Options Trading Motivation: I QUIT MY JOB to Trade Options
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- Опубликовано: 11 окт 2024
- Options trading requires a lot of time, more time than I had when I was working and going to school. I decided to quit my job and drop out of college to pursue trading options full-time. This is my story of becoming a full-time trader.
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My first year option trading goal:
Grow my option account to 5k from 300$
@@x-tech1127 Make sure to keep it! Risk management will be key when you get into the $1000s.
Literally my goal in the next few years.
-triple my small trading account, currently at $13k
- get back losses in passive dividend account
- boost spouse’s IRA by 15%
I think having connections is important and working on Wall Street would be an ideal place to end up before branching off to being independent. The stock market is a
business machine , business craves connections and work experience . Being in your room is not as effective .
About to quit my job to trade options. Saving up 3 years of monthly expenses. Worst case scenario i go back to work. Plan is to withdraw every month. I have a target in mind but its ok if i dont meet it regularly. I will trade when i see a good trade.
3 years is good runway! I only had 1yr runway before I started which wasn't enough so currently working in private equity to build some capital
How's it going so far
@@bobmihothe3rd quit end of july. August so far has been great. However after big win i get big loss the next day. I need to maybe take a break after big win to reset and stay disciplined
It's not only about a right strategy, balanced mindset but also about taking the calculated risk in life.
You have done all three. Wish you lots of Luck and May you inspire thousands of people.
Love from India.
Absolutely! Life is all about taking the right risks, that pay off in a very big way. Not only did this pay off financially, but spiritually it's allowed me to do what I enjoy which is the most rewarding part.
Thank you Rajev 🙏
Oh man! They say things come when you need them, I came across this video just when I been thinking about doing the same! You're an inspiration man! You definitely got Diamond Balls to do this full time. I'm learning as much as I can, so I can be where you are soon! Thank you!
Just make sure you have enough cash to cover your expenses for a few years. Full transparency, I made the mistake of only having 1yr of expenses and it wasn’t enough, markets chopped me up last year because I was using the wrong strategies but this year I’ve made most of those losses back with crypto and hedging my long share positions.
@@TheFinancialMinutes Yeah, thanks! I'm trying to also become more profitable to a point where I can make a good amount of money consistently every month to be even more comfortable quitting the job.
Learn from your mistakes also learn from others mistakes. Both are good methods to learn.
This was awesome to hear. I'm currently a junior in college for a bachelor's in finance but I am dealing with this same thing. Hey I would love to digitally buy you a coffee and have a conversation about how you transitioned into trading options full time!
Best way to reach me is on Discord
discord.gg/A7VHNFk
I don't think he's gay bro.
I’ve been trading for income for 3 years and just take in account that it adds tremendous stress and can affect mindset in trading. When you have no other income coming in the pressure to make money becomes the focus.
For sure! There’s income streams you can build outside the traditional 9-5, personally, I’ve got the RUclips, Discord, and this year I’m looking to make an app that should benefit traders in a major way.
There’s opportunities to make $$$ anywhere, it’s all about finding what you’re passionate about and solving the problems in your field of passion.
Would you still quit your job to only trade options without youtube revenue???
Anyone blowing up their account is trading too aggressively and probably putting way too much in any one trade hoping to strike riches. I’ve never blown up an account, even came close. I have 3% or less in every trade with 25 to 39 trades on at one time. Good luck in your venture!
Revenge trading and horrible risk management have been the deaths of my past accounts … I’ve taken a step back to just learn from my mistakes
Great video and congrats on your full time trading career!
Thank you 🙏 Hope you have a great 2023
And remember to leave emotions out of it. Great video.
Empathy is important to gauge sentiment
wish you all the best, I was laid off after working 15 years with a corporate, Now, i started to not work for anyone, and start my trading carrier, appreciate your non financial advice :)
Damn 15 years and they still laid you off? That’s fucked up
@@TheFinancialMinutes I have seen my former colleagues been with a company for 20 plus years and they still get the ax.
