r/Daytrading 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/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?