No, it doesn’t matter how passionate you are towards trading, don’t quit your job unless and until you are able to achieve the following list.
Most traders want to quit their job not because they love trading, it’s mainly because they hate their current job or current boss. Trading profession can also be equally frustrating. It emotionally drains you. People realise it very late after they start trading. When you are trading part time, you are not rally dependent on your trading income for your day today living. But when you quit your job and focus full time on trading, it puts immense pressure on you. No matter what, by end of the month you need to pay the rent, buy groceries, pay gas bill, fuel and lot more.
By last week on the month, if you aren’t making profits you will lose your sleep thinking what would you do by end of the month to take care of all these expenses. This psychologically affects you and then you end over trading, not following your own rules and eventually become more frustrated. Finally you might end up going back to your old job.
All the successful traders I have met personally have become successful because they don’t rely on their trading income for their day today living during their initial years. They had their spouse who supported him by having a full time job, few people have their real estate investments which has given rental yield and that has taken care of their monthly expenses and few other traders have side business. So they all are freed up totally to focus on their trading which allowed them to stay discipline and follow their trading rules. This is one of the main reason for them to become successful at trading.
Don’t do the mistake of quitting your job and becoming full time trader if you do not have any other source of income to take care of monthly expenses during your initial years. This is utmost important for you to become a consistently profitable trader over the years.