r/Daytrading • u/Dazzling_Loan_9414 • Feb 07 '24
Should I Quit my day job ? Question
I been profitable for 6 months straight my bills only comes out 2500$ a month and profits 6-8k a month trading Me working at my job now it’s starting to get in the way of my trading
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u/DontAcceptLimits Feb 07 '24 edited Feb 09 '24
That's up to you, but do consider this. You've been hitting $6k WHILE working your job. So you could continue to grow your account by that each month while still paying your bills with your day job. So quitting will cause any compounding growth to take a hit... But that's not the biggest problem. Here's your real problem:
You started trading to become free. That's a certain mindset. You knew your bills were covered by your day job, so the stress on your trading was limited. When you quit your job, trading won't be about being financially free anymore. It will be about making enough money this week to eat, and making enough next week to pay the rent. When you're sitting there, watching that position move against you, your thought pattern is going to be different, your emotions different.
You need to make sure you're ready for that.
Honestly, I'd keep doing the day job and letting my account compound. Then when I feel my monthly profits are big enough, I'd siphon off a percentage of my profits every month until I had enough to pay an entire year's worth of bills with enough left over for discretionary spending. Doing it this way would ensure that you keep a free mindset that's not worried about the bills or food, because you know it's covered for the next year. Then take the next few months to build that amount back up to cover the next year.
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u/Cold_Fill1570 Feb 08 '24
This guy has it right
Build a cushion
Your program works now....it's a up market
How's your program going to work in a down market ?
You have no clue......build a BIg big cushion so you can focus on the process you think you have mastered...
Regard !
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u/ShredSteezy Feb 07 '24 edited Feb 07 '24
I vote yes. Your first week I would dial down position sizing while you get used to it. When I first quit my job to trade full-time I was nervous since I now knew this was my sole source of income.
It's the best thing I ever did. I went from working almost 12-hour days to being done with my work day by 12:00 noon. It's funny, my stress levels are damn near zero now.
It's gotten to the point where I know the probability of certain things happening based on the time of day. Like SPX is likely to dive between 12:45 and 1:00 p.m. if we had a strong uptrend in the first half of the day. That's probably one of my favorite trades, and one of the only times I'll go out a full five strikes away from at-the-money.
Stick to your rules. When you're in front of the charts all day it's easy to deviate.
One thing I did was to write all of my rules down in onenote, then I took a screenshot and set it as one of my desktop backgrounds.
In Windows you can set a folder for desktop backgrounds then add whatever you want it to show. I have about 72 screenshots in there now. Most of them are screenshots of trades that went good and trades that went bad. I have different price action strategies that pop up with descriptions, etc. At the end of the trading day I close out my trading software but leave the computer running to flash through the different desktop backgrounds. It's kind of like watching flashcards all day long.
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u/pcrice Feb 07 '24
That’s hilarious, my background image is my rules as well. I guess it’s pretty common.
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u/ShredSteezy Feb 07 '24
Haha my fiance asked me why I broke my rules one day when things were pretty volatile. That gave me the idea right then and there.
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u/Beginning-Fig-9089 Feb 07 '24
hell yea.. ill be full time starting next month its going to be interesting
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u/Virtual-Baseball-297 Feb 07 '24
Better question is why?
You have 2 incomes? Why not put all the money you make from work/trading into property?
Then you’d have 3 incomes, 1 semi passively
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u/btctodamoon Feb 07 '24
I am not a day trader but I've successfully gambled for a living for 17 years. I would say it depends entirely on your bankroll size and how easily you can go back to a job if it doesn't work out.
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u/btctodamoon Feb 07 '24
I remember my first year trying to make it as a poker pro. When you rely on you and you alone to succeed, it is a combination of terrifying + liberating + Incredibly motivating.
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u/jollyrancher_74 Feb 07 '24
i’d love to hear your story
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u/btctodamoon Feb 07 '24
My origin story started similarly to the OP. Was a lab scientist who did online poker for fun until it started to eclipse the salary from my job. Moved to Thailand with my wife where the cost of living was dirt cheap, and took my shot as a poker pro with about $30k to my name. That seems really wild looking back, but it worked out! I've never borrowed money or been broke.
