what utter nonsense. Sleep 5 hours a day, work 8 hours a day at a normal job, trade and study the markets the remainer of the time. Quitting your day job after 2 months of experience is not sacrifice, its being stupid and lazy. If you want any chance at success, work your 2 full time jobs(regular/trading)until you have years of experience and are so consistent that you do not need to ask if you should quit your job on a message board, it will be obvious. This is what I do, its an incredible amount of hard work. This is basically my social life for a few minutes a day, posting on stock boards. No time for fun, kids, marriage, long term relationships with women until I'm a master trader. You can either do it this way, get extremely extremely lucky(which won't last anyway) or join the graveyard like the wrest.
quit your job. trade full time. If it doesnt work out, then get a job and start over. its' the only way. 50k is more than enough to start trading for a living. just take minimal distributions so you can build more wealth.
My advice is don't quit your day job until you are consistently earning $60k per month. In other words, quit when your monthly trading income equals your annual income from the computer programming gig. There is nothing worse than "having to make money" and "trading scared". With only $50k in capital, you will definately run into this. Not to mention, you want to be comfortable financially, and you don;t want to have to worry about how you are going to pay for shit. The last thing you want to do is draw down your capital to replace your furnace if it blows out!
Sounds like you don't like your job. My advice is to find a job you like and you'll be happy with, then learn to swing trade.
Trade successfully for at least one year, then think about quitting work. The market can be hot for 3-5 months, then it changes. You don't want to be without a job, benefits etc. and discover that what worked for the last 3 months no longer works.
This was a joke, right? I mean the kid lives at home. No kids. No mortgage to worry about. He said his expense is like $1k per month. You are telling him to wait until he can consistently make $60k per month? Hahaha, is this another way of saying to him, don't quit his job?
Yeah, I'm grateful for all you traders that have critiqued my plans. As I'm sure some of you have gone through times where you've found opportunity. For some of them, you've gone for it and for others, you may have let them slipped by. I actually enjoy trading quite a bit and keeping up with daily business news. It's more interesting than any job I've had... At the end of the day, I'm more than 50% decided on going full-time and am seeking any advice suggestions, some of which are already given. Thank you everyone.
Don't quit your job unless you have atleast a years worth of income that is not to be played in the markets. Then trade 60K for 6 months and if you can't gain 30K after taxes, go back to work. This way you have a security blanket and give yourself ample time to test it out. My true answer would be keep doing what your doing or see if you can workout a scenario where you can trade the first half of the day and work a later shift. Trading full-time is a whole nother ball game.
I'm going to try this out. I've lucked out twice in almost losing my entire profits for a month by balancing it with another lucky trade. I was definitely trading with too much money using margin - I'm going to try to stick with your advice and trade under a 60K window. Thanks for the advice. Appreciate it!
Could be lucky gambling... My record has almost 300 orders on about 130 trades (includes buy/sell , or cover/short) in just over two months with about 60% profitable, 20% negligible and 15% with losses > $1000.. I believe I need to do more research to lower the risk and also decrease those big losses. Also, trading with less money should help me preserve my profits more.