Which is the right time to quit my work?

Mukunth

Mukunth

New Member
#1
#1
Hi All,

Happy new year to you, my name is Mukunth and am from chennai, currently working as a software engineer in a reputed organization.

I am very much interested in trading and have been learning trading and practicing for the last two years. Now, since i want to be a full time trader, thinking about quitting my job. Please advice whether this is the right time for me to proceed on this decision.

I have saved only 2 lakhs so far for intraday trading, have been practicing with same capital since past year. Have not been able to earn much in the past year but was atleast able to recover my losses incurred. Do you guys think that this much capital will be enough to quit job and go on with full time trading?

I have a house rented and living on my own house so will get stable income fo 10000pm. Apart from that no other savings I have, But I want to start trading as soon as possible. I am the only bread earner of the family, since father got retired. Please advice whether I can leave my job and start trading full time, I want to do trading on full time and know that market will humble me if i try to do part time intraday trading, had to learn this lesson the hard way. I know that trading is not an easy profession but I believe that my passion for trading will take me at least half way near to becoming an expert in trading. Looking forward for all your advices, I have read many awesome articles by Saint, Traderji, Ash_Paul, Smart_trader and so many others, and would like to hear advice from you guys as you may have already been in the situation i am currently in. Also why i want to trade soon is otherwise my parents will choose a bride soon for me to marry and I will be in a difficult situation to convince my wife and quit my job for trading profession, I don't want to go to that stage, want to start trading when am not married itself:D.
 
Smart_trade

Smart_trade

Moderator
#2
#2
Mukunth said:
Hi All,

Happy new year to you, my name is Mukunth and am from chennai, currently working as a software engineer in a reputed organization.

I am very much interested in trading and have been learning trading and practicing for the last two years. Now, since i want to be a full time trader, thinking about quitting my job. Please advice whether this is the right time for me to proceed on this decision.

I have saved only 2 lakhs so far for intraday trading, have been practicing with same capital since past year. Have not been able to earn much in the past year but was atleast able to recover my losses incurred. Do you guys think that this much capital will be enough to quit job and go on with full time trading?

I have a house rented and living on my own house so will get stable income fo 10000pm. Apart from that no other savings I have, But I want to start trading as soon as possible. I am the only bread earner of the family, since father got retired. Please advice whether I can leave my job and start trading full time, I want to do trading on full time and know that market will humble me if i try to do part time intraday trading, had to learn this lesson the hard way. I know that trading is not an easy profession but I believe that my passion for trading will take me at least half way near to becoming an expert in trading. Looking forward for all your advices, I have read many awesome articles by Saint, Traderji, Ash_Paul, Smart_trader and so many others, and would like to hear advice from you guys as you may have already been in the situation i am currently in. Also why i want to trade soon is otherwise my parents will choose a bride soon for me to marry and I will be in a difficult situation to convince my wife and quit my job for trading profession, I don't want to go to that stage, want to start trading when am not married itself:D.
Click to expand...
Rs 2 Lacs is too small as trading capital to start trading full time and expecting to run a house on this income. You must have Rs 4-5 L trading capital apart from the house rent income you have. So continue with your job for few more years and save trading capital. A family needs Rs 20000 to 25000 pm and getting that from trading capital of Rs 2 Lacs is difficult as you yourself have said that last few days you are trading but not making sufficient money.

Dont trade full time on shoestring budget...few succeed in that but it is very tough psychologically....I know that....have been there few years ago....

Trading certainly is a great career but one should have good knowledge and capital for it.

Best wishes for your success....

Smart_trade
 
R

Reggie

Well-Known Member
#3
#3
Mukunth,

If you feel you are ready to trade, do dip your toe in the water (Not both feet) before you decide to quit your job.

Take a 15 day break from work, and trade full time and see how you fare. Reflect on the trades, lessons, and see if you are now ready to be a full time trader.

Suggest you repeat this 15 day experiment for a second time after another few months at work. (This will give you the opportunity to increase your capital as well as learning)

Good luck.

