It’s a Miserable Life – Trading and Depression

Discussion in 'Psychology' started by Bill Pro, Nov 7, 2022.

  1. Bill Pro

    Bill Pro

    Thank you for reading my post and being so open about your struggles. First, you are not alone. Trading is an endeavor that can suck you in and spit you out. A little of my story might offer you some hope.

    In late 2004, we all on the trading floor could see that our time on the trading floor was coming to an end. All of the trading volume was migrating to the computer screen. If all of us traders would have been honest, we would have admitted how scared we really were. We were about to lose our livelihoods as floor traders and had to face the reality that trading on a computer screen was going to be a whole new animal. I wish I had good stories to tell you. Like you, many of my fellow traders found themselves frustrated and losing money. I personally know traders who had net worths in excess of 5 million dollars who are now absolutely broke because they could not walk away from trading.

    Sometime around 2008 or 2009, I decided to make a clean break from trading to explore other areas of interest and create new streams of income to provide for my needs. Creating new streams of income was probably the most important decision I made in this process. It took almost five years, but I eventually built up two non-trading related businesses that now provide for all of my family’s income needs and then some. Once I had these secure streams of income in place, I revisited trading with much greater attention to the trading process. Being able to approach trading from a position of “I want to make money” rather than an “I need to make money” will be a game changer for you, and anyone else who cares to read this post.

    From this new vantage point, I dove into the process of studying charts afresh and finding a new path into the world of trading that best suited me. It took several years, but I identified the products that I would trade (commodity futures), the type of trading that I would employ (positions that typically last one to five days), and the High Probability Indicators I would use to identify trading opportunities (I have identified four chart patters that I look for to enter a long or short position).

    But here is the most important point that I want to reiterate – it wasn’t until I created alternative streams of reliable income that I was able to reenter the world of trading with the level of success and confidence that I now have.

    I cannot say if you should quit trading or not. I would suggest that, based upon my experience, it might be a good idea for you to take a step back and find new steams of income, but with the realization that you are doing so in order to come at trading from a much better position. Having alternative streams of income will allow you to take your time and develop a solid trading plan. And I would be remiss if I did not say - even after doing this, there are no guarantees. This is trading.

    I would encourage you to find other areas that you are good at. Put your strengths to work for yourself and others and create streams of secure income. Put your mental health first.
     
    #61     Apr 3, 2023
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