So, worst case scenario for me from here is that I waste my savings and get back in my old job, but probably with a higher base salary. Another scenario would be that I find a better paid job which is less stressful and can be more easily combined with trading. Best case scenario is of course that I actually make it. For me, this bet makes a lot of sense.
Have you considered doing it the easier way: Keep your day job, save/invest until one day you don't need that day job to put food on the table for a long long time, then quit and trade full time using a small % of your nest egg? This way, no pressure, no need to worry about drawdown and every Mon-Fri is like going to Vegas and have fun?
The thought may have crossed my mind, but I just don't see myself doing that in my current job. If I were to follow your proposed path - I would at least need to make sure I found a job I enjoyed at least a bit more than the current one. Not to mention one that's paying more. So, I'm pretty sure quitting at least this job is the right move.
Perhaps as a back up plan, (and you need a backup), find a job you enjoy to accumulate "AUM" at the same time sharpening your method/strategy. I am an amateur retail who took this path years ago, trade my own funds full time since 2010. Of course I started in 2010 with way more than $15K. Good luck and best wishes.
Yes. Maybe even an 80 % job where I quit early on the day (if possible) and can go home to trade. Let's see... Are you successful trading your own funds full-time? Thanks and same to you. Howard
I have always seen people taking trading as their full time career, wishing to quit from it very soon. I hope you aren’t the next one. Dive in into the profession with full passion and confidence and use your knowledge to your advantage. Best of luck.
Maybe we can even help you get started with your new career. Since you'll be trading anyway - and if you're good at it - then create a trading system (or more than one) and post your trading signals on WealthSignals.com. We'll keep track of your system's out-of-sample trading results, you can develop a reputation, attract subscribers, and earn money for very little extra work. Best of all, it's free for trading system authors. Robert -
Full time since 2010 after I no longer needed my day job, profitable every year except 2011. I said it many times, I decided to bet with the bull market from the beginning and it is not surprising the outcome were good. If I started in 2000 and trade the same way, I would probably be wipeout. I am trying to find a more market neutral approach because I believe this cannot go on much longer. Best wishes to you.
Thanks for the suggestion. Currently, I'm limited to intraday trading, so it seems like I'm not eligible for your services. Great. You've done very well then. Hopefully, by now you're prepared for if and when this bull reverses. Thank you and same to you.
Not sure if anyone in this thread has said this, but if I were in your shoes I would be looking to trade stock options rather than index futures. If you get emotional and make a bad decision in index futures - say doubling down on a losing trade and buying another 2 contracts, that poor decision will be enough to wipe out $10,000 of your trading capital before you know what hit you. On the other hand, you can get involved with options trades where you will not lose more than $300, as long as you have a shred of discipline....unlike futures where 6 Emini points is worth $300 bucks, and 30 point moves occur at least once per month. Plus with options, underlying price isn't the only way to win - learning how to use time, price, current volatility and expected future volatility can all give you ways to structure profitable trades. Obviously, you never want to be selling naked calls, puts, or straddles with a $15,000 account, just get long on positions with 1 or 2 options contracts max, and you should be okay. I think you are far more likely to make money doing that then trying to trade futures outright. Just one guy's opinion.