I can’t describe it any better than John F. Carter does in Chapter 1 of his excellent book, Mastering the Trade. The rest of what follows on this page is directly from his book, which I hope you will read among others.
Excerpt From Mastering the Trade, Chapter 1, by John F. Carter
Reasons for trading full- or part-time are many. They can include: the desire for a career change, a wish to be more independent, the desire to escape the responsibilities of running a large corporate division or individual business, or the choice to be a stay-at-home parent. A lot of would-be traders I meet are already successful in other areas of their lives—they’re simply bored. I call these folks “doctors seeking excitement,” although this can include anyone in a high-paying career. They like the income and the prestige, but they don’t like the bubble in which they’re now trapped. Others have been burned by the financial markets and are now interested in taking control of their financial future. And many have put together a small stake and want to give it a go and pursue their dreams of becoming a trader. I see this firsthand in my office, watching guys like Henry go through the painful cycle from the excitement of discovering trading” to “wow, I can’t believe that option expired worthless.” However, after a couple of years of ups and downs and getting into a rhythm, it’s been fun to see Henry step into the role of a consistent trader. It’s the hardest easy thing to do on the planet. This is a “job” that provides the chance to make a very nice living, and it’s a lot more interesting and fun than any other profession, except being a rock star, of course.
“It’s the hardest easy thing to do on the planet.”
John F. Carter, Mastering the Trade
But if sharing the stage alongside U2 seems slightly out of reach, then trading is a good alternative.
It can be done from anywhere that has reliable Internet access, and as I’m writing this update in 2018, that means just about anywhere. I’ve even made trades on airplanes. As a plus, there are many perks to becoming a full-time trader. There are no manic-depressive bosses spewing forth inane, ever-changing, contradictory orders as they struggle within a system that has promoted them right up to, and through, their level of competence. For some people, working for a corporation is a way to gain power, which is more important to them than financial independence. Working for one of these clowns is enough to drive anyone to question the meaning of life while raiding the corporate bar.
In addition, in trading, employees aren’t necessary, although at some point they can be very helpful if you decide to trade many markets and watch many different time frames. (I’d love to trade the European session, but I have to sleep sometime. However, I can hire someone to do that for me.) Those of us who have survived the corporate world can find nothing on this Earth that’s equal to the freedom and beauty that come from no longer having to manage a large group of dispassionate human beings: “I’ll pretend to praise you, and you’ll pretend to love your job.” The good news is that if you hire someone to help you with your trading, they will generally be as passionate and excited as you are about the adventure.
Start-up costs are minimal thanks to falling computer prices and the leasing programs from companies like Dell. Trading in your robe or nothing at all is perfectly fine. Best of all, a trader can choose their own working hours. Some examples of schedules from successful traders I work with include trading actively from October through April, and then taking the remaining five months off; trading only the first two hours of the market open and taking the rest of the day off; and trading until they make 50 percent on their capital, and then taking the rest of the year off. The list goes on and on. By the way, one of the common fallacies of trading is the idea that, “to make more money, I need to trade more.” Nothing could be further from the truth. Trading smarter and less frequently is one of the hidden secrets of doing this for a living. There’s no need to catch every move. When traders discover that they can make a living with two well-thought-out, well-planned trades per week, it makes me happy, as I know they’ve hit upon true freedom.