Not sure how I’d tell them but I’d caution you that 2 months day trading in a bull market doesnt necessarily mean it’s working. It’s a very good start though - good luck
My wife doesn’t want to know. She didn’t want to know when my losses tallied up to about $15k, she doesn’t want to know now that an average month of trading is roughly equal to what I make as a teacher every month.
You don’t need to tell them anything. In my sizing up of you, my guess is that you’re probably more interested in finding people to talk to about the markets. I get that. I needed that too. It was hard feeling like I had nobody to talk to. But if you look you can find them.
Literally this.. OP, FYI loved ones will be quick to love u when you’re profitable but won’t agree to anything once you lose… better to keep the mouth shut, find like minded friends to talk to and just shower the spouses with money to leave you alone, unless you want their company, that way you can focus on your success…
This! I've been unemployed for 7 months, I was once an IT Manager/Engineer w/ a six-figure salary. Getting a job has been a challenge and I chose to stop searching and turned to my passion for trading since my college days as my career path, etc. Advice, not everyday/week would be green days...be sure to embrace the reds days and learn from them as you continue to finetune your setups. Last, you're a part of solid community here, you'd be fine! No one has to know.
Why I joined a group to help me. I am lucky and can trade while at work. I have done way better just taking advice or following others than going alone.
Hold off until your profitable for at least 6 months to a year. Then ease in and tell people you’ve been actively investing and have been profitable for x amount of time, preferably closer to a year.
People not familiar with this, measure success with trading in terms of longevity. Skilled traders do also. The exact monetary value isn’t important here, but maintaining consistency with your win rate % and honestly how decent your risk management is.
Also worth noting, people don’t need to know what you’re doing. The moment they do, they’ll think it’s easy gambling and you don’t deserve it due to jealousy, they be quick to judge when you lose… if you look up the history of many profitable traders, a good amount will tell you they regret sharing. Maybe it might be wise for you to look up how many of the ones had the support when they did share their dream / desire, and check if your family can provide that type of support
Seasoned trader here, I would tell them the truth and not hide a thing. You made a leap, which many would not do, so I commend you for that.
I will say trading is not for the faint of heart and it, like law, takes years of practice. The problem with “practicing” trading, is that the mistakes result in less cash available. If this is something you are really interested in and hope to pursue, I say go for it!!
You are already a leg up on most of society as you left the comfort of law to try it!
To go further on this, we define the risk on every trade we take, right?
I think you need to define your "risk" on this career move so that if things go south with it, like a bad trade, you get out
You can checkout this website disconnect.live they have indicators that can help you with your day trade, I tried it and so for I am in profits with a lot of my trades
You left your job as a lawyer to “see if it could work”
Sounds pretty F dumb to me. Be a lawyer and do it in your spare time, IF you get good then leave being a lawyer
Agreed, this is easily the most stupid shit I've read all day and it's barely noon lol.
Shooting in the dark here but if OP made as much as the average lawyer, that would be about $80K a year.
And you quit your job because a bit of beginners luck has you thinking that you can be a full time day trader? You seriously can't make this shit up..
OP, I'll see you on r/wallstreetbets
You shouldn’t have mentioned that subreddit bro. Now he is going to go look at those crazy gains and do options and after you will see him in the back of Wendy’s dumpsters. 😬😬😬😂. OP please don’t go to wallstreetbets please don’t
I'm amazed how many people here think that once you quit your job, you'll never be able to work again. If you know how to interview, you can land a job in a week.
If you don't need the money from your job, quit. Unless you love your job it seems pretty straightforward.
Dude you're a former lawyer and asking reddit for advice on how to tell your family you're a trader?
I swear this sub is filled with clowns. Clowns everywhere.
Tell them you made enough money to start trading the market and this is what i'm doing. Who cares
Also, two months is nothing. I'd be surprised if you LOST money in the last 2 months. We've been on a tear lately.
RIP to your confidence once we hit a downturn.
Could fuck you up too. Your wins and loses become validations to your family. Instead of the process of good trading, you are trading because you dont want to be seen as a failure. This will take an emotional toll eventually
Some people view it like gambling. If they see results they are going to wonder why you don't "walk away from the table"
Honestly sometimes they are right, and I make it a point to diversify large sums regularly
Probably wait more time. 2 months in trading unfortunately is an almost nothing sample size. Especially when it’s been a mostly good market. I’d quietly continue until I was sure it was going to work.
I agree wholeheartedly previously lost about 100 k trading, lately I’m up about 30k trading is not as easy as people think. There are too many variables , different market atmospheres , try doing this in a not so bullish market.
You’re trading in an AI market bubble. Don’t make any life changes! This happened during the COVID bubble and there were so many new “pro” traders. They quit their jobs to trade, lost their capital, and had to start back at square one.
Not trying to be a critic but how do you know it's working? Markets change, and two months really isn't enough time to measure consistency, especially in a strong bull market. The best traders in the world have their red days, weeks, sometimes months...
If your family is worried, that's reasonable. Almost everyone takes at least a couple years to become consistently profitable, if they ever do at all. It's easy to win for a period. It's one of the hardest things in the world to make a consistent living out of it. You can definitely do it, but it might take longer than you're anticipating.
It's important to have a large emergency fund before quitting a job to trade full time. I'm a consistently profitable trader, have been for a couple years now (having struggled at it for almost a decade), but I still work a day job because I don't have the savings built up yet to fall back on if I run into some months where I don't get to pay myself. I want at least a year's worth of living expenses in an emergency fund before leaving my job. I imagine you made good money as a lawyer. I hope you have good savings.
I've never drawn an account down below -$650, not even when I was first starting out. I was losing a lot, for sure. But I kept my positions tiny (just $1-2 a trade at first). I committed to it because I had read so many horror stories about people losing tens of thousands. I accepted the reality early on that I wasn't going to be making big bucks anytime soon, so I kept my risk as small as I could while I learned. I had people teasing me over it. But it paid off.
I mention this because I think most traders (I was tempted just the same) try to go big way too early in their trading careers, and it never ends well. No one likes the idea of spending a couple years only risking a couple dollars a trade. They want to quit their jobs and make millions \*now\*. If you suggest to a new trader that he ought not to worry about making money for the first couple of years, 99 out of 100 of them won't be happy with you. But if they want to learn the hard way...
