My take: You need six months to a year of income replacement, available in cash somewhere. If your day is driven by the looming need to earn money to live... Chance of success slim
Having had experience in doing what you are planning to do — If I had to do it over and do it right, I would not quit working cold turkey like that. That’s already a risk management no-no. When it comes to trading, it always makes sense to have at least a second source of income. Instead, switch to remote work so you have a safety net of income while you work out your edge. Besides, most jobs start around 8-10am, and there is also potential to pull a few trades pre-market long before your work day starts. How do you think a lot of software developers are also able to trade? Can be any remote job/career that pays a steady wage, or at least covers most of your bills. That way you won’t be forcing your trades out of desperation.
I've been self employed for for over 40 years and until recently had a disability policy. I paid $135/mo. for a benefit that would pay me a portion of what I made per month until 65. It was enough to survive. Luckily, never had to use it. IMO, a disability policy is more important than a life policy. Everybody should have one during their prime income years. If still disabled you go on SS after 65.
Just short of working anywhere I want, I pretty much have a job to lounge 40 years experience. Mentor me
sounds like a ptetty good situation. what do you do? Buy stocks that are going up. Sell when the trend changes. Don't hold losers in your portfolio!
That is absolutely and utterly a tough one to decide on completely. I met with bunch of guys who have been going through the same thing. They were good, but they just were not able to clock in the hours necessary to become even better. They always had a thing, a place to be, a sales call, meeting with a client, or the boss whatever. When they were not at work, they also had to be with the wifey, pick up kids or take them to sports training and whatnot. They developed a side hustle to cover their expanses, saved up a little to cover for the family and quit to become a full time trader. Some have it easy, some have it way harder than the others but you know, its not the end of the world if it does not work out for you. You can always go back to work or find another gig. I'd give you kudos for having the guts the pull the trigger on that decision. Im sure you're stressed out but, you will never know if you don't try. At least you're trying. Best of luck.
That's a good point. Mine was based on something else, real estate. The premium and payout are based on your earning history. I would think a successful trader that pays taxes as a trader would qualify.
I started trading Options last week. There was no issue with buying or selling. No problem at all. If you ever had a problem selling, I would invite you to give it another try. I used TD Ameritrade and would highly recommend that, although there are other brokers you can trade Options with. To anyone considering trading Options, don't put it off. It is easier and more profitable than regular day trades.