That is why a lot of great traders had been traumatized in their early lives, so they defy and manage fear better than normal people: 1. Paul Dudley Jons had bride quit on him the day before wedding; 2. George Soros handed out deportation slips when he was a little boy and he had to hide in somebody's else' home to avoid deportation. .......
In 1-2 years, you will realize that the only problem is, you left a steady paycheck in a bad economy, for a 1% chance to get back to that income level, and the bruises all over your legs will be from kicking yourself for making an obviously very bad choice. The supporting viewpoints in this thread will be little comfort when you come to realize this, and are fighting with everyone else, trying to get any kind of a real job including the one you just left. Meanwhile, your resume will have a lengthy hole in it from your departure that makes it more difficult to get another job...
Although, you have a good point, I think it is worth taking the risk. On the flip side, in 10 or 20 years from now, if you keep working that safe job where you are not happy, you might wonder what if you had tried trading. In hindsight, it will be very clear what you should have done. Also, I am wondering if you feel trading in particular is a bad career choice or leaving a secure paycheck for a career change in general is a bad idea ?
I know someone who used to be a controller. He quit his job earlier and now he is working at the junior accounting level. Don't quit your job. PA
I haven't had a "steady paycheck" in the last 40+ years....basically since I was in the military. I can tell you that in that time I have met many in similar positions to you, who have had trouble adjusting to the idea that they don't have a paycheck. It puts a subtle pressure on them that affects their decision making when they put their money on the line. I would tell you that you don't have to make that decision. You can get yourself a job at night...bringing in that money will change your psychology. Or, if you happen to be located on the West coast, you could work after 1:30 PM PST. There was also a thread earlier that I thought was a good one. The guy kept his day job, and traded one of the European index futures at night. You might do a search...I thought it was an excellent idea. Over the years my wife and I took money and put it into rental properties. That has created a stable source of income that flattened out some of the peaks and valleys. If you decide to take the leap, I wish you well. OldTrader
I did what you're contemplating 14 years ago. As the final days of my corporate job approached I had a bit more anxiety each day. And then I was gone and into trading. Once the 'event' (being officially gone from my job) happened it was like 'hey, I'm off to a new venture' and life went on. The anxiety was gone --- I knew I would not have any direct deposit every 2 weeks so I focused on making small profits initially. I've had great years, decent years and a few bad years. But I still love it and the freedom one has is not something you can put a price tag on.
1.If you like it that much, give it one full year to try. 2.You also needs a right mentor. This is very important. 3.If you don't have the right mentor; you'll go back to work after one year and don't waste any more time on it.GL.
I assume you are a success as a part time trader and that success has been measured for its consistency, draw downs etc. If you have done the numbers and feel comfortable that you have done them in an honest and objective fashion, have evaluated your capital against those figures, then you have some facts that allow you to estimate your chances of success as a full time trader. If the numbers say you need another year or more, take the time you need before you leap. Don't let rushing toward your dream crush your dream. But, if in your judgment the case for going full time is compelling ... I wish you well. And never listen to the assholes who tell you it can not be done. They are simply wrong on the facts. One or two or maybe three in every hundred will succeed in terms that satisfy them. Just be sure you are ready to be one of that small group.
Thank you all for your comments. Its good to see "go for it" and "don't do it" type of comments, they paint a clearer picture Without going to much into the details of my situation I would like to say that I am not leaving a good position, I am an entry level corporate employee. Its not as if I have an 80K+ job and all of a sudden I decided I need change. Few replies here have mentioned that I might regret not trying and not knowing what could have been. I think this is one of the main driving forces behind my decision. I want to know, I need to know and there will be no better time to find out. I don't have a career yet, I don't have family, kids or mortgage but this will change soon and I think its only sensible to try now before I have other more pressing responsibilities. Not to mention that if things don't work out I still have 30+ years of corporate jail time in me. P.S. While I was writing this post I realized that term fear might be an over exaggeration for my situation. Maybe term anxiety is a bit more appropriate. Anxiety of someone going into uncertainty and starting a business for which they don't teach in school.