Are you allowed to trade when you are not at work? There is a world of opportunity in the Asian time zone, assuming you are in the US you could keep your job and try trading a few hours at night. Quitting a full time job with only $10k and no track record of profitability would be insane, to put it mildly.
Your math is correct, if I'm able to keep my expenses low I should have significantly more money saved up by next year. I'm able to trade my systems at work in simulation, and this helps tremendously. You'd be surprised how even fake money has an impact on your psyche. As far as the psychological biases go, I've read several books on the topic (Trading in the zone, trading for a living, etc) and I'm familiar with all the psychological mantras. Poker has helped me with that as well, since the nature of winning consistently involves playing very few hands, being "right" a very small % of the time, not letting your emotions dictate your decisions, and recognizing the fact that you will suffer losses no matter how well you play. Thanks again for your feedback, this has really helped me gain a better perspective on things.
knowing by reading is different from actually learning from trading. I'm not saying you won't learn but with 10k? how much time do you have before you start leeching off your mom? At 30 yrs old, you're the last thing your mom should be worrying about. What if your trading didn't go so well, you'll be borrowing money from your mom or having her feed you while you look for a job? I think you've been selfish enough at this point in your life. Don't quit your job and place the burden on someone else while you go search for the holy grail. Go work for a few years, move out, then trade if you have saved up enough.
Bear in mind that I am already quite familiar with the psychological tolls that drawdowns and losing periods can have on my psyche. I lost 30k of my prop firm's money before I got fired and the swings I used to deal with in poker were much greater than the money I'll be risking in trading to start off. Also, FWIW, I've never (and don't plan on) being in a situation where I'd need to ask my mom for money. That has never been a factor and I would surely not be trading for a living if that were a possibility.
Well, no one sets out on their own planning to lose. But, you'll always have to take into account the whatifs. Just as any businessman would have a contingency plan when starting a new business. But, if you're only considering the fact that you'll be profitable and nothing else, then I guess you won't need this forum to tell you otherwise.
Well, the "what if" I'd be considering here is how much money am I throwing away by quitting my job and then making no money trading. Owing my parents money would not become a factor because I'm not willing to risk all of my savings. Then again, maybe I will have blown through the rest of my savings before I find another job so you do have a point. It's safe to say that I'll be saving up a lot more money before diving into this. Believe it or not, I do consider myself a fairly risk averse person.
BS dont like the poker angle. dont like idea of quitting the brokerage job. With little expenses you say you have you should be able to save thousands of $$ in about 36 mo or so. dont like quitting job AND trying to trade with ONLY 10K. This is just utter Bullshit. Just not sound thinking/planning of a winner. You're way to soft, bud. rj
I did save thousands, you clearly didn't take the time to read the thread. How about working on your spelling and punctuation and refraining from swearing? You're clearly an angry person.
If you quit your job now and trading doesn't work out for you, how much longer will you have to live with your mom? You're 30 and you have a job so think about supporting yourself. Save enough money so you can move out on your own and become independent. Then trade part time while you still have your job until you're successful enough to quit. Trading for a living is harder than supporting yourself with a job and I think your odds of succeeding are greater when you're standing on your own two feet so don't put the cart before the horse.