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How to convince wife to let me trade full time?
- Thread starter Hardo
- Start date
Quote from Hardo:
Here's the situation:
.....
Making my own hours and being my own boss really appeals to me. I would rather make $50 grand a year working 40 hours a week trading than work 50 plus hours a week to bring home $60 grand a year working for the "man" and having to deal with the daily bs that goes along with it. My wife would rather me work for the man even though it would drive me nuts just so we can have the security of his paycheck.
One thing for you to consider, Hardo:
Trading for a living takes a lot of work. I really mean it. The 6.5 hour window where the market opens is not enough. You need to prepare before the market opens and review how it went every trading day. You may think of it as a 40-hour workweek engagement (or less) so it lets you have more time with your family. If this is your idea (8 hour workday and no more), you really need to think twice.
People or commercials may glorify trading: spend 2 hours a day, place some orders in the morning, then take the rest of the day playing golf. My reality trading for a living (for 3 years now) is far from that. Maybe I am not as smart as the others. It depends on the individual's talents and experiences and drives to improve performance. But remember advertisement and reality usually have big gaps between them. Just something to think about.
Quote from Hardo:
Here's the situation:
Currently have a decent job that has flexible hours that allows me to trade about half time. When I have had time off in the past that has allowed me to trade full time I have done well. My current job could possibly end by July and I have nothing lined up if it does.
I know I can collect unemployment while I look for a new job but I would rather trade than look for further employment. I am a college grad with a decent network of contacts but jobs right now are hard to come by and when they are offered it seems that salaries are getting smaller because of the intense competition for them.
I live in the midwest where the cost of living is very low compared other areas. A salary of $50-75 grand would allow us to live very comfortably. Here is where the argument begins, I believe I can make this trading on my own. Making my own hours and being my own boss really appeals to me. I would rather make $50 grand a year working 40 hours a week trading than work 50 plus hours a week to bring home $60 grand a year working for the "man" and having to deal with the daily bs that goes along with it. My wife would rather me work for the man even though it would drive me nuts just so we can have the security of his paycheck.
Please do not jump all over me saying that I can't make this kind of money on my own. The way I look at it is it is only $200 to $300 a day average to make this kind of money. I use low risk set ups and limit my losses. I would also like your input about the benefits argument, working for the man I would get health benefits. Going at it on my own I would have to find these benefits elsewhere.
Any input is greatly appreciated.
You can't cross the ocean until you loose sight of the shore.
I too was in this exact situation at one point. Ended up trading during the morning hours and working 2nd shift until I started to make some coin.
Trading is all risk minimization... therefore, go try a 'no money down' prop firm, bust your balls for 6 months and then see where you are... The Risk to Reward in this scenario in this case is a trade I would take all day long.
B
What nobody has mentioned is also how you handle the mental stress of trading and making a few thousand bucks in an hour and then have the whole day to yourself. I find that I mentally cannot handle making the money within one or two hours and then having the rest of the day free.
I know this may sound weird but it is hard to justify why you are able to make such money in such a short period that other people work all month for. I have had issues with this and I am sure others must have the same.
Donating to charity and helping local organisations by actually giving time to them, have proven to be helpful.
Anyone else had these issues?
I know this may sound weird but it is hard to justify why you are able to make such money in such a short period that other people work all month for. I have had issues with this and I am sure others must have the same.
Donating to charity and helping local organisations by actually giving time to them, have proven to be helpful.
Anyone else had these issues?
Quote from fibo618:
What nobody has mentioned is also how you handle the mental stress of trading and making a few thousand bucks in an hour and then have the whole day to yourself. I find that I mentally cannot handle making the money within one or two hours and then having the rest of the day free.
I know this may sound weird but it is hard to justify why you are able to make such money in such a short period that other people work all month for. I have had issues with this and I am sure others must have the same.
Donating to charity and helping local organisations by actually giving time to them, have proven to be helpful.