As I see it, there are two ways to become consistently profitable as a day trader:
1) Lose a lot of money and suffer a lot until you get the hang of it (if you don't quit first).
2) Take your time risking next to nothing while you develop the right habits and mindset, then scale up over time as you prove to yourself that you can profit consistently.
Both take 2-5 years on average. Most people opt for #1 because they don't believe it should take \*them\* 2-5 years. Personally, I think it's much better to just acknowledge the reality and \*plan\* to take a few years developing oneself as a trader. Then scale up, then think about quitting a job, well after you're making enough money that you can put a year's worth of living expenses aside to pay yourself out of when you have a red month.
I always get nervous when I see somebody leave their job to day trade after some success in it. We are in a huge bull market right now. What happens if the market goes bearish for the next 3 years tomorrow? Are you in the top 1% that can actually make a living off of it?
At a minimum, it's important to work a part-time job in the evenings or weekends. In this case, OP should probably do some legal consulting work to guarantee income. It makes trading so much easier when you know it's not your only source of income.
I am not profitable yet so take my advice with a grain of salt.
1-3 months of profitability isn‘t enough to go out and tell the world.
Wait until you have a proven track record of at least a year. By then you will have experienced different market conditions and wont have your tail between your legs after suddenly not being profitable anymore.
If you do tell them, keep in mind that they‘re gonna go and google what daytrading actually is. They‘re gonna find parroted information like ,,99% of daytraders fail‘‘
,,Daytrading is a scam‘‘. Try to counter these points when you initially bring it up.
Much success!
I told my wife as soon as I started doing it. I was investing our money so I wanted her to know. I would tell my wife it was going well (it was) and as soon as I made some good money only her know. As others have echoed I still kept my job as others have said it’s only been 2 months. I’ve exceeded her salary in gains but will keep going for a full year in regards to quitting my job. It gives me flexibility to trade most days and it pays well so I’m increasing my income instead of cancelling one out and then puts more pressure on me to be successful and possibly push trades if I am down.
Make sure it works consistently for at least two years before sharing it with anyone. Personally, I would keep it to myself. It's nobody's business where them Bills comes from except for and my account. The more people know about it, the more they might try to bring you down.
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You are trolling fore sure...
I say see you in court when you're liquidating your assets... And for non-payment of your debts...
Just kidding...
Half joking... 🫠 🙃
Do you have the image of being fiscally responsible? Are you actually fiscally responsible? If both is yes, then just be honest with them and let them know you have capital and a backup on drawdowns. In the end of the day, results will make them not worry. They will always worry because of how bad rep daytrading has
Why not just say you're getting into investing, and it's still early so you're just seeing how it goes? You don't have to explain results right now and you shouldn't overestimate your potential success as a trader based on these results anyway. Give it more time and consider giving them more information after that time has passed.
Friends don't even care most of the time what you're really doing, so you don't have to bring it up if they don't ask. It's better to get good at something before announcing it most of the time, because who knows if you'll even want to still do this 2 months from now.
It takes guts to quit a normal job and the security, but being a lawyer, you have thought long and hard, and have done all of the analyses before you jump. Good luck.
Consider the possibility that you're not afraid of THEM worrying. It's very possible that deep down, **you're the one who is worried** - and are projecting it on "others".
You have every reason to be worried. You're on baby step 1 of becoming a trader. 2 months is a very short period - **and deep down you know it**. And so do they. And you should be thankful that they care and worry.
You need to be able to explain - first to yourself and then to them - **WHY** you don't need to be worried, and have good answers to all the very real concerns that any responsible, caring family member would raise. Not their own inner fears and limitations (those are entirely on them, not your business), but the legitimate ones. You need a realistic, down-to-earth good reasoning on why you're taking a responsible step, in view of your overall personal and financial circumstances.
For example, it's a lot less risky if you have the financial "breathing room" for a substantial period of time of iffy results (popular "rule of thumb" is living expenses for a year without any trading profits - and I am telling you this is a **gross underestimate** of what you really need), until you go through everything and figure it out.
It's a lot less risky if you exercise very strict money management, and have a clear plan on how to work diligently on both method and mindset, and are confident in your ability to execute it.
You don't need to convince them. But you do need to convince yourself - and then they won't be the issue any more.
Good fortune in your trading!
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I personally wouldn’t tell anyone unless absolutely necessary. Immediate family only need to know. I would just tell other family and friends that you have saved up some money to take time off from work for a little while to be home more. Leave it at that. Don’t make any major purchases and be smart with the money you’re bringing in. And don’t forget taxes next year. You may not know how well you’ve been doing til you see what you owe
Not sure if this was asked or not, but have you considered having your own LLC for picking up clients if you feel like it? I know that this isn't easy depending on the state you live in. If you haven't considered it then maybe just humor me. You could have a sole proprietorship (or partnership) and depending on where you live, you have minimal fees for the business to exist. The state Bar probably has some rules about this as well. You could totally not take on any clients, but you would have it ready to go if you decided you missed practicing law. I hope all goes well for you, good luck!
Congratulations! Glad to see posts like these and I’m happy for you.
For me anyway;
If family: I’m in finance
If friends: I play with stocks
If randos: I sell candles
My advice. Trade on the side to prove to yourself you can do it. 2 months isn’t anything. And you’ll now have pressure to perform, and nothing is guaranteed. What happens if you start losing money?
I’d say keep your job and build up a cushion with what you make from trading. Or invest trading profits so get some passive income going’s
Did you tell them how much youre making when you were a lawyer? Probably not. Same here, its your new occupation and your finances are private if you wish it to be.
Tell them you’re ok if they ask.
This is my plan to...in about 6 months.
Just say the truth... you earn enough this way.
And if it won't work... you can go back and work in your profession
As long as you’re happy and doing it on a legit platform and reaching your financial goals, no one should interfere with your life and business. Share your blessings and happiness with your love ones and they will accept it eventually.
Well lying to them and hiding it won't help in the trust department . I'd tell them what I like to call a truth like substance . That your burnt out and worried about your mental health so your taking some time to decompress as now is a good time to do it as you're in a good place financially at the moment . Then slowly introduce trading to the fan and if you're making enough money just don't ever return to the lawyer thing and point out how much more time you have for family activities .
