I am glad you asked, I really am, cause I am bored, I am more bored than poo inside people's intestines now let me explain of the 10% of traders, that make it only one is different from others in a very different way you see, 9 out of 10 traders that "made it" will make 15-400% annualy but 1 out of 10 will make far more than that, with less work, less trades, less risk and small DD it turns out in the end that we indeed are not all born equal those of us capable of greater abstract thinking, eventually get picked up by republican party for evil deeds
Anek I envy you in a weird way, let me explain, I have a superior way of trading, but I envy you because you do it the hard way, you don't know its hard because you only know your way but I traded your way for 1 year and when I compare it to my way now oh man, you work like a dog
well cold, i'll accept what i assume is your version of an apology. Perhaps I'm a bit touchy on the subject as well <grin> I'm 36 now, on the downslope to 40, which for some reason, bothers me quite a bit. I heard someone once say that "A woman becomes who she's going to be at 30, and a man at 40" for some strange reason that has stuck inside my strange little mind and I suppose I'm starting to feel the pressure. I left high school early on full scholarship to college (they thought i was smart) and left after a year. A few years in the Marine Corps taught me a thing or two about myself, and my 20's were spent intermittently in school or having quite a roiling good time. When i married at 28 and had children at 30, I was in the (previously inconcievable) position of being the prime candidate for stay at home parent (since my wife made more money than I, who dicked around and never had a truly viable career path) I took on this task with dedication and constant attentiveness and have done it faithfully, day in and day out ever since. Oh yeah, and I also nursed my elderly mother for the last 5 years until her death. so, now here I am, finally able to go out into the world again and be the "breadwinner". Exactly what sort of options can you envision for me? Thats rhetorical because I already have seen quite a few and they ain't so purty, if you know what I mean. So, the way i see it, if I can't trade then I'll be some schmuck selling cars kissing ass, or managing the idiots who flip the burgers. Somehow that just isn't very appealing. so, please don't tell me that I can't do this. I'm not sure I can take the pain. Sorry to all I got so goddamn long winded.....the whiskey must be addling my brain this lovely saturday evening.
I don't feel any different. I had the luxury of being very well capitalized and didn't sweat it out losing in the beginning. Never had to deal with the fear issue and so trading was a lot like golf. Frustrating, until you master it. Now the issue is boredom and way too much spare time.
Keep the ball in the short grass and keep the winners larger than the losers and both golf and trading become the same challenge to master.....most do not shoot under 90 nor make money trading but those that work hard and use muscle memory and repitition in both can prosper.
A typical day, and how it contrasts with how a typical day went back in the beginning. I won't discuss strategies or tips relative to that topic as that is not the topic of this thread, and would just plain rather not. I am a news event driven trader in terms of selection, tape reading for trading. Generally speaking I like to see as much of all the headlines out there as possible to select among, to find the best selections for the day. Back in the beginning my days started I barely saw the light of day, on both ends. Now I typically start my research around 7am, 5-6:30 in earnings season. The biggest difference in my schedule between then and now is that now I am slightly more comfortable and also am able to sift through what is and is not important to me, news and chart wise, much more quickly and have come up with some automated ways to cut down research time (this applies only to non subjective decision based issues). Whereas I ended my days usually between 5 and 7 back then, I now close up around 4:15 out of earnings season, later depending on nows flow in season. I feel much more energized for the day when I am able to squeeze in gym/run in the morning. I will typically go through the earnings and economic calenders, and see as many headlines as possible that pass by, and that have passed from 4pm the prior day. Back in the beginning I went through every single headline that passed between 4pm and the following 9:30 (not missing any), whereas now I am a bit more lax, but overall am able to sniff out most of the goodies from experience. I'll quickly go through the charts of anything I traded the prior day. If any still look interesting, they will get put on a side screen. News flow slow? More chart plays... News flow heavy...few/zero chart plays. I'll typically have my stocks chosen and up on screen by 8:30/9. In earnings season, while news flow is much heavier, I may have my screens filled earlier, or even the prior night since I already have listed who will be out for next day's trading. By 9, daily, transfer a few dollars into a charitable bank account (give *then* get). Music library on sort for entire day - all different genre's. The louder the music, the more focused I get (within reason). Staying until the close? I used to stop without thought when a certain goal was reached. I don't really trade with much of a goal anymore other than to close losing positions, and trade the others smartly. Going with specific goals is important earlier on when learning how to trade successfully, after that whatever works for your situation. Different strokes... I screen all calls during the day. Some days are so busy that you don't realize the phone rang, others nothing's doing, it doesn't much matter. I find I'm much more focused when headphones are used through the day, as opposed to speakers. I don't have strong feelings one way or the other, and often do not turn the tv on (and of course it's not fun when Gasparino & MBI propaganda team pull into town at the end of a thin Friday, and you're short a million stocks). Whereas before I was very very tight when it came to daily consistency since I was trading with a just achievable goal, I am somewhat (intentionally) more volatile as I take bigger risks now going for a bit of gold, instead of consistent base hits (which for most and most of the time, is to me the best way to go though - consistent base hits). Strategies then and now: Generally speaking, same strategies, applied a little differently as market structure has changed, but same basic stuff. Have expanded into other areas of trading, but still primarily, the same biz. Position sizing then and now: Scale in/out, both then and now. Initial position size hasn't really changed much over the years, however positions grow much larger in size and in number. If any/all of this was incoherent, sorry, just kind of typed away. Any questions?!
Yeah, is this the lifestyle you expected to be? You know, the reason why I am asking this is because I think I discovered the holy grail (after 7 years of nightmares and a few false "a-ha moments") and now, before I take this holy grail, I just wanted to know if this is worth(non-monetary terms) all the sacrifices.