Worth sacrifice my Job for Day Trading??

[cherubi]

Hello everybody,

I'm working in one of the Oilfield Services Company abroad with a monthly salary of 2.5 Lakh, have been trading from time to time through HDFC SEC for the past 3 months. Now, I'm dragged into this crazily and so excited about this trading, but not able to focus much on trading due to my job. Similarly, I'm distracted on my job due to these trading activities. It should be either of them. What you people think if I leave my job and start engaging in day-trading (margin or cash & carry) with a initial turnover amount of 10-15 Lakhs? I have paid and subscribed to couple of websites for their day trading power calls. I know the risky part, but will it all worth at the end??

 

[vijayakishorebabu]

Hi cherubi,

2.5 lakh per month ( 30 lakhs per annum ) is not a small thing. Most of the peoples earning dream. You may be highly skilled person in that field. To acquire that skill how long you have made efforts in your education. I think after making lot of effort in several years you came to this position. In trading also expertize required. It needs some time definetly what you are having.

Actually i dont know what is your financial position. How much amount you want to allocate for trading? If you are not suceed in trading what is your next step/plan for your future. If you are married think about your family position if you are not suceed.
95% traders will loose their amounts and submit as tution fees to market.

So dont blindly jump in to this market with a little experience of three months what you are having. See another two or three years and acquire the knowledge of trading,discipline,money management and emotional management. Afterwards assess the situation and your trades in these two or three years. If you succeed more than 70%, then you think to resign your job and make trading as your profession.

 

[comm4300]

Few questions you need to contemplate:

a) dependents on you? (financially). After beginner's luck runs out in the mkt, the alchemy starts.
b) family ok with your thinking process?
c) enough buffer to take care of your monthly expenses, emergencies and lifestyle?
d) worst case scenario: let's say you encounter 15/20 days of continuous loss and your trading capital begins to thin down 4 digits, will you be emotionally strong enough to bounce back?

e) do you honestly believe the websites that give trading calls will help you make money??? have you tested their calls for a few months?

and lastly,

e) if you decide to throw in the towel and give up on trading, will you get your job back? or even a lesser paying job somewhere? and how'll you justify the gap in your resume?

If you can honestly answer the questions here....and are comfortable with the worst case scenario....GO FOR IT.....there's no place like market. :thumb:

 

[superman]

Hello everybody,

I'm working in one of the Oilfield Services Company abroad with a monthly salary of 2.5 Lakh, have been trading from time to time through HDFC SEC for the past 3 months. Now, I'm dragged into this crazily and so excited about this trading, but not able to focus much on trading due to my job. Similarly, I'm distracted on my job due to these trading activities. It should be either of them. What you people think if I leave my job and start engaging in day-trading (margin or cash & carry) with a initial turnover amount of 10-15 Lakhs? I have paid and subscribed to couple of websites for their day trading power calls. I know the risky part, but will it all worth at the end??

The bold text clearly shows that You are not yet ready
If you quit your job now,it will be the most stupid decision you have taken in your life

 

[columbus]

Hello everybody,

I'm working in one of the Oilfield Services Company abroad with a monthly salary of 2.5 Lakh, have been trading from time to time through HDFC SEC for the past 3 months. Now, I'm dragged into this crazily and so excited about this trading, but not able to focus much on trading due to my job. Similarly, I'm distracted on my job due to these trading activities. It should be either of them. What you people think if I leave my job and start engaging in day-trading (margin or cash & carry) with a initial turnover amount of 10-15 Lakhs? I have paid and subscribed to couple of websites for their day trading power calls. I know the risky part, but will it all worth at the end??

Do not quit your job!!!!!

 

[Prashant Patel]

Hi cherubi,

2.5 lakh per month ( 30 lakhs per annum ) is not a small thing. Most of the peoples earning dream. You may be highly skilled person in that field. To acquire that skill how long you have made efforts in your education. I think after making lot of effort in several years you came to this position. In trading also expertize required. It needs some time definetly what you are having.

Actually i dont know what is your financial position. How much amount you want to allocate for trading? If you are not suceed in trading what is your next step/plan for your future. If you are married think about your family position if you are not suceed.
95% traders will loose their amounts and submit as tution fees to market.

So dont blindly jump in to this market with a little experience of three months what you are having. See another two or three years and acquire the knowledge of trading,discipline,money management and emotional management. Afterwards assess the situation and your trades in these two or three years. If you succeed more than 70%, then you think to resign your job and make trading as your profession.

