When to call it quits

Quote from saxon22:

Still on the fence. :)
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In 2004, I left the corporate world behind for good. I have traded full time ever since - first, in equities, and currently in futures. Back then, the benchmark requirement I used (for determing when to 'pull the plug') involved having the ability to earn (from trading alone) three times my job's yearly salary. Whatever metric you ultimately choose to measure whether or not the time is right for you to take the next step, may your decision allow you to enjoy tremendous success.

Good journey to you.

- Spydertrader
 
I don't really see how you can plan this much.
Get a job that lets you trade the same exact way you would if you didn't have the job..Then do both until its simply not worth your time to bother going to the job anymore and quit.
Also, think about the fact that most advice from "pros" on this site is nonsense..You can tell how full of shit people are since there are virtually never any posts about basic things like health insurance.
 
Quote from jdeezero05:

I don't really see how you can plan this much.
Get a job that lets you trade the same exact way you would if you didn't have the job..Then do both until its simply not worth your time to bother going to the job anymore and quit.
Also, think about the fact that most advice from "pros" on this site is nonsense..You can tell how full of shit people are since there are virtually never any posts about basic things like health insurance.
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When it comes to big decisions I prefer to utilize chess player way of making moves. Think it over 100 times and then proceed.
 
Saxon22,

The best answer is there is no answer. Everyone is an island and how long it takes you is totally dependent on you, your psychological makeup, your own skills, your capitalization, whether you have a mentor and many other factors. Sugar coating it isn’t going to help you. It takes some 6 months. It takes some 2 years. Most never make it. How long will it take you? Only you can answer that.

This is the same answer I would tell a friend asking me this. There are no shortcuts. But if you want a number to feel better, give it two years of dedicated effort. You should know by then. Remember, nothing worth doing comes easily. With great potential rewards, comes great personal responsibility. Sooner or later you have to just fully commit if you want to make it. Being scared of giving up the security of your job is a warning sign you may not have the makeup to make it on that island with no safety net.

Good luck and good trading

BM
 
Having doubts is only natural in this line of business. I am being cautious not because I am not ready to jump. I am, but I want to be 100% sure this is the way to go.

I was simply curious as to how long it took others before the final commitment was made.
 
Quote from saxon22:

Having doubts is only natural in this line of business. I am being cautious not because I am not ready to jump. I am, but I want to be 100% sure this is the way to go.

I was simply curious as to how long it took others before the final commitment was made.
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I basically jumped. I couldn't take the corporate BS, and even then I had to pay to leave where I was working since I had to pay back tuition.

I'm at a new company doing what I want and trading with a salary, but I just couldn't bear the idea of not working towards personal goals and doing menial tasks for someone else. I'd rather be poor and working towards my own goals than having conflicts in my heart about what I could be doing instead.

I don't know how other people hold it in, but I just can't stand not working towards my own goals.
 
Quote from saxon22:

Having doubts is only natural in this line of business. I am being cautious not because I am not ready to jump. I am, but I want to be 100% sure this is the way to go.

I was simply curious as to how long it took others before the final commitment was made.
More...

It all comes down to consistency, confidence and profitability.

How many times have you doubled your stake?

Whats your win-loss ratio and number of trades?

To assess longevity, how do you trade (technical analysis, patterns, fibs, price action, fundamentals, gann, Elliot, news, arb)?
 
Im working 2 jobs right now. the second job pays the bills, but the corp office life kills me. it is a later shift, so it fits into my schedule but I wish I just trading full time (doing both full time) = np life

I do trade better as I know my second job will pay the bills, but it is eating up my free time and takes alot of me.

I am close to leaving, hopefully within 3 months I will have left. I do plan on leaving on good terms just in case I need to come back.

if these next 3 months are good, I am going to ask for part time (would love to work part time) and that would be ideal, part time work and full time trade.

hopefully by Aug 1st I am just trading
 
Quote from saxon22:

For those of you who have been consistent at trading, how long did it take you to say "adios" to your then current job and proceeded to roll over and became full time trader?
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As a general rule, one must double their annual gross income they have been earning on the job, to make the same living self-employed. If your gross salary was 50k, you must gross 100k in distributions from your trading account to maintain the same standard of living. This is due to taxes and reliance upon tax professionals, among other things.

This current economic cycle leads me to recommend that you bank ten times the gross income from your job, before you give notice. If your gross salary was 50k, have 500k in the bank, gold, or whatever... this is in addition to your trading account(s). That 500k should be far enough out of reach that you don't reach for it everytime you see an expensive goodie you want, but close and liquid enough to turn back into cash should the SHTF, for whatever reason.

I was a small business owner before retiring, so I traded around my business hours. I was tempted often to quit that business and just trade, before enough was banked to say adios, but as it turned out, real estate slumped in the 2001 recession and the real estate-related business died anyway, so I was saved from making that transition. No, I was not a realtor. I hate dealing with nasty people... same reason I didn't ride my LSAT into law school...
 
Quote from Molec:

OP

you need to make yourself comfortable with your dream

I assume you have a dream,

make yourself comfortable with the fact that you may not live to see it

Would you rather give up, or would you keep the dream alive for as long as you are alive

think about it
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Good point Molec.
 
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