crgarcia: it is not enough that you start those clueless one-sentence assertion threads every now and then about the harm of trading. Now that you come and downright insult people for wanting to trade. Shame on you! You have no class.
One thing for you to consider, Hardo: Trading for a living takes a lot of work. I really mean it. The 6.5 hour window where the market opens is not enough. You need to prepare before the market opens and review how it went every trading day. You may think of it as a 40-hour workweek engagement (or less) so it lets you have more time with your family. If this is your idea (8 hour workday and no more), you really need to think twice. People or commercials may glorify trading: spend 2 hours a day, place some orders in the morning, then take the rest of the day playing golf. My reality trading for a living (for 3 years now) is far from that. Maybe I am not as smart as the others. It depends on the individual's talents and experiences and drives to improve performance. But remember advertisement and reality usually have big gaps between them. Just something to think about.
You can't cross the ocean until you loose sight of the shore. I too was in this exact situation at one point. Ended up trading during the morning hours and working 2nd shift until I started to make some coin. Trading is all risk minimization... therefore, go try a 'no money down' prop firm, bust your balls for 6 months and then see where you are... The Risk to Reward in this scenario in this case is a trade I would take all day long. B
What nobody has mentioned is also how you handle the mental stress of trading and making a few thousand bucks in an hour and then have the whole day to yourself. I find that I mentally cannot handle making the money within one or two hours and then having the rest of the day free. I know this may sound weird but it is hard to justify why you are able to make such money in such a short period that other people work all month for. I have had issues with this and I am sure others must have the same. Donating to charity and helping local organisations by actually giving time to them, have proven to be helpful. Anyone else had these issues?
I volunteer at an inner city school 2-3 days/week. That's the beauty of trading and the freedom it allows. Sure, you have to be making some $$$ to be able to do outside volunteer work. But after you've made $$$ for a number of years the stress IMO lessens. You know you can make $$$. You have confidence.
Read this thread. It will show you what can be done. http://www.elitetrader.com/vb/showthread.php?s=&threadid=193440
Hmmm....reserves are important. However, most people here make too much a big deal of security. It's an illusion in my honest opinion. You will NEVER be secure enough to trade so you don't feel any fear or trepidation. Trying to make that feeling go away is your prescription for disasterin trading anyway. The best traders welcome the feeling of fear and love risk, because that's where the rewards are. One thing I believe you should consider is that you have to weigh what's really stopping you. I didn't read all posts but the title is, albeit tongue-in-cheek, is something about your wife "letting" you trade. Maybe consider whose life you are living, who is the primary breadwinner, and the fact that in any potential divorce she will call all the shots anyway, you might want to take your choices while you still have them, get your experience now and if she decides to split you have your skills and can make it on your own. If you are really a trader, you will find a way to trade, on some timeframe and level that works in your situation both in terms of risk/reward.