Sandy, Excellent & inspiring post. Unfortunately, as a lurker myself (and not quite yet a trader) - I've noticed a great amount of negative and pessimistic people on forums (not just here). I imagine it's because they don't generally have better things to do, and haven't found the discipline like yourself to be a successful trader. I agree with your philosophy & discipline, getting out of/not allowing any losing trades - that forms a large part of my intended strategy. I hope to become one of the small % of winners. One thing I've noticed about the people who do well in trading: They all believe in themselves and their systems - following them exactly. Wishing you all the best in your continued trading, BP
This is a job and a profession. I used to feel excitement in the evening, looking forward to the next day. Having done this for many years, the tenor of this feeling has changed to a mild curiosity. I am pretty sure of what I will see on any given day. I take great pride in doing it with skill. I feel particularly good about it on weekends when I can reflect on it. I expect to do this as long as my interest continues. Steve
No That feeling does dissapear, just like anything else that gets old with time. There is a big burnout factor in daytrading, which is smth you have to consider. There are also the mental & physiological effects, some handle them or feel them more than others. Either way, hours in front of a PC, combined with the pressure on the nervous system is not smth the human body was designed for. Don't fool yourself, there are many other professions that have the same, if not better freedom than daytrading. Their potential is the same if not double or triple of daytrading, at least over the last 3 years. And being active in the market does not require 30-40 hours Mon-Fri.
Thats right. I cap my returns at 5% a month...this way I know when to quit and have done my Job...I have hit my 5% 17 days early this month...so I do not have any pressure, so I scalp a few...until next month starts. This is a burn out, if you do not manage it.... Michael B.
It is true that floor traders can get burnt out. I was a floor trader for a time for a company where I became the chief executive. I simply find the market a fun thing from which you can take a great deal of money and keep on accumulating more. This reflects an institutional approach. The fact is the amount of money you can take from the market depends on the size of shovel you arrive with each day. Restrictions independent traders apply are things such as max number of trades per day, trading mornings only, taking no more than 5% per month and a whole array of other stuff. So what you will see here at ET are all sorts of self imposed fetishes, habits and restrictions to limit mentally and actually what you can take from the market.
Ohh please...Don't you and BlackPanther brand me as someone who does not the DISCIPLINE and drive to be a great trader simply because I am warning this kid - who borrows money from his mom to trade - about the dangers of trading. Give me a break! Not once did I say it's impossible to trade as a career! I do it! Would you like me to say "All you need is DISCIPLINE and you can be great. Just treat it as a job, train hard and you should be fine" Well, anyone reading that will jump right into this game. Truth is, this racket is based on two variables in order for it to function. It needs people to make money and it needs people to fail. I try not to single out people, because I hate when people single me out because of something they interpreted in a post. Welcome to the board...If you want some info on FX brokers, PM me. -Kastro
maybe look into getting an MBA, you open a lot of doors that way too, also to trading related professions you'll be one less year's tution in the whole that way too compared to law school