Hi there, I'm curious as to if anyone knows of any books relating to psychology of the self employed? I'm about to leave my job and have never been "on my own" before and found that psychology studies of traders helped me a ton with my trading game....now I'd love to learn more about the self employed. For any of you that took the leap from your regular job to just living off of your trading, were you nervous initially? Or did you just figure...heck, it's just too expensive to stay at my old job and it's a lot more fun!!! Thanks all Chris
u got to overcome huge obstacles if u have to solely rely on tradin' for your income...i can safely say that the chances of you makin' it work are very thin if u have to stand the pressure of makin' money to pay your bills on top of the already tough pressures the mkt exercises on your mind and well bein'.
I'm fully aware of the obstacles and we live on two incomes, so mine coming from a different source won't be a big deal. I was mostly looking for resources about the mental process of doing it, rather than having people tell me I can't.
am not tellin' that u can't, just that your chances are close to nil if u are on your own and cant afford to dedicate 10-15 hours a day to screen time...books ain't gonna help u much other than makin' u dream and hope...bein' immersed in the mkt all day is what is required to reach profitability and ultimately independence. if i was u i would have a look at a reputable prop shop that provides one-to-one mentorship and some kinda support while u are learning; goin' retail it takes ages and it's quite likely it might never happen u succeed.
am makin' decent money but that's not my only source of income and i was already very comfortable before i started...lookin' back there's just no way i wouldn't have stood a chance it if i was pressurized to end the day postive enough to pay for my expenses...on top of that i was well capitalized and no outside pressures [family, shift job, etc].
2 must reads. http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?z=y&EAN=9780132157575&itm=1 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?z=y&EAN=9780471592242&itm=1
Got em both already As I said earlier...been at it a year and have hardly read a book in my life, until I began trading. Since then I can't seem to read enough I've got Alexander Elders new book on hold at the library...just waiting for the person to bring it back. That sounds like a good read too. Thanks
Avoid negative people, pessimistic types. While you are trading for a living..try getting an on line degree of somekind that compliments trading/investing- that way if negative thoughts or downward turns in your trading appear then you can tell yourself you'll have an education to bounce back with. Just a thought. Oh ya I almost forgot...you'll never make it
HA! yea, seems to the theme of this board sometimes... Thanks for the reply. I have a great degree in music production and engineering, and that is what my trading will be helping to fund; my new studio. Thanks again!