Oof. The worst part about it is most people see corporate as “secure” and working for yourself is “risky”
I am trying to change my work shift to 3rd shift. That way I can be home when the market is open so I can practice with paper money. But, my manager will not let me go because I am a dependable hard worker. But, since I don't see myself getting promoted anytime soon I want to learn option trading so one day I can walk away. Thanks for the video.
That sucks that they reward your hard work by not catering to your needs. Best of luck to you Chris!
@@TheFinancialMinutes Thanks.
Good luck to us all, I’m nervous about the new year and trading full time for a career already had a bad couple of years doing this
Can’t blow up my account again lol this time I hope It can be a success
Can you make a video on how you overcome the emotional side/battle?
For sure I’ll put that idea in the pipeline. Hopefully your losses served you well as to what you can improve next time!
I think this is a perfect supplemental income. For example. I currently bring in 8200 a month.. but want to be closer to 9-10k. I been studying and put my efforts in trading today ans madw 980 profit. That puts me to my goal in one day. Now i can just chill and wait for a easy position trade and take a small victory of 200-300 and not risk much
Just make sure to put the profits in an investment that will make money long-term
Sadly not old enough yet but I’m learning and putting time into so when I’m able to I know exactly what I’m doing. (Hopefully)
wish you all the best mate!
Thanks Ken 🙏 Hope you have a great 2023!
keep up the good work brother(: and you and me both know that Cinemark is the peak career choice.
182 4ever ❤️
Words come out his mouth but he says absolutely nothing in 8 minutes. The ad before his video promoting an exchange talking about nothing is more effective than this video.
lol
😂😂😂
Granted it is called "motivation" video not "here is a specific strategy to use."
I also worked in big tech as a product developer and this year I quit everything to trade options full time.
Just make sure you have ample savings as runway. I'd say 3yrs of expenses is a minimum.
I guess I’m in a decent position. I sell options full time and I have a business that I only need to spend minimal time at and can make 25k/month. My expenses aren’t much. I like selling options much better. I plan on moving overseas where my wife is from and living like a king on 10k a month
can you give us insight on how/where you learned from?
I definitely want to make living trading options. I can work anywhere in the world and have flexible income 🌈
Absolutely! The freedom to work where you want, went you want is one of the greatest gifts you can give yourself
Thank you good man
Im not sure if you done a video about this or not, but can you do a video about what you look for in a atock before you start tradeing options. Thank you !
Sure I can work on that. Thanks for your ideas 💡🙏
@@TheFinancialMinutes No thank you, your videos have helped a lot and im actually going to buy my first butterfly opttion tomorrow
i like your content. i'm still struggeling trading just mental. the typical small gains big loss story, 3 years in.
Learn more risk management and hedging. I had the same problem but then I stopped holding options into expiration and started taking trades with different directional bias at the same time.
@@TheFinancialMinutes I trade with different directional bias at the same time as well as the market can't move in 2 directions at the same time. For vertical spreads, take profit at 50% and above, cut losses when the short strike is slightly breached or roll up/down and out if you feel the direction may revert back to your original directional bias. Win as many trades and manage to lose less and look for good R/R ratio especially for debit spreads.
@@MT-qq1rq Debit spreads always have the best R/R ratio but the likelihood of profit is lower. I usually swap between debit & credit spreads depending on my expectations for volatility, if I expect high vol, I use debit and if I expect low vol, I use credit.
@@TheFinancialMinutes Yes, any trade with good R/R ratio will have less POP. IV move is key as price of underlying may not move but option price will move against you if you are on the wrong side of IV. Credit spreads give high POP but need to be very mindful about risk management as 1 losing trade can completely offset all your winning trades or more depend on the width of the strike difference between your short and long legs and the number of contracts.
Are you still not working? Have you been trading all this time?
I found a job in private equity, still trading a few times a week
If you were to take your current portfolio of trades and ran it through a March 2020 scenario how would it look?
The strategies I use tend to do better with high volatility, probably along the lines of +60% similar to what I did in September 2022 when the VIX peaked @ 35.