Few questions you need to contemplate:

a) dependents on you? (financially). After beginner's luck runs out in the mkt, the alchemy starts.
b) family ok with your thinking process?
c) enough buffer to take care of your monthly expenses, emergencies and lifestyle?
d) worst case scenario: let's say you encounter 15/20 days of continuous loss and your trading capital begins to thin down 4 digits, will you be emotionally strong enough to bounce back?

e) do you honestly believe the websites that give trading calls will help you make money??? have you tested their calls for a few months?

and lastly,

e) if you decide to throw in the towel and give up on trading, will you get your job back? or even a lesser paying job somewhere? and how'll you justify the gap in your resume?

If you can honestly answer the questions here....and are comfortable with the worst case scenario....GO FOR IT.....there's no place like market. :thumb:

The bold text clearly shows that You are not yet ready
If you quit your job now,it will be the most stupid decision you have taken in your life

I agree with above statements.
Don't just jump in. I'm also in the same situation as you are in, but in different profession. Give yourself time to think, as I had done.

 

[absolute.zero]

Read the forum contents thoroughly, at least for next six months.
There are strategies with which one can trade the markets on part time basis. You may start with that when you finish deciding a suitable trading system for you.
Start trading, and continue your learning. Real money gives refined learning experiences.
After 3 - 4 years, you may decide further course of action.

 

[veluri1967]

I cannot emphasize the following statement enough. The opportunity to lose everything you have exists when you trade in the stock market.

Many traders have bankrupted themselves and are now living on the streets because they lost all their money, including what their friends and family gave
them and every bit of credit the banks and credit card companies lent them. But the dangers of trading extend far beyond mere financial loss. The choices you make as a trader can cost you your marriage, your car, your house, your confidence, your pride, and even your desire to live. Taking a loss can sometimes make you want to lock yourself in a closet and curl up in a ball for a few days. Left unchecked, the situation could deteriorate to the point where you disconnect from the outside world, never answering your phone and never seeing the light of day.

It is inevitable that traders, especially new traders, will experience the anguish of losing, but a cool head and unemotional trading can help prevent disaster. It is imperative that you learn to lose like a winner. This means taking small, controlled losses that you can handle emotionally.

Day trading is one of the most mentally strenuous jobs on earth. Where else can you experience the agony of working eighteen hours a day trading, studying, and constantly thinking of and dreaming about the markets only to lose money? The joy and pain of trading are strong emotions. The importance of learning to manage these emotions cannot be stressed enough. Remember that keeping in good mental health will speed you on your path to profitability.

Is it emotional hype or myth of easy money making attacting you to Day trading by leaving your job?

Think & Act.

Markets do exist even after your retirement. But, jobs donot.

Take a logical decision to avoid repenting later. Think through your mind rather than emotions.

All the best.

 

[stock72]

Hello everybody,

I'm working in one of the Oilfield Services Company abroad with a monthly salary of 2.5 Lakh, have been trading from time to time through HDFC SEC for the past 3 months. Now, I'm dragged into this crazily and so excited about this trading, but not able to focus much on trading due to my job. Similarly, I'm distracted on my job due to these trading activities. It should be either of them. What you people think if I leave my job and start engaging in day-trading (margin or cash & carry) with a initial turnover amount of 10-15 Lakhs? I have paid and subscribed to couple of websites for their day trading power calls. I know the risky part, but will it all worth at the end??

Why hurry to leave the job ? if you are in abroad ( i guess u shall be in middle east ) then try to do trading only on thursday and friday ( ur office shall be leave on those days ) with say intial captial of 50k and once you manage to grow that 50k continously for another one year or so and then u slowly try to jump from job to trading .....

 

[murthymsr]

Hello everybody,

I'm working in one of the Oilfield Services Company abroad with a monthly salary of 2.5 Lakh, have been trading from time to time through HDFC SEC for the past 3 months. Now, I'm dragged into this crazily and so excited about this trading, but not able to focus much on trading due to my job. Similarly, I'm distracted on my job due to these trading activities. It should be either of them. What you people think if I leave my job and start engaging in day-trading (margin or cash & carry) with a initial turnover amount of 10-15 Lakhs? I have paid and subscribed to couple of websites for their day trading power calls. I know the risky part, but will it all worth at the end??

It is just the gambling human instinct.

This is very bad. Like thinking of a lover in spite of being married.

This is a clear indication of shallowness of knowledge.

This will be true. Sorry for the harsh words.

I suggest that you learn the intricacies of trading at your leisure time, whenever you get that, while still doing your job.

Go for Long & medium term investments, based on your knowledge of the market, increasing your exposure as you gain knowledge.

And at the final stage go for short term ( NOT intraday) and may be futures also in line with the market/sector/stock trends. In my opinion, it may take a decade to reach this stage from now.

And this way you can have the best of both worlds.

Avoid the worst.

Wish you all the best.

murthymsr