Hello aa4fx,
True everything you say, but then there is few details to consider also.
This TE only carries 20 percent of my overall equity currently. With more equity available more flexibility could be utilized...a crude example: a simple martingale has a lot better survival chance of same lot sizes on 50k compared to 10k....even 2x bigger lot sizes. Straightforward more space to handle the losses. Of course I'm not trading simple martingale!
To make hay while the sun shines....
If trade full time, make sure when you're doing strong performance you supply for the leaner/loser months.
This TE acct. Has made 137 percent last year (myfxbook). Really what it does not show an equal amount of 90 percent of total deposits currently withdrawn from it.
My personal acct. Work on similar principles. When the target trading equity facet is reached ( I wrote about this in few posts across the journal that which I consider as a essential equity side to have the likely profits cover my invoices and lifestyle), it becomes even simpler with the balancing of acct., involving some sort of compounding and the withdrawals as private salary.
Just recently mentioned I withdraw some of the profits in my acct to some sub acct, that alone able to cover 2 months living costs.
Prop as extra income.
While I cut back a lot on prop trading from March, involving a Sept2017-March2018 prop earnings alone could cover my living costs.
That subsequently helped me a lot, let to compound my own private profits without withdrawing.
That resulted in the point at which private equity obtained to a level I can comfy rely even as only course.
Stand on more than One leg.
Whilst trading is the complete time and main income (private and/or prop), I have some small side income from stocks dividend, and other interest income. While this year under plays some, the dividend is a cashflow if needed.
Additionally once in a while I have other odd incomes, which not sum much, but add to the bottom line a little here and there. It's true that every little count.
Don't enlarge on expenses and lifestyle if there is no secure means to achieve that. I delayed a trip back to Hungary, not in need right now to upgrade the vehicle, have enough to not starve if a black swan comes around. At least for a while. An individual can simply be ready so much. But without taking this leap of faith to the anonymous of full-time trading, I would never understand what it's like.
Considering everything, income, work hours, flexibility, the quality of my entire life...I never have regrets making this jump.
If at all possible, do not burn all bridges.
After a year of full-time trading my old job still would be available for me on a comparative short note. I made it in good terms, and I was good enough and experienced enough inside that they'd be delighted to take me. Though I see my future without it, it's a comforting notion that if the roof falls in on me I may have an alternate.
But it's an alternative that instead holding me back out of trading, is quite motivating to be successful at.
I labored at sea long hours, 300 hours. Far from loved ones, and much from existence as most knows it in land. A good 15 years was enough to willingly enslave myself.
It's a potential choice, yes, but an option I do not like to rely on!
A closing note:
I decided on full-time trading since - on mid time horizon- I really could envision making equal or better income compared to my last job, with probably lot less hours input.
Thus far this came true, and on average I have better income, and less than half the work.
However full-time trading is a living, but I did not became a millionaire, and maybe never will. But nor would be out of my past job!!
I don't have any idea what the future will bring, but pleased with the present, and optimistic about the possibilities.
Happy trading!