@@TheFinancialMinutes A lot of time the problem arises when the vol goes from 15-20 to 40-50. If you back test your current portfolio through a crash it could make you much better prepared. The crash will come again.
thank you for your video, is it possible to test your alerts for a week ?
Yes there is a 1 week free trial period when you sign up using Discord: discord.com/channels/703430407852392478/role-subscriptions
I'm curious have you ever traded forex? If so what made you trade options? If not why didn't you try forex?
Never traded forex, wasn't a huge fan of geopolitics and the people who promote forex have a bad rep
This video is an inspiration
Hopefully it inspires many to do the same, and get out of the corporate rat race
Good luck bro
Is almost 2 years that I've been trying trading. I took a course and I still losing money. I guess this is not for me🤷🏽♀️
I would say dedicate as much time to is as possible, hours per day, and a couple more years. You'll be golden.
Would you say that you can make enough for a living using option trading alone?
It's very difficult as the profits change drastically month to month, having a side income definitely helps
Why quit if you can do both ?😅 especially with working remote , I am able to easily manage a high paying job and I also have time to invest or have other people invest for me😅.
The traditional hourly pay system is broken. It doesn’t reward hard work.
If I got paid on a per project basis I probably would.
Also the best investment you can make is in yourself. $$$ wise and time, you will get the greatest return since you determine the outcome.
I’m starting an app that could make me ~$30K/month spending only $15K to have it developed.
I'm doing both right now but eventually I just want to work for myself. 2022 was a tough year to trade but along my trading journey I have gained so much experience and learn a lot from my many mistakes. I have paid a large tuition to the market this past year. However, trading is my passion and I do not want to keep trading time for money and work for someone for my whole life. I believe you will not achieve great rewards if you don't take risk in life.
Definitely, you had aspire to be better in trading option.
@@MT-qq1rq Working for yourself is the best feeling.
Do you have a % per month you shoot for?
I’ve done this for one month and I hit about 2% doing covered calls on SPY, Tesla, and Apple.
I averaged 4-5% a month in 2022. Hoping to maintain that or do better.
Is the wheel strategy as great in theory as they say it is in real life trading?
During unlimited QE it worked like a charm but now that the Fed is raising rates, I would save your capital with smaller positions. I prefer spreads myself.
What is your expected gain % per month trading options?
4-5% based on my last year of trading. Hoping to improve and work up to 6-8% in 2023 by increasing my consistency and reducing the size of my losses.
@@TheFinancialMinutes Thanks for the answer. What about your month's max drawdown %, if there is any...
@@TheFinancialMinutes How often did you trade or be in front of the computer for analysis.
@@imonforum3499 ~3 hours a day
@@TheFinancialMinutes Is that only during regular trading hours?
As a brand new trader with some experience in computer programming why are you not automating this with AI
I'm trying to figure it out myself right now running python scripts is this possible to run python scripts live 24/7 and automate the whole process
It's in the works. Learning thru Chat GPT at the moment, will be making a vid on it the next few weeks.
Tube vids makes up for it?
Yes. The RUclips has provided a steady income stream so I don’t worry about the stress of my account fluctuations.
Anybody can do it. Find a subject you’re passionate about, discover the problems in that subject, and try to solve them by posting free content and offering products/services catered to those issues in that niche.
I've learned to trade for over 5 years now. Never took it seriously until yesterday, the financial savvy person RICHEST person in my family contacted me about trading advice.
Nice money tree
It's been my A-1 since day 1
so he quit his job and quit you tube lol
Life has taken me a new direction 🫡
Good luck paying those taxes. Remember social security tax and medicare tax is 15.3% for self-employed income (short term gains as a trader). Good luck paying those federal, state, and local income taxes.which can be 50% combined. Oh yeah, don't forget to pay additional the net investment gain tax of 3.8% if you are successful trader. You won't survive the risk/reward after paying those short term gain taxes.
Loser mindset☝🏻
Damn bro pessimistic much.