Of course you can do 20% and probably a good deal better. One suggestion: Do not think of capping your earnings in your mind think strictly as a risk manager. Cap the risk and see what you produce with that risk profile. You may do a lot better. One caveat: If you need access to cash treasuries, order flow or other pro perks to play your game make sure you will have those things. Don't play a new game unless you are already conversant with that game. KNOW WHAT YOU ARE LEAVING BEHIND!! I don't mean the money or the security you are already resigned to that. It's the tools. Be honest (brutally honest) about how much of your success is due to things you can't replace in your own small business.
Just for the sake of entertainment, let's play along.... If I were an Oxford educated lad, here is what I would do: Since there is 5 hours difference between London and the US markets, and assuming you are free from 5 pm, that is still plenty of time to do at least 4 hours of trading. You never answered any question about what you trade or if the ideas are yours or you just execute your firm's strategy, but giving up a very well paying job is just plain stupid. Bottom line is, we don't know if you can actually trade on your own, and if you are asking us, you probably don't know it either. So open up a trading account, with a small amount (yes Virginia, half million bucks will do just fine), and start trading after work!!! How hard is that??? Depending on your schedule, you can try other markets too. You could also try swing trading when you don't have to watch the markets all the time. If you can make money while working fulltime, you have a better chance later going as a full time trader.... But of course, you were educated in Oxford, so why am I advising you with my community college degree??? P.S.: As a horror story and omen, you might want to check out Neke's journal, before you jump...
He can't trade personal account while employed by investment bank. He will get cut and fired instantly plus will never work in financial industry for life.
Let's be a little creative here, his GF or mother could open an account. But anyway, here are the choices, he is trying to decide between: 1. Let's keep making 500K dollars a year, about 200K of it is guaranteed safely. or 2. Let's go for a very high turnover job that he wants to get paid 100K (not guaranteed) with a possible grow but an even more possible failure in the long run. Let's repeat for the Oxford educated readers: a safe job paying half mill, or a very insecure job that might pay 100K as a start and who knows what later... Freddy Mercury would sing: Is this real life or is this just fantasy??? He said self employed trader. If he is not quitting, what is the question? If he can't open an account while working for an IB, he has to quit....(I was told).
One more interesting comments by OP http://www.elitetrader.com/vb/showthread.php?s=&postid=3690966#post3690966
Waste of bandwidth discussing this guy. Reading his comments on this thread and posted links it is obvious this is why the ignore feature was developed.
I had a hard time believing the statistics that 90% lose. I figured if they are at least average like I am shouldn't it be more like 50%? What I didn't realize is they are also talking about the 40% who are so damn gullible they probably still to this day keep all the travelling salesmen and late night infomercials in business. Trading is not that hard, but gosh darn man, you should at least be average when it comes to detecting bullshit. You're going to need that skill later when you have money on the line. That market it always trying to bullshit you. And sometimes it is very good at it.