Your going to hate this brutal post

Discussion in 'Psychology' started by Spectra, Feb 22, 2007.

  1. You got in to trading for more freedom?

    Let the truth be known. Trading IS a serious job. Its a fact that 90% of traders fail, so we must work even harder to make sure we are at the top of our game. If you got in to this profession for freedom or to be able to set your own work hours, you may be in for a rude awakening. I put in more hours preparing for trading , studying and learning then I did at any job I’ve ever had. I’ve seen traders log on to their trading accounts late or miss out on good trades because they were playing games or chatting on the phone. It’s the disciplined people who start their day on time with a routine who will ultimately make it. Imagine what would happen at a job if you showed up 30 minutes late every other day. You’d be fired in an expeditious fashion. You are your own boss and as your own boss you should be strict on yourself. After your earning consistently and followed a plan, reward yourself with some time off.

    We need good trading plans as well as lifestyle planning. I don’t trade as well when I party the night before and don’t work out. It’s time to step back, take a look and get serious.


  2. man i'm the complete the morning news, put a few trades in the first hour, when it slows down turn smoke a bowl set my alerts and turn on the ps3 or dvd player until 3 :)
  3. lol
  4. Well Said
  5. You sound like me brotha.. minus reading the morning news plus checking my myspace account for overnight drunken messages, minus the smoking a bowl plus popping an a, b, c, d, ...... hehe :) but I concur on the PS3, I'm a solid Maddener, you plan on line??

    But back to the topic at hand.. you're absolutely right, I think learning to trade forces one to obtain a level of discipline similar to the standards of the military but on different aspects of life. It has already changed me in ways I've never imagined. I write down key points that I would like to implement in my subconcious mind and exponentially improve my knowledge on a daily basis.
  6. PS3 sucks. Gotta get that xbox 360


    Freedom can be seen a bit different that you've portrayed it IMO. Yes, trading is a business and not a game or hobby. Each trader is responsible for themself and if they're undisciplined then they'll wash out, often sooner versus later. And yes, for me freedom is an important part of trading. But my "freedom" typically comes later in the day, often before the market closes. If I achieve my profit target I can choose to quit for the day and do with my time whatever I want. I've seen so many guys make some decent money, be up nicely for the day and continue to trade until the close often wiping out some, or all, of their profits. One of the first things I learned from my manager over 10 years ago was to "go home" if you've made whatever money you want for the day. Many who have worked corporate jobs (i.e. myself) have a mindset that one needs to be working 8, 9 or more hours per day. That's not necessarily true if you're able to achieve your goals in a shorter time frame.
  8. dac8555


    haha. hilarious.

    but i think that those responses define much more why so few people "make it". no offense...but they do. in this business oyu have to hit it hard...always, and really be on top of your game. if not, someone else is going to eat you lunch for you.

    let me tell you about my day yesterday..

    was in meetings and doing reasch throughout the day. met with 5 other people regarding tha markets and studied 2-3 trades intently. My whole day was focued on my work and finding a few good opportunities. I also looked for more effcient ways to use my platform. I average 50 pages worth of reading per day.

    i asked 3 other people what they thought before executing...they concured. nice 4:1 RR ratio
    put on a million dollar trade in the QID about 30 minutes before the close. (note how as i type this the qqq is off 7-8 points...that isnt luck)
    at the office 2 hours before the bell...stayed until 6:30...a 12 hour day.
    didnt sleep last night...but i was still up at 6...and in my office watching futures before 7. i could have taken the day off to sleep in or play golf...but "there will be pleanty of time to sleep when the war is over" general patton said
    am looking to clear $20k next week if my trades work out, if not, my max loss is $5k.

    now i am not saying i am mr. perfect here...but to "make it" i think i am doing the minimum....there is a lot more i could be doing.

    i saw a good quote on bloomberg the other day "if you want to make have to last".

    guys..if you want to make it...make sure you have to make money, to make have to have "IT". "it" includes working your ass off. i think it is that simple and constantly trying to imporve.

    you wont be the life of the party every day....but such is life.

    good luck to all.
  9. See, I have a reward system that use. When I was training people I would get to the gym at 4:30am and train people non stop until 8pm in the evening, workout, go home and repeat. I literally burned myself out. I am lasered in on your technique, posture, and energy levels. Most trainers are just counters or motivationers, I however, am a critical judge. I never took a break. I have realized that you do need breaks. I have realized that intensely focusing for 3-5 hours at a time then giving yourself a mental break is the formula for success.

    I rescheduled all my appointments for this weekend and next week so that I can focus on growing my learning curve for trading. I am up by 6am each day to work out and at the office no later than 8:30. The last few nights I was at my office until 2am. I know I have 'it,' and you know what, I know that you have 'it' too. :)
  10. Don't see anything brutal absolutely! What's so bad about being your own boss -> developing in yourself very good and useful qualities of self-discipline and proper time management and even getting paid for this excellent psychological training?

    Positive attitude is everything. :)
    #10     Feb 23, 2007