TopGun you say you are a swing trader? Are you successful? If you are why start trading shorter and shorter time frames thatâs not the answer to bigger profits. If you have such a desire to be in the action, (and its not that great) give it a shot but take it easy and don't lose your shirt. Anyway it sounds like you have got it pretty good anyway 80K per year job buy yourself a boat or something. I spend the majority of my life sitting in front of the screens I know I would rather be on a boatâ¦â¦.. Think ill save up.
Funny how many folks here emphasize the importance of the relationship you'll have with your partner through any kind of a transition into trading. Support of a partner can make a difficult transition easier, in any endeavor. However, as in everything else in life the path to success is only half the dilemma. Once achieved, especially in a career such as trading with its focus on money, the issue of a mate becomes even more important. It isn't easy to live a balanced life on either side of the poverty line. Add to that the very real possibility of losing half of what you make should you divorce this person and a healthy relationship takes on great significance from yet another perspective. This leads me to my point (finally): if you want to succeed in trading give yourself the benefits of a financial and marital edge. Reduce your expenses, and in the process get to know your partner a little better. A little adversity goes a long way. Live like a college student. Eat take out pizza, drive an older car, and skip the microbrew in favor of MGD. Do this not because you have to but to see if your partner is willing to make a few sacrifices with you. More than likely you will face a time in your trading career when drawdowns will make this maneuver prudent once again and you will have already gone there. And don't quit your job until trading is providing a substantial income.
Went to Christmas Party Last Night..Guy having the party was about my age..He had a beautiful 3 bedroom home...This morning I am sitting here in my 1 bedroom apartment....I am still paranoid about my job and look foward to working on trading business..Called mortgage broker..closing costs on home would be about 25K..Man thats like 100k in buying power 4x25k...I am just a cheap jerk sitting in my apartment who can't part with 25k....By the way found another link...a 300k home can get $900-1000 monthly payments...Thats not bad....But payments are interest only for first 10 yrs.... http://mlcc.ml.com/lendinginformation.asp?site=net
I KNEW IT, this whole trading story is BS, you are really a sales man for MER. I knew it wouldn't take long for the big houses to infiltrate this site!!!! (JK)
Found site offer 100% financing. Gonna call them tommorrow. They seem legit... http://www.ewmortgage.com/ew/index26.html
My understanding is that you will be hard pressed to get a mortgage for anything more than 2.5 x your pre-tax income. A 80K income will entitle you to a 200K loan, correct me on this as I may be wrong.
IF you find a LIBERAL MORTGAGE company they will do 50% total debt to monthly income... So lets say you have $6700 (about 80k) a month income.. Your mortgage plus outstanding debt can be $3350 per month...That can work out to be quite a bit more than a 200k home with todays interest rates. Anybody corrrect me if I am wrong...
a 300k mortgage turns out to be $2500/month payment, including insurance and taxes. (Philadelphia area suburbs), if you consider the tax benefit, it's about $1800/month after tax money, nice neighborhood, nice schools, 3000 sq feet living space. comparing to the above, NYC sucks. excuse my French.
Why not take some of the risk of quitting your job and make sure you know how to trade before you quit. What's your game plan? Are you duplicating someone elses style or are you making it up as you go along? If you sit beside some one that is making a couple bones a day consistantly and you understand how they are doing and feel you can do the same thing, then leave that job in a second!! If you are just swing trading, reading web pages to figure out your technique and gobbling up all the books on trading possible, then forget about,... you will be making up your own style and you will be spend major loot in the process to arrive at the same style that successful traders are already using. Do not do this!!! Especially in the midst of a reccession. Learn to trade first then quit your job. How? Move to California, the market opens at 6:30. Learn to trade the opening, close all your positions and then go to your regular job at 9. Do this until you have become successful and then move back to wherever. That is what I did. Happy Trading!