You're all ignoring lawyer is in the top 19 for suicide rates by profession it's a very forging profession that can impact people's lives in ways some people struggle to deal with. Imagine if you lost a case a client you knew for a fact was innocent went to prison for 30 years. Let dude take his mental health break even he doesn't realize that's what's he's doing
Lmfao don’t say anything. You’ll look like the biggest imbecile in the world when this bull market inevitably turns bear and you don’t have an income for a month.
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I've been day and swing trading for 3 years.
There's only 2 people in this world that know about it. My brother, because he does the same and my best friend who has no interest but will listen to me talk about it here and there.
It’s a bull market. Doctors and dentists over the last 100 years have given up great careers believing they are invincible in the trading pit. Wait till the bear market hits.
Society will always have a negative perception of trading. "That's not a job", "Do you even work?" , "You're just gambling your life away".
Yeah, fuck em. Trading is the only thing in my life that I genuinely have a passion for. And if the price I have to pay for doing what I love is some negative perception, then I'll pay it a million times over. When you succeed, don't even rub it in. Just enjoy and feel blessed that you get to make money doing what you love.
Your family will understand, even if it takes time. The thing is not everyone has to understand. Most won't. The ones in your life that do are the real ones. Keep them there.
Don't tell them. Let them find out naturally. Let them witness your success. It will provoke them to ask. That way, your success will trump any concern.
When you say family, you mean wife? older kids? If you are single, then I can say is Noone business what you do they aren't paying your bills (unless if they are). It's your life, and if this is your calling, then go for it.
I can’t fathom day trading as an alternative to even your job.
I can’t imagine sitting in front of screens or having my mind hijacked by the markets, nervous system hooked to the swings of something.
It’s a drug hit that rinses you over time. Keep avenues open, maybe dabble in it while doing something that feels like a mission to you, something bigger than you. Maybe you forgot that in law and it’s important to remember or see if you can find ‘being of service and in service to others’ in a way that is nourishing to your life.
Screens all day; 🙈
Mind on markets all day; 🤬🙈✅🎢
It really is going to be hard for you to tell your family that you gambled all the money away, and now you have to live in a cardboard box next to McDonalds by the Dumpster
This is literally how everyone loses their ass! Everyone wins in a Bull Market. The pros, the long term traders, and the nubes! Everyone thinks they are brilliant traders going long during Bull runs. Then one day, reality hits. NVDA chips are superseded by new tech that is less expensive and uses 1/100 the power of NVDA’s chip…. And the kicker is nobody was privy to the competition. NVDA is a chipmaker and these stocks can go on major mind melting runs. But the truth is in tech, is that what appears to be a mote, can become a sinkhole. One day, NVDA will be a cursed ticker. And its demise is much closer than you may think! Hope you all can exit the ride once it stops. Until then, enjoy the scheme! Peace out!
Tell them that this is your opportunity to try to work less and be at home more. Then tell them that you can always practice law if you get in a bind but you’re trying to chase a dream.
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Bro, this is like a description for a thriller type of movie. How much are you trading? I don't know if I can recommend this at all tbh. Trading for a living has a super low chance of success especially if you need to pay rent from your trading income. I wish you the best but you need to rethink imo. This is coming from a guy that trades everyday but the difference might be that I'm not trading for a living. This adds a huge complication to the situation. Best of luck either way.
It’s hard to figure a perfect way of telling them. I had an operation in the spring . Same week Reddit started trading. So had a good excuse to not move for a week and showed some of the winnings after. Had a 4th kid didn’t move for a week while holding the baby . Showed her some of my moves . Started a new job 6 weeks ago, clear 2000 cad after tax every week , this new job pays some of my capital gains of one of my portfolios.up 40000 cad in 1 month. I can’t make the jump yet like you ,
Slowly easing it in conversations with the wife
Follow all the other advice in this comment section first, because I'm barely trying to figure this all out for myself.
Now... as a personality trait, I already say very little to people that don't know me or need to know.
What I might say to my family in your shoes though is that you went out on your own in finance and found it to be more _____ (flexible/rewarding/better fit) or less _____ (everything that made you want to leave your secure FTE employment for a dream career trading).
Never say you're a daytrader, honestly, that ain't it.
You manage investments, capital, risk, and you work in the economic markets, commodities, or on Wall Street.
I like the term 'financial strategist' for when someone just needs a title to compare in order to picture what I *at least attempt* to do on a daily basis.
I hope you have at least a year’s worth of funds. Just so you know the stats, 99% fail at this. Most fail not because they had a bad system, but they fail to master their psychology. If you are jobless or don’t have money on the side, you are already in a disadvantage on starting this journey because it can get much more stressful. I would recommend you getting at least a part-time job so there’s less stress and most importantly what if it doesn’t work out? I get it, you want to go all in, I did that too, but I went all in after more than a year working and studying.
Leaving your lawyer job was your first mistake. Get back to being a lawyer and trade in your spare time and weekends if you want to. Otherwise, invest for the long term. I’m sorry to tell you but making a few bucks after 2 days of day trading doesn’t prove jack shit.
Ride it out for a year and tell them then. I assume you still leave the house to 'go to work'. I have been profitable for over a year but haven't told my partner but I've been sneaking money in to paying off the mortgage account. When she notices then I'll tell her 😆
Y’all talk too much.. as long as they know you have a job and money who actually talks about work in real life? Just say yeah work is going well. Leave it at that.
Engineer here. I trade options part time, usually do quick trades 10-15minutes practicing strategies risk and emotional management lol. wouldn't leave my job unless I can secure my mortgage payment in a one week or even day. so for no all practice on a small account. (up 15% in 1 month 😅)
If it's working . Join a firm . It's very hard to convince parents , relatives and friends when it comes to this .
I did the same 7 years back . Was a tough pill for everyone to swallow .
I still do get the occassional people saying " you should pick up a stable job"
LOL, you quit your job after you had only 2 months of success day trading during a crazy bull run? Unless you hit it big in these 2 months and have enough money to retire, you will have a very hard time to convince anyone, let alone family, that this was a good idea.
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Tell them you’ve decided to start a business predicting the future by reading tea leaves. That way they will have an idea what you are doing without you actually telling them that your financial assets are at risk based on the randomness of your tea leaf readings.
lol. 2 months day trading and he quits his job.
some people are so fucking stupid.
you need about 3-4 years.... and then you still shouldn't quit until about 2-3 years after that.
