Has anyone became obsessed with trading to the point where it kind of controlled your life? Just wondering how many of us is in the same boat..
I had to learn to try to keep some kind of balance in life, too much of one thing causes burn out. Do exercising, socializing, being with family, and vacations.
In the beginning it's understandable to into trading as if nothing else matters but that in itself is not healthy (mentally and physically). However, as you settle into trading as a job, it really should be treated like a job with consistent working hours as in having a routine. It's that routine that will allow you to better understand and manage your personal life. Mark
Yea, I agree with both posters so far having a balance life is the key.. I think some people are playing with their life savings hoping to get a lot money from trading..
read the 4 hour work week by Tim Ferriss. While I can't actually do a 4 hour week, it did help me realize where I was wasting time and refocus some priorities
Thanks for the recommendation. I got the book today because of you and it's an interesting read so far..It's actually making me think of different trading ideas and it's not even a trading book...This happens a lot when I expand my mind to different subjects..
in order to get a lot of money from trading you must spend a lot of time at least initially. if you don't know anything about trading- 4 hours a week may take forever before you will be able to make a steady buck in trading. imo-you must be completely committed into trading. once you come up with your edge\system-trade as much as you are comfortable with,but keep in mind that your "edge" most likely not going to last forever. specially,if there is some sort of technical advantage is involved. just like in any business or job-you can be "fired". if you are making 1-2K a day and don't have enough money to retire(yet) taking something like a 10-30 day vacation kinda foolish imo. try to make as much as you can,while it's last. just don't scalp damn currencies 24/7
I doubt there is much in this book that can improve your trading, but if you're running a small business, there is plenty. The book largely focuses on the idea of subcontracting out everything to people that can do it for less. Particularly in poorer countries. In essence, this is what big companies have always done.
" i got news for you. when you get sucked into the trading addiction you cannot concentrate on anything else. you honestly think you can sit down and spend quality time with your children after a big loss? you honestly think you can enjoy your weekend after a bad week? you honestly think you can have a normal conversation at a dinner party knowing that the stock you own is getting crucified after hours on some bad news? you honestly think you can pay attention to your wife when you left your trading platform just for afew minutes to get coffee and your stock dropped 2 points? TRADING IS GAMBLING,ALBEIT CONTROLLED GAMBLING BUT IT IS STILL GAMBLING AND MOST LOSE EVERYTHING AND MOST CANNOT STOP UNTIL THEY SAY THIS FAMOUS LAST SENTENCE:" I AM REALLY GIVING UP ON TRADING,I JUST WANT TO MAKE MY INITIAL INVESTMENT BACK AND THEN THATS IT!!". hahaha,thats the same thing a gambler says in vegas. i've seen hundreds of guys lose everything. go ahead and read all those books,watch all those video's,listen to all those guru's who made millions trading// trading at a prop firm and trading ONLY the firms money is totally different and much more controlled. give it up and get a normal job or open a business, trading is a dead end street. admit it and get out now while you are still young and don't listen to the clowns on this board who preach DISCIPLINE,thats another famous wrd used by gamblers.
I agree, you might have to spend time when you are first learning but it doesn't mean it has to control your life.. It's a lot of ways to speed up learning and that is what you have to focus on if you dont want to work a lot of hours per week.. Committing to trading (working 8-12 hours a day) until you find an edge is suicide... Balance would keep you from being obsessed..