No, I am [I]not [/I]suggesting that at all! In fact, my opinion was that you should not attempt trading full-time at all until you have all the components in place and functioning. I.e. trading method, capital, risk/reward and money management, etc,etc.
I live up here in the North countries and winter is approaching. If someone said to us that they are planning an expedition to the North Pole now then we would say that it is not a good idea, wait at least until the spring. But if that person says that he is going to try it anyway then we would at least try to give our best advice and suggestions about how to plan it and what to take with him to give the best possibility of succeeding against all odds…
The only reason why I said 12mths is nothing to do with your trading success. I was talking about your business analysis plans and in particular your Cash Flow and Profit & Loss. Every company needs a written plan that identifies their forthcoming costs and expenses - and how they will be financed. If you are going to try and trade full-time then you also have to plan and think full-time. This means it is not sufficient just to trade and see what it looks like at the end of the month. There is also no point in any of this if you make a small profit for two months and then your quarterly bills arrive and there is not enough to cover them!
A 12-month cash flow analysis will tell you what payments are coming up in which months and also how much on average you need to make per month to cover a full year - i.e. what has to be your minimum “annual salary” equivalent to even survive.
This is the core difference between trading alongside a job, where you can experiment, test, lose, gain etc and it does not matter how little of much you make provided you don’t blow it all - but the moment you go full-time then you have to make [U][B]at least your minimum “salary”[/B][/U] before you even start to make any extra!
I haven’t even started to talk about your trading methods and probablilities of success. You have to get these targets clear first so that you know exactly what you are taking on. Three months buffer is not much at all. I could imagine that your minimum “salary” will be at least around 2000 per month. In any trading month there is realistically about 12-15 actual trading days, so you need to target earnings of around 150-200 per day every single trading day. And when you don’t make that on one day, then you have to make up that shortfall on another day - that is extreme pressure on a new trader!!!
So, what I am saying is that, before you think further about full-time trading now, work out these figures and decide is it really feasible. If you still think so then we can move on to helping with your trading methods
You are at a crossroads here. I am [I][U]not [/U][/I]saying you will be a consistent trader in 12 months - what I [U]am [/U]saying is that you will [B]have [/B]to be a consistent trader before your cash runs out…