's a no brainer.
Is all other debt paid off (credit card, cars, etc.)?
Does your wife earn enough money to pay all the monthly bills, including property taxes, etc.?
Do you have enough saved in an emergency account?
If the answer is yes to all four, carpe diem. If not, keep working, you'll get there.
Definitely ask the employer for a sabatical if you decide to go for it. That's a no brainer.
I say screw the kids and play with their college fund. The kids are either stupid so they don't belong in college or smart and then they can get a scholarship or student loan that they can pay back easy.
Why is it that today's kids expect automatic higher education from their parents? You only own them education until they are 18, after that cest la vie, learn to fly on your own.
Also there is such a thing as community college, dirt cheap. They don't need a Hardvard education to be a waiter later on...
So start playing with that extra college money...