I need your collective wisdom and advice on this. I've been on ET on/off for years. As some of you might know, 2015 was my breakthrough. Finally became net profitable.
While I was net profitable, the amount was very small compared to my corporate salary. It's more like a nice yearend bonus.
This was all because I was doing it part-time while holding down a very nice corporate job in the tech industry. So no pressure to make money all the time and all the associated benefits(both psychologically and monetarily that goes with that).
So, I got laid off from a tech company a few months ago. And I've been trading a little in the morning in between recruiters calling, interviewing, vacationing, and some side gigs I'm doing.
I have two strategies. In my daytrading strategies, I can average a few hundred bucks a day easily. $100-$500. Without being too aggressive. Of course, there are down days too.
On my longer term trades, it has been disastrous! Holding on to losers for too long on large size on one account. But on another account, my long term trades are good(riding a good trend). I know it's a bit schizo. Long story. On my good(meaning net profitable though still somewhat volatile) long trading account, I recently got margin on it through Robinhood. So now I can swing pretty large amount of capital. I was thinking maybe I should be more aggressive on that longer term account? But I don't want to lose money like the other longer term account that has been decimated. Not sure how best to proceed..
I guess I haven't quite figure out this longer term thing yet. While the daytrading is steady, the profits are small. I'm not banking big like in my volatile swing trading account. I'm not sure how to scale it up without erasing that steady small profits. Meaning if I put on a lot of shares/futures contracts I'm sure the equity curve will not be as steady & smooth given the psychological element of holding large positions.
I'm very hesitant to do this full-time, because even at $100-$500/day it's still SIGNIFICANTLY below my corporate job salary in the tech sector.
Should I be MORE AGGRESSIVE in my daytrading and try to get above $1k+ daily? If I do that then I'll be above my corporate salary though there's no guarantee to I'll be able to do that everyday.
Or should I just try to lock in another corporate job again and forget this fantasy of full-time trading? For a brief moment, I thought maybe if I was more aggressive in my daytrading then perhaps I can do this fulltime and escape the corporate job all together. Is that just a fantasy? For guys who have been in this shoe, please respond. Or should I just continue to trade on the side again and slowly compound that pot?
Since I have time now(unemployed) to weigh these options, I like to know your take on this. Actually my daytrading is now more than my unemployment benefits. haha. And my good swing trading account is occasionally more than my old corporate job's monthly salary.
My ideal setup would be to be for my daytrading to be $500-$1k+ a day.
For my longer-term swing trading account to capture good moves(10pts+) a month. I have enough capital on that account where a 10p+ move would be a significant profit.
I'm not sure I can do that everyday for my daytrading account. I'm not sure if I can do that every month on my swing trading account. I know there are no guarantees...
thank you in advance!
How many months do you have saved for living expenses ?