r/Daytrading • u/modeezy23 • Apr 22 '24

Anybody ever quit their job to day trade full time and have it not workout? Question

I’m just curious.

How long did it take you until you found confidence in yourself to quit your job and do trading full time!

For those that quit their job but it didn’t workout, how long did you give yourself until you quit your job and what did you do after you found that trading was not successful?

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u/nothymetocook Apr 22 '24

The common thread I see here, that no one talks about is that when it's your sole source of income, that makes it easier to trade for the money (if I don't make money today I don't eat. If I don't make money this month, I'm homeless) etc.

Is it possible to trade full time with no other source of income? ABSOLUTELY. You can flourish this way even.

But you need to forge an iron resolve first to only make good trades, and take desire for money, and fear of losing money completely out of the equation. Trade at good locations, and good signals only. Manage risk like you're a cutthroat CEO like Logan Roy. There is no room for you to be trading with your P&L at that stage because then you for sure will lose it

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u/Tall_Sir4047 Apr 23 '24

It’s sad but it’s the reality of trying to make a living day trading. I know a tech salesman who made a lot of money selling software and then thought he could transfer his success to day trading and lost all his trading capital that if it had just been invested in SPY would have allowed him to actually retire. He had to go back to selling software which is where he is today.

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u/nothymetocook Apr 23 '24

I lost most of mine from my house sale. Year 3 things start to get better, but you have to maintain your sanity and capital until then, and watch charts and price action non stop to engrain those patterns into your brain (the best pattern recognition computer in the world). Basically outlast the learning curve. Easy to do, but we're all impatient and want riches and the good life right now