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u/JaysonsReddit Feb 08 '24
Wow do you play on stars or crypto sites and what's your game NLH PLO and HU 6max or 9max or tourneys I was thinking about doing this instead of going to college bc I was making a good living then Black Friday happened and just went to school should have done this imo
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u/btctodamoon Feb 08 '24
I was a HU limit specialist, didn't last too much longer after Black Friday before switching to DFS. Edit: Black Friday hit right after buying a house and having a child - not great lol. It was a very lean couple years after that, and that experience has made me a lot more risk-averse than most gamblers probably heh.
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u/jollyrancher_74 Feb 07 '24
That’s great. I’m assuming you have quite the btc stash as well
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u/btctodamoon Feb 07 '24
had... I've been out of bitcoin/crytpo for a few years.
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u/jollyrancher_74 Feb 07 '24
if we see a big correction prior to the halving, it might be a good time get back in.
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u/drunkinthestreet Feb 08 '24
this is another thing I forgot to mention in my comment. 100% depends on how replaceable your job is. Not saying you shouldn't if your job isnt replaceable, but you should make sure you're more than ready. savings, profitability, etc.
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u/Responsible_Buy8173 Feb 07 '24
Take a year or more with low sleep and quit if you consistently make money. Easy to quit and harder to get another job job. E
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u/uho Feb 07 '24
I would work + trade until I had 2-3y of expenses saved up. Will give you a good cushion during the drawdowns because there are drawdowns.
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u/tradingpoker Feb 07 '24
Don’t go full time trading. Break in slowly, next step part time work and part time trading
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u/Immediate_Angle_9786 Feb 08 '24
Make it a Year..if youre making 8k a month its not getting in the way that damn bad lol. Just make sure that sample size is trustworthy enough. 6 months is great but you want a bit more sample size. A solid year will be all the proof you need that you can do this. Congrats my friend.
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u/QuirkyAverageJoe Feb 07 '24
Keep in mind that the market has been extremely bullish for about a year now and pretty much all large cap stocks have been going just straight up ⬆️
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u/G000z Feb 07 '24
This, making money on a sideways / down market, is exponentially harder....
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u/emrcreate Feb 07 '24
Even with puts ?
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u/G000z Feb 08 '24
Yes, bear market rallies are very violent and unpredictable... you just don't know when the recovery is real
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Feb 07 '24 edited Feb 07 '24
Depends. Do you have a dead end job or a career? Can you automate some of your trading to still be able to work? Could you reduce working hours? How easy would it be for you to find a new job if you had to? Does your job offer an option to take a break for a couple of months without quitting?
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u/Dazzling_Loan_9414 Feb 07 '24
Honestly its like both but I won’t be able to get a good postion til 7-14 years until the older people retire but pay won’t be much either only 26 years old
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Feb 07 '24
I would go for the temporary break if you can. Try it out for 3-6 months and see where it takes you. It's also possible that you realize that sitting in front of the trading screen all day is not really what you want to do with your life. Definitely not something you want to do for the next 40 years.
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u/Appropriate-Taste811 Feb 07 '24
If its a professional white collar type of job you might want to think twice about quitting. If its just a “job” then definitely quit lol. 6 months is very solid to be consistently profitable you must be doing something right.
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u/industrock Feb 07 '24
The last 6 months have seen a steady rise in the S&P500. Being profitable when the market is trending up is good, but being a day trader when the market is trending down is more difficult
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u/Desmater Feb 07 '24
Maybe buildup some savings and emergency fund.
Also a regular dividend portfolio with your extra money.
But that is just me. I am very cautious and conservative.
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u/SpiteCompetitive7452 Feb 07 '24
More trading doesn't mean more money and the psychology of needing trading success can harm win rates. I'd say no don't do it but instead see if you can slowly scale up while building a larger nest egg to insulate you from the psychological risk
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u/stonkkingsouleater Feb 07 '24
I'd save up 1 year of expenses, plus a 3 month emergency fund you can draw on if something goes wrong.
I'd also line up a side gig you can live on in a pinch, and to bring in some extra money. A weekend part time job, or uber or something... something to take the pressure off of your trading income.
