Exactly what happens in my home office area about every week. Books, notes, messages to call people back etc are always being re-arranged by either the wife or the kids. In the office building where I trade there aren't any nannies, but there is an insurance agent about 40 and a psychologist in her 30's ... met her in the lunchroom.
I'd settle for a couple of traders who can cut their losses and put two or three positive weeks together.
I've been trading from home full-time for almost 3yrs now. (Holy cow I can't believe it's been that long). There have been many times that I wished I was in an office. Have someone to chat or throw darts with during slow hours. Or go out to lunch. I think I'll stay in my home office. I can control everything. I don't like having TV on. I listen to CD's all day (ColdPlay has been spinning a lot lately). I wear shorts, my Reef sandals, a nice tee or polo shirt(found a J-Crew model that fits me like a glove). If I get lonely I talk to the cat(pathetic) or go to a chatroom. The elitetrader chat is ok and the firm I'm trading futures with has one too. On nice days when the mkt closes I jump on my MTN bike and ride through the park. Plenty of people there. And many of them are laying in the grass wearing a bikini. Geez, I love spring. 'To be a master in speculation you first must master yourself' Gann
The one time I considered trading away from home was a few years ago when I was looking into daytrading. I visited a local trading operation here in Atlanta. Momentum. The very next day, Mark Barton walked into the same office I had visited and killed many of the traders. I got the message.
The main reason that a lot people prefer to trade in an office is because of the opportunity to share ideas, with traders helping fellow traders out, or so they thought. This happens in the ideal world. I had traded briefly at a prop office and noticed two things: a. the more successful traders in the office were not willing to share anything. In fact, they really didin't give a f*ck about anyone except themselves, which is quite understandable; and b. the only guys willing to talk to you and make friends with you are the losing traders. This I find had a more negative effect than if you were trading on your own since you would be listening to strategies from people who never made a dime trading. This has the effect on you second guessing yourself based on a losing/untried strategy. Does anyone feel the same way or was it just my misfortune to have ended up with a bunch of losers?
I don't know that I'd ever put on a suit for any job. However, the notion that you get dressed up to go to work, when you work out of your home to get in the right frame of mind? Right on. I've been doing that for over ten years. Especially for important phone calls or online meetings. André
reg it's damn unfortunate that you have run into a bucnh of losers. Yes, it is true most successful traders could care less about helping others, as a matter of fact they avoid helping others. This may not be because they're selfish, but also because many of them have been burned before helping other traders. You hear things like, "I don't understand. Why do I have to wait to buy it, why can't I buy it now?" They just dont understand, and maybe never will. I ran a trading floor of 68 retail day traders, and there were many what my friend calls "OTB traders (horse bettors), and the A type personalities. There are very few that are successful and willing to teach and help someone else. I found that when I showed others what made me successful, not only did it improve my environment, it helped me become a better trader. A trader has a great day, and he says out louds, "Thanks Jai, I'm having a great day." If s/he happens to say it on a day where I'm sucking wind, it does wonders for my psyche. I don't want you to lose faith, there are guys on the trading floor who are willing to help and be friendly (I mean the successful traders). Trading from home is a "lonely" but yet disciplined envrionment. I've helped alot of traders link up with one another. There are a few now that have setup groups around the country, they speak to each other during the day (daisychain conference calls), meet once per week, (restaurtant, bar, of gold course, etc). Be well!
Bingo!! I noticed similar behavior during the 2 years I traded in an office. At the same time, to be fair, there were 1 or 2 guys who might hang around after the market closed and talk to anyone who also hung around. Been trading from home for 5+ years now and can't see going back to an office. There were some positives in trading in an office. If you "need" to be around people then trading at home may drive you crazy. At the same time in an office you can get sucked into trades that may not be your style. I often saw novice traders jump in (late) on CNBC hype, or chase a trade that another trader was whooping it up on (the novices sometimes went long when the other guy was selling) and also saw traders who were flat jump into trades just to be in the market. Most of these traders washed out. I love not having to commute to an office, rather just wander down the hall to my office.
Usually good traders are drawn to other good traders ... and bad traders are drawn to others who can't trade.