Did you study markets before entering, or did you learn by first trading then developing a knowledge base for future trading?
Bitcoin is my first venture into the trading/investment world, and I would like to extend into trading on the stock market after at least a year or two of this.
I've found bitcoin to be a great entry point because it holds my interest since I'm an IT at heart.
But I too would like to quit my IT day job and migrate into day trading
I have not checked back to this post in a while.
Here are the 3 things that let me do it:
- Accumulate 3 years of trading experience. Lose money, lot's of money, and don't quit. You have to do it, love it, and see it as a job and more than a hobby. When I exhausted what I could gain from free Internet education I started going to trading Meetup groups in my local city. From there I found a mentor and got a job working in a trading company where we trade our own capital.
- Be financially secure. That meant me saving for 8 years a little bit every month from my job in cash, stocks, etc. My car is paid off and so is my house. In 8 years I bought a motorcycle for cash off Craigslist and that was about it for big purchases. Working in IT should give you the salary to do this in the same amount of time. It's one of the highest paying and fastest growing industries in the past decade. If not; you're either not keeping up with technology to advance your skills/career or living beyond your means.
- Get fed up with the corporate world. Realize you have no pension, no retirement, no legacy to pass onto your kids unless you build something yourself. A 401k or some stock options are not going to be a satisfying definition of your life's work.
Also, I've updated my sentiment as a professional trader on Bitcoin. Many may disagree unfortunately... but I see a lot of added systematic/legal risk coming on this month:
http://www.adventcarraig.com/2013/05/30/bitcoin-concerns/