Trading is very stressful. Anything that really matters to you can, when things go against you, cause stress. I think that people that are chasing the mirage of the 'zen' of trading are going to be disappointed. Having said that, as your skill and confidence improve, the things that once stressed you don't seem to anymore, or as much. You begin to work with a joy that an artist or craftsman might have. But it's ephemeral. I still say things to my monitors that I shouldn't.
"I find that serious loosing spells can really wreck your ability to think right and make you question if this is the career for you." This is an interesting point that I think about a lot. My losses hurt much more than my wins make me feel good. The fact that this statement was made by someone who has been trading for awhile worries me. I am hoping that eventually they will not affect me too much whichever way they go but its been a couple of years and its gotten worse instead of better. I sometimes wonder if its worth it even if your making money overall.
Very Well put!! I too think the grass is greener, BUT the increase in stress level from trading is a big price to pay. Perhaps a good idea is to trade part time while you test some of your signals. You can always have stop losses put in place and see how "real money" changes how you paper trade. Also for whats its worth I have found that in paper trading the true expectation is a lot closer to real life when you buy at the ask and sell at the bid. IMHO Best of luck
I have found I trade better if I have some source of alternate income. So what I do is I take on smaller consulting jobs from time to time (I write software). It does make for some very long days, but at the same time it allows me not to get hung up on making money every day/every week trading, since I know I can cover expenses through my consulting. I've also found that my bottom line improve when I "distract" myself during the trading day. I trade systematically, so being slighly occupied with something else allows me not to watch every tick (and make stupid "over-ride" decisions in real-time). Think about it: if you can just bring in another 5k/month, lots of the stress goes away. Hope this helps !
Some info and a few points that I think you need to be successful as a trader. Income etc. I dont reley only on my trading income - although I could and I would probably make more if I devoted all of my time to trading. I probably spend about 65% of my day trading. I use systematic formulas that I have developed over time. I research and religiously tweak my models according to market conditions every day. I make a good living just from trading although the variation in income is nontrivial: 5 figures well into 6 figures. I dont have a ten million dollar trading account: much less than a million. I sweep my profits out of the trading account on a regular basis in order to diversify my holdings and to take income. IMHO there is what you need to be a good trader: (1) you must love the markets and being involved in them everyday. If your idea of fun isn't watching and researching markets every day then trading for a living might not be for you. (2) Be prepared for hard work: being profitable requires constant research and various modifications of your approach according to market conditions. (3) You need nerves of steel: This is the toughest part. You need to be able to take risks and keep kool and you need to be highly disciplined. By far this is the toughest skill to master. Some people have it out of the gate and for others it takes years to master. Only you can decide if you possess these qualities.
As i live in europe, i can keep my job (i'm a MD) and still keep my trading. WE all have bad days in which our enthusiasm bounces to one of our activities.... There are days in which i think of myself mainly as a doctor, and others in which trading fills my mind... And as someone already said.... being able to have a fix income every month helps clearing the stress.... And that improves my trading by a factor of 1000%... about 80% of my income comes from trading.... Anyway best of luck to you, and for the 13827634523th time.... Cut your losses, and if you love the markets and work hard enough you'll be ok Let me know how things turn up vcir