High on my list of reasons traders fail is under capitalization. Followed by unreasonable expectations. 12 months of living expenses is a good start, but how about trading capital? What kind of performance are you looking for. Keeping in mind that most pros don't outperform the market.
Good Morning semperfrosty, About 4 years ago, I use to know a lady who was trading the ES Futures Market. She inherited about $300,000 cash, she quit her job to trade ES futures market full time. I think she was trading like 10 contracts at the time, and paying for all this trading education. 3 years later, the entire $300,000 was gone and she was still going further in debt. She eventually gave up, after about $500K in losses and loan debt, and went back to work. I am VERY sure there are more stories like this, but as usual traders only wanna talk about winning, NOT losing. Trading for a living is stupid and dumb. You can not pay bills in Drawdown, another word Day Traders do not like talking about.
Good Morning volpri, Drawdown happens for 1 reason and 1 reason only: The trader do not have insider information to have 100% win rate.