Should I quit my job for full time trading?
I feel that being a full-time trader can be very misleading as many people would think that this is just something a young millennial would do. They envision a young kid in a hoodie, sitting in front of 5 screens. However, it definitely isn’t so.
To be a full time trader, you need technical knowledge and skills, which can only be accumulated and learnt over time with the right amount of experience. Reading charts is easy, but making instant split second decisions based on reading charts are tough. You need to be a bit of a risk taker and have a strong stomach. Also, it’s not just about reading charts, you need to be constantly aware of the entire macro environment as the overall economic environment will affect different industries differently. Therefore, you need skills, experience and a willingness to learn constantly to be able to be effective at trading. Also, you will likely need a sizable amount of initial capital to get started. You will also need to have a plan in place, and know clearly the trading signals that work consistently, how you set stops and manage your exits are also of upmost importance.
The pros are definitely the flexibility and freedom - as you can work from home and take a break whenever you want. However, the time difference could be a hindrance to people living on another time zone, the stress that comes with trading is not for everyone.
For me, I will only consider quitting my job to be a full time trader maybe when I retire and have enough capital and skills to undertake this task.
To be a full time trader, you need technical knowledge and skills, which can only be accumulated and learnt over time with the right amount of experience. Reading charts is easy, but making instant split second decisions based on reading charts are tough. You need to be a bit of a risk taker and have a strong stomach. Also, it’s not just about reading charts, you need to be constantly aware of the entire macro environment as the overall economic environment will affect different industries differently. Therefore, you need skills, experience and a willingness to learn constantly to be able to be effective at trading. Also, you will likely need a sizable amount of initial capital to get started. You will also need to have a plan in place, and know clearly the trading signals that work consistently, how you set stops and manage your exits are also of upmost importance.
The pros are definitely the flexibility and freedom - as you can work from home and take a break whenever you want. However, the time difference could be a hindrance to people living on another time zone, the stress that comes with trading is not for everyone.
For me, I will only consider quitting my job to be a full time trader maybe when I retire and have enough capital and skills to undertake this task.
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JM investor : truly agree with you.
it needs a lot of discipline in order for it to work. also need to have a super calm mind so the emotion and temper won't be affected by the winning and losing trades easily
J-Zil : Agree!
Mozotron : How much capital is enough in your opinion?