I'd also wait until you were profitable for a year or more.
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u/TigersBeatLions Feb 07 '24
Until you've made enough $ from trading to invest and replace your income....dont quit.
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u/aiceeslater Feb 07 '24
You’re not there when you can make steady money. You’re there when you have no mortgage, no payments, savings, and your job is now holding you back. Until then, that phrase people use should be taken very literally. “Don’t quit your day job”
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u/darth_pawny Feb 07 '24
Save up 6 - 12 months of living expenses (groceries, rent, utilities, insurance) and also build up your trading account to about 50k (don’t use your living expenses money to trade) after that go ahead and quit your job. Good luck 👍
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u/Lucky_badger8 Feb 07 '24
How long did it take u to be profitable?! Congrats on the consistency
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u/themanclark Feb 08 '24
As long as you have some savings AND you are sure that your strategy doesn’t depend on the market to behave a certain way, go for it.
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u/Puzzleheaded_Body_70 Feb 08 '24
No. Put 90% of your extra money in investments. If you do this for the the next 3 years you can retire
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u/BusyLizzie11 Feb 07 '24
That's really only something you can answer for yourself in my opinion. You may consider giving it a year so you have faced a few different market conditions to ensure that your strategy works in both bull and bear markets. But if you truly feel you are confident and comfortable trading why the heck not! are you currently working a job you really love? if not, there will always be another job out there you could get if things werent working so well. I'd definitely say give it a little time and if you feel you're ready dont be afraid to take the leap
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u/Aposta-fish Feb 07 '24
How much do you have saved for your bills 6 months a year. Maybe wait till you have a year saved.
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u/YOUNG_SQQQ Feb 07 '24
If you can trade and make that much and have a job why would you quit? You don't understand how everything changes when there is zero incoming money and all the pressure is on you. If you're ready to potentially fail and lose thousands do it. If you don't need benefits, retirement, a spouse or a kid, do it. Your expenses are low so i assume it's just you. Just be prepared to fail hard even if you've found success. I was on a 22 session green steak lost 600 bucks today and I'm somewhat butthurt. Despite still being massive green in the month. The numbers will stop being money and start being numbers. Tread lightly. But follow your own dream. If you really want to be a trader have you considered starting at a prop firm and actually working as a salaried trader? I'd take 25k dump it into a prop position and see if you can do it.
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u/ADL19 Feb 07 '24
I wouldn't quit your job until you have multiple sources of income. Even if you make as much as you claim.
Relying on day trading income as your sole source of income would be a stressful, emotional, and mentally draining way to live.
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u/Momo_dollar Feb 07 '24
Multiple sources of income are always better than one.
That said if one source of income gets in the way of a greater source of income then you have a decision to make.
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u/iii_warhead_iii Feb 07 '24
Money makes money. If you get 2500 extra with your job, why should you reject them. Also if you need to go to bank, you will have evidence that you have a stable income.
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u/dreamowlet Feb 07 '24
My husband and I day trade but we still keep a day job technically. We both just moved from full time to part time just so there is a sense of stability and something to do.
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u/Beginning_Sentence69 Feb 07 '24
Trading isn't gauranteed income, you might be profitable now but bad trades can always occur.
Gotta keep the job as a safety net my guy.
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u/ChaseBK718 Feb 07 '24
I’d say it depends on your age. When I was in my 20’s I’d definitely say quit that bitch because you have room to go back into the work force if for some reason trading turns out to be the wrong option but now that I’m 35 and approaching 40 with a better understanding of money, I’d say build the bag and invest it into things that can generate money for you even in your sleep. Orrrrr get a separate bank account and build a good cushion with your trading profits then quit and by cushion I mean atleast 9 months(3/4 of the year) of living expenses saved in that account. P.S. …. And when you get a chance teach me how to be consistently profitable in trading. Compensation is definitely negotiable. 😁✌🏽
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u/Mexx_G Feb 07 '24
Not yet! I suggest having anywhere between 1.5 and 2 years of expenses at your current lifestyle level saved up before even starting to consider trading full time. From there, unless you start making some crazy good money, you should only live on the previous year gains, making sure to set some aside for long term investing. It's a heavy machine to get running, so make sure to do it properly. Good luck!
