Should I tell my unemployed friend to quit his trading dream?

[Dulex9]

I do not trade myself, so I wouldn't know.

He used to have a small Etsy business, however due to high material costs and customers becoming harder, he quit that nearly two years ago and has been unemployed ever since.

He is older than me and is 37 years old.

He tells me to be a successful trader it takes years.

However, he has put a lot of work into this. He has done demo trading.

He has no savings, no capital, no income. He is relying on prop trading firms.

He told me he registered for a prop trading firm, which to use their funds, he has to pass a challenge or challenges. He has failed a challenge in the past and failed a prop trading challenge again last week.

Even if he is successful undertaking the prop trading challenge, he will have to abide by the rules and not lose too much once he is allocated their funds.

I do not know how feasible is this and would sustaining success every week be very hard on trading?

He wants to become a full time trader.

I was thinking of telling him just to get a job.

 

[sweep_shot]

He should get a job or launch a business. There is no guarantee that trading would bring in profit. People do trading on the side generally.

 

[Dulex9]

He should get a job or launch a business. There is no guarantee that trading would bring in profit. People do trading on the side generally.

Thanks.

I wouldn't know anything about the success of trading, so I cannot say.

It is his passion and dream.

 

[Champ_Pal]

Trading is never safe. If he has lots of money, he can buy some good stocks and do options trading. Good side income.

 

[Bhaag Viru Bhaag]

May I ask if you are asking this for yourself or on behalf of a friend?

#BeHonest

 

[Dulex9]

May I ask if you are asking this for yourself or on behalf of a friend?

#BeHonest

It is definitely for my friend.

If you check my past threads, I'm into computer programming.

 

[DeadlyVenom]

It's a good way for your friend to become bankrupt. Very few people remain profitable even in prop trading. The rules are stacked in favour of the prop firm. Sometimes if you actually do manage to do well they cancel your account citing rule breach.

Prop firms make their money through people who fail challenges like your friend.

 

[Dulex9]

Thanks for the all the replies.

 

[ads101]

It’s very hard to tell someone to give up their dream. They’d probably resent you for it too.

What type of job could he get? Does he have an education? I imagine it could be possible to work part time or night shifts or food delivery to at least get some sort of income to sustain himself while trading. That way he’d probably figure it himself whether trading or simply getting a job is right for him. Even these guys who have made it in trading have said that they had to do side jobs like this to stay afloat while they were trading early on.

 

[Dulex9]

I asked him the other day. He said he has failed a few, at least four or more prop trading challenges.