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Have "graduated" to full time trader

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  • #1
  • First Post: Aug 26, 2008 1:27pm Aug 26, 2008 1:27pm
I am ready to be a fulltime trader. Outside of the trading, what advice do you have about managing finances, health insurance, and most importantly (in my case) explaining to my parents that I'm not ruining my life? How many people here actually get all their income from trading?

Thanks!
  • #2
  • Aug 26, 2008 1:39pm Aug 26, 2008 1:39pm
Not many, that is why the money is so good for those who do.

The only way to show your parents that you are not ruining your life is to show consistent returns that you can live on for up to 3 to 5 years.

Statisticly most small business will succeed if they have another source of income to support them during the start up period.

So statisticly you best chance for success and showing your parents that you are not ruining your life is to have another cash flow source during the 3 to 5 year period mentioned above.

I know this is not what you want to hear. but it is the truth.


Best regards

Dale
  • #3
  • Aug 26, 2008 1:53pm Aug 26, 2008 1:53pm
Quoting Dale
Not many, that is why the money is so good for those who do.

The only way to show your parents that you are not ruining your life is to show consistent returns that you can live on for up to 3 to 5 years.

Statisticly most small business will succeed if they have another source of income to support them during the start up period.

So statisticly you best chance for success and showing your parents that you are not ruining your life is to have another cash flow source during the 3 to 5 year period mentioned above.

I know this is not what you want to hear. but it is the truth.


Best regards

Dale
lol, you are right
know thy edge and abide by it ! 4 in it shall thou be successful !
  • #4
  • Aug 26, 2008 2:11pm Aug 26, 2008 2:11pm
Why are you so concerned about health insurance? Sure it is a good thing to have but if you are young and in relatively good shape it isnt that expensive in the U.S.
  • #5
  • Aug 27, 2008 1:29am Aug 27, 2008 1:29am
Trade parttime, and that is good for me. The other part I enjoy my life.
  • #6
  • Aug 30, 2008 10:47am Aug 30, 2008 10:47am
I trade fulltime, check out NASE for MEGA Health Insurance. They are good and CHEAP. Depending on your style and how much you make there really is no need for your partner or you to have a job unless you just feel like it.
  • #7
  • Last Post: Aug 31, 2008 2:30am Aug 31, 2008 2:30am
Quoting fxRichard
I trade fulltime, check out NASE for MEGA Health Insurance. They are good and CHEAP. Depending on your style and how much you make there really is no need for your partner or you to have a job unless you just feel like it.
That is VERY useful information for a rookie like me. Thank you very much!
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