When to Quit Your Day Job?

Author

Alex Butterfield
December 11, 2023

Good Morning Traders!

In today’s email we’re going to discuss the following…

  • Today’s Market Breakdown

  • When Should I Quit My Day Job?

MARKET BREAKDOWN

EUR/USD
Making lower lows, honestly seems like a good time to go short.

GBP/USD
Continuing the new downward trend, price seems to have pulled back a bit to the nearest resistance. Might be a good time to look to go short on the possible continuation.

USD/JPY
Price is making a huge correction after an explosive move to the downside. I’d be weary of touching this right know due to unknown direction strength.

USD/CAD
Seems to be having a tough time making Higher Highs. I would personally consider taking a small long trade within this range but probably stop taking longs if it failed to make Higher Highs again.

NASDAQ
My favorite index finally looks to be attempting to make Higher High’s again! My bias is strongly to the upside.

REDDIT QUESTION OF THE DAY
I’m Consistently Profitable, Now What?

I saw this question on reddit…

I’ve been trading for a while now and I have been consistently making around the same amount as I get paid for at my 9-5, should I leave my job and solely focus on trading at this point?

I’m going to keep this super simple. The way to know when to quit your day job is just to follow this one simple rule.

Basically you need to be consistent for at least 6 months at making more or equal your current salary. You also need to have at least 6 months of expenses saved up in case something happens or you have a couple bad months.

QUOTE OF THE DAY

“Courage isn't having the strength to go on – it is going on when you don't have strength.”

- Napoleon Banaparte

This quote emphasizes the importance of perseverance and mental fortitude. It suggests that true courage is not about possessing inherent strength, but rather about continuing to move forward, even in the face of exhaustion or adversity. This perspective aligns with Napoleon's own experiences and challenges throughout his military and political career.

Regards,

Alex Butterfield
Founder & CEO, TraderEdge

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