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Originally Posted by Richard_Todd  All the answers you want are on my website. Basically, I consider a full-time income enough to cover my living expenses. I traded in my spare time off daily charts for a few years in a small acount while keeping my day job. I quit my day job and switched to trading full time in a large account this year. I don't have other sources of income, but I also don't have a spouse or kids to support, which helps. I started with enough reserve money (outside my trading account) to live for a year even if I made no profits. |
Thanks Richard!
I did a bit of reading on your site last evening and realized that you've already addressed many of these questions. Very good stuff - I appreciate your honesty!
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You shouldn't be surprised to not have met a successful trader in person, since 99% of the people that try it fail. Everyone I know that got into the restaurant business failed, too, but that doesn't make me assume that there are no successful restauranteurs. And think of how many waitresses there are in LA for every successful actress....
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Point well taken! My wife runs her own catering business which has barely been making money for about 7 years now. She also tried to open a restaurant last year with a partner and it didn't last very long.
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The barrier to entry in trading is very low, so lots of people try it that have no idea what they're doing. That leads to a lot of failures right there.
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Again, very good point and I agree 100%. It's way too easy to "try" trading, but nobody should do it without a lot of research/training up front and a well laid plan.
I plan to spend a lot more time on your website absorbing the knowledge you've provided there. I really appreciate the time you've put into this to help out us "noobs".
Max