Reading some of the strategies posted on this site I would be surprised if more than a handful actually make a living off their trading.
I did once relied on my trading for several months, was worried couldn't handle the pressure but did ok, but almost all of the time I trade for my 401k LLC. I don't want to end up in a cave like I have generally done for couple decades learning to get better. So when healthy enough, am going to go back to some type of work that I don't consider a job, but once whatever becomes a job, time to quit. With automation, runs itself and I will continue to do few days a week manual so I don't forget. But at my age, getting tougher to remember all the nuances, trembling index finger has put me into some trades way too large, yea, age catches up to everyone......
Why would you have a 401(k)? It's employer sponsored, pre-tax contribution. You just cannot help yourself with this utter BS? How big is your trailer?
No because I suck at short term trading and have a high paying job. Even If I could scalp profitably and reliably make six figures per year, I would end up getting bored with it. Low transaction frequency day and swing trading profitability is easier to reach and is less intensive than scalping, but even with top hedge fund returns of say 40%, I would need at least $250,000 in an account for "only" 100k per year. Even then, some if not most years, my income would be less. Basically, as a job replacement, I would really want a $600,000 plus in my trading account and a good track record along with it. For now, I intend to develop my trading skills and track record in my spare time. Hopefully, by the time I have reached my account goals, I will have the trading track record to justify focusing on trading for a living. Although I would still persue temporary or part time contracts because I love what I do currently and have specific plans to persue other high earning and interesting opportunities.
He must have an employer sponsored retirement plan. He has like 10 employees that he gets limosines and houses (filled with Big Brother cameras) for. He gives them 10 year contracts.
My only reportable income is based on trading or other investments, so yes. But food (or my living expenses) is such an inconsequential percentage of it all. In reality, I have a pool of money market funds I pull from to live. I have an aversion to working for people. I can't stand their bullshit.
Trading is a good second source of income. If you can consistently put up even modest returns that augment your wealth accumulation through a job or other endeavor, you can have a real engine for wealth growth over many years. Think saving 10k/year and putting that in a trading account that earns the SPX + 5% (your alpha in trading). Over thirty years the returns can be massive.