Is a passion for trading essential for success?

Discussion in 'Psychology' started by Starn, Jun 8, 2003.

  1. Starn


    Lately, I have been looking inside myself at why I trade. I have been pondering if it is essential to have an all encompassing passion for trading in order to be consistently profitable for decades. I personally do not feel a "calling" to trade. I have read interviews with many traders in which they describe how trading and life have merged into one for them. I see my trading as a business, one I happen to enjoy. That said, I never have felt like my life was defined by my vocation. If I have spare time in my day I am more likely to spend it with my family and friends then continue working. That isn't to say I am not disciplined or hard working, it is just that in every day there is a time for me to turn the trading light out.

    I do not socialize with other traders, mainly because I do not personally know anyone else who shares my interest in the markets. I do however know a handful of successful entrepreneurs and they all seem to share the same characteristics. They all share a similar view about their businesses as I do about my trading. They work hard and smart and love the freedom that their vocations provide them with. Yet none of them feel as if they were destined to be in the sector they are. Each of them saw a opportunity in a field they enjoyed and took advantage of it. This is exactly how I feel about my trading.

    I am curious how other traders view this. Do you feel destined to be traders or did you see trading a business opportunity? I am sure there are as many reasons as there are traders.

    Best Regards,
  2. Yes
  3. No.
  4. Let's agree to disagree on this one :D
  5. i think a good portion of passion is important in any job - but when it comes to trading - maybe too much could also be somehow dangerous.

    at least in case you can't stop digging yourself deeper in a hole - just because your passion overwhelmed you.

    on the other hand - passion can help bringing you back after you took several hard hits.

    it's all about discipline
  6. Passion? Perhaps. Commitment, yes. Disclipline. yes. Hard work, time, dedication, etc., are all needed.

    For me, I call it passion, but you might interpret the word differently. I feel that you can be passionate about something, and still have a life (family, freinds, etc). You can be passionate about more than one thing in life.

    I think that by looking at trading as a business (which is exactly what it is), one that you fully enjoy is what you should be doing. You also have to be motivated to continually improve your trading skills, and emotional control.

    I have a full time job, but am fully committed to getting to the point where I am trading full time. I am a trader, not just playing at this. Hobbies cost you money- I talk stocks with guys at work, they think that they are traders, investors, whatever. They are just playing, hoping to make a few bucks on the latest hot stock.

    Sounds like you are committed. Let your trading record tell you if you are putting in enough work. Are you achieving your objectives?

  7. all i can say is it sounds like you do have a passion for trading...originally when i read the title of your post i was like he has to be kidding and he should get the heck out of the business...from what i read it sounds like you do have a very strong passion for the business by working hard and enjoying what u are is VERY important to be able to turn that trading light out and have other things to make you happy in life...any great trader will tell u that trading must have its place in your life and not totally define who you not mix up the word passion with the word obsession...for those that are obssessed they are blinded and i take their money day in and day out...sounds like u have a healthy balance and have a passion for trading and family and other have the characterics to make it long term
  8. it helps but is not 'essential'

  9. Yes, passion for trading is essential for success. It's impossible to be a consistently profitable daytrader without it.

    If someone wants to be a consistent winner in any field, I believe passion is an essential ingredient.

    (just my opinion)
  10. Personally, I belive a passion or a drive to succeed at trading is essential when viewed through the realistic expectations of what it will take to achieve that success. I'm sure that many people begin trading without ever having truly thought out what their learning curve will be, as well as, what their necessary capital requirements are in order to achieve a level of "success" that meets their definition. For may people the allure of trading begins with looking backwards instead of forwards: Financial Freedom and independence in terms of time, as well as, the low barrier to entry with today's established technology is what allows and motivates many to try their hand at trading. For many it is this backward looking strategy instead of a forward looking one with which the journey begins. Quickly enough, many soon find out that they have not realistically defined the experience (education) and capital requirements necessary to compete against those who have already confronted and dealt with these vital elements. Trading is an endeavor through which you are continuously matching "wits" against others and where at any time you will always find someone who is either further along the learning curve than you, better capitalized, more in control of their emotions, or someone who possesses superior technology. It is all a matter of where you stand in this "ecosystem" type environment and that along with your passion and desire to improve yourself on all these levels will be the deciding factor in reaching that level of success that only you can define for yourself.
    #10     Jun 8, 2003