Kardec Trader warns that day trading takes years to become consistently profitable. Before quitting your job, you need at least one year of proven profitable trades, six to twelve months of savings, and ideally multiple income sources to avoid desperate trading decisions.
Should you quit your job to day trade? So this is a big question a lot of people have been asking and wondering and I kind of have a lot of mixed feelings about this, right? So yes, day trading is very lucrative, it's very attractive. But the problem with day trading is that day trading or trading is general, is not consistent and it takes a very, very long time to become a consistently profitable trader. So before you plan to quit your day day job or your job in general, I want you to ask some questions, I want you to take a step back and I want you to have self reflection, right? Because I've noticed in the past a lot of people have one good month, two good months, and they're like, all right, I'm ready to quit everything and start day trading, right? But once again, before you do that, we're going to dive into some questions I want you to ask yourself and then think about it. Okay? So let's take a step back. First question I would ask you is, okay, if you are planning to quit your job, how consistent has your day trading been? Have you been consistent for like a year? Has it been one month? Has it been two months? Right? Because if it's been one or two months, I don't think it's long enough. I think you should have a year of consistency at least. Where year, for that whole year you've made money for the whole year. You understand and have a solid strategy, you're able to recognize that strategy and you're able to execute on that strategy. So it comes down to how long have you been consistent for? If it's not longer than a year or at least a year, I would not consider it. Number two, I would ask yourself like, hey, does your job get in the way of trading? Right? So that's a pretty valid point because a lot of times I've seen people, depending on what time zone they live in or what country they live in, day trading doesn't impact their, their job or job doesn't impact day trading, vice versa, right? So if it doesn't impact one another, I go to traders and I'm like, hey, if it's not impacting your trading, right, and you can still trade and you have like different time zones or different time areas you can trade, then don't quit your job, especially not for the first few years. Because what I've noticed is when you day trade and day trading is your sole primary income, you build this massive amount of pressure on yourself and that pressure starts to carry over into trading. And when that pressure carries into trading. That's where it leads you to take stupid trades, trades with no plan. You're just, you know, putting on FOMO trades. Why? Because you don't have any outside hobbies, you don't have any outside work. You're only focused on, you know, trading, which is cool. But now it's very hard for you to pull away, right? So think about it. You wake up, let's say you're on Eastern Time, 9am, you're in front of your computer, 8am, you're in front of your computer, you don't have a job, you don't have anything. Trading is your main thing. It's very easy to sit in front of your computer for hours and hours and hours and just burn through capital or take a lot of stupid trades. Where most people, when they have that structure in their life, where it could be a job, it could be college or something, especially if it's not getting in the way of your, of your trading, they're able to have that structure and kind of maximize their trading and maximize their job. And also that added pressure does not come in right. So those are two questions I would highly ask yourself. And the third question would be, if you do quit your day job, do you have enough in savings to cover your, you know, monthly expenses for the next six months to one year? If you have the savings for the next six months to one year, then cool, you can consider it. But up until those three questions are answered and you have the proper answers to those questions, personally, I wouldn't recommend it. Right. And I know, I see so many people wanting to jump to it and it sounds so exciting and great. But if you ask traders that are, you know, making money and doing well in the markets, they'll tell you like, hey, we have multiple sources of income. Being a full time trader and just making money from day trading alone is very hard. And I'm telling you, from my point of view, yes, I day trade, yes, I'm a day trader, yes, I've done extremely well. But I also have other sources of income that if my day trading doesn't make money one month or my trading in general, I'm not able to make money for a month or two. My other businesses or my other ventures are able to pay for my month to month expenses, which doesn't cause me to over trade or doesn't cause me to have this enormous amount of pressure. Right. So before you come to a final choice of what you want to do of quitting or not quitting, just please reconsider those things because the last thing I want to see is more day traders just, you know, putting themselves in a tough situation and losing money and also losing their job. With that being said, thank you for watching, guys. I hope you guys found value in this video. And if you guys liked the video, please give it a thumbs up and subscribe down below. Thank you.