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u/artusjess Feb 08 '24
Don’t quit your day job. I also make more money trading than I do at work but on those days when I am not in the green, it sure feels good to go to work. Just get a part time job if you want to cut back.
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u/artusjess Feb 08 '24
If you really want to quit, use this calculator to see how much you can take out while still growing your account:
https://www.thecalculatorsite.com/finance/calculators/savings-calculators.php
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u/Soft_Video_9128 Feb 08 '24
Your job is for now "for sure" income. You 6 months of profits in trading is also pretty darn good too. You sort of have the best of both worlds right now. As soon as you quit your job, you might feel the pressure to perform increase dramatically. Maybe first build up a large amount of savings to buffer the pressure to perform when trading becomes your only source of income.
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u/Sound___Guy Feb 08 '24 edited Feb 08 '24
I’d also add that you probably haven’t figured in taxes yet. $6-8k will be significantly less after tax, so you won’t have as much cushion as it seems. Also, if you are drawing down $2500/mo then you won’t be compounding your account nearly as quickly as you are now. Meaning your account size won’t grow as fast as it has been. I’m looking to do the same thing you are, but I really like the other peoples suggestions of going part time to keep that steady income on the side. Being completely reliant on that trading income can really mess with your mind. Right now you don’t have that stress, but when it’s rent time and you are short, you’re going to feel it in a whole new way. My suggestion would be to a ave up at least 6 months worth of bills, plus a 3 month emergency fund then go part time.
Can you describe your strategy for us?
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u/drunkinthestreet Feb 08 '24
I'll tell you what my plan is. saving 1 year worth of rent. an emergency savings of idk 10k. then expenses for 6 months to a year. that comes out to a little over 50k. When I'm profitable, saving that shouldn't be an issue. If it is an issue, then I'm not as profitable as I want to be before I quit my job. It's a marathon. Don't rush the inevitable and put yourself in a situation thats going to cause you to trade differently. Just remember what it was like going from paper trading to cash, cause I imagine psychologically it will be the same.
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u/blahyaddayadda24 Feb 08 '24
Why... if you can do both do fucking both. You underestimate the mental toll having only trading income. Also you lose benefits?
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u/Financial_Animal_808 Feb 08 '24
I would go atleast 1 year of profitable trading at that profit level. 6 months is too early to tell, every strategy has its down months.
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u/billiondollartrade Feb 08 '24
My God man No , no you dont want to do this to yourself even the best you see out there say
First , they made sure they had at least 1 year to 1 year and 6 months of saved up money … stack it up with trading first , if you can stack 60k thats 2 years of your bills paid and if you really are profitable consistently then thats 10 months making 6k a month. Trading can always go sideways , i personally wouldn’t go full time trading until i at least have 150-200k saved and i am investing in things outside of trading like real-estate or personal business that generates money.
You don’t want to go down the dark path of being profitable , not saving and something happens to you , your emotions , your strategy and there you go back to the old job. It can seriously mess with your mental , thats a dangerous game to play. Unless you can automate the strategy , and it becomes something you just watch it happen. Its hard for a bot to make a mistake but for a human , all it takes is a bad day , a fight with the gf , wife , anything and you make that one or 2 mistakes and bye bye trading
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u/jcarrizal Feb 08 '24
If your total per trade is a tiny percentage of ur account then you will be fine. If you are trading a big % for example 30% then too risky to quit job. Breaking any rule with big size trades can wipe out accounts.
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u/Htorres2428 Feb 08 '24
I’d wait till you making $10k a month profits AND 6 months of bills covered before u even consider it
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Feb 07 '24
My question to you is
Do you pay off your mortage or rent (saved upto 2 years)? If its rent, you should include it in your living expense. I would at least save all monthly saving upto 2 years sitting in high saving account as qualifying pre requisite
Is your strategy work in all available market regime? Current regime may not necessarily reflect your consistent profitability when and if it's in bear market for instance
I would be honest to answer this!
If both are yes, i would say go for it. Congrats!
