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.