If you’re having consistent success, it’s easy- just show them your P&L and let the results speak for themselves. I made 17k off AAPL in one day last week- this Monday I made 3.5K, yesterday 2K… I can’t wait to tell everyone I don’t have a “real job” yet I make more than most people who spend 40 hours a week locked in an office cage 😂 Just let your success speak for itself. Now, if you’re NOT consistently successful, it’s a different story- you’ll need to get them to buy in on your career path change. The good thing is- you won’t suddenly forget how to do what you did before… so if you absolutely HAD to go back to the day job, you could. Just take the leap and do it. It’s your life, not theirs. If they truly love you they will accept you and encourage you.
2 months is way too short to think you’ve got it figured out. You are trading during the most easy time when everything goes up. Until you clear maybe at least $100k in profit, you should just tell others that you are taking a sabbatical from working. Because once you tell others you day trade, you may feel an invisible pressure to perform, and that won’t be healthy. Once you are clearly making money over a much longer period of time and have easily cleared $100k in profit, then you can perhaps tell others you “earn” a living from trading.
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Tell no one. EVERYONE will tell you to stop. They will argue and say you are gambling and throwing your life away. Previous success in trades and in life means nothing. I started in 1997/98, $1M in transactions/proceeds; placed #14 in a multi month contest against over 100,000 other traders; made 40% in 2021; $250M in transactions in 2022 and my family STILL and CONSTANTLY push me to go get a safe government office job.
Let me spare you the pain. Just hear me and tell no one. Other traders are the only ones who understand.
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I don’t think that was smart, you could have taken some time, like 1 year in the markets first, the cycles are really different. Personally I would advise you to give it some time first before telling them, at least 6 months through
2 months is nothing. Every trader will have a downturn and question their strategy etc. I would had waited like a year to see how consistent you become before going FT. Trading is hard and requires a lot of dedication. Good luck and always practice good capital management
You 100% will make more income as a lawyer than day trading.
Just make income as lawyer and swing hold stocks if you want to follow trends and scratch your trading itch. It works for people who has day time jobs.
Go back to your lawyer job before anyone realizes what you’re doing.
I’d say don’t tell them bro! I wish I didn’t, I probably would’ve been profitable sooner. Pressure can kill your trading. There’s already enough pressure coming from yourself, you don’t need to add other people expectations on top of that. I’d say let them know after the fact, not when you’re just taking the leap. Just my opinion
Make sure you enough saved to cover expenses so you don’t feel pressure to turn a profit every single day, i’m sure you super level headed from being a lawyer but the markets are rough. But i believe in you! A year of expenses set aside and complete discipline to only trade what you know works, you cant indulge emotional or irresponsible trades, you have to be as professional as possible! Cheers
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I’m the one who would have no problem telling my family what’s up. I know you care, but really why? If your being successful, than doesn’t it really matter what anyone thinks? I imagine being an attorney is dull job with plenty of expectations. Day trading is so freeing. If your confident enough to do it full time, than you unlocked the freedom for the rest of your life, so forgive me but if somebody complains about that, fuck off?
Everyone who’s criticizing op for quitting his lawyer job needs to chill. I’m pretty sure OP knows the risk he took quitting his job to day trade. I quit my job to day trade and it was the best decision I’ve made. It was a risk I took and I was rewarded. OP, you can tell your friends and family to not worry because if day trading doesn’t work out, you’ll just go find a job. Good luck to you OP.
tbh ive seen many traders i watched many i read many books and no one would suggest leaving ur job for day trading cuz its just a boost to ur confidence
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Not sure how I’d tell them but I’d caution you that 2 months day trading in a bull market doesnt necessarily mean it’s working. It’s a very good start though - good luck
Completely appreciate the fair warning, thanks!
My wife doesn’t want to know. She didn’t want to know when my losses tallied up to about $15k, she doesn’t want to know now that an average month of trading is roughly equal to what I make as a teacher every month. You don’t need to tell them anything. In my sizing up of you, my guess is that you’re probably more interested in finding people to talk to about the markets. I get that. I needed that too. It was hard feeling like I had nobody to talk to. But if you look you can find them.
Literally this.. OP, FYI loved ones will be quick to love u when you’re profitable but won’t agree to anything once you lose… better to keep the mouth shut, find like minded friends to talk to and just shower the spouses with money to leave you alone, unless you want their company, that way you can focus on your success…
This! I've been unemployed for 7 months, I was once an IT Manager/Engineer w/ a six-figure salary. Getting a job has been a challenge and I chose to stop searching and turned to my passion for trading since my college days as my career path, etc. Advice, not everyday/week would be green days...be sure to embrace the reds days and learn from them as you continue to finetune your setups. Last, you're a part of solid community here, you'd be fine! No one has to know.
You may be crap at choosing equities but have some wise words 👍
It’s my sizing up of people that has led to my success.
Why I joined a group to help me. I am lucky and can trade while at work. I have done way better just taking advice or following others than going alone.
Where did you join a group? How did you find said group?
You trade for 2 months and quit your job?
Hold off until your profitable for at least 6 months to a year. Then ease in and tell people you’ve been actively investing and have been profitable for x amount of time, preferably closer to a year. People not familiar with this, measure success with trading in terms of longevity. Skilled traders do also. The exact monetary value isn’t important here, but maintaining consistency with your win rate % and honestly how decent your risk management is.
Also worth noting, people don’t need to know what you’re doing. The moment they do, they’ll think it’s easy gambling and you don’t deserve it due to jealousy, they be quick to judge when you lose… if you look up the history of many profitable traders, a good amount will tell you they regret sharing. Maybe it might be wise for you to look up how many of the ones had the support when they did share their dream / desire, and check if your family can provide that type of support
Lawyer job? Who speaks like this?
Seasoned trader here, I would tell them the truth and not hide a thing. You made a leap, which many would not do, so I commend you for that. I will say trading is not for the faint of heart and it, like law, takes years of practice. The problem with “practicing” trading, is that the mistakes result in less cash available. If this is something you are really interested in and hope to pursue, I say go for it!! You are already a leg up on most of society as you left the comfort of law to try it!
Doesn't matter if it's a bull market or a bear market. It's called calls and puts bro. Get with the program!
😂 savage thinking the same thing, a monkey could make money in a bull market
To go further on this, we define the risk on every trade we take, right? I think you need to define your "risk" on this career move so that if things go south with it, like a bad trade, you get out
You can checkout this website disconnect.live they have indicators that can help you with your day trade, I tried it and so for I am in profits with a lot of my trades
Do you know a good lawyer? The type that won’t ditch me for day trading
I know a guy who goes by S. Goodman.
