Trying to play it safe hasn't been profitable for me. I tried to play it safe by keeping this job and trading part time. Instead of profits, the majority of my losses occurred at work while the majority of my wins were on days I took off work. I believe a major problem is that I don't have enough time to do any preparation for the trading day when I get in. No meditation stuff and I'm always watching behind my back. Not to mention I use a small tablet which isn't enough. I need big screens. Let me use today as an example: Today I did well premarket with big wins totaling to $400. My losses started at work almost immediately. Then I started revenge trading and sizing up on gambling trades. The final straw was when I finally had to get out on a big loss and go do some work and suddenly the market turned into my favor while I was away. But I was already out so I couldn't take advantage of it. That $400 gain turned into a $300 loss. I think at this point I am ready to go full time. There is certainly no way to know unless I make the jump. Trying to play it safe is so far not working for me. It also cost me my ex-girlfriend by trying to play it safe. But that is a different story. I'll admit that I still have some psychological problems. But not sure right now what to do about them??
The enhanced bits right there... Why do you have to do only one or the other? Can't you do both? You stated in a previous post that when you are not at work, you are profitable in trading. And in this post you have made it obvious that while at work you are losing. So why not do them both? When working, just do your work, earn that steady income. When not working, do your trading, which is when you say you have profitability. Win-win... ?
The majority of my trading opportunity occurs at working hours and I need sleep too Haha. I only have so many sick days left to use to take off.
If you want to give up your entire career and steady income, plunk down everything you have...Your house, all your cash, your retirement, health benefits, wife, kids, dental...And put it into a trading account. Then try it. Sounds stupid, doesn't it? Because it is. All things in moderation. You know how when you need to change a dog's food from one brand to another, you have to slowly wean them off the old food while weaning them onto the new food over time? Well, what you are trying to do would require the same approach. But do NOT quit your day job outright. Not in this day and age, no sir. Feel bloody lucky you have a regular pay-check.
It definitely is kind of scary. I don't think I've ever heard a story about a guy who was a highly successful trader and had a full time day job before. There's a Neke on this board but I think he failed in the end and he was playing with 300k starting capital. Truth be told I'm on the chopping block at my job anyways. My career at my current employer is over. Long story. I'm looking for other jobs but not sure if I want to at this point. I think this is like a push. Like diving off a cliff. Sometime you just need a push.
"The good thing about my job ia that it distract me from to market. However I'm afraid that when I quit I'll end up obsessing over the trades and will lead to overtrading and more losses." "Almost all my gambling trade has been losses while my setup trade have been good. Today I did six gambling trades that losses. My two setup trade would have wiped out my losses that is becoming a daily pattern." That's from your OP and a following reply, from July. Clearly you have some issues to resolve. Gambling trades? Not sure what you mean by those. Just stand back, take a deep breath, and truly ruminate upon the decisions you are thinking of making. Because you can make them only once. Once you make them and act upon them, there is no going back.
Oh I'm not obsessing over the market anymore. I think the meditation helps calms my mind down a bit. I implemented some mood management stuff that I do to help me relax. Right now I'm not stressed over the loss today when before I would be freaking out. Something changed. Not sure if it's good or bad.
If you can't get rid of mental issues, real times WILL make them worse, have you tried hypnosis? That only thing that has changed how I view losses and other parts of my life I wanted changed. First couple years was going every couple months and now I go 3-4 times a year to reinforce the changes I want to make. One of the biggest I have is learning to accept-ongoing. I can easily accept losses, but other areas of life still working. Good luck.
Hey, I just don't understand why don't you quit trading and work in financial sphere not like a trader, but as analytic? The sphere is the same, but the pressure is much lower. Or use robots (you can programm it in line with your trading strategy. but you won't need to watch the markets and get nervous every time).
Actually things are much better. Apparently I was freaking out because my system might not produce $700 profits everyday. I've come to accept that is a part of life.