somewhat similar situation. I’ll never be and don’t care to be, a professional trader. I am doing this…I mean, trying to learn to do this ….. for two reasons. First, to stay engaged, and keep my mind sharp in retirement, after a 20 year (second) career as a Financial Advisor. And two, if I had to set a goal, I’d like to make 20K - 25k per year to cover more or less, my retired IRA distributions which start this year.
Sorry to burst your bubble, but once you figure it out, it's literally the most boring thing you've ever done.
Knowledge and training improves (should improve) your understanding of the market. The more you understand the market, the more boring it becomes because you know what to do and when to do it. The result is that most of the day you will just be waiting for the event to happen that you were expecting. It becomes then difficult to stay focused. It is a bit like fishing. They also sit and wait most of the day, just doing nothing.
Right. I'd say if you at any point think "What the hell is happening here or what the f''k is the market doing now?" you're no way near where you want to be. The ability to stay out when things are not clear and wait for the right moment is no doubt important. I still find this challenging at times. But we may be getting off-topic...
%% Hobby T; i may not be a Hobby Lobby. But like Bill G of MSFT/maybe i can give away more, later in life,
You can only calculate your opportunity cost in hindsight. I lost the first 10 years money, so at that point the opportunity cost was huge. The next 10 years things went pretty well. So it was a good decision not to stop despite the huge loss in opportunity cost. Thanks to compounding, I make now each year more money than the total opportunity cost I had. Would I have stopped after 10 years because of the huge opportunity cost, I would still be close to poor. So stop because of the opportunity cost is very risky. Not stopping is risky too....
I would not call that an "opportunity cost" but an education fee you paid. Viewing those losses as a fee or investment makes it sound a lot less negative.