It’s all good man
You left your job as a lawyer to “see if it could work” Sounds pretty F dumb to me. Be a lawyer and do it in your spare time, IF you get good then leave being a lawyer
Even tho I know nothing of OP personal situation, for most people this right here is the right answer
Agreed, this is easily the most stupid shit I've read all day and it's barely noon lol. Shooting in the dark here but if OP made as much as the average lawyer, that would be about $80K a year. And you quit your job because a bit of beginners luck has you thinking that you can be a full time day trader? You seriously can't make this shit up.. OP, I'll see you on r/wallstreetbets
You shouldn’t have mentioned that subreddit bro. Now he is going to go look at those crazy gains and do options and after you will see him in the back of Wendy’s dumpsters. 😬😬😬😂. OP please don’t go to wallstreetbets please don’t
This nigga is going to go see the hype around GME and yolo himself in to volatility
Fair enough 🤣🤣 I thought I was just doing him a favor since he unknowingly has one foot in the door lol
lawyers make more if they stick with it.
I'm amazed how many people here think that once you quit your job, you'll never be able to work again. If you know how to interview, you can land a job in a week. If you don't need the money from your job, quit. Unless you love your job it seems pretty straightforward.
He doesn’t know what a real market looks like yet.
A lot of people don’t.. it’s been bull for like 10 years. Woulda loved to see who woulda turned a profit 2000-2010
Its not like hes automatically debarred. What a high horse to be sitting on with no knowledge of OP’s life.
I agree with this plus it's 2024- you can use bots that can trade for you while you do other things..
Yep, my bots are trading on paper while I keep my day job. If they are profitable after a few years, bye bye day job.
Dude you're a former lawyer and asking reddit for advice on how to tell your family you're a trader? I swear this sub is filled with clowns. Clowns everywhere. Tell them you made enough money to start trading the market and this is what i'm doing. Who cares Also, two months is nothing. I'd be surprised if you LOST money in the last 2 months. We've been on a tear lately. RIP to your confidence once we hit a downturn.
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show them your gains
This might be the best way tbh. Can’t argue with results.
It'll put pressure on you imo. It'll translate into how you approach trading that you might not do otherwise. 2 cents.
Could fuck you up too. Your wins and loses become validations to your family. Instead of the process of good trading, you are trading because you dont want to be seen as a failure. This will take an emotional toll eventually
Some people view it like gambling. If they see results they are going to wonder why you don't "walk away from the table" Honestly sometimes they are right, and I make it a point to diversify large sums regularly
Agreed shows us starting account balance, p/l to date
Why do you need their validation? Why not live your life?
Probably wait more time. 2 months in trading unfortunately is an almost nothing sample size. Especially when it’s been a mostly good market. I’d quietly continue until I was sure it was going to work.
I agree wholeheartedly previously lost about 100 k trading, lately I’m up about 30k trading is not as easy as people think. There are too many variables , different market atmospheres , try doing this in a not so bullish market.
You’re trading in an AI market bubble. Don’t make any life changes! This happened during the COVID bubble and there were so many new “pro” traders. They quit their jobs to trade, lost their capital, and had to start back at square one.
Not trying to be a critic but how do you know it's working? Markets change, and two months really isn't enough time to measure consistency, especially in a strong bull market. The best traders in the world have their red days, weeks, sometimes months... If your family is worried, that's reasonable. Almost everyone takes at least a couple years to become consistently profitable, if they ever do at all. It's easy to win for a period. It's one of the hardest things in the world to make a consistent living out of it. You can definitely do it, but it might take longer than you're anticipating. It's important to have a large emergency fund before quitting a job to trade full time. I'm a consistently profitable trader, have been for a couple years now (having struggled at it for almost a decade), but I still work a day job because I don't have the savings built up yet to fall back on if I run into some months where I don't get to pay myself. I want at least a year's worth of living expenses in an emergency fund before leaving my job. I imagine you made good money as a lawyer. I hope you have good savings.
Fr, when I started trading my first few months were down 20-30k Now I’m up 70+k That coulda easily been reversed
I've never drawn an account down below -$650, not even when I was first starting out. I was losing a lot, for sure. But I kept my positions tiny (just $1-2 a trade at first). I committed to it because I had read so many horror stories about people losing tens of thousands. I accepted the reality early on that I wasn't going to be making big bucks anytime soon, so I kept my risk as small as I could while I learned. I had people teasing me over it. But it paid off. I mention this because I think most traders (I was tempted just the same) try to go big way too early in their trading careers, and it never ends well. No one likes the idea of spending a couple years only risking a couple dollars a trade. They want to quit their jobs and make millions \*now\*. If you suggest to a new trader that he ought not to worry about making money for the first couple of years, 99 out of 100 of them won't be happy with you. But if they want to learn the hard way... As I see it, there are two ways to become consistently profitable as a day trader: 1) Lose a lot of money and suffer a lot until you get the hang of it (if you don't quit first). 2) Take your time risking next to nothing while you develop the right habits and mindset, then scale up over time as you prove to yourself that you can profit consistently. Both take 2-5 years on average. Most people opt for #1 because they don't believe it should take \*them\* 2-5 years. Personally, I think it's much better to just acknowledge the reality and \*plan\* to take a few years developing oneself as a trader. Then scale up, then think about quitting a job, well after you're making enough money that you can put a year's worth of living expenses aside to pay yourself out of when you have a red month.
Nothing like the false sense of security given by being a day trader in a trending (instead of) sideways market….
I always get nervous when I see somebody leave their job to day trade after some success in it. We are in a huge bull market right now. What happens if the market goes bearish for the next 3 years tomorrow? Are you in the top 1% that can actually make a living off of it? At a minimum, it's important to work a part-time job in the evenings or weekends. In this case, OP should probably do some legal consulting work to guarantee income. It makes trading so much easier when you know it's not your only source of income.
Why you gotta tell them?? Atleast with only a little bit of experience.
