Nov
Im about to take the plunge and Day trade from home full time. Does anyone have any advice to share?
I will be working by myself from home online. My account is worth about $30,000.00. I've had some pretty remarkable success as of late, averaging about $750 a day in net profit. I am still nervous though because im losing my benefits from work and i also wonder about not having that steady dependable salary.
Are there any day traders out there that have comments? Please share your experiences and tips
according to the insurance agent that responded you don't think that i can qualify as a 1099er self employed health care plan? i've seen a few out there on the web and their rates didn't seem that crazy
also $30,000 is the balance i maintain in my account i withdraw 2/3s of my earnings in the form a of a check after everyday i trade.
I trade stocks full time but I am not a daytrader. I don't think you can plunge into daytrading – unless you want to run your account into the ground. Daytrading is a very specialized skill that takes a long time to develop. Most daytraders lose money and wash out.
Also, the surest way to pile up losses is to expect your trading to pay the bills.
i woulf be looking for a nigh job with benifits == goodluckl
November 23rd, 2008 at 4:04 amReferences :
Personally, I wouldn't let a lucky streak get the better of you. You said "averaging about $750 a day", but with an account of $30000, that is less than 40 days of experience. If you can do $750/day and still keep a job, how is the extra income hurting you? That just means you can retire earlier or that you can be as crazy as you want to be with your account because you know you're still getting a check. But I know you'll discount that advice once you find out I'm an insurance guy.
Get your health insurance, and long-term disability insurance lined up before you jump ship. I'll tell you that no company (besides maybe Lloyds) would pick you up for disability as a day-trader for several years.
To clarify, I said that disability companies don't want daytraders as an occupation. Health insurance is a different animal and underwriting offers are not job specific. I just want you to be aware of your options and have a complete plan before you make the move. A little due diligence is in order. That's why you asked the question.
November 23rd, 2008 at 4:39 amReferences :
Independent agent
Former insurance brokerage manager
I trade stocks full time but I am not a daytrader. I don't think you can plunge into daytrading – unless you want to run your account into the ground. Daytrading is a very specialized skill that takes a long time to develop. Most daytraders lose money and wash out.
Also, the surest way to pile up losses is to expect your trading to pay the bills.
November 23rd, 2008 at 4:50 amReferences :
http://finance.groups.yahoo.com/group/TradingZoom/
your making a big mistake. Just because you have been "lucky" lately doesn't mean it will continue especially in this market. Stick with your day job you can set triggers for your stock transactions.
November 23rd, 2008 at 5:15 amReferences :
Rather build up more experience and capital by continuing to trade part-time for the time being. You need to have a serious pile of cash before you pack in the day job.
November 23rd, 2008 at 5:36 amReferences :
Personally, I would suggest you take a good look at trading in the Spot FOREX (currency trading) as opposed to day-tading stocks. The FOREX is open 24 hrs a day, and has far more liquidity, and less slippage. Because it is a 24 hr/day market, you can easily do you trading without giving up the security and benefits of your daytime job.
November 23rd, 2008 at 5:51 amReferences :