I stopped reading after this post.... $50k reserve, $3k monthly burn rate, 2 kids as dependent, and mortgage payment? (or included in the 3k). On top of wife pressure to succeed. Call me a 9-5 sucker, but dude there is no way i would quit my day job under those conditions.
3k will include all expenses including kids expenses and mortgage, but u r right, tough. Only problem is body breaking, will die of fatigue soon...
I"ve read a lot of these types of threads and the "advice" given in them, and I couldn't disagree more. Life is about taking risks and following dreams. It's also about doing something you are passionate about! Don't let people tell you to stay in a job because it's safe. If you are passionate about trading go for it. With that said it's much easier if your wife/family are on board. I'm fortunate in that situation b/c my wife is very supportive and always about chasing dreams/passions not playing safe. Follow your dreams and passions. There are many stories of succesful people who have given up comfort for this and found success and reward.
one last thing....yes it will be hard, but anything worthwhile is hard. I had a boss who had a quote above his desk that I think is great...."Easy jobs don't pay well!"
Have you considered trading through a Prop firm? Bright Trading will give about $1 million in buying power with about $20k. Although the $20k deposit is at risk with a Prop firm, that's no different than trading with a retail broker. Futhermore, retail brokers do not give that kind of leverage. Most firms will give a leverage of at least 10:1 or 20:1. Prop firms allow for remote trading as well. Some prop firms allow for overnight trading. I have yet to affiliate with any prop firm; however, for trying to trade full-time that's the best opportunity. Walt
I totally agree. With a family and mortgage, 50K is very undercapitalized. A seasoned futures trader might make it with 50k, but there would be no room for error.
Well I'ma second career person. Went back to school,for teaching and now stuck finding that tenure track teaching position. With 2 kids and a mortgage and not working every day, I came across Ameritrade and thought I'd try it out with 25K. So far? in three weeks time I made 5K, very impressed with it, but not excited. Still have to figure out the taxes I must pay and all that crap. I'm still going to continue it, I play it low key and safe (although Dell almost burned me, got out in time) and never "bet" what I can't afford to lose. I don't get the swing trade, that of course means holding onto it and selling it just right. I like being live with the market, and although I hold a few now, I'd rather buy and sell without holding overnight. For all you daytraders out there; do you invest in an Emergency Defibrilator, boy this stock buying is stressful (placing 50K bets, chills man)