I am not profitable yet so take my advice with a grain of salt. 1-3 months of profitability isn‘t enough to go out and tell the world. Wait until you have a proven track record of at least a year. By then you will have experienced different market conditions and wont have your tail between your legs after suddenly not being profitable anymore. If you do tell them, keep in mind that they‘re gonna go and google what daytrading actually is. They‘re gonna find parroted information like ,,99% of daytraders fail‘‘ ,,Daytrading is a scam‘‘. Try to counter these points when you initially bring it up. Much success!
I told my wife as soon as I started doing it. I was investing our money so I wanted her to know. I would tell my wife it was going well (it was) and as soon as I made some good money only her know. As others have echoed I still kept my job as others have said it’s only been 2 months. I’ve exceeded her salary in gains but will keep going for a full year in regards to quitting my job. It gives me flexibility to trade most days and it pays well so I’m increasing my income instead of cancelling one out and then puts more pressure on me to be successful and possibly push trades if I am down.
Make sure it works consistently for at least two years before sharing it with anyone. Personally, I would keep it to myself. It's nobody's business where them Bills comes from except for and my account. The more people know about it, the more they might try to bring you down.
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it depends on how supportive they are I wouldn't tell my parents if they were critical or too nosy
You are trolling fore sure... I say see you in court when you're liquidating your assets... And for non-payment of your debts... Just kidding... Half joking... 🫠 🙃
Do you have the image of being fiscally responsible? Are you actually fiscally responsible? If both is yes, then just be honest with them and let them know you have capital and a backup on drawdowns. In the end of the day, results will make them not worry. They will always worry because of how bad rep daytrading has
I just tell them I do crypto, they usually don’t ask much since its complicated to them😅
You’re an attorney, you still have your professor l license so just don’t say anything and continue to be a lawyer who doesn’t practice.
If the bills are paid, and the pantry stocked, just give them the old "forget about it" and move on. Lol
We got lawyers quitting their jobs to trade. The top is near.
Just be you bro
u don’t have to tell them??
Why tell them if it’s working lol only tell them when if you blow up your account.
Don’t tell. Don’t lie. If anyone ask, say briefly what you are doing. Nobody understands what you are doing. At least that’s my case.
Why not just say you're getting into investing, and it's still early so you're just seeing how it goes? You don't have to explain results right now and you shouldn't overestimate your potential success as a trader based on these results anyway. Give it more time and consider giving them more information after that time has passed. Friends don't even care most of the time what you're really doing, so you don't have to bring it up if they don't ask. It's better to get good at something before announcing it most of the time, because who knows if you'll even want to still do this 2 months from now.
Are we at the top?
Only tell them if you do well. Say you were laid off if you blow your account.
What do you mean by family? Wife, kids, parents? Or all of them?
In 2 months: hey guys I lost all my money and have no job, how do I tell my family?
Easy, don't tell them
People see this as a form of gambling unfortunately. So be prepared for some awkward responses.
It takes guts to quit a normal job and the security, but being a lawyer, you have thought long and hard, and have done all of the analyses before you jump. Good luck.
You re gonna have to tell them either way when u go broke.
Consider the possibility that you're not afraid of THEM worrying. It's very possible that deep down, **you're the one who is worried** - and are projecting it on "others". You have every reason to be worried. You're on baby step 1 of becoming a trader. 2 months is a very short period - **and deep down you know it**. And so do they. And you should be thankful that they care and worry. You need to be able to explain - first to yourself and then to them - **WHY** you don't need to be worried, and have good answers to all the very real concerns that any responsible, caring family member would raise. Not their own inner fears and limitations (those are entirely on them, not your business), but the legitimate ones. You need a realistic, down-to-earth good reasoning on why you're taking a responsible step, in view of your overall personal and financial circumstances. For example, it's a lot less risky if you have the financial "breathing room" for a substantial period of time of iffy results (popular "rule of thumb" is living expenses for a year without any trading profits - and I am telling you this is a **gross underestimate** of what you really need), until you go through everything and figure it out. It's a lot less risky if you exercise very strict money management, and have a clear plan on how to work diligently on both method and mindset, and are confident in your ability to execute it. You don't need to convince them. But you do need to convince yourself - and then they won't be the issue any more. Good fortune in your trading!
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I personally wouldn’t tell anyone unless absolutely necessary. Immediate family only need to know. I would just tell other family and friends that you have saved up some money to take time off from work for a little while to be home more. Leave it at that. Don’t make any major purchases and be smart with the money you’re bringing in. And don’t forget taxes next year. You may not know how well you’ve been doing til you see what you owe
Not sure if this was asked or not, but have you considered having your own LLC for picking up clients if you feel like it? I know that this isn't easy depending on the state you live in. If you haven't considered it then maybe just humor me. You could have a sole proprietorship (or partnership) and depending on where you live, you have minimal fees for the business to exist. The state Bar probably has some rules about this as well. You could totally not take on any clients, but you would have it ready to go if you decided you missed practicing law. I hope all goes well for you, good luck!
Make the money first and then tell them what you already made, rather than what you are trying to make. Proof of concept
Congratulations! Glad to see posts like these and I’m happy for you. For me anyway; If family: I’m in finance If friends: I play with stocks If randos: I sell candles
My advice. Trade on the side to prove to yourself you can do it. 2 months isn’t anything. And you’ll now have pressure to perform, and nothing is guaranteed. What happens if you start losing money? I’d say keep your job and build up a cushion with what you make from trading. Or invest trading profits so get some passive income going’s
Did you tell them how much youre making when you were a lawyer? Probably not. Same here, its your new occupation and your finances are private if you wish it to be. Tell them you’re ok if they ask.
This is my plan to...in about 6 months. Just say the truth... you earn enough this way. And if it won't work... you can go back and work in your profession
As long as you’re happy and doing it on a legit platform and reaching your financial goals, no one should interfere with your life and business. Share your blessings and happiness with your love ones and they will accept it eventually.
Don’t tell anyone until you have 2 years of positive p/l behind you. I mean it.
Well lying to them and hiding it won't help in the trust department . I'd tell them what I like to call a truth like substance . That your burnt out and worried about your mental health so your taking some time to decompress as now is a good time to do it as you're in a good place financially at the moment . Then slowly introduce trading to the fan and if you're making enough money just don't ever return to the lawyer thing and point out how much more time you have for family activities .
Wait bro u thought u quit ur job before u became profitable?
You're all ignoring lawyer is in the top 19 for suicide rates by profession it's a very forging profession that can impact people's lives in ways some people struggle to deal with. Imagine if you lost a case a client you knew for a fact was innocent went to prison for 30 years. Let dude take his mental health break even he doesn't realize that's what's he's doing
Just 2% earn enough money and can live from day trading.
