%% WELL a few have started with less, but its sucha few; unless he is debt free, good money manager,very good...…………………...SO they were most likely giving good advice ina general way; wisdom is profitable to direct. IF I had to make it on $15k, I would swing trade, lost too much money dayttrading, but commissions were higher then+ more people used to daytrade -until they got blown out. Congrats on your profits
i got laid off last December and have been trading "for a living" ever since June 1st. I have an $80k account, zero debt, a small storage rental facility and very very limited monthly expenses so I am able to maintain my current lifestyle very cheaply...but brother...all i can say is good luck to you. Its a lot harder than i thought it would be and turns out i completely suck at it. I just took a few weeks off after some major losses in options trading to get my shit straightened out before heading back in. A word of advice from a currently failing trader: - You mention having jobs lined up in case you go broke...don't let that allow you to take big risk. What i mean is you might tell yourself "well its okay i can always just go back to work if this doesnt pan out". To me that would be setting yourself up for a blown up account. I have basically told everyone who has called me to go back to work that i wasnt at all interested and please stop asking so I absolutely HAVE to make trading work. Success or homeless, no in between for me. Again, good luck.
%% Good points; zero debt + wise budget can be a real plus.Also keep track of cash trends compared to derivatives...... IBD founder said '' i dont know why people trade/invest in ETFs [like SPY,QQQ] i can make ore money in stocks'' I do; losing less money ,tends to mean more profits/dividends. NOT a prediction.
Same Boat, saw a homeless guy in local subway after a big hit from news last week, he said, rough day and I said, you might have a new person sharing your subway if it gets any rougher. Demoing for a day or 2 till I get myself sorted out aswell.
It seems like most people underestimate the difficulties of trading. I took years off. I decided I would never trade live again until I had something I really believed in. And even now, I have realistic expectations and know it's possible I might not make it. And that's after a ton of preparation and studies... You seem well capitalized. Why not take 3-6 months and focus on actually learning the markets and developing a solid plan/methodology? Live trading/demo trading is a waste of time if it means skipping prior necessary work. IMO, at least. You shouldn't 'head back in' until you're ready to do so, but I don't know your background, so maybe you're ready. But major losses is not a part of successful trading. That's just gambling. Well, thanks. I get what you're saying. But I'm extremely motivated to not go back to the work force ever again. Thank you and good luck yourself! Feel free to post an update in this thread as time goes by.
I just really can not understand why anyone would go fulltime without having a proven track record. It is like opening a high end restaurant without knowing how to cook some pasta.