Took out a loan to transition to full-time trading. 24 years old.

OP, Wabu hasn't posted in the last 4 months, but he had fluctuations like this:

It is safe to say in this current volatility he is dead, Jerry, dead.

 

its ok,

you still young

money is replaceable, time is not

good luck

 

I'll hijack this thread a little bit, and ask how much cash do you feel is needed at a minimum to make a living wage...say 60k/yr?

For a relative noob

 

a million plus in shares for the dividends.

 

How much leverage do you want to use ?

 

Let's start 3:1 for common stocks. Realistically, no leverage

And I'm i'm not sure there's leverage options so 1:1 there.

 

Dear Friend

I do not want to sound mean or tell you what to do but there are some realities you have to consider. You are still very young and in Gods will got many many more years ahead of you and also opportunities you may encounter.

After you quit your job to start trading; Have you considered your own expenses ? Have you managed 20K before? How will you pay back your loan together with your own personal expenses with 20k capital ? Have you considered that virtual trading is not the same as real trading ? When it is real deal on the table, It is where emotions come to play and eat your brain inside/out. Analysis,Fundementals,Price Targets etc has nothing to do with it, as it will only be about emotions and emotions. Once you got all that debt to deal with and expenses to cover + being inexperienced you will act totally emotional. Your fingers, your forhead, your butt will sweat and you will feel that emotional trauma on each of your investment decision. You will feel what fear is once you go to sleep and fear in almost everything you do. You will be stripped of courage and be like a chicken in real life as self-confidence will be taken from you.

I am not saying you should not trade. You can ! Obviously you have to start from somewhere. But you should not do it with a borrowed Money and Jobless. My advice to you is: Dont quit your job, keep the loan (Since you already have taken it rigt?) and trade slowly,part-time no rush, build up your confidence, gain experience, make some capital, pay off your debt and get rid of all the noise maybe then after a couple years of experience you might start thinking something. Once you make it to your late 20's or early 30's you will think differently than you do now.

Cheers and Good luck

 

takes a couple years of breakeven before you turn a consistent profit. Good luck

 

So true. Unfortunately we don't usually understand that when young.

 

Either he lost so much money he quit trading, or he came home from work & caught his wife getting banged by another guy...