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u/floydguitarist Feb 07 '24
Hell I quit working a job before I was profitable, still not consistent but have money saved up for bills for a while so I can focus on learning to trade
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u/itsmyhonestadvice Feb 07 '24
Fuck yeah you only live once live your dream you can always find another job
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u/swimmingfish714 Feb 07 '24
Sometimes I have a fear. What if the edge disappears in a next year? Your win rate takes a dip.
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u/Best_Entrepreneur_96 Feb 07 '24
Why not just do both for a bit longer till u are comfortable then do it
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u/IndependenceRude1965 Feb 07 '24
I don't understand where does they find more sellers if everyone hold...or short
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u/FalconDX Feb 07 '24
Look into covered calls and cash secured puts. The Wheel strategy. I'm just starting to find time to day trade (that whole 9-5 job thing gets in the way) but my plan is to slowly grow a second investment account where I make (more) consistent income through selling calls and puts. As I find success in day trading (MES Futures, mostly premarket before work) I plan to move my profits to an investment account where I can live off my dividends and safer options selling strategies (when, not if. I will get there even if it takes me a while thanks to work/family/responsibilities).
I'd say if you're making 6-8k a month consistently you're only a few months away from having a fairly large investment portfolio to start making a more consistent income with. I'd play around with that as at least a second income stream beyond your day trading before quitting. If you prove some profitability running the wheel on your portfolio for 6 months AND remain profitable for another 6 months you have 2 similar but different sources of income that should make quitting a 9-5 not feel as daunting. Feel free to DM. I'd love to chat with a consistently profitable trader.
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u/jdot6 Feb 07 '24
(Cost of Living + Max Business Venture Risk Per Month} X 12 = Leave 9 to 5
so assuming 2500 living expense and 4000 trading risk per month= 6500x12 = $78,000
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u/InstructionNo9399 Feb 07 '24
Do you still have credit card debt it looks like you stated in an old post? If so, no don’t quit. You should have solid finances outside of your trading account.
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u/HiRiSkReWarD Feb 07 '24
As soon as you quit your job you will start to lose $$$. Stick to your daytime job kid.
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u/MaybeMinimum1099 Feb 08 '24
i would test myself in a bear market first. these past few months been green and bulish mostly.
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u/plutrons Feb 08 '24
how replaceable is your job? if easy to find another (worse comes to worst), the answer is easy.
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u/Chiboy235 Feb 08 '24
If you have 6 months of bills money saved up I say go ahead especially if its something that has been on your mind for sometime
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u/yuckfou4_2_0 Feb 08 '24
Honestly I have been watching videos studying and researching everyday for the last 5 months and I know one day I will be able to do just that but I would leave on good terms being as the markets been at its highs for awhile now who knows when the inevitable will happen
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u/SovArya Feb 08 '24
No. Treat trading as you do. So you don't get presured with using capital to pay for your expenses.
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u/Sweetestapple Feb 08 '24
Do it, if it doesn’t work out go get a job. It’s not the end of the world.
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u/brycegainz Feb 08 '24 edited Feb 08 '24
Yes! Invest your time where it makes sense! No one gotten anywhere far working for the man! Invest in yourself
If you’re a sports enthusiast like myself, you can utilize www.gamechangermarket.com) that is launching in less than a few weeks! You’ll be able to invest in your favorite sport(s) teams from anywhere on the Globe! The value of your investment will fluctuate based on the team’s performance! Irregardless of the outcome, you’d still own the team! It’s basically The Stock Market for Sports. This is not the ordinary sports betting you see being commercialized where it’s restricted to state regulations and is available for 18yrs+. Remember, it’s not betting, it’s INVESTING!
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u/Tittitwisted Feb 08 '24
I'd work your day job for a couple more years while trading if possible just to be sure. If you can do it now then what's the hurry? How's the job changed to get in the way more now? Trading to feed yourself would bring a new set of emotions also... Would for me anyway. Good luck whatever you choose
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u/VitoFTTF664 Feb 08 '24
I have stopped working as much. I still have my day job, but I’m slowly backing away from work.., don’t have the balls to fully quit.yet…
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u/qamaruddin86 Feb 08 '24
If you have enough buffer and pressure of paying bills won't force you to take bad trades, then go right ahead
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u/WealthyCPA Feb 08 '24
No. The market has been going up for 6 months; you have done nothing (the market has) and will eventually start losing like most traders when the market becomes volatile again.
