Consider going part time
People often want to start trading the stock market because they are sick of working full time and desire a change in their lifestyle. Getting up at six a.m. is not exactly exciting, especially when working for a company that does not pay well or appreciate your efforts. If it is your desire to have the profits from your trading pay for your lifestyle, I recommend you transition to trading full time by working part time rather than giving up work entirely. This has huge benefits, as your psychology will slowly adjust to being less dependent on a steady income stream.
Working part time will also allow you to transition to a life of deriving your income from trading. Funnily enough, people find they actually crave work again after they leave.
At my recent Art of Trading workshop, a client shared how he was in the process of decluttering his life while transitioning to trading for a lifestyle. He had reduced his hours at work, and on his days off he was honing his trading skills to enable him to replace his income in its entirety. He also shared that in the process he was selling things he did not need and downsizing his living arrangements so he could travel and enjoy the benefits of his new lifestyle.
It’s worth mentioning, however, that trading for a lifestyle is not for everyone; it can be lonely—you are home alone while your friends are at work, and this can lead to boredom. Some people I know have taken up hobbies or charity work to keep themselves occupied, while others have gone back to work even though they were successful in generating sufficient income from their trading to maintain their lifestyle. Before you leap, it is important to consider the changes that will occur to your lifestyle.
The transition to trading for a lifestyle is a journey; it is not something that happens overnight. Some people find when they get there that it is the best thing they have ever done, but others find it is not for them. Whether you ultimately decide to trade for a lifestyle or not, the most important point is that you enjoy and profit from the journey.
See you at the top.