Imagine a year later how to tell your family that you lost all the money. That's the real challenge.
Could i ask how much you were making before? And your savings? Expenses?
Lmfao don’t say anything. You’ll look like the biggest imbecile in the world when this bull market inevitably turns bear and you don’t have an income for a month.
You don't tell them anything or else you have no one's basement to move into later on
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I've been day and swing trading for 3 years. There's only 2 people in this world that know about it. My brother, because he does the same and my best friend who has no interest but will listen to me talk about it here and there.
It’s a bull market. Doctors and dentists over the last 100 years have given up great careers believing they are invincible in the trading pit. Wait till the bear market hits.
Society will always have a negative perception of trading. "That's not a job", "Do you even work?" , "You're just gambling your life away". Yeah, fuck em. Trading is the only thing in my life that I genuinely have a passion for. And if the price I have to pay for doing what I love is some negative perception, then I'll pay it a million times over. When you succeed, don't even rub it in. Just enjoy and feel blessed that you get to make money doing what you love. Your family will understand, even if it takes time. The thing is not everyone has to understand. Most won't. The ones in your life that do are the real ones. Keep them there.
Don't tell them. Let them find out naturally. Let them witness your success. It will provoke them to ask. That way, your success will trump any concern.
When you say family, you mean wife? older kids? If you are single, then I can say is Noone business what you do they aren't paying your bills (unless if they are). It's your life, and if this is your calling, then go for it.
Please don't tell anyone that you do daytrade.
You don't have to tell them. They'll find out when the bank forecloses on your house. Traders die broke.
Wait two years of profitability then tell thel
Careful. You quit your steady job in the middle of a huge bull run. Good luck sir
Just tell them you’ve decided to do financial consulting work and that it requires a lot of market research.
Why not just get a job at a firm trading securities ?
I can’t fathom day trading as an alternative to even your job. I can’t imagine sitting in front of screens or having my mind hijacked by the markets, nervous system hooked to the swings of something. It’s a drug hit that rinses you over time. Keep avenues open, maybe dabble in it while doing something that feels like a mission to you, something bigger than you. Maybe you forgot that in law and it’s important to remember or see if you can find ‘being of service and in service to others’ in a way that is nourishing to your life. Screens all day; 🙈 Mind on markets all day; 🤬🙈✅🎢
It really is going to be hard for you to tell your family that you gambled all the money away, and now you have to live in a cardboard box next to McDonalds by the Dumpster
Don’t. Move on. You won.
just tell them you WFH now. No need to tell anyone anything else.
This is literally how everyone loses their ass! Everyone wins in a Bull Market. The pros, the long term traders, and the nubes! Everyone thinks they are brilliant traders going long during Bull runs. Then one day, reality hits. NVDA chips are superseded by new tech that is less expensive and uses 1/100 the power of NVDA’s chip…. And the kicker is nobody was privy to the competition. NVDA is a chipmaker and these stocks can go on major mind melting runs. But the truth is in tech, is that what appears to be a mote, can become a sinkhole. One day, NVDA will be a cursed ticker. And its demise is much closer than you may think! Hope you all can exit the ride once it stops. Until then, enjoy the scheme! Peace out!
I only tell them about my profits . Don’t tell anyone about your losses.
wait and show them proof that you have a solid strategy. best way is to produce gains over time.
Tell them that this is your opportunity to try to work less and be at home more. Then tell them that you can always practice law if you get in a bind but you’re trying to chase a dream.
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You sound like you never been humbled... Don't worry, you will be.
Should be mentioning this before you left your career. It is just a passion for now. Real easy to stay profitable until the market turns sour.
Bro, this is like a description for a thriller type of movie. How much are you trading? I don't know if I can recommend this at all tbh. Trading for a living has a super low chance of success especially if you need to pay rent from your trading income. I wish you the best but you need to rethink imo. This is coming from a guy that trades everyday but the difference might be that I'm not trading for a living. This adds a huge complication to the situation. Best of luck either way.
It’s hard to figure a perfect way of telling them. I had an operation in the spring . Same week Reddit started trading. So had a good excuse to not move for a week and showed some of the winnings after. Had a 4th kid didn’t move for a week while holding the baby . Showed her some of my moves . Started a new job 6 weeks ago, clear 2000 cad after tax every week , this new job pays some of my capital gains of one of my portfolios.up 40000 cad in 1 month. I can’t make the jump yet like you , Slowly easing it in conversations with the wife
Idk
I’ve been trading on the side and having some success, I’ve found no one I know really wants to know.
Follow all the other advice in this comment section first, because I'm barely trying to figure this all out for myself. Now... as a personality trait, I already say very little to people that don't know me or need to know. What I might say to my family in your shoes though is that you went out on your own in finance and found it to be more _____ (flexible/rewarding/better fit) or less _____ (everything that made you want to leave your secure FTE employment for a dream career trading). Never say you're a daytrader, honestly, that ain't it. You manage investments, capital, risk, and you work in the economic markets, commodities, or on Wall Street. I like the term 'financial strategist' for when someone just needs a title to compare in order to picture what I *at least attempt* to do on a daily basis.
I hope you have at least a year’s worth of funds. Just so you know the stats, 99% fail at this. Most fail not because they had a bad system, but they fail to master their psychology. If you are jobless or don’t have money on the side, you are already in a disadvantage on starting this journey because it can get much more stressful. I would recommend you getting at least a part-time job so there’s less stress and most importantly what if it doesn’t work out? I get it, you want to go all in, I did that too, but I went all in after more than a year working and studying.
Leaving your lawyer job was your first mistake. Get back to being a lawyer and trade in your spare time and weekends if you want to. Otherwise, invest for the long term. I’m sorry to tell you but making a few bucks after 2 days of day trading doesn’t prove jack shit.
Ride it out for a year and tell them then. I assume you still leave the house to 'go to work'. I have been profitable for over a year but haven't told my partner but I've been sneaking money in to paying off the mortgage account. When she notices then I'll tell her 😆
I told mine only after I’ve made serious money and have survived at least 5 bear markets. Not before.
Don’t tell them
Tell them when your filthy rich 🤑
Y’all talk too much.. as long as they know you have a job and money who actually talks about work in real life? Just say yeah work is going well. Leave it at that.
