[pipMonster]

Hi Jay and others reading this thread,

I'm not trading full time nor is it my sole source of income.

What I can say from the experience of previously quitting a secure job, though one without much future, to go freelance in an entirely different field of work requires a certain mind set in addition to the support of your family/significant other.

In order to trade for a living you need to be very comfortable in risking your neck to achieve your dream. I did this ten years ago when switching careers of my own choice. I was not forced out in any way.

A trader would need the confidence to 'walk the walk'. By this I mean the belief they can generate the needed income from trading to not touch the 'back up living expenses'. This means total confidence in your strategy of trading that it will, if applied correctly and consistantly, generate the needed income. I would say a trader needs 6-9 months of expenses in the bank as back up. This trader would need to cut existing expenses to the bare minimum and then add 'goodies' to your lifestyle as rewards for good trading. The trader would 'do' not 'try'. This is a business. You need a passion for it, but also a detachment to look at your trading scenario and ask "What would I recommend another trader to do in this situation? Enter, exit, stay flat, pare down, add in, etc.,?

Can you see yourself paying for your child(ren)'s university costs by trading? How about your mortgage? How about your food? Health insurance?

If you have the confidence, I mean realistic confidence not the "I'm sure taking a big chance here I hope I can do this" kind of false confidence, then you may very well be able to trade for a living.