I gave up work to trade (Spreadbet the DOW) around 20 years ago. My experience may be useful to others ?
I had started spreadbetting around 6 months before and was betting £3 per point (Pip) whilst I was working. Won a few lost a few - but decided that I wasn’t learning fast enough and gave in my notice to learn.
I employed a girl part time to look after my “other stuff” like filing, opening mail, cleaning and generally “keeping me tidy”
However, that is the way I “do stuff” (a bit OCD) and I spent every waking hour reading and learning.
I had enough peripheral income to pay the bils and the rent. Put £5,000 into an account and went live (demo accounts were not really available and we had to phone the bets in and out). and I had NO OTHER COMMITMENTS.
I learned a lot about myself and my psychology and was always “One more book away from being an expert”.
When I had a good many bets recorded, I had lost some money and found that without my 2 biggest losers I would have been “even”. Also without Spreads I would have been even ! - SO I abandoned the short time-frame betting to remove most of my spreads and learned that when I was about to get panicked out of a bet, going for a walk for a half hour was enugh for me to be able to make a rational decision when I got back.
Then I made one bet that I was determined to stick to and lost 600 pips at £3. SO I went on holiday for 3 weeks to “Have a think”
On my return I examined in great detail “turning points” on the big time frames (This was DOW remember - NOT Forex.) and found a set of 3 indicators which were good predictors. My first bet went into the red and stayed there for about 2 weeks. dropping a little each day whilst those on the forum I was using were forecasting a major down move. Ignoring the opinions of others was VERY HARD, but eventually it turned and took me well into profit. I came out way too soon of course but with a significant profit. and started looking for my next bet !
At this point I realised that these bets were incredibly rare - occurring 1-2 times per year at best ! So I thought there was no point me poring over charts endlessly - I could do this and work at the same time - so I went back to work. Doubled the account twice over the next couple of years or so - but then found I had stopped looking at the charts as often as I needed to and missed a couple. But work was going well and other things popped up in my life - so I just sort of “wandered off” & stopped doing it !
I came here a year or so ago looking to “get into it again” - but somehow I just don’t have the “All consuming passion” of my previous time. I am also looking at really short time frammes because the spreads are nowhere near as big now as they were “in my day”.
So I would say IF your life is at a stage when you can afford to put everything else on hold and just “Do it” - then GO FOR IT !
IF you absolutely Need to make a lot of money and you want to “Give it a try” then DON’T - YOU WILL LOSE !
IF you have a system you are confident in and are allready making consistent profits - then you need to wonder whether you can keep doing it and working, or whether your income from trading is now bigger than yyour income from work - and be rational about your choice !
PS _ Although my account started with £5,000 - I had to Add £3,000 then £2,000 to keep it tradeable as time went on. - It is unlikely you can do this full time unless you do have a decent “Reserve” to fall back on.