Alright Hardo, you asked and now you have the green light. Time to break the news to the wife over a glass of wine tonight. If she throws a fit, take an advance on your future winnings and book a trip for two to Maui. She'll quickly forgive you and you'll be rested and ready to go for your first day of full time trading on July 2.
Thanks for all the advice so far, I really appreciate it. My wife does work, but doesn't have a college degree so it is easier for me to find a job with benefits than it is for her. As for kids, that is the 800 lb. elephant in the room. We have three - ages 7, 4, and 2. If it was just the two of us I would have tried trading full time long ago. I would have given it a go whether she liked it or not and really wouldn't have risked a lot. I wouldn't want trading full time to jeopardize my kids well being but I also look at trading on my own as a plus for them, having a flexible schedule and not having a 9 to 5 everyday would allow me a lot more time to spend with them. I like the suggestion of setting a certain time period, like 12 months. If it works, it works. Otherwise I head back to the real world knowing that I gave it a shot and missed, at least I tried. Remember, "You miss a 100 % of the shots you don't take". I know of people that have been out of work or had hours reduced for close to a year, they have struggled to find work but once they did it was ok. The way I look at it is if I try trading for a year and it doesn't work out I won't be any worse off than they were.
I know you have 3 kids which makes this so much tougher. But the above caught my eye; I would give it a shot for a year for sure. You didn't say how much working capital you have (are you overleveraging yourself, etc), that could make the difference as well. Good luck
If you can make $25,000 a year part time, why can't you just triple the amount you trade to make $75,000 a year. Make a deal with your wife that if you can make $75,000 over the next year, she'll agree to let you quit work to trade full time.
You need to stop making excuses and follow your dream. why not go prop with a small deposit, that way if you lose you still have your capital, if you win your returns are so much greater?? Plus it looks like bob bright is actually staking traders, trading for them and splitting the profits in a secondary account, how can you go wrong with that set up as an additional income, search don bright here on elite to find the info
if you've waited until now to make the decision, then don't do it. if you wanted to be a daytrader that bad, it was your passion, like researching 16 hours a day on the market, thinking and dreaming about the market.... you'd have find a way to pursue the life of the daytrader a long time ago, you don't have to wait until now. because you've achieved certain amount of security in life, now you're considering to take on a more adventurous path ??? you've been conditioned with the stable life, external and internal pressure will lower your sperm count. by chance, do you have a little gambling in your blood? do you like to play poker? or else forget about daytrading and stick with investing by averaging down SPY or Q's
Don't do it. With three kids and a wife to support take the steady paycheck and benefits. These guys telling you to chase your dream aren't going to put food on your table if/when things go wrong. Use your trading skills part time to continue to build the nest egg.
You sound like an excellent candidate for full-time trading. One thing is, do you have the ability to go back to what you were doing before if you fail or just don't like trading?
To the OP, you have mentioned that you've traded for the last three years or so part time and you've made money. That is with no pressure, since you had a regular paycheck coming in. It changes greatly when you have three mouths to feed and you have no regular paycheck coming in.
this is obvious that you CAN trade and makes me wonder WHAT COULD you do it you did trade full time!!