Should you go cold turkey and jump into being a pro trader? Or should you keep your job until you are profitable and then quit? In other words, should you keep a safety net under you before you quit.
I’ve done both.
I’ve been pretty poor with a wife and kid to support and did it as a trader. But I was running scared all the time! It was not a pleasant experience! I don’t recommend it!
But, at the same time, I had to be really committed to success. I had burned my bridges and was forced to execute my trading plans flawlessly. I learned more in a shorter time because I had no choice.
When we have a job then we have the ability to slack off and push our trading to the side.
I have a consulting client right now and he is in this situation. He is smart and really wants to quit his job but his job takes up nearly all of his time and mental bandwidth. So he makes money when he takes the time to focus on trading and then goes through times where there are no trades and everything drifts.
I can’t in all good conscience recommend you quit your job until you have a good capital base and a track record of success. You are the only person who can make that decision.
I was young when I did that. It worked out fine. But it is not for everybody.
I think it comes down to your personal psychology. Are you prepared to Go Big? Are you ready to make the commitment necessary? Or do you want to play it safe?
Both answers are fine. You have to look deep into yourself to find the answer.
In either case, you should look into raising your trading ability to the level so that you have the choice! I’ve put together an online course called How To Quit Your Job Trading Stocks and Options. I’ve put together a mini-course that is free and you can get instant access by clicking here now.
Go there now. You will learn a lot for free! Check it out here.