something interesting happened to me this last week. background info, I am 55 and have been actively trading for 8 years, I have had jobs for a long time where I work out of my house and can work and trade at same time. This last week... First off I got COVID, that is the bad news. The good news is that I am covered for 2 weeks of missed work. That allowed me to trade and not have to do my sales job. And guess what? I had the best week of trading all year! I should not be surprised. Trading with no distractions is great. so I believe that my job is not helping,,, it is actually hurting my trading. My long term goal has always been to trade for my full time living. Right now my sales job gives me a guaranteed salary and then commissions, so it is hard to walk away. BUT, now I am asking if I would just make it up with trading and be SO MUCH happier. I enjoy trading, I do not enjoy sales (who does). I have 6 months worth of expenses in the bank, want to have 12 months to pull the plug. So, as crazy as it sounds, like I said I think my sales job is holding back my trading.
Yeah, don't forgot to factor in the other side of actually having a job too though. Whether you realize it or not, it's very likely that at least subconsciously if nothing else having a job gives you a sense of security to put on trades. Sure if you leave your job you can focus on trading now, but your income is also now dependent on your trading. Now if you don't see any trades or even a lose a trade it isn't the end of the world. Imagine leaving your job and not finding your setups or taking them and losing 4-5 in a row. Clearly I have no clue how to weigh the pro's and con's for you, only you know that. You probably realize everything I just typed already, but thought it couldn't hurt to point out.
yes all of that weighs on my mind. I was full time for a short time between jobs in 2020. I think alot of it is my age as well. I will be 56 in a few weeks. I am saying "if not now,when?" like if I go for it and fail that is not near as bad as never going for it and have those regrets.
If I had to do it all over again, no way I would leave a well-paying regular job for day or swing trading if I could fit that into my schedule. It gives you a level of confidence and security that you won't necessarily have when you're into the longer drawdown periods. Sounds like you have an ideal situation. Be conservative if you want to make the full jump. Unless you have 500K net in excess trading profits, keep your job. I would be more conservative than that and demand 1 million net. "It's easier to make more when you have more"...sage words from Kris Kullamaggie, best publicly visible trader you'll ever find on the net. He's up to around 80 mil in 11 years of daytrading, turned swing trader in the last 7. I wouldn't say your job is holding you back. It's keeping you together, inspiring you to have more confidence in your trading practices.
You can judge better yourself as long as you are honest with yourself, but one week of profitable trading is too short a sample size. Kind of like I've told many a visitor to my home here in South Florida judging whether or not to make a move here (or anywhere else for that matter) can't be done solely on the basis of their experience they've had during a vacation. Do you have a plan in place and did you follow it, etc?
for sure one week is nothing to make a decision over. It is more the experience of being full time that was the big reveal for me. Yes I have a trading plan and yes I follow it. I find my own trades and take no input from gurus, alert services, etc....
Hello Jdesey, Stay at full time job and trade until you have $2 million dollars in cash. After you have $2 million, in cash retire from work and trade full time.
I say go for it; if it doesn't work out you can always get back into sales. Just remember you will have to pay your own health insurance (assuming you are in the U.S.) and at your age it will likely be 8 to 900 dollars per month.
Bro what kind of trading do you guys do? 2 million in cash? lol with a 50k account if you can't make $1-$2k a day on most days (some days more) and also have very few to no losing days in a 6 month period, then you have no real sizable edge in day trading.
thank you... I agree... I just did the math and if I can stick it out for just 3 more months at the sales job, I will have over 12 months of living expenses in the bank, including all health insurance. etc...