Should I quit my job and become a fulltime trader at home?
These questions you need to ask yourself before quitting your job and becoming full time trader:
1.Risk taking capabilities : Dealing with drawdowns and not generating income for weeks is common and regardless of how good you are as a trader, you will experience such periods.
Trading can be compared to entrepreneurship where you can’t predict your next month’s sales and how much money will end up in your pocket. Not everyone can deal with such uncertainty and as a trader you have to be self-aware
Below is illustration of what is drawdown :-
Diagram Source – Trading system life
2.How big your trading account size:-
Only if your trading account is large enough, you will be able to make the transition to full-time trading. Here it is also important to know your historical performance; how much return can you generate per year with your trading?
Trading with large account size is not same as trading with small account size
3.Withdrawal of money :-
How do you structure your trading account, your personal spending and your savings? How often you withdraw from your trading account limits the growth of your trading account. You should have answer to this question
Why do you trade and what are your goals? Do you think that trading is an easier way to generate a six figure income, while you can sit at home and work 4 hours a day? Professional trading is often connected to 12 hours work days and working on the weekends is a big part of trading as well. At the same time, you are alone most the time, tied to your screen with very little human interactions. The people who are in it for the wrong reasons often receive a painful wakeup call and do not have the stamina to push through when the going gets tough.
5.Duration of your trading experience :-
If this all doesn’t bother you and you are determined to make it, great! But there is one more thing we need to address. The amount of experience you have as a trader plays a critical role. Financial markets move in cycles and most new traders have never experienced a full market cycle; if you have only been exposed to a bullish market period, a market sell-off and prolonged bearish market moves can easily ruin your game and prove that your system does not work under all conditions.
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