Turning full-time...

Quote from cold:
what I am really saying is, you must quit your job and devote to trading

YET, you are not ready and will lose your money

YET if you don't quit your job and devote to trading, you will Never learn
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what utter nonsense. Sleep 5 hours a day, work 8 hours a day at a normal job, trade and study the markets the remainer of the time.
Quitting your day job after 2 months of experience is not sacrifice, its being stupid and lazy.
If you want any chance at success, work your 2 full time jobs(regular/trading)until you have years of experience and are so consistent that you do not need to ask if you should quit your job on a message board, it will be obvious.
This is what I do, its an incredible amount of hard work. This is basically my social life for a few minutes a day, posting on stock boards. No time for fun, kids, marriage, long term relationships with women until I'm a master trader.
You can either do it this way, get extremely extremely lucky(which won't last anyway) or join the graveyard like the wrest.
 
quit your job. trade full time. If it doesnt work out, then get a job and start over. its' the only way.
50k is more than enough to start trading for a living. just take minimal distributions so you can build more wealth.
 
My advice is don't quit your day job until you are consistently earning $60k per month. In other words, quit when your monthly trading income equals your annual income from the computer programming gig. There is nothing worse than "having to make money" and "trading scared". With only $50k in capital, you will definately run into this. Not to mention, you want to be comfortable financially, and you don;t want to have to worry about how you are going to pay for shit. The last thing you want to do is draw down your capital to replace your furnace if it blows out!
 
Trade successfully for at least one year, then think about quitting work. The market can be hot for 3-5 months, then it changes.

You don't want to be without a job, benefits etc. and discover that what worked for the last 3 months no longer works.
 
Quote from Div_Arb:

My advice is don't quit your day job until you are consistently earning $60k per month. In other words, quit when your monthly trading income equals your annual income from the computer programming gig. There is nothing worse than "having to make money" and "trading scared". With only $50k in capital, you will definately run into this. Not to mention, you want to be comfortable financially, and you don;t want to have to worry about how you are going to pay for shit. The last thing you want to do is draw down your capital to replace your furnace if it blows out!
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This was a joke, right?

I mean the kid lives at home. No kids. No mortgage to worry about. He said his expense is like $1k per month.

You are telling him to wait until he can consistently make $60k per month?

Hahaha, is this another way of saying to him, don't quit his job?
 
Quote from MandelbrotSet:

I love the nice, neat way you've set up your missive shabushabu.

It shows that you are really trying to give this some thought, are serious about your effort and honestly seek to be successful at trading.

OK, so I'll work with you and try to recommend what I think my really be in your best interests.
***
Nobody here wants to see you quit your day job, because we all know trading, while it appears to be easy when looking over a historical trend, is actually the most absolutely difficult thing a man (or woman) can do when looking at the hard right edge.

There are many many markets that are open at all times of the day and night, and believe it or not, their price action is fundamentally the same, across the board (some might disagree with that statement, and that is OK, I've watched them 24/7 and I know this to be true).

Why not try your hand at the currencies (which are open at 2:00am ET) or the Notes (8:30am ET) or the Euro Indexes (similar to currencies, but you would have to confirm that) or the asian indice (late evenings to early morning ... this also requires confirmation on your part).
***
You see where I'm going here?

Nobody wants to see you get married to a situation when you haven't even really sampled what's out there.

Good Luck

P.S. My own story? I quit my day job and got an evening job to trade the US indice, so I didn't really give anything up, but if I could do it all over again I probably would have been better off keeping the day job, they loved my skill-set. :D
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Yeah, I'm grateful for all you traders that have critiqued my plans. As I'm sure some of you have gone through times where you've found opportunity. For some of them, you've gone for it and for others, you may have let them slipped by.

I actually enjoy trading quite a bit and keeping up with daily business news. It's more interesting than any job I've had...

At the end of the day, I'm more than 50% decided on going full-time and am seeking any advice suggestions, some of which are already given.

Thank you everyone.
 
Don't quit your job unless you have atleast a years worth of income that is not to be played in the markets. Then trade 60K for 6 months and if you can't gain 30K after taxes, go back to work. This way you have a security blanket and give yourself ample time to test it out.

My true answer would be keep doing what your doing or see if you can workout a scenario where you can trade the first half of the day and work a later shift.

Trading full-time is a whole nother ball game.
 
Quote from condorll:
> Start daytrading stocks full-time with about $60K US in cash and leveraging it through margin

Don't leverage for at least 6 months. With 60k you should be able to make at least $500 to 1,000 per week. to start.
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I'm going to try this out. I've lucked out twice in almost losing my entire profits for a month by balancing it with another lucky trade. I was definitely trading with too much money using margin - I'm going to try to stick with your advice and trade under a 60K window.

Thanks for the advice. Appreciate it!
 
Quote from bespoke:

Making 80% your first 2 months = lucky gambling

Don't quit yet. See if those results can continue first.
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Could be lucky gambling...

My record has almost 300 orders on about 130 trades (includes buy/sell , or cover/short) in just over two months with about 60% profitable, 20% negligible and 15% with losses > $1000..

I believe I need to do more research to lower the risk and also decrease those big losses. Also, trading with less money should help me preserve my profits more.
 
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