I have been playing on stocks for about a year or so and have made good money. Now Iam planning to give up my stressfull job and earn only playing daily on stocks. I need peoples opinion on How safe or risky that could be?.
2006-09-14 04:05:27 · 13 answers · asked by edwin c 1 in Business & Finance ➔ Investing
NO, But if you have more then sufficient money for you living then you can earn.
Because in this market any investors can earn money who can stay cool at the point of time when his stock come down at the half price.
2006-09-15 01:01:51 · answer #1 · answered by mahesh k 2 · 0⤊ 2⤋
It's very risky. As for giving up your job, you need to decide how likely it is that you could replace that income should full time investing not pan out. If you are a stock boy at Walmart then there's a pretty good chance you could find a similar paying job pretty quickly but if your in a management position that pays pretty well then make sure you have about a years worth of money set aside before you give up your job.
2006-09-14 11:16:24 · answer #2 · answered by BrianR 2 · 0⤊ 0⤋
Absolutely!!
Earn a living? Why shoot so low? Heck, you can retire!
As long as you have a solid plan and the discipline to execute it, you should be set. But, don't consider it playing. You should view it "like" a job/profession and take it seriously, even if you're having a lot of fun doing it!
I know lots of people who've done what you're doing and know many others who are getting ready to!
If I may ask, what strategy(strategies) are your favorites?
2006-09-14 11:23:15 · answer #3 · answered by Yada Yada Yada 7 · 0⤊ 0⤋
Its only been a year, keep the job anyway and day trade when you feel up to it. Why not go part time at your stressful job
First rule of trading, dont trade every day.
2nd Rule, Ony trade with that which you can lose
3rd Rule take your profits when you are supposed to.
2006-09-14 11:24:41 · answer #4 · answered by Latin Techie 7 · 0⤊ 0⤋
Absolutely... but you better know what you are doing... Day trading IS NOT for the faint at heart. You can make a million one day and lose it the next so a thick skin may be needed.
It is always good to have a back up plan in case you crash and burn!
2006-09-14 11:09:59 · answer #5 · answered by Kitty 6 · 1⤊ 0⤋
Depends on your risk tolerance. You probably understand diversification if you are investing in stock markets and making a ot of money. Keeping a job is your diversification strategy if stocks go south.
2006-09-14 11:09:35 · answer #6 · answered by deb 1 · 1⤊ 0⤋
yes you can, but before going live have a first hand knowledge and venture, you can do that easily by visiting any stock broking firm and learn how the f&o , stocks work by spending a day or two with their permission. you can share your interest of doing stocking .
2006-09-15 02:31:42 · answer #7 · answered by surya p 1 · 0⤊ 0⤋
OK, let's run a simple stress test. If your portfolio declines in value by 40% over the next three years and takes another three years to get back to where it is today, will you be able to pay your bills during those six years?
2006-09-14 11:45:04 · answer #8 · answered by NC 7 · 0⤊ 0⤋
this is not a game like cricket to play.right attitude is must for it. if you have sound knowledge and power o f. execution you can live by trading in shares. fools can make money in share market while wise can lose.presently you are at cross roads.take a rt decision .
2006-09-14 20:30:26 · answer #9 · answered by charan k 1 · 0⤊ 0⤋
Yes, but not playing, it is work.
Playing daily, or daytrading, has very high risk and high taxes, over 80% of daytraders lose money.
The short term capital gains tax gets ya. Never daytrade if you cannot afford to lose it.
2006-09-14 11:13:18 · answer #10 · answered by Anonymous · 0⤊ 0⤋