I volunteer at an inner city school 2-3 days/week. That's the beauty of trading and the freedom it allows. Sure, you have to be making some $$$ to be able to do outside volunteer work. But after you've made $$$ for a number of years the stress IMO lessens. You know you can make $$$. You have confidence.
Quote from maxpi:
This thread is about the state of marriage in the US... a man has to get his wife's permission to change careers? You might carefully consider her opinion but if some American Bitch [AB] is saying you need her permission then that's a bad marriage... Do like the Mob guys do, don't tell the AB what you do for a living, get it? Let her figure it out and if she complains, spend more time with the girlfriends and less time at home... I was married to one of those AB's for way too long, after they get tired of trying to dominate over everything they will kick you out but you will have a half dozen Gal Pals [GP's] in no time and you will wonder what you were ever thinking.... a half dozen GP's are way better than one AB, believe me...
your fingers dont count as GPs....just thought you should know
Quote from Hardo:
Here's the situation:
Currently have a decent job that has flexible hours that allows me to trade about half time. When I have had time off in the past that has allowed me to trade full time I have done well. My current job could possibly end by July and I have nothing lined up if it does.
I know I can collect unemployment while I look for a new job but I would rather trade than look for further employment. I am a college grad with a decent network of contacts but jobs right now are hard to come by and when they are offered it seems that salaries are getting smaller because of the intense competition for them.
I live in the midwest where the cost of living is very low compared other areas. A salary of $50-75 grand would allow us to live very comfortably. Here is where the argument begins, I believe I can make this trading on my own. Making my own hours and being my own boss really appeals to me. I would rather make $50 grand a year working 40 hours a week trading than work 50 plus hours a week to bring home $60 grand a year working for the "man" and having to deal with the daily bs that goes along with it. My wife would rather me work for the man even though it would drive me nuts just so we can have the security of his paycheck.
Please do not jump all over me saying that I can't make this kind of money on my own. The way I look at it is it is only $200 to $300 a day average to make this kind of money. I use low risk set ups and limit my losses. I would also like your input about the benefits argument, working for the man I would get health benefits. Going at it on my own I would have to find these benefits elsewhere.
Any input is greatly appreciated.
Read this thread. It will show you what can be done.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=193440
Give some share of your work.. She will definitely help you.
Hmmm....reserves are important.
However, most people here make too much a big deal of security. It's an illusion in my honest opinion.
You will NEVER be secure enough to trade so you don't feel any fear or trepidation. Trying to make that feeling go away is your prescription for disasterin trading anyway. The best traders welcome the feeling of fear and love risk, because that's where the rewards are.
One thing I believe you should consider is that you have to weigh what's really stopping you. I didn't read all posts but the title is, albeit tongue-in-cheek, is something about your wife "letting" you trade. Maybe consider whose life you are living, who is the primary breadwinner, and the fact that in any potential divorce she will call all the shots anyway, you might want to take your choices while you still have them, get your experience now and if she decides to split you have your skills and can make it on your own.
If you are really a trader, you will find a way to trade, on some timeframe and level that works in your situation both in terms of risk/reward.
However, most people here make too much a big deal of security. It's an illusion in my honest opinion.
You will NEVER be secure enough to trade so you don't feel any fear or trepidation. Trying to make that feeling go away is your prescription for disasterin trading anyway. The best traders welcome the feeling of fear and love risk, because that's where the rewards are.
One thing I believe you should consider is that you have to weigh what's really stopping you. I didn't read all posts but the title is, albeit tongue-in-cheek, is something about your wife "letting" you trade. Maybe consider whose life you are living, who is the primary breadwinner, and the fact that in any potential divorce she will call all the shots anyway, you might want to take your choices while you still have them, get your experience now and if she decides to split you have your skills and can make it on your own.
If you are really a trader, you will find a way to trade, on some timeframe and level that works in your situation both in terms of risk/reward.