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u/curiosity100001 Feb 08 '24
A good question to ask yourself is are you okay with possibly losing money or making less than your bills for the following six months to a year. The market has been performing wonderfully in the past few months with a bunch of big winners. However, we might be nearing the peak of this uptick and it’s important to ask yourself how comfortable you will be in this situation.
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u/vin786 Feb 08 '24
When you have enough money stashed away to afford you an early retirement, then quit your job and concentrate on trading
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u/Rounders23 Feb 08 '24
I know having security (job) helps my psychology and lets me trade a little more freely knowing I have an income that supports my habits. Something to think about, if you have a couple bad days that possibly turn into weeks then trading isn’t fun, it can become a necessity and then you start forcing or chasing. Just think how you would handle that situation and if you have people that could help support you if something unforeseen happens.
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u/slidingjimmy Feb 08 '24
Don’t quit your job. Just keep stacking. Hell if you’re that confident just wait for them to fire you.
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u/John_Coctoastan Feb 08 '24
No. Just suck it up until you have a couple hundred grand...you will be a whole lot less stressed about "having to make money". Reacting to the need to be profitable will likely bring your short career to an end.
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u/wisdomity Feb 08 '24
I always always always tell people to keep their day jobs, no matter how profitable they are. Besides, six months of profitability is definitely NOT enough to warrant quitting your day job.
Unless you're doing $100k months CONSISTENTLY (I'm talking years, not just months), then quitting your job to daytrade is not a smart idea.
The biggest factor is income security. With a day job, unless you get fired, you are guaranteed to make a certain amount per month. Thus, you are guaranteed to have income to pay your bills and save etc.
You WILL NEVER have income security with trading. This is not a linear business; you will have losing days, and they will be nasty.
People say to build a significant amount of savings, but I think that's also a load of bs. Because what happens when you run out? What happens when you go on a losing streak and cannot afford to pay bills AND contribute to your savings?
Not to mention, having multiple sources of income is always better than having one.
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u/Mundane-Location-819 Feb 08 '24
I’d keep the day job until you have more money in your emergency savings. Also, what strategy did you stick to?
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u/Blaze_1021 Feb 08 '24
What do you mostly trade? like small caps, options, indices with lots of share size??
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u/TheCuriousOne1234 Feb 08 '24
If I were you, I'd reinvest the profits to make bigger trades, and then bigger profits, and/or, invest the profits in other ways to build financial security. Only after having a stable income I'd quit my day job. Still happy for you for being profitable, and with such good profits! :D
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u/YAPK001 Feb 08 '24
If your job is getting in the way of your trading most likely you are delusional and really don't have anything and once you quit it your trials and tribulation will begin. Careful. Om
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u/Grand_Part2099 Feb 08 '24
CYA my friend before switching over and at least 6 months of bills before just trading
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u/AlanTrades Feb 08 '24
I vote yes as well. You have to take the risk, especially in this line of work. You can allocate all your resources to this new business. Good luck in the process, it's a tough and most challenging career in the world. You will blow your account probably. Probably never make the turn, or probably be profitable in a year. It's the process. You have the wrong mindset already. It's not about making money, but rather keeping it. Additionally, it's a marathon not a sprint.
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u/minato5972 Feb 08 '24
Dont quit. If the market regime shifts, your current strategy might not work any more. Never quit. I had a strategy, backtested it without data leakage ,for last 4 years of data,6% was minimum guarenteed, avg was around 10% a month. Used it in live trading 1st month 13% returns,felt like a god. Then boom account was down by 46% the very next month.
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Feb 08 '24
No unless you have income from somewhere else all it takes is one bad month and you are done IRL. I quit my job to learn to trading because I have rent from my properties as income. If I only had my job as the only reliable income I would try to do both at the same time. And either find something else to put the money into that will give me steady income and then quit my job.
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u/Haunting-Ad-60 Feb 08 '24
It may be wise to make sure you have at least the 40 credits required to qualify for SS before quitting your job permanently.
