Pulling your income fully from trading means that you must be absolutely ruthless in maintaining very tight stops. Don't ever let anything get away from you. Be happy with small but consistent profits, and protecting your equity. Don't get bored and start to be creative, when real dollars are involved. If you want to play, do it offline in a test platform. Sounds like you are on the right path. Best of luck.
Thanks bootstrap. That's good advice. I've created a map of everything that I'll be doing including trading and non-trading related. Focusing on balanced and healthy living to try and keep things in perspective, take breathers etc.
Don't get lazy..... Breaking from the routine of a full time job (paycheck, hygiene, good habits, diet, exercise, trading, study) and everyone keeping you in check might take some getting used to. Start trading full time and you might tend to slack off because you can do it later or no one is watching. You gotta be even more on top of your game and there's that word again....disciplined.
I'm trading based on a system adapted from a person who traded it for a living. I've made relatively minor tweaks along the years and still continue to explore ways it can be enhanced. The system survived almost intact for about a decade now. I think I have what it takes to continue tweaking it if needed. I keep a very detailed journal of every single trade (prices, charts, tags etc.) I fully expect challenges, just not sure what they're going to be like I believe they will be primarily in the mental/psychological area. I've got a couple of years worth of living expenses outside my trading account to see me through market related issues.
Good point. I'm actually planning on getting LESS lazy, or more accurately take better care of a lot of things I've neglected while working the whole day and trading all night (I'm overseas). A more balanced life - diet, exercise, relationship etc. are some of the main drivers behind giving up on the day job.
THAN BY ALL MEANS QUIT. BUT IF YOU ARE MAKING $100,000/YEAR JOB WHY QUIT. TRADE PART TIME YOUR RETURNS ARE GOING TO BE SAME AS IF YOU DAYTRADE FULLTIME.. YOU HAVE GAURANTEE POSITIVE CASHFLOW FROM YOUR JOB.
Hi Vectors, there's no need to shout ;-) (go easy on the caps lock). Why quitting: working in the day + trading at night has taken a toll on me, the markets open at 9:30pm (10:30pm in the winter) here. Money is not everything, I prefer to do what I enjoy doing, make a good living and have a quality of life rather than max out my income and suffer the consequences of over-work.
I tried going fulltime once but overtraded. Felt I had to trade every day or i felt like i wasnt working. I prefer to keep part time . I think trading fulltime is a more a mental problem being able to handle a loosing week or not trading for 2 days because of the market is waiting for some annnouncements ie payroll interest rates. Good luck just keep your options open .