Bro, I am also in the same boat. On 4th of June 2010, I am turning 30 and I am planning to start my full time trading career from the same day. My situation is same like your's. I am an IT professional with 10 years experience. Even if want to enter corporates again after 2 years, I can make it to the same profession. Just do it bro... I am also going to do the same. Cheers
As Dalen already said, go on a "vacation" for three or four weeks and devote that time for trading, and if it clicks and profit is there, I don't think that you should look back...
did it back in 2002. might be too simple a reason, but basically summed up by this quote "It is better to have tried and failed than to never have tried at all".
I took redundancy, decision made for me, time to day trade (and not off of a bleedin iPhone like I was whilst working, not good considering I'm well into charts), and a nice fat injection for my trading account into the bargain. Actually I took about 6 months gardening leave before fully going live and did some seriously hardcore research. Seriously tho' it's like sky diving, there will be fear until you've made your first jump. There's always going to be apprehension before starting a new venture. I'm assuming you are consistent with your trading and have been at it for at least a year or two, I certainly wouldn't advise a newbie to quit the day job. All the best with it anyway. If you have a passion for trading you will find a way. IMO that's the key, taking pleasure from trading. Don't get hung up on the money, when you start trading you should do it because you enjoy it and focus on honing your skills, don't focus on the money. Most fail because they focus on the money and not on trading well.
Isn't it true that most of the institutional or prop firms trade very differently from at home traders ? For instance, I have been very successful swing trading for few years now, but most of the trading firms would probably not let me hold positions overnight... so that could become a factor.
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. Bullverine, It's a good sign that you are asking questions of others. It proves you are humble, and that will take you a long way. However, the more important questions you need to ask of yourself... 1. Who are you? Are you an unintelligent, weak, and fearful human being? Have you no power to move in your preferred direction? If everyone says "no" to your dreams, are you done? Are you a creature with free will, the power to chose? Or a simple animal who needs approval of his master/s before he gets his bisqee? If you base your life on the approval of others, you're throwing your life away. When seeking to accomplish something, ask how, not if. I have only two questions for you: 1. Can you swim? 2. Do you have the balls to jump in the water? If the answer to the first question if yes, your fear and anxiety is illogical. If I wanted to walk down to the local Starbutts for a mochafrap, and I knew how to walk, I wouldn't be sitting on my ass! This is not a do or die situation. Give it a good run! If you're not so sure, give it a good run on a smaller scale. Forget the failure rate of others, that belongs to the unstudied, the unpersistant, the weak and fearful masses, not you! (unless, that is you. Like I said, this all boils down to who YOU are). Do not be afraid, just stay awake, learn to trade and manage your money properly. If somebody can do it, you can do it. You're already leaning in that direction. Prove yourself. It's an ask, seek and knock world. No more approval ratings. Do it. Take it. If you can't, you'll know soon enough. That's more than you know now. And you can't do anything with what you don't know. Who are you, Bullverine?
What's the worst that could happen? You'll have to seek gainful employment again. The self same situation you're currently in.