Mukunth said:
Hi All,

Happy new year to you, my name is Mukunth and am from chennai, currently working as a software engineer in a reputed organization.

I am very much interested in trading and have been learning trading and practicing for the last two years. Now, since i want to be a full time trader, thinking about quitting my job. Please advice whether this is the right time for me to proceed on this decision.

I have saved only 2 lakhs so far for intraday trading, have been practicing with same capital since past year. Have not been able to earn much in the past year but was atleast able to recover my losses incurred. Do you guys think that this much capital will be enough to quit job and go on with full time trading?

I have a house rented and living on my own house so will get stable income fo 10000pm. Apart from that no other savings I have, But I want to start trading as soon as possible. I am the only bread earner of the family, since father got retired. Please advice whether I can leave my job and start trading full time, I want to do trading on full time and know that market will humble me if i try to do part time intraday trading, had to learn this lesson the hard way. I know that trading is not an easy profession but I believe that my passion for trading will take me at least half way near to becoming an expert in trading. Looking forward for all your advices, I have read many awesome articles by Saint, Traderji, Ash_Paul, Smart_trader and so many others, and would like to hear advice from you guys as you may have already been in the situation i am currently in. Also why i want to trade soon is otherwise my parents will choose a bride soon for me to marry and I will be in a difficult situation to convince my wife and quit my job for trading profession, I don't want to go to that stage, want to start trading when am not married itself:D.
Click to expand...
 
Mukunth

Mukunth

New Member
#4
#4
Thanks a lot for your reply ST, really appreciate it, I will go as per your advice, also i have asked my manager to change me to 4PM to 12PM shift, if that is going to be approved then hurray i can watch market all day and learn :clapping:

Hoping to be a a successful trader like you some day ...:thumb:
 
T

teja14

Member
#5
#5
Hi Mukunth,


Day trading:
Your capital 2 lakhs is sufficient for day trading. But your expertize may not sufficient. 95% (approx.) of day traders will loose.Even some trades they may gain but overall in a year they loose.

Positional trading
Your capital is insufficient to get income for living.

My advise

Continue your job further 3 to 4 years. Do positional trading with proper money management. In between you will get very good experience and you can see how much you earned as per your strategy or style. If you earned much in that period it may not difficult to convince to your wife and parents.

So, My final advise is dont quit your job at this stage it will become a disaster on your future.
 
intellibitz

intellibitz

Well-Known Member
#6
#6
Mukunth said:
Thanks a lot for your reply ST, really appreciate it, I will go as per your advice, also i have asked my manager to change me to 4PM to 12PM shift, if that is going to be approved then hurray i can watch market all day and learn :clapping:

Hoping to be a a successful trader like you some day ...:thumb:
Click to expand...
Good decision. Keep your day job.
 
F

fxgood

Well-Known Member
#7
#7
Not advisable to loose your beautiful career, stay with it and trade only part time and remember trading disclaimer always ( invest money only you are affordable to loose ) also you didn't mentioned what you learned in details like trading strategies you understood employed when in your current scenario
 
Mukunth

Mukunth

New Member
#8
#8
All,

Very thanks for your replies, I am very happy indeed seeing this many people ready to give advice on a trading career.

Currently after one year of learning and trading in the market, I am using my own system that is derived from Pride's stress free trading system and Saint's 5min Gap up and down system. The system is working for me only 50% of the times but most of the times my stop loss gets hit :down:.

But everything is a learning and it is exciting for me, I am currently trying to improve my system's performance, in the sense need to refine my stop loss points and exit points.

I tried many indicators but was not comfortable using them, so wanted to keep it simple first and try, before going on with advanced systems.

Also, have to identify the time frame that suits me for day trading, that is going to be my next target. Please advice whether am going in the right path of becoming a successful day trader. I have tried options and futures also, but nothing excites me like day trading so have set a goal to learn at least 10% of day trading techniques and try them in market timings to see whether they work as my goal for next 3 months.

Thanks to all again! Wish you to be successful like you guys :beer:.
 
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