I think we need smaller goals... step by step planning. Guys, we really need to get some sleep for tomorrow...
Wow, this is a good thread and kind of right up the alley of my life as of late. I have been a full time trader for over five years and averaged about +100K a year. Life was certainly good, but I was trading European products and living in California and the night shift was eating me alive. I also was looking at my life and thinking, "What the hell am I doing?" All I did was make money, alone, at night. I wasn't helping anyone, I wasn't part of any team. I was successful, but miserable. I got an opportunity to work for a large company, with benefits, salary, 401K, all that jazz and I took it. I didn't have any practical work experience and thought I needed to build some kind of resume in case trading went bust. Not sure if it was the best decision, but it was the right decision. Long story short, trading will always be there. If you are having a rough time of it at the moment and questioning what to do with the rest of your life... go out and try other things! You still have the rest of your life, don't spend it wondering. The more you worry, the more pressure you put on trading, the harder it will be. Take a break.
Risk Management Money Management Methodology Psychology (discipline, attitude, etc) Technical Structure (network, equipment, etc) These have to be addressed by your business plan. Money management should include your cost structure (commish, tick value) as well as the traditional sizing method. Methodology is something that must evolve with time and can be discretionary. The rest are self-explanatory. Good luck.
Thanks. I have just rewritten my trading plan using these headings. I think it is gonna cost me some short term profitability but save my ass long term.
Here is another famous spiritual biography: http://www.amazon.com/gp/product/0140193502/002-7816903-3764809?v=glance&n=283155 Here is a comic stripe version for the short attention span (click thru the left panel icons) without a lot of the meat: http://c-level.com/milarepa/ Warning: They might not be very cultural sensitive.
Go with where you heart is. You can do anything if you set your mind to it. "Quitters never win and winners never quit"
The sad reality is that the experience you get as a self trader is actually detrimental to the US job market. The financial firms hate daytraders & self traders alike. The other firms have no idea what it is and once you explain it, they look down upon it because of the blowout trader stigma of the bubble burst. It's a serious consideration to make because unlike certain other counties where even self trading is looked upon as valuable experience if you actually took the time to educate yourself about the various aspects of financial markets, in the US they couldn't care less if you taught yourself top notch financial analysis of a public company & world economics. They don't care if you are profitable or not, unless you can show astounding returns. Try hedge fund industry, brokerage or independent contractor sales type work. Other than that, go through who you know. Feel free to send me a PM.