There is only one way to find out. The reality is that you will probably lose for the first several months. Even if you don't lose, you should plan on trading small until you can trade profitably consistently. You don't want to fall into the boom or bust category. Unless you have a Series 7 and can prop trade... you will need at least $25k in trading capital, plus another $5 or 10k to meet daytrading margin calls... and another $36 - 60k to cover living expenses until you can turn profitable. Then consider the expense of data fees, software charges, trade generating services... Good luck, let us know what you decide to do. By the way... wait until you lose some cash and burn through savings to meet monthly expenses and close in on that "bankruptcy" point with no turn around in sight before you can truly say whether your wife is supportive or not. Make sure she FULLY understands what you are prepared to risk before you get into this racket.
DB... I appreciate your responces. A few facts, We shop in target, walmart, km, even for my childs clothes, never been to gymbore or high end stores. I do not live above my means, dont eat out barbacue al the time, I live in an area with high taxes and I want to raise my child there because the schools are good. I drive a 98 dodge stratus to work evevyday, my wife drives a 2000 lincoln that is paid off due to a record month iI had in 99.
jz, Once in a great while somebody asks for advice with a sincere desire to hear it. Most, however, just want to be told that they're doing exactly the right thing and everybody's pretty much in the same boat and nothing can be done about it so just keep on trying and everything will work out in the end. Yes, you do live above your means and, no, your problem is not that you use charts. If your cars are paid off and you live in a house that is a reasonable size for two people and a toddler and you shop at discount stores and don't buy prepared foods and you're spending $6k/mo in "overhead", you need to see a financial counselor.
DB... I live in suburban New Jersey where the cost of living is very high real estate taxes are $10,000 a year, I dont know your situation If your married have a family, mortgage etc $6000 a month is not that unreasonable most people I know with gfamilies range from 4000 - 7000 amonth and dont live above their means.
We have lots of people here on the OBXNC from New Jersey who came here to get away from the high real estate taxes. My ret are less than 1000 bucks a year and NC doesn't tax my pension. In fact, I payed no state tax whatsoever this year.
And if most people you know filed for bankruptcy, that would be okay for you as well? "Living above your means" has nothing to do with how anybody else lives. It has to do with your income and your outgo. If you want sympathy, hang out on message boards. If you want genuine assistance, see a financial counselor.
Thanks again for all the great responces, all were correct. Most of you on this site have more expeirence than me and are more succesful than me so your doing something right, I respect that and will take all into consideration, Thanks again for the good advice.
Trading for a living is a relentless occupation, I've known a few people (myself included) who, after a few years of good profitability and thinking "I've finally made it", went back to square one after market conditions shifted from what I was "used to". There's no greater truth to the line, "whatever doesn't kill you makes you stronger" than in trading, but make sure this is the road you intend to take, because you're going to need all the commitment you can muster to endure the tough times. In all honesty I believe you are setting too high a hurdle for yourself to begin with, as others have pointed out, you must be able to trade without regard to any monetary goal or the pressure will obscure your judgement. You mention you have savings; if you have enough to set aside for your expenses for one year, do that and assume you won't make anything for the next 12 months. Learn quickly from your mistakes; knowing what NOT to do leads to knowing what does work. Maybe find someone who can take you under their wing to hasten the process. But realize that it may take years to really become settled in this as a career, commitment to see it through is critical and you need to do all you can to foster that (doing what others have mentioned: minimizing financial burdens, being open and honest with family, etc). Good luck!
illiquid.. great advice thank you. I went the last 6 months without income I may have 3 or 4 left realisticly that I can afford to go before Im in the danger zone