You're an idiot. Not being able to pay your necessary bills, like rent & food is a sure way to being forced out of trading and that is exactly what happens to most people. Either they quit and move on because they don't want to do a gig on the side or they go on tilt as they are desperate to make money. Try going in to trade from 9:30a-4p, then go do 5p-1a at a side job Monday through Friday before you talk about dedication.
I bartended while I was training and continued until I was consistently making decent money. A few people told me I should just quit and focus on the trading, but it took a lot of pressure off knowing I still had money coming in. I saw a lot of people leave because they couldn't afford to not make any money for so long or inconsistently, so I was always thankful I had a job on the side. Plus if you can get a job bartending in the right area it is good quick cash, and the hours fit in fairly well (except I had to work from 10pm-2:30am and back at trading for 6 am). Learning to trade can be extremely frustrating at times, so it definitely helps if you don't have to worry about money constantly as well.
I had a number of side jobs, but the main I had for a few years was working as a hotel bellman. Eventually my trading became consistent enough so that the pittance I earned from the job was very insignificant to what I was earning (or in rare cases losing ) on any given day.
And for the guys saying people should quit their jobs because they wouldn't be totally focused on trading is one of the dumbest things i've ever heard on ET (and that's saying A lot!).
If I ran a prop group I'd want guys so dedicated to success that they'd work an extra job trying to make it. And Hydroblunt is right, financial pressures will only hurt your development as traders. It's impossible to over stress the importance of detaching yourself from money.
Yeah, I try to stress to my new people that, like any business venture, coming in with financial pressures is a real negative. No one would start a restaurant or auto shop without adequate capital behind them. It's just that in our business, the hours are much more flexible, allowing for a transitional period. We have doctors and lawyers who have kept their practices for periods of time, and others with various jobs that have taken months or more to trade full time. FWIW, Don
Thanks ,cmf ,for this thoughtful thread. and all good posts by people. This is exactly my issue right now,as a new trader, and with limited capital(and savings to fall back on) .... I have this issue to deal with. I think everyone has made some good points. its a difficult issue to solve. I got into forex about 7 months ago... fast and furious ,studying 10 hours a day (often longer) ... to the point of exhaustion. now learning to pace myself better. But its a dilemma trying to find the right way to learn,make some kind of living to pay bills,but at the same time not be 'taken away' from the trading screen time that is Essential to learning. My wife has been very patient these 6 months,allowing me to 'not work'... but now she is getting more impatient. Ive been trying to find 'the right part time job' to supplement income and 'pay for the small losses in my trading (I'm at break even now) ....its a big issue for new traders isnt this? so thanks for this post. I hope people will continue to post about this issue. I'm learning how to resolve it by what youre all saying. I think the issue of 'getting the right side job' also depends on how old you are. Ive found in the past year, as Ive looked for part time work, places dont want to hire a 50 year old man. you can feel the discrimination. very subtle. Emotionally, I hate the idea of being distracted from a total focus on forex training. In these 7 months, I think Ive achieved learning that would have taken me 2 years ,if I had been working. If I have to 'get a job' ...its only going to slow down my learning process,disconnect my mind from the study flow,...I agree and see it directly,that there is nothing better than to be 100 % immersed in the training,without distraction. but its also the real world we have to live in and my wife's growing anger is .... Real...I can tell you. its taken me 6 months to get her just to stop calling it "gambling"..... you understand what I'm saying..... so anyway, I wont go on,in someone else's thread,but to say thanks for this thoughtful issue. I'm thinking more along the lines of night security guard.... what else,cab driver? its all crazy.
I still enjoy filing tax reports (is that weird ? I don't care ) from Feb to April during nights and weekends. Great hobby money, nice change of pace. Plus after a few years it gets ridiculously easy and lucrative once you get a good client base.
I know this wouldn't work for a lot of people but I recently moved in with my parents to take the financial pressure off while i learn to trade. It is a little humbling to move back in with my wife and kids but it was the only feasible way we could come up with for me to pursue this dream.