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Patrick Slevin wrote:
>
> That's a funny question. I 'left' my job as an engineering manager
> (involuntarily) in early 1991. I screwed around for a while....tried to
> get a Ph.D in engineering...then started trading in 1992.
>
> I have a BMW purchased new, though old now only because I love it. 3
> sons. One in Saint Benedict's Prep. A private school but not expensive.
> One in Seton Hall Prep, a private school but fairly expensive. The third
> in public school but destined (I hope) for Benedict's.
>
> I have a house which could be sold for about $530,000. I owe about $80K
> on it.
>
> I have been trying to buy a business for about the last 3 years to
> 'level' off my income...that is to say. it's nice to make a lot of money
> one day but I cannot live this way. Making $10,000 on Friday and
> dropping $5,000 over the next 2 weeks makes it very hard to plan. So I
> am trying to buy a business so if I know I can make $1,000 a week then
> the fluctuations that occur from trading may be 'smoothed' out.
>
> Again...I thought your post intriquing enough to answer honestly.
> Normally I would not get into my particulars...but you seemed to hit my
> situation right on the head so here is your response.
>
> Did I do any of this by choice? Perhaps so. Once I left the world of
> doing for others I decided to do for myself. I risk the welfare of my
> family each day. It is more of a responsibility than I had before. Is it
> worth the headache? Absolutely. Am I concerned that it may be fatal at
> any given point? Well, that's why I am investing in a side business to
> stabilize the income. Could I have afforded that business while I was an
> engineer? No.
>
> --PJS
>
> Austowne wrote:
> >
> > Has anyone out there quit their job as a physician, lawyer, dimestore clerk to
> > trade the markets (daytrading the S&P e.g.), and found it a consistently
> > viable way to make a living? By making a living, I mean having the
> > wherewithal to live in a million dollar house and have enough left over to
> > send the kids to private schools along with their BMW's?
To trade for a living, one must look at the size of their account and
figure on an average return over time. A very good trader can expect a
40-60% return and an average trader can expect 20-40% return. If I have
a 100k account, living on 20-60k per year is tough. If I have a 1
million dollar account, 200-600k per year is not bad.
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