What salary would it take for you to quit this?

cheddar_bob · Nov 12, 2006

i'd be hard pressed to find a job that pays enough to pull me away from trading -- and not just b/c of the potential $$$ that trading allows, but the freedom and flexibility of being a trader is unparalleled in corporate america.

aus_SPIder · Nov 12, 2006

i have to get a job. otherwise id just sit at home all day and find ways to screw up my perfectly profitable position trading system by doing intraday stupidities

andread · Nov 12, 2006

Quote from rimshaker:

I used to do both as well, work as a corporate lackey and trade on the side. Being a longer term swing-type trader works best in that situation, so you're not a tick hound. But like someone said earlier, to be truly successful in almost anything, you have to give it your full attention and dedication. Sure you can do both for a while and be modestly successful. But after a few years you begin to realize that you're not making the best of either side.

You can't give 110% efffort to trading/investing because of job responsiblities, which distracts you from focusing on profitable research, opportunities and ideas; even just reading a good book to stimulate some thoughts. You also can't give 110% effort to your corporate job because you seem to always want to do something stock market-related during your free time (conduct reseach, check quotes, look at charts, getting away from coworkers, etc, etc). So you also get distracted from striving to get promotions, to get noticed, accepting more responsibilities; the little things you need to do to work your way up the ladder with bigger salaries.

I finally realized I was really screwing myself over both ways. Like I said, it does work for a while... and if you're single with only yourself to worry about, you do end up saving a lot. But you're not great on either side of the fence. Just average, maybe above average, but still mediocre either way. And by the time I knew it, my twenties were gone. Time is the most valuable commodity in one's life. Health too. So always being stressed for time doing two jobs at once can't be good.

So it depends on each individual's situation and circumstances, which are countless. Not to mention one's unique mindset/personality. I finally chose to jump off the fence. But still young enough to jump back over again should things not work out though. ALWAYS HAVE A BACKUP PLAN.
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Hey, I remember your thread. It was a few months ago.
How are you doing now? And how long have you been doing both?

polpolik · Nov 12, 2006

Quote from rosy2:

\Also, if you make less than 100k/yr trading then maybe its not for you.
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I disagree, I'm making way less than my 100k job since I quit my job but I think I'm happier now that I get to spend more time being able to do anything I want.

It all depends on how you want to live your life. If you're looking to buy a nice house, a bunch of luxury cars then yeah, you will definitely need more than 100k/year.

If you're happy with having the freedom and yet be able to support your family, I think 80k or so a year is good. Make sure you still stash money away on IRA or longterm growth funds.

jasonbraswell · Nov 12, 2006

I'm not saying this is an option for everyone, but I am lucky enough to have a trading job that I thoroughly enjoy and that offers me a lot of freedom.

So, for me, there is no tension between wanting stability versus freedom to trade.

Peabo · Nov 16, 2006

Great Post TrendSailor!!

I was reading through this thread, and your post sure hit home with me.

I was in the Information Technology area for years, and lost alot of my friends/coworkers to outsourcing (India, China, Russia).

The ones that were not laid off (aka 'survivors') were treated like dirt and threatened to 'adhere' to the rules or suffer that same fate.

I have alot of friends in other companies who tell the same stories!

Trading was my chance to get out. I will GLADLY live on less money to get out of the rat race.

I think the ones who enjoy their job are lucky, but I have yet to find anyone I know who likes working for others.

Peabo

P.S. How do you include the text from someone else's message when replying?

Quote from TrendSailor:

Just my 2 cents:

I think the question focuses too much on money. I made plenty of "money" as a director in a fortune 400 company before I just got fed up with the rat race and tossed all my experience and credentials and degrees down the commode and "dropped out".

I am currently in an experimental stage to see if I can "make it" on my own without the help of anyone. What a wonderful feeling it is not being enslaved to or beholding to anyone and knowing one can provide for oneself.

I think the question should be what income to stress ratio would you return to the rat race for? More money/salary implies more responsibility. There is a knee of the curve area where one can make a reasonable salary/income with minimal oversight and stress and where one does not have to give up free personal time and liberties. This is only available in certain industries and situations.

Quality and lifestyle is everything but it is very hard if not impossible to find that in today's cut-throat, political, competitive corporate environment. God did not intend for humans to live like they do in the context of Corporations. I have seen more inhumanity to one's fellow men in the "management techniques" used today: social isolation, punished by putting on dead or no win projects, giving peers (or subordinates) control over budgets and work and not giving out charge numbers to those they "do not like". It's BAD out there in Corporate America and getting worse. I don't know a single peer who likes their job or would stay if they had similar economic options.

So - minimize your income to stress ratio with the understanding you need a minimum level of income to offset costs/expenses (itself stressful). What good is income if the stress kills you faster than the passing of time? ON the other hand if you are working 2x as hard in the market trying to get ahead at the end of the month and failing - its time to get out and get something else going since failure is the worst stress of them all..

TS

kooltrader · Nov 17, 2006

Quote from otcstockfund:

if you are a trader you don't have too
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If your loss is more than $3000, you'll need to do you as a business so you will need to pay SE tax

kooltrader · Nov 17, 2006

Quote from Cutten:

You've forgotten the downside of being an exploited controlled peon when you work for someone else. You do the grunt work for a pittance, they are the ones who get rich. Even if you are an entrepreneur, you are still a slave to your customers. Trading is a pursuit similar to truck driving, in that it offers a lot of freedom. Your only limitations are to deliver the goods without breaking the law, how you do it is up to you.
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What about social life? At least if I have a regular job, I have people around me. As a trader it's just me and my PC, and TV

kooltrader · Nov 17, 2006

Quote from polpolik:

I disagree, I'm making way less than my 100k job since I quit my job but I think I'm happier now that I get to spend more time being able to do anything I want.

It all depends on how you want to live your life. If you're looking to buy a nice house, a bunch of luxury cars then yeah, you will definitely need more than 100k/year.

If you're happy with having the freedom and yet be able to support your family, I think 80k or so a year is good. Make sure you still stash money away on IRA or longterm growth funds.
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It depends on which sode of US you are living. IN NY or DC, CA 80K wouldn't be a lot of money, but here in OH it woild be a good income.

ElectricSavant · Nov 17, 2006

If I did not trade how would I play hookie from my job?