For those that have made the switch from prop trading at a firm to full time trading from home when did you know it was the right time to make the jump?
The day I was laid off Seriously, I've been doing this "as a job" for about 8 weeks now, and I'm up 12.5% I think I can do the trading part... I just need to figure out all the other pieces (what do you pay for taxes, how to get heath insurance etc) Steve
You have no idea how silly your post is. And I say this not to be cruel or to offend you but in hopes you realize how teeny tiny a sample size of 8 weeks is when you havent seen multiple market cycles come and go and haven't experienced the 10's of thousands of hours of screen time it takes to make trading your full time profession that you can live off of (and well I might add). Just realize how little you know and how far you have left to go (if you choose the life of a trader). It will make the humbling experience less traumatic.
I work from home as a draftsperson. I do not recommend it unless you have 100% confidence, that means clients, capital, and sufficient motivation (this applies for any small business). I've found myself buying a laptop recently in order to work in clients offices, or the local cafe, or the local library. Working from home creates all kinds of gremlins and they won't disappear easily. Given that trading is a discretionary activity for you (it sounds like) you need to be 100% psychologically prepared. Trading from home without sufficient capital, access to other people during the day and such is a big mistake. It may not bankrupt you, but it will likely damage your health and create a never ending, constant job stress. Good luck!
I truly wish you all the success in the world. I just want to caution you that trading is very very hard and most cannot make a living at it full time.
you will know when you know the markets, and i would estimate at least 2 years full on screen time. - I rented a small local office whilst i upgraded my internet connection, best move i ever made.. i am still there and it paid for itself for the next 2 years in the first week. I wont be trading from home unless its totally neessary again. Getting away fromhome distractions and getting out the house as if you have a "job" is the best thing i can reccomend. best, Kap
Kap is right Introduce a nagging girlfriend / fiance / wfe add kids and your trading dream becomes a nightmare if you are working from home. Save up for an office and a high speed connection when you have a sense that you've put the time in.