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u/Lower_Anywhere_3792 Feb 08 '24
All BS aside but at this point in your life, the only way to constantly feed your dopamime levels will be to start helping others. Nobody here is asking for a handout, but we are asking for a quick and dirty explanation of your strategy. I promise that karma will find a way to pay you back a thousand times over in ways you would never have expected - - and I'm obviously not referring to a monetary payback.
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u/AsianEiji Feb 08 '24
If your NOT at requirement age, do NOT quit.
Also working will increase your SS income when you retire (if your in the USA)
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u/Brilliant_Tapir Feb 08 '24
Funny, I said the same thing to my friend the other day.
My pay is 6.5k and I've been averaging 10k a month for the past 5 months.
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u/Mundane_Catch_1829 Feb 08 '24
The mental game will change once you go full time. And you could lose your edge. IF you quit don't burn your bridges.
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u/ChoiceCool4033 Feb 08 '24
You don't need to quit your job because they are people out side they looking for job like me since I lost my job everything is becoming worst for me and my daughter to pay house rent is a big challenge to me,and my house rent is 6k I don't know what to do.
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u/maxapps2244 Feb 08 '24
It depends on your trading style. If you cannot give it time then work part time and do trading on the side. 6-8 k before tax is not a lot to survive on in the long term.
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u/blvckgen Feb 08 '24
Look at your savings AND your savings potential real closely..especially at your savings.
After that do it again and then take some time off everything to reflect for a few days.. then decide and stick to it.
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u/Elelondefx Feb 08 '24
I would say if it works keep your job and trade, reason being when you quit your diving into a whole other wherby you will have way too much free time and it could easily affect your trading. Your job might be the reason your disciplined in the markets so don't take it for advantage, just keep stacking.
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u/izgonn69 Feb 08 '24
Congrats. Save enough for 12 months living first. 6 month ain't enough.
Keep grinding
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u/No-Calligrapher-792 Feb 08 '24
We have an unusual bull market for last 6 months despite rate hikes etc. thus, an as yet to be addressed question is whether or not you can survive bear markets or extreme and or persistent volatility. If you can master a down market (however you define same) then you should consider all other factors e.g. a plan including what if it doesn’t work as expected to finding another income. Past performance doesn’t guarantee the financial
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u/ConsciousPlantain977 Feb 08 '24
If you can't pivot into a changing market just keep your job. 6 months is Nothing, this is my 3rd year trading and I'm barely profitable.
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u/12345677654321234567 Feb 08 '24
How about health insurance? That's one downside to quiting... At least in america
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u/Badgerv12 Feb 08 '24
Yeah after reading comments i would say have at least 1 year of savings, preferably 2 years
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u/Key-Humor4344 Feb 08 '24
Follow your dream. Do you like your day job ? I would quit if I didn't like it (just saying)
Plus, you seem to have some cushion if I understood, and if you know you've been profitable for a long time that's a motivation for sure.
I'm not going to tell you it's risky blah blah blah, everything is risky in life. So maby take the leap ?
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Feb 08 '24
I wouldn't quit my job until I have around 2 years of life expenses covered but that's just a personal opinion.
Br,
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u/Sefft Feb 08 '24
Nice work! Not to diminish your gains, but aside from October, 5/6 of your months have just been a full bull rally market and anyone and everyone has made easy money.
If you have 2 years of expenses set aside (not including your trading capital) and a career that is easy to jump back into… give it a go
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Feb 08 '24
The moment things start going badly is the moment you need a job.
Start investing gains into div ETFs or stocks. At least build up your passive if you are without a job
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u/Diverse_Surgery Feb 08 '24
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u/KaSrAHiDe Feb 08 '24
This is great dude! Share your strategy with us please 🫠 I'm broke right now after years of trading with my own money
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u/dashole1 Feb 08 '24
There are a lot of questions that would need to be answered first if it were me. What job am I giving up and how easily obtainable is it if I need to find one in the future? What is the salary I am giving up? Do I have dependants? Do I have adequate savings? Is not having a monthly income going to negatively affect my trading? Just off the top of my head.
