I probably talk for everyone here when I say you spend ALL your time for this venture. You do nothing but this while you spend the minimum amount of time for friends, family and health. There is no time for slack. I don't know if you can find it online but there was an interview with Toni Saliba who even took his work with him when he went on a date. His private life was a mess but he was a genius trader. Traders don't trade for the money or for the lifestyle. They're doing it because of the love for the game. Honestly speaking I wouldn't know what to do if I could not trade. There are a lot of other ways to live a good life while you do something you enjoy. If trading doesn't suck you in it's probably not worth pursuing this career.
The last thing you want to wake up to when you've taken a shower or a dump is a huge outright position because your quote machine messed up and failed to lock in the hedge. I cannot tell you how many times I had to repair my position...now I stand in front of my machine sometimes soaking wet or pants down. It's not beautiful to watch but it's cheaper.
The amount of time you spend on research really depends upon your time horizon and investment strategies. As a professional trader (worked on buy & sell side), I have seen the whole gamut. Traders at banks who take risk are typically in the office 1-2 hours pre market and make sure they are informed of 1) macro moves/news 2) related industries/asset classes 3)what happened in the prior session. They typically leave not too long after close (about an hour after). If they are holding adverse risk, they may stay up late to cover an event that might impact their positions, etc. PMs/traders at the buy side will vary based upon their strategy. Long only managers who invest in growth or niche names will typically spend 1-2 days a week reviewing investment ideas, 1-2 days a week reviewing their industry or macro thesis, and 1-2 days a week meeting with companies/analysts on specific companies. Every professional will aim to be informed of macro moves/news and related industry/company updates BEFORE the start of trading. You should also be aware of your open positions, your watchlist, and know how things are trading before the morning auction.
I really like @newwurldmn answer. Its a clear sign he is a risk taker. A lot of the time you will hear people say "I trade the first 30 minute candle and then I am out for the day". In reality the implicit hours are actually very long. From my experience its really hard to stop thinking about potential ideas. Every time someone mentions something, I am thinking "maybe this could turn into a trade idea". Sometimes I am helping someone figure out a trade idea at 11pm OR (hopefully) @Kevin Schmit gets back to my PM at 3am. I am not a successful trader but may be on my way. Most of my day is spent thinking about trading, talking to traders, reading and testing ideas. If something looks good i will spend significant time trying to price it out, making sure i am not missing any loose ends (which often happens).
It really depends on your approach and what you're doing. If you're consistently profitable as a technical trader, have your methodology fully worked out and have answered all the questions that needs to be asked, it's only a matter of executing your strategy/system for as long as you desire or need. If you're sufficiently capitalized, you can do very well just trading the initial 60/90 minutes of the daily market session. You can then choose to quit for the day or you may trade the full session. Some even trade multiple sessions, i.e., USA, Asia and Europe. However, you will never get to this stage unless you work 24/7 for a long, long time. Or less than 24/7, but for a far longer time. And you may never arrive anyhow. Especially if you don't have a mentor or guidance from someone who knows what they're doing. Most don't get that.
Yes. That was a great interview. If you remember another interview, Bill Lipschutz, he also had his house stacked with screens just like you do. He was also a currency trader. I don't think I've met or read about many successful traders who didn't spend all waking hours on it - at least until they finally made it and had made their pile. Would you still trade if you didn't make money doing it and were consistently losing?
Would you still trade if you didn't make money doing it and were consistently losing? How many? Did you ever give up? Would you have given up if you eventually realized you wouldn't make money doing it? Like you, I also enjoy and even love the game. I do not think I would have been able to sustain my quest for all these years if not. Not just the game, but the research, thinking and planning it all. Still, money, even if it didn't mean substantial wealth have been a driving motivator as well and I've always had the belief that I eventually would get substantial return on my capital.
It took the greater part of my young adult life to get where I am today. I was dead broke, worked shit jobs and took whatever I had left to the markets. I think about 3 years to break even and another two years until I made ok money. Most of that time I tried to figure out with kind of trader I can be. Took a while until I arrived at market neutral derivatives trading and market making. The better question would be: Would you do it again? And knowing what I know today I'd probably say no. Way too many sacrifices and an insanely hard life until you make it. Probably the same like becoming an actor
If you "made it" in 5 years total on your own, I think you've done very well. That's why I would not advice anyone to pursue (day) trading. The opportunity cost for most people is very high and there's no guarantee at the end of the road regardless of how much work you put into this. That can probably be said about most entrepreneurial pursuits, although some are more difficult than others.