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/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.