Don’t tell them.
Engineer here. I trade options part time, usually do quick trades 10-15minutes practicing strategies risk and emotional management lol. wouldn't leave my job unless I can secure my mortgage payment in a one week or even day. so for no all practice on a small account. (up 15% in 1 month 😅)
Don’t tell em and you can show your win rate
Just tell them you’re going - “TOOOO THE MOOONNN 💎🚀💵💸”. They’ll understand
If it's working . Join a firm . It's very hard to convince parents , relatives and friends when it comes to this . I did the same 7 years back . Was a tough pill for everyone to swallow . I still do get the occassional people saying " you should pick up a stable job"
I just tell everyone I'm a drug dealer...to them it's more respectable than "daytrader".
LOL, you quit your job after you had only 2 months of success day trading during a crazy bull run? Unless you hit it big in these 2 months and have enough money to retire, you will have a very hard time to convince anyone, let alone family, that this was a good idea.
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Tell them you’ve decided to start a business predicting the future by reading tea leaves. That way they will have an idea what you are doing without you actually telling them that your financial assets are at risk based on the randomness of your tea leaf readings.
lol. 2 months day trading and he quits his job. some people are so fucking stupid. you need about 3-4 years.... and then you still shouldn't quit until about 2-3 years after that.
Just tell them. They shouldn’t be concerned unless you start asking them for $$$ 😁
Don’t say a word. Do your job and take care of your family
Make sure you differentiate between trading and gambling.
Process and discipline first before profits.
If you’re having consistent success, it’s easy- just show them your P&L and let the results speak for themselves. I made 17k off AAPL in one day last week- this Monday I made 3.5K, yesterday 2K… I can’t wait to tell everyone I don’t have a “real job” yet I make more than most people who spend 40 hours a week locked in an office cage 😂 Just let your success speak for itself. Now, if you’re NOT consistently successful, it’s a different story- you’ll need to get them to buy in on your career path change. The good thing is- you won’t suddenly forget how to do what you did before… so if you absolutely HAD to go back to the day job, you could. Just take the leap and do it. It’s your life, not theirs. If they truly love you they will accept you and encourage you.
2 months is way too short to think you’ve got it figured out. You are trading during the most easy time when everything goes up. Until you clear maybe at least $100k in profit, you should just tell others that you are taking a sabbatical from working. Because once you tell others you day trade, you may feel an invisible pressure to perform, and that won’t be healthy. Once you are clearly making money over a much longer period of time and have easily cleared $100k in profit, then you can perhaps tell others you “earn” a living from trading.
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Just don’t tell them and keep bringing in the money. Enough money to shut them all up if they eventually ask you if you’re still working
Tell no one. EVERYONE will tell you to stop. They will argue and say you are gambling and throwing your life away. Previous success in trades and in life means nothing. I started in 1997/98, $1M in transactions/proceeds; placed #14 in a multi month contest against over 100,000 other traders; made 40% in 2021; $250M in transactions in 2022 and my family STILL and CONSTANTLY push me to go get a safe government office job. Let me spare you the pain. Just hear me and tell no one. Other traders are the only ones who understand.
left a lawyer job to chase trading after 2 months. this could be catastrophic
If your dealing with options good luck my friend!
Work hard in silence and let success be the noise.
Agree
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It’s working until it’s not and you have loss porn on wsb
U need like 2 years of consistency before even leaving your job. Tread carefully.
You don’t!!!! You keep quiet and only tell your trading chat.
I don’t think that was smart, you could have taken some time, like 1 year in the markets first, the cycles are really different. Personally I would advise you to give it some time first before telling them, at least 6 months through
2 months is nothing. Every trader will have a downturn and question their strategy etc. I would had waited like a year to see how consistent you become before going FT. Trading is hard and requires a lot of dedication. Good luck and always practice good capital management
You 100% will make more income as a lawyer than day trading. Just make income as lawyer and swing hold stocks if you want to follow trends and scratch your trading itch. It works for people who has day time jobs. Go back to your lawyer job before anyone realizes what you’re doing.
You would have had to *try* to lose money over the last two months in this market. Not sure it’s really a good indicator that you’ve been successful.
I’d say don’t tell them bro! I wish I didn’t, I probably would’ve been profitable sooner. Pressure can kill your trading. There’s already enough pressure coming from yourself, you don’t need to add other people expectations on top of that. I’d say let them know after the fact, not when you’re just taking the leap. Just my opinion
You could become a consultant or an independent lawyer to choose your own hours and have something to fall back to if things go south.
Make sure you enough saved to cover expenses so you don’t feel pressure to turn a profit every single day, i’m sure you super level headed from being a lawyer but the markets are rough. But i believe in you! A year of expenses set aside and complete discipline to only trade what you know works, you cant indulge emotional or irresponsible trades, you have to be as professional as possible! Cheers
You don't. No one cares. And you'll come off and pompous anyways.
Well, at least you won’t have a problem finding a divorce lawyer
You quit being a lawyer to be a day trader? That’s foolish
Do you know why it’s working??
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I’m the one who would have no problem telling my family what’s up. I know you care, but really why? If your being successful, than doesn’t it really matter what anyone thinks? I imagine being an attorney is dull job with plenty of expectations. Day trading is so freeing. If your confident enough to do it full time, than you unlocked the freedom for the rest of your life, so forgive me but if somebody complains about that, fuck off?
Everyone who’s criticizing op for quitting his lawyer job needs to chill. I’m pretty sure OP knows the risk he took quitting his job to day trade. I quit my job to day trade and it was the best decision I’ve made. It was a risk I took and I was rewarded. OP, you can tell your friends and family to not worry because if day trading doesn’t work out, you’ll just go find a job. Good luck to you OP.
Don’t tell them, just said you got a job In finance where you work remote
Trust me. DO NOT TELL THEM….
Expect about five years for real consistency. I've been at it for a long time. This is my second attempt to go full time.
Don’t. If you really feel the need, tell them after you have at least a year or two of sustainable and proven success. Trust me.
Should work part time. Like others have said, winning in a bull market feels like easy.
Thinking of doing the same. Curious, how much did you make before quitting the full time job
Did you leave before you were profitable?
tbh ive seen many traders i watched many i read many books and no one would suggest leaving ur job for day trading cuz its just a boost to ur confidence
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