Hi Hanseng1, You stayed home to help take care of your newborn and was daytrading the ES for the first time. I don't know too many other daytraders here at ET that are new parents... If you are out there or about to become a new parent like I did last year when my son was born... First of all, my mom put the fear in me about all her stories with staying up late, middle of the night diaper changes, helping my spouse as much as possible in those critical first few months... Simply... I knew my head wouldn't be in the game the way it should be... I knew I will be trading on very little sleep... I knew my emotions would be on a roller coaster... Child was planned prior and I knew exactly what I needed to do with my trading... To control my risk exposure during that first year because of the baby... I reduced my position size, I didn't trade all day (took naps whenever the baby went to sleep), cherry picked my trades when I was able to trade, I didn't try to make something happen when there wasn't anything there... Whenever I didn't do the above...I got burnt because there was a lot more going on in my life than just trading. More importantly, my kid is first and my trading is second. Last thing I wanted to do was burn myself out and start looking for excuses. Often there were times I only got a few hours of sleep and when the market open at 0930am est...I called it a day by 11am est. All you guys/gals out there that can stay in front of the computer all day, look for trades and take care of an infant/toddler all at the same time... Your superman/superwoman to me and congrats. Those that tried and failed...don't underestimate the impact of your newborn on your trading unless your spouse did everything and you did nothing. My point is this...if your a new trader or new to a particular trading instrument with a newborn... Don't be surprise when your trading don't go as planned. In fact, a close trading pal is currently taking off from the markets for 7 months until he is mentally back in the game after the recent birth of his baby... After hearing some of my baby tales and trading tales. P.S. My son is now in daycare as of December and I'm slowly starting to get my groove back NihabaAshi
Well, I'm back to trading stocks mostly, which I find much easier to do than futures. I only trade futures when I feel the odds are very, very good. g
Dear bungholerider, If you have a beef with wally, maybe you should answer one of his posts. If it so obvious that system needs improvement, why didnot YOU pointed it out ? Lack of an original thought on your part as always ? I have helped numerous ET members to improve their systems and will continue to do so if asked . When you are done with papertrading , let me know I might help you too. I know if and when something will happen in market in advance but you might have noticed that I am not giving pearls to bungholeriders anymore.
Nihaba, hanseng1, I definitely second your posts. I effectively stayed away from the markets for a while afyer my son was born 2 years ago. My style of trading involves tape-reading so concentration is paramount. Now I trade from home with my toddler running around, and I take lotsa breaks to play or give some attention to him. Sometimes I just have to stay away from some trades because of difficulties concentrating, but I still make a lot of trades. Some days around 100+ r/t, which is quite a lot. I do programming during some nights - when I can take the old ways of hacking away at the keyboard, but age has gotten to me, I guess. Luckily my wife is around during regular trading hours, so I have some time doing trades. At nights I take care of my son while my wife is attending courses. It's really tough, like Nihaba, pointed out, but if you can make it work, it's really great, in my experience. Automated trading systems is starting to help a lot though, especially when I try to get some time to do read/write posts on ET as well. Constant interruptions is very disruptive to trading, and I guess it takes a strong and calm mentality to balance things out. I did martial arts training as an instructor for around 11 years, and think the experiences from having it all out in sparring, and controlling aggression and temper helpes me in both my trading and family life somewhat. Also a lot of experience in computer gaming and programming has made me pretty flexible and relaxed in how I react to prolonged hours in front of the computer. Daytrading claims a lot of casulties from a series of physical and mental strains, so I do agree that it perhaps takes some considerable time getting used to. However, if you can concentrate playing games for many hours in a stressful environment, you might have a slight edge in my opinion.
for a whole host of reasons, this is actually one of the funniest posts I have ever read on elite trader.....well done that man! Sir, I salute you Yours Chortling Trader
================================ Fan27; You could substitute 5 stocks for 5 markets; your 60-5 minute candlecharts make for an excellant entry in an uptrending bull market. And yes , like to let profits run lots longer than a day; somewhat like a big marlin - let him run till he turns over for sure. Borrowed that marlin picture from Jack Schwager/Mike Masters. You like to swim & some make a good living selling sardines in hot sauce; prefer salmon & smoked salmon. Contrary to popular opinion a type'' A'' turbo charged personality doesnt have to trade frequently ; one can aim any personality into research like what Marketsurfers preschool son Hunter called ''sqquiggly lines & numbers''.
Hi wally, oh geez what are we all going to do without your "pearls"??? your papertrading comment is TOO funny! ...anyone who claims to have special times to trade, where they just KNOW something will happen but WON'T say what -- is either a paper trader or flat broke, so have fun paper trading! love, dungrider
1/ We ? Are you now the village poke man ? 2/ Thank you .. you know I am right, which is really not that funny . 3/ Your logic is just too precious, you are saying that if If someone knows something but does not tell you about it he must be papertrading or be broke.. amazing You are broke and papertrading but you still do not know anything. hmmm. I guess it doesnot work for you in reverse either