I recently came across this question in a trading forum: "I just lost my job. I'm thinking of a career change. Can I make a living trading?" Here is how I'd answer the question.

With your current circumstances, right now the answer is a resounding "NO!!!"

Trading, whether it is stocks, options, futures, forex, commodities or any other instrument, has been called "the hardest way to make an easy buck." Definitely true. If you spend a few thousand hours working on strategies, money management techniques, and most importantly your emotions and personal psychology, you MIGHT have a shot.

From my experience, it takes years to become successful enough to trade for a living. Even then, one bad trade can spell doom - just ask some ex-traders (note the word "ex") what the 2008 Financial Crisis did to them.

Why is it so hard? Think about who you are up against - professional traders. People who have done it for years. The pros know what the tendencies of new traders are, and they are set up to exploit these newbies. It is truly survival of the fittest in the trading world.

I'm sure it took you years to learn your profession, and trading is the same way. Probably even tougher, since so many trading "teachers" are snake oil salesman, just with better clothing and fancy jewelry.

Since you just lost your job, you are probably under a lot of stress, and you probably need your savings to live off of. That's not a recipe for quick trading success. In fact, it is the exact opposite.

After reading this, if you are still serious about trading for a living, my advice is to treat it just like a business. Obtain enough capital to trade, invest only in techniques, software or signal services that you have fully investigated. And, spend a lot of time working on yourself - your emotions towards winning and losing money play a huge role in your eventual success or failure. Then at least you will have a fighting chance. Good Luck!