I am working for a PSU and has been trading for the last 5 years. Though I want to be a day trader, it really sucks my brains out when I sit to day trade on taking some leave. Trading requires a lot of mental balance. Any shortfall in this regard, the market quickly finds it out and you are punished mercilessly. And that happens when you are least prepared for it. Before deciding to quit your job, make sure you do not suffer from lack of mental makeup. When in gala time, every thing looks rosy and flourishing. Actual blow time brings up your weakness and the market is merciless in dealing with it.
I am now swing trading in futures and options keeping my day job. I am making around 5-10% pm comfortably which I am satisfied with.
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1. Strong Capital Base and Money Management. It depends on the appetite. One of my collegues trades in only equity positional. He subscribes to the famous advisory in Mumbai. He receives a call for a week. He just invests Rs.25,000 in each call. He has a capital base of Rs.30 lakhs. He liquidates his position exactly after 1 year whether in profit or loss. He is successfully making 30% per annum ie Rs.9,00,000 per annum while keeping his day job which is very demanding.
I trade in futures mostly. My base capital is Rs.10 lakhs. Sometimes I hedge my positions with options. I never expose more than Rs.4-5 lakhs at any given point of time. I swing trade. In recent fall, my account was down by Rs.2 lakhs though I have recovered it fast. Other than this Rs.10 lakhs in trading account, I always maintain a bank balance of Rs.5 lakhs to feel the cushion.
I am explaining these as an examples. Your risk appetite may be different from us.
2. A strong psychological makeup. I challenge no one knows what could happen in the market in the very next movement. Yet, we trade. Psychologically we should always be ready to absorb the shocks jitter by markets very often.
I presume quitting a job because of hatred in the job and in order to take up full trading is a hard decision.
I hope my few lines above will help you to arrive at a wise decision. All the best.
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