Here's the situation: Currently have a decent job that has flexible hours that allows me to trade about half time. When I have had time off in the past that has allowed me to trade full time I have done well. My current job could possibly end by July and I have nothing lined up if it does. I know I can collect unemployment while I look for a new job but I would rather trade than look for further employment. I am a college grad with a decent network of contacts but jobs right now are hard to come by and when they are offered it seems that salaries are getting smaller because of the intense competition for them. I live in the midwest where the cost of living is very low compared other areas. A salary of $50-75 grand would allow us to live very comfortably. Here is where the argument begins, I believe I can make this trading on my own. Making my own hours and being my own boss really appeals to me. I would rather make $50 grand a year working 40 hours a week trading than work 50 plus hours a week to bring home $60 grand a year working for the "man" and having to deal with the daily bs that goes along with it. My wife would rather me work for the man even though it would drive me nuts just so we can have the security of his paycheck. Please do not jump all over me saying that I can't make this kind of money on my own. The way I look at it is it is only $200 to $300 a day average to make this kind of money. I use low risk set ups and limit my losses. I would also like your input about the benefits argument, working for the man I would get health benefits. Going at it on my own I would have to find these benefits elsewhere. Any input is greatly appreciated.
I have averaged $25 grand a year the last 3 years going at it part time. Going weeks or more with very few trades because of work, then going full time for a month, and then weeks where I can trade 2 or 3 hours a day. The days that I go full time I have done much better than the part time days. I have also saved enough money so that I have at least two years of living expenses in reserves if I do try to go full time. I know better than trying to go full time with each days trading affecting whether or not I eat or pay my bills on time.
If you have a couple years worth of expenses saved up and a proven history of trading profitably with real money, then there's no reason why you shouldn't give it shot when your job is over in July. Just keep a close eye on potential jobs in case is doesn't work out, keep in touch with your contacts, etc. You should know within 2 or 3 months if you're going to need to pick up hours at your former job. As for convincing your wife, you can remind her that you are responsible enough to not try this without sufficient reserves, but ultimately your PnL should do most of talking for you (unless she's morally opposed to trading).
From your tracking record above and savings you have, I guess you can very much give a try to trade full time.
Why not have the wife pick up a job as well (assuming she doesn't already work)...and if she can find something with health-care benefits, so much the better.
Kids? That's the big deciding factor. If it's just the two of you, go for it. If you try and fail then you and your wife can move to a smaller place and both work, and you're just a lousy trader. No big deal, a lot of us here are lousy traders (myself included). If you have kids and you blow the family nest egg and wind up homeless, that makes you a lousy person. Big difference.
Security and a stable income is VERY important to most women. So you need to factor that into your decision if your marriage is important to you. You'll also find that trading becomes a different ballgame when it's your only source of income. And having more time to trade doesn't always equate to better trading. Often quite the opposite is true. So my suggestion is to give it a shot IF you are forced out of your current position, but give yourself a solid deadline of 12 months. And stick to it. You want to avoid finding yourself 2-3 years down the road just barely making it, and being forced back into the job market with your skills, contacts and marriage all dried up. Best of luck.
3 years profitable trading?!! I would have went fulltime ages ago if i was as good as you! I say go for it. You obviously know how to trade profitably.