1. Yes taking leave or sabbatical for 6 months to test out is the best option. But I won't get that luxury.
Why cant you get that luxury..as You are planning to leave job..so it would be better to take leave & test your trading skills..so if cant take 6 months leave..at least you can take 1-2 monthes leave, which can be given in any company..& do trading with small amount in this period & see If you can make at least 10% of your trading capital...it will show your tradign abilities Yes I have a back tested PA based system.
Its good tat you have backtested system..but ask those qustion to yourself..how much duration have you tested? because backtesting should be done on a big period of time so it can catch all type of markets..as sometimes, trending period testing can give you false results..i hope you have considered all those points..besides, backtesting is diffrent game & real tradign is different..& psychology will decide 80% of success..as emotion will play a big role..so you would test your method with real trades..if u cant, trade after office hours & trade commodity..& see the results..as same method should work on every markets & you can check method without taking leave..
2. No issues on that front we can survive for an year..
this point is very important..in addition of your wife salary, there should be additional source of income , which can replace same amount as your salary..it should be a continus earning like intrest,rent, or some other buisness income...
3. Yeas I can mange capital of 10 lac
This 10 lacs capital should be your surplus money..means, if you loss it all, it will not effect your life at all..I meant it should not be saving which you keep aside for education goals, house goals, or for other other emergency purpose..it should be exclusively surplus.. It SHOULD NOT be loan at all..not from bank or not from relatives/friends or not from anywhere..
4. Yes I want to be a trader but its also true that I want to escape my soul sucking job. I am not sure if I am ready to take in ups and downs of trading career.
first you should ask to yourself some questions..are you really passionate about trading? Do you really like trading or love trading? IF, MONEY POINT is completelly remove from trading, would you be able to do that?means if easy money is not in trading, will you consider it as trading proffesion?as you are doing job because it gives you money..whether you like it or not..in the same way, do you want to do tradign for same purpose
?
EX..a passionate singer will enjoy his passion if money will not come..he enjoys singing only..money & fame comes as by Product..so in my view, if you want to check if you really enjoy your work, best parameter is remove money & see, if you realy enjoy it or not..you cant success in any proffssion if you dont enjoy it at all..money is byproducct..so please ask those question first?those are biter truth/questions, but need to face those questions?
In short I am still undecided what to do but I am continuing my job in the near future at least...
you cannot decide without doing it? trading doesnt need just a Method..but its 80% psychology..FTT have some common qualities..the most importnt is they are not move by greed or fear..even Fear is most imporatant & powerful emotions..they take calculated risk without fear..for testing that ask yourself, what is the most riskiest things have you ever done in your life..it will decide psychological traits..Risk doestn means jump from some mountains but ready to take consequences of that action whatever they may be..as in trading, are you ready that if trading will not give you any single rupe but take your capital ..are you ready to take plunge again in fourt years..
Thanks ST da for replying....
Sent from my AO5510 using Tapatalk
Why cant you get that luxury..as You are planning to leave job..so it would be better to take leave & test your trading skills..so if cant take 6 months leave..at least you can take 1-2 monthes leave, which can be given in any company..& do trading with small amount in this period & see If you can make at least 10% of your trading capital...it will show your tradign abilities Yes I have a back tested PA based system.
Its good tat you have backtested system..but ask those qustion to yourself..how much duration have you tested? because backtesting should be done on a big period of time so it can catch all type of markets..as sometimes, trending period testing can give you false results..i hope you have considered all those points..besides, backtesting is diffrent game & real tradign is different..& psychology will decide 80% of success..as emotion will play a big role..so you would test your method with real trades..if u cant, trade after office hours & trade commodity..& see the results..as same method should work on every markets & you can check method without taking leave..
2. No issues on that front we can survive for an year..
this point is very important..in addition of your wife salary, there should be additional source of income , which can replace same amount as your salary..it should be a continus earning like intrest,rent, or some other buisness income...
3. Yeas I can mange capital of 10 lac
This 10 lacs capital should be your surplus money..means, if you loss it all, it will not effect your life at all..I meant it should not be saving which you keep aside for education goals, house goals, or for other other emergency purpose..it should be exclusively surplus.. It SHOULD NOT be loan at all..not from bank or not from relatives/friends or not from anywhere..
4. Yes I want to be a trader but its also true that I want to escape my soul sucking job. I am not sure if I am ready to take in ups and downs of trading career.
first you should ask to yourself some questions..are you really passionate about trading? Do you really like trading or love trading? IF, MONEY POINT is completelly remove from trading, would you be able to do that?means if easy money is not in trading, will you consider it as trading proffesion?as you are doing job because it gives you money..whether you like it or not..in the same way, do you want to do tradign for same purpose
?
EX..a passionate singer will enjoy his passion if money will not come..he enjoys singing only..money & fame comes as by Product..so in my view, if you want to check if you really enjoy your work, best parameter is remove money & see, if you realy enjoy it or not..you cant success in any proffssion if you dont enjoy it at all..money is byproducct..so please ask those question first?those are biter truth/questions, but need to face those questions?
In short I am still undecided what to do but I am continuing my job in the near future at least...
you cannot decide without doing it? trading doesnt need just a Method..but its 80% psychology..FTT have some common qualities..the most importnt is they are not move by greed or fear..even Fear is most imporatant & powerful emotions..they take calculated risk without fear..for testing that ask yourself, what is the most riskiest things have you ever done in your life..it will decide psychological traits..Risk doestn means jump from some mountains but ready to take consequences of that action whatever they may be..as in trading, are you ready that if trading will not give you any single rupe but take your capital ..are you ready to take plunge again in fourt years..
Thanks ST da for replying....
Sent from my AO5510 using Tapatalk
all the best for evry decesion you take