One of the most commonly requested words we hear is, “Can I make a living trading stocks?” or “Should I quit my job to pursue trading as a full-time career?
Isn’t it an intriguing concept? Quitting your job and trading stocks from home. There is no boss, no employee, no politics, and nothing. To create money, all you need is a laptop, an internet connection, and your ability and mentality.
So, can you earn a livelihood off of stock trading?
In reality, we know hundreds of people in their 20s and 30s who are making a lot of money by trading stocks at their leisure and living in a nice flat.
There are no entrance requirements to become a stock market trader. Anyone may enter the stock market and make a livelihood from it. To begin trading, you don’t even need any formal education. The only thing you could need is a small amount of money, as well as enthusiasm, a desire to earn money, and energy.
But This can’t be so simple, Will trading be easy?
No!! In this world, there are no shortcuts, my buddy. Not at all for the typical individual. It’s disappointing to realize that hundreds of individuals quit their jobs each year to become full-time traders, but just a handful become successful and begin living their ideal life. However, the vast majority of individuals ‘FAIL’ terribly and lose intrest in trading.
In actuality, making a living from trading stocks is difficult. It’s the same as learning any skill to make money. Many individuals learn to play the guitar or a few other musical instruments. Many of them play quite well. However, making a career from it or becoming a rock star is RARE. Only a small percentage of people are capable of doing so.
We are not here to discourage you, but rather to expose the fact. Anyway, if you are willing to put in thousands of hours of labor, to endure several days of losses and remorse, and still have the stamina to trade the next day, you may have a chance to become a successful full-time trader.
Things that are must to be learnt before quitting your job to trading stocks.
Before you decide to quit your job to make a full-time living trading stocks, here are a few things you should know and improve on:
- Technical Analysis
- Candlesticks trading
- Technical Indicators and Tools
- Money Management
- Trading Psychology
Along with them, begin saving money. To begin, try to save at least Rs 1 lakh for trading capital.
Things To consider Before quitting your job for trading:
Before you quit your job to trade stocks, here are a few questions you should ask yourself:
1. Are your having enough education and skill set?
We don’t imply a degree or certificate when we say education. What counts here is whether or not you have sufficient trading expertise and experience. Do you, for example, understand technical analysis, candlestick trading, technical tools and indicators, price movement, the options chain (for options traders), and other tools needed to make an informed trading decision?
If not, you may need to spend some time reading books, enrolling in classes, attending webinars, or surfing the web to grasp these principles.A project that offers comprehensive stock market courses and webinars, can teach you how to trade and invest from the ground up.
2. You need A Higher Accuracy setup to quit a job?
Before you decide to stop trading, you’ll need a tried-and-true trading methodology or set-up that has been tested over time. It is tough to regularly gain money from intraday trading tips for today without a solid trading strategy and risk management abilities. Master a trading setup before quitting your job to trade stocks. Furthermore, just because you performed well in paper trading does not guarantee that you will perform similarly in real-time trading. As a result, even if you have a decent trading system, be prepared to face difficulties.
3. Do you have an emergency fund?
Before quitting your employment, ensure that you have a one-year emergency fund. Stock market investing has market dangers, and if you are ready to go in headfirst, having a backup fund may make your life easier and minimize your stress on bad days.
4. Are you emotionally prepared?
You are aware that you cannot win every deal, correct? But are you emotionally prepared for it? You will not get a monthly paycheck after quitting your employment. Your earnings will be determined by the gains or losses on your trades. Before quitting your day job to trade stocks, you need prepare mentally.
Bottomline
Trading stocks full-time needs a significant amount of hard work and effort. This is not, however, rocket science, and lots of people are doing it. As a result, you may be able to quit your work to trade stocks. Nonetheless, before quitting your work to trade stocks, you should uncover the solutions to the issues raised in this piece.
Anyway, if you’ve learned the skill of trading, you may amass an enormous amount of riches and financial freedom. A successful full-time trader is his own boss and may operate from virtually any location.
