I don't see it as competing against the large entities. We are basically scavengers.
How hard is full-time Trading
- Thread starter Darc
- Start date
I don't see it as competing against the large entities. We are basically scavengers.
The boredom is not comprehensible to anyone that have never done it. Your free time is spent to back test, generate ideas (raw from data, books, articles, etc), etc to improve/build a trading system. At one point, you may feel burnout and not doing anything related to trading except trading the existing system. Then, you return back. This will happen back and forth over time.
I think the boredom is related to sense of accomplishment. In normal job, you complete many small tasks and each completion is equal to good result. In researching/developing a trading system activity, the completion of a small task or many task may mean nothing. The good result may come from +ve back test, +ve forward test (many trades ~ takes time), +ve live trade (many trade ~ takes time), completion of tools (coding, template, etc).
The stress is subjective. Can your edge disappear one day? It depends on the nature of your methodology. The uncertainty is high in this field over long term unlike other jobs. Can you make enough to live from trading? It depends on how big your edge, your trading capital and your savings + assets.
In term of personal life. I don't feel any difference to other jobs that I did (project manager, farming). Sex is affected same like when I did other jobs (it's more affected by your health and tiredness). In term of relationship, growth of new friends is low.
I think the boredom is related to sense of accomplishment. In normal job, you complete many small tasks and each completion is equal to good result. In researching/developing a trading system activity, the completion of a small task or many task may mean nothing. The good result may come from +ve back test, +ve forward test (many trades ~ takes time), +ve live trade (many trade ~ takes time), completion of tools (coding, template, etc).
The stress is subjective. Can your edge disappear one day? It depends on the nature of your methodology. The uncertainty is high in this field over long term unlike other jobs. Can you make enough to live from trading? It depends on how big your edge, your trading capital and your savings + assets.
In term of personal life. I don't feel any difference to other jobs that I did (project manager, farming). Sex is affected same like when I did other jobs (it's more affected by your health and tiredness). In term of relationship, growth of new friends is low.
- Does it quickly become as boring as Death?
- Does the pressure take it's toll?
- Did it hurt your Sex life?
Also, are we talking day trading? Then yeah that would be a grind working everyday to basically just make money for the broker. I'm surprised brokers don't promote day trading...why do they try to deter it?
Anyway I swing trade...most time is spent dinkering with my spread sheets or netflix. Swing trading does not take up much time at all...although don't tell the wife that.
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Not bad advice,but the fact that you NEVER or are incapable of taking a loss translates to you are an investor or trader who plays small enough that you can gulp 60 percent plus hickeys.(CLSK in your case).
There is absolutely nothing wrong with your approach, but it's clear you aren't "in it to win it", and are certainly not a trader..
Again,nothing wrong with that approach,and I have frends who have become multi- millionaires working a day job and investing over the last 30 years..
IMHO,that's the best approach, as 99 percent of Elite Traders are anything but Elite..
If you are in it to win it
There is absolutely nothing wrong with your approach, but it's clear you aren't "in it to win it", and are certainly not a trader..
Again,nothing wrong with that approach,and I have frends who have become multi- millionaires working a day job and investing over the last 30 years..
IMHO,that's the best approach, as 99 percent of Elite Traders are anything but Elite..
If you are in it to win it
Is eating boring?
- Does it quickly become as boring as Death?
What pressure? Never realize a loss and never feel any pressure.
- Does the pressure take it's toll?
What sex life? I drive a (2008) Lambo not a 2018 Lambo.
- Did it hurt your Sex life?
Also, are we talking day trading? Then yeah that would be a grind working everyday to basically just make money for the broker. I'm surprised brokers don't promote day trading...why do they try to deter it?
Anyway I swing trade...most time is spent dinkering with my spread sheets or netflix. Swing trading does not take up much time at all...although don't tell the wife that.
I’m not sure what is your (and others’) definition of a full-time trader.
My understanding is that a full-time trader is someone whose income is derived solely from trading and not from any other job.
In such scenario, you need to be realistic about how much money you need to live on per year, and if you can earn consistently (without large drawdowns) the same (or more) from trading.
Eg. if you need say 100K per year to live on and you have a 100K account, then you’ll be under pressure because you’ll need to be constantly withdrawing money to pay your bills (mortgage, food, etc). Therefore, it’s best to have enough savings reserve that you can live off for at least the next year. Scared money never trades well.
Before going full time, you must have enough trust in yourself that you won’t screw up. When trading for a prop firm, there is some accountability, i.e.; there are rules and guidelines that the firm wants you to follow. However, when you trade full-time from home, you need to be your own risk manager and you must hold yourself accountable. You set all the parameters for yourself, including how many hours you allocate to trading each day. Very important to take breaks during the day and to refocus (eg. going for a walk to clear up your head so you can stay detached and objective)
Trading should never be boring, because when one is bored, then there can be tendency to force trades. If a setup is there, you take it. If there are no setups, you go and do bar replays or something to improve your trading skills. If you enjoy the process, then it is never boring. If you don’t have a passion for trading, then take up gardening or something
(One the worst things a trader can do is watch the monitors when he’s is bored.)
That.Trading should never be boring, because when one is bored, then there can be tendency to force trades. If a setup is there, you take it. If there are no setups, you go and do bar replays or something to improve your trading skills. If you enjoy the process, and then it is never boring. If you don’t have a passion for trading, then take up gardening or something
(One the worst thing a trader can do is watch the monitors when he’s is bored.)
Yes. You'll never hear a successful person say they don't talk shop after work. I could talk trading 24/7...I hate weekends and holidays . If you don't let it consume you, you'll never be able to compete with the people who do... As it is with any endeavor.
Not boring <> exiciting ... mentioned previously there is a whole lot between boring and exciting.Whoah,trading should never be boring????
For me when trading is boring,I'm making money.The more boring the better...
I'm guessing you aren't a vol seller or systematic trader..
I've gotten my share of excitement out of trading, and I don't wish it on anyone
Boring in my mind means mind numbing, sleep inducing. Hardly what a day trader can cope with and be successful.