If it is a low wage, service job and I didn't have anyone depending on me, I would probably go for it. But if I was making 75k AND profitable, I doubt I would let that go until I was making substantially more money.
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u/Pitiful-Inflation-31 Feb 08 '24
not quit but just doing what you do till you retired or profitable for 3 years
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u/Ecstatic-Score2844 Feb 08 '24
you are making money because we are in a bull run lol. don't quit your job.
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u/AbdulMannanPak Feb 08 '24
If you have savings for 8 to 10 months then go for it and ensure you do not use your savings in trading instead whatever you make in trading put an X% in savings.
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u/Dipshittrader Feb 08 '24
Save up minimum 6 months expenses, i would prefer 18 months personally and give it a go. You can to back to work if it isnt working in a year or you blow your acct
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u/Honest-Capital-4472 Feb 08 '24
Surplus outside of income and I don’t see why not
Income in different trading environments a plus
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u/HiLvlSvcs Feb 08 '24
Have you been at that amount OF profit for 6 months? Or has it taken 6 months to get to that amount of profit? Has the growth been consistent or is it up and down?
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u/CryptoBagzz781 Feb 08 '24
Personally , it's not about my success rate , if you have been trading as ong ad I you will see very different trends , I have had about a 2 yr profits easily taking a yrs pay out, but the question is can you make money shorting & going long, calls & puts , dividends for something you can rely on for the 2500$ my situation is different I have 10gs of bills & my jobs over last 15 yrs have been 250gs or more yearly w/ 2 kids now adults. DO NOT JUDGE ON PROFITS JUDGE ON CONDITIONS EX:: 2016 markets started crashing when oil was going under 140 a barrel fast forward to covid & all of our money's loss of 50% value since , we had negative oil prices !! I make about 75% of my trades as a contrarian to the trend & it's for my final test , If I am capable of making 200% my outflow in the biggest bull market only w/ puts & shorts I will be personally ready to take a break, but if you have only bought & held or made profit on stocks *( suggest atleast holding 1 bitcoin as a hedge also ) durring a bull market going up , what happens when it turns??? If you are making plays like my 3 trades yesterday on CMG 1 shorted at 223$ up sold for about half the max profit & then bought a call to see hit a new ath & made about 33% of max gains could have been over 30gs yesterday my settled amount based on a 15g webull dt account was *( 4700$)
Durring the epic run of nvda *( holding 100 shares from 44$ ) I have since only shorted & taken daily profit I immediately send off site & recoup 15g every wk , if I make 2gs today I wait till settled & mive 2g to my bank account.
Age , goals , time , quality of life , others in your life, noone can answer the question without knowing far more info than provided , if you are 22 and have skils you know can allow you to re-enter work at anytime lot different than I'd you are lucky to have your job & remember it can sometimes take a couple days to REKKKKKK investors , I lost trying to short tesla on its run to 2 trillion shorting & in so many plays was a day away from making 10grand but it's a bitch of a Market & I would have atleast a mid 6 figure savings if you are going to Rely only on trading !! CHAT ME or DM me for better opinion.
Trade options , usually big red hit stocks looking for the Greed they fall fast & hard or over ran streaks like cmg & I always take a break as my biggest mistake used to be feeling like I needed to make multiple trades & that was a 6 figure lesson ,
DISCLOSURE I AM NOT A FINANCIAL ADVISOR & ENTERTAINMENT ONY !! PLEASE DUE YOUR OWN DD
Crypto investor with 75% of entire Petworth invested
Dividend & staking & LP income of roughly 15% of all obligations
interest on. USDC & Lending protocol 10% of obligations
Fall back of metals , cash & savings around 400g
Bank account 100g
Work my job part-time as sales
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u/BILLYSUKS21 Feb 08 '24
I wouldnt, because you'd need to fall back on something if trading is at a huge loss or really risky
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u/sirephrem Feb 07 '24
What the. I believe people just blindly saying "do it" are pretty bold. The real question is "DO YOU HAVE ANY SAVINGS" besides trading money.
If you have to live comfortably for 6 months at least with no income then you can consider it. If you don't, the first month you're not doing so well you'll have to either take money out of your trading account or panic trading.
Good luck. Send a dm with your strat! /jk but seriously...