My ambition is to work independently as a trader. I have had a 9 to 5 job and I don't enjoy that and I always wanted to be my own boss. Are there any Independent Option traders here? Please share your routine. Do you work from home or you have an office?
If you are at the beginning of your journey, maybe you should consider options on futures. It will enable you to trade outside your working hours while you learn. Also, option on futures provide leverage at lower asset levels, as you need a portfolio margin account for that in equities. And, if you are in the US, futures are called 1256 contracts and are taxed 60/40, long term/short gain rates. You get the same status for cash settled index and VIX products in an equity/option account. Just a thought. BTW, I was an Independent Option Market maker for 25 years.
Don't be in a hurry to quit your job, really. Especially if you are a newbie in trading (options/currencies/commodities etc). Try to work in the office and to learn in spare time. quickly conclusions don't lead to success, buddy... Learn, learn and learn.
Becoming a profitable private trader has about the same odds as becoming a pro football player with a multimillion contract and as for options chances to become a new pop star are more or less the same - yes you have to be THAT good and LUCKY. It is indeed possible but odds are slim to none. Sorry.
I 100% agree. The learning curve for options and finding your edge will take time. And, unless you are trading will a fair amount of capital, making a living from it will be harder than just making a return on capital.
DON'T! You need to trade times where VIX is above 25 and see if you last. Trading options is not a joke matter. You will lose your shirt faster than you think
I agree that an option trader needs to learn to adapt to volitle markets, but not everyone loses money in those markets. I had my best years with those conditions. I have seen just as many traders lose a lot of money from low volume sideways markets. You need to have a strategy or set of strategies that work in both.
You can do it in futures options (ags, eurodollars,treasuries) if you work with a couple other people who are still in the pits.