Don't do it. 3 to 5 pips a day is very easy, you get the high from the high win/loss ratio but you're going to hit some serious losses at some point; also I can't imagine what your stop loss is. Any market shock will erase months of profits. Seems a little wobbly to me. Stick to the real thing or start a fund but that's no easy thing and becoming ever more risky.
Colombo, You haven't mentioned and no one has brought up yet the most obvious, basic questions in my mind (and I've been through a not-unlike experience, albeit not entirely voluntarily). Such as: 1. What are your personal risk profile and personality like? How risk-loving, entrepreneurial, self-driven, etc. are you? You either have it in your blood or you don't... Can you be brutally honest with yourself, most of the time? What rational thoughts and not-so-rational emotions come to your mind when you visualize each of the two alternatives in your mind's eye? 2. How many days / weeks / months / years of living expenses have you accumulated? Do you have a wife (working or not?) / dependents / other obligations? Does the concept of "infinite wealth" mean anything to you? In case it doesn't, go ahead and look it up. 3. The fact that you've got a high net worth client lined up already is a major plus... However, if you and this client-to-be of yours have become "close" friends, as you say, have you had straight-up conversations with him regarding exactly what "do[ing] this on a full time basis for him" implies and what the possible scenarios might be? 4. And yes, it might help to have an edge, too, that you have confidence in. If you have to ask, that's generally not a good sign... These are just some of the key questions you'll want to get a good handle on -- now, while you have little or no pressure. Also think about this: we might sometimes regret the things we do, but we sure as hell regret more, much more, the things we don't do. Don't let the logical, well-meaning, risk-averse strangers cause you regrets.
One of your biggest concerns should be the regulatory and admin aspects of running money, especially if you expand beyond a single client. It can be a real pain, and shouldn't be ignored in your considerations. Good luck.
The best advice I was ever was heard. Never give up your edge in the financial industry till you have a better one. Yours is taking care of high net worth individuals. If your next job becomes watching a screen for you living all day long. It will quickly become a job.
I don't think it sounds crazy but your client could suddenly die and then where would you be?...I say stick with your excellent career and if you are ever going to day trade full time, then do it with your own monies for yourself.. Good Luck..
My advise is to stick with your firm as an investment advisor if you are happy there. Trading is a totally different ball game without a safety net and it will bring a lot of different pressures then you are used to. If you make the switch you will need a lot more skills then just a simple 3-5 pip strategy that may only work for a limited time. Good luck