Yes,
if you are really efficient and consistent with your results.
Usually
for trading on the stock market to be a career you need to have the
necessary capital as a means to cushion the inherent risk involved.
Investing more money means more profit and also allows for the investor
to have more options to invest in.
Creating a large and diverse stock
portfolio is an important aspect of being successful when investing.
I am a full time trader since 2010. Before that, I worked in Pharma Company for 10+ years.
I was in a good role while working and I didn’t face any problem. Full time trading is my favorite.
Before sharing my tips, I want to share the story of a man who ignored these tips, how he faced tough times, and how he bounced back from a problematic situation.
Whenever someone asks me about full-time trading, I give five checklist items because only these checklist items can help a person move towards successful trading.
I suggest people not to quit their day jobs until they meet the above criteria.
A friend of mine approached me with the same question a few years back. He was passionate about the business, and I suggested the same criteria.
But he was eager to test his luck and quit his well-paying IT job before meeting the above criteria.
Initially, he made some money, but after a few months, the market did not provide many opportunities, and he was under stress to generate his trades.
So he made some unnecessary trades, breaking the rules of his system, and lost almost 50% of his trading capital.
One day he met me and shared his struggles. I advised him to get into a similar IT job firstand then return to the business full-time.
This time he followed my advice. He joined an IT job with less salary than his previous job.
But he was firm on business and worked 1-1.5 years to satisfy all the checklist items.
A day before submitting his resignation, he called me and thanked me for my advice.
Till date he is doing business full time and leading a happy life.
So I suggest that it is not necessary to quit your day job to make a career in trading.
If you are still willing to trade full time, I recommend the same checklist item.
1) No loan or loan
It is important to have a cushion in case of unforeseen difficulties. Make sure you don’t have any debt or debt outstanding.
Because if you have EMI, it brings some unnecessary pressure in your mind to earn profits every month.
But we don’t get opportunities in the market every month. So it is better to carry free mind without EMI.
2) Savings to run the family for 2 years
Please remember that business should be treated as a business and success takes time and hard work.
So you should have enough savings to cover your expenses for at least 2 years. This will potentially help ease the stress of finding another job if trading doesn’t work out.
Your family should not suffer because of your crazy thoughts!
3) Profits of 6 consecutive months in trading
Trading in the market is always a roller-coaster ride. Hence one month’s success cannot define a person.
So we should make profits for at least 6 consecutive months before jumping into full-time trading.
4) Trading Capital
It will help if you have enough trading capital to sustain yourself. This means having enough money to survive at least one year without needing to withdraw from your trading account.
For example, if you earn 5% profit every month and your monthly expenditure is Rs. 25,000, you have Rs. 5,00,000 (5 lakh) as your trading capital.
5) A passive income source
It is mandatory to have at least one passive income source. This can be from a side business, rental property, or any other source of income that is not directly related to the business. Having this will help you to face any downside in the markets and you will stay financially away.
You should not plan for monthly income from stock market unless you have become a consistent performer in bull/bear/choppy markets etc. for at least 6 months.
Always invest that money which is not dependent on any other means for family/expenses.
Have a reliable internet service provider.Have a reliable broker whose terminal never hangs during peak market hours/news hours etc… Most of the broker system fails to work properly during the large movement of markets, especially discount brokers and you will lose outright and will face swings during day trading.
Trade in a room that has peace without disturbances, even mobile.. during market hours.
Build your strategy and follow it no matter what the market conditions – it is advised by many people but it is not that easy to follow them in day trading, but to be successful you need a lot during market hours Things have to be sacrificed.
Learn technical analysis on any charting platform especially candlestick patterns.
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