I recently ditched the 9-5 to options trade for a living.
Here’s 12 reflections that have emerged from my recent leap of faith.
I will be expanding on this list as new insights and learnings emerge.
- Thinking about quitting your job? It’s a bold move, but make sure you have a meaningful plan in place. Without a deeper purpose, you might trade one set of problems for another.
- Sometimes leaving a job you dislike is the right call, even if it’s financially stable. Consider your well-being and day to day happiness.
- Options trading for a living doesn’t require you to stare at screens all day. So you have time to focus on building a side business if you want.
- Choosing between employment and starting a business is a personal choice. Weigh the pros and cons. Financial stability matters, but so does personal fulfilment.
- If you can manage your expenses with just 75% of your monthly options returns after tax, you can aim to reinvest the rest. Then you can aim to sustain yourself on 50% of returns later.
- Having this mindset will give you greater flexibility and room for mistakes. The stock market is not so predictable as to promise you a consistent amount of returns each month.
- If your goal is higher returns, you have to let go of the fixed income mindset and embrace the idea of larger returns coming on their own timeline, not necessarily according to your schedule.
- Working from home can offer flexibility, I enjoy being able to spend more time with my wife, 4 year old son and sausage dog Patrcik! Balancing responsibilities can be rewarding but I know some people would rather be at an office.
- Consistency isn’t guaranteed in the stock market. So you have to be prepared for this when relying on a fixed monthly income.
- Long-term success in trading for a living hinges on sustainability. Reserve a greater portion of your returns. This helps ensure lasting success in the long run.
- Having the luxury of being able to immerse myself in option trading means you are able to accelerate my learning and skill development.
- Whilst it’s a privilege to be able to quit our job to trade, it’s important to have some other important work to do.