“I am 34 years old. I lost my job after 10 years, which gave me the strength to take some action. I made a decision that I would take up trading seriously. I have completed professional training and am now attending another one. I am highly motivated to succeed in this field. I know that I will not achieve success overnight. Hence, I took a ‘survival’ job in a similar industry as before, but I feel this was a step back. I don’t have as much time for trading anymore, I’m in bad shape mentally, I feel I’m giving up on my dreams. I wonder if I should put everything on the line and devote all my time to trading?”
The answer to this problem is simple: better not! It is far too soon. You are at the beginning of your life career and you also have responsibilities in the form of a family.
Moving to a life of just trading is a shock, for someone who has been working full time until now. At this point where you are I can say with a high degree of certainty that you have no chance of success. I have worked with people who have done this. It is a difficult process. A person perceives risk differently. Even people who are technically good have trouble with the transition to a life of trading. Even those who work professionally in trading firms. The interesting thing is that they do not have as good results as they had in the company! There is a lack of discipline + family “gets in over your head” (there is always something to do).
As long as you don’t have a stable situation, trading should be treated as a plan B, which in time will become plan A. You need a lot of things to achieve this.
Let’s assume that the monthly cost of living of a family is 4000$. Plus about 1000$ for office rent. One would need to have financial security for a year of life. So you need 12*5000 = 60000$. This is how much money you should have secured. Thanks to this, one mental pressure is gone - you don’t have to worry about living on a regular basis.
And why am I talking about renting an office? Well, to trade in peace. It is worth doing it on a trial basis, e.g. for a month, to see how working in a new environment looks like and whether you can cope with it or whether something like this suits you.
You need to act wisely, you need to have a safety cushion, you need to be able to withdraw. Going blindly after your dreams when you have finished one course is not enough. To be a professional trader you have to go through a lot and you have to have the conditions for it.
The experience of not being able to realize your dreams is a trifle in the perspective of lack of funds to live for your family - it would be a mental experience. A beginner should not give up stability.
PS. Remember about health insurance, insurance against loss of income (and con. diversification of income!), savings and pension. This needs to be addressed somehow