Must trading be your primary interest?

I am also keen on chess and want to say that if you see in chess more than game (I mean strategic thinking, deep position evaluating, where everybody see its equal, i.e in addition just to win, you set other problems) your real life as well as trading will be interpreted much better and effeciently. And I answer "yes" to your question, you have to be always on (most time) with your trading, because result is completely depends on the efforts you place. It is not just a regular job where you have a salary and do the task what were assigned to you. Actually it is main problem of any business - setting right tasks.
 
kut2k2 said:
I didn't make any breakthroughs in trading until I made it my primary focus. Since then I've made several.
Pure BS. The losers are mostly mooks looking for shortcuts and other get-rich-quick gimmicks. The obsessives include those looking for fundamental relationships, either in demand versus supply or how this plays out in price dynamics.
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I concur with your take. I come from a family background of hard workers and good successes in their endeavors... From good works to capitalism. In my particular case of trading I find the more I study, review, think , the better I do.
 
The prop traders I have seen : the more hours they were putting into honing their trading skills the better they were. Specially at the start of their trading career.
But of course, my experience is limited.
 
Maybe not trading per se that needs to be your primary interest, but you definitely have to follow the markets and news. It would not be a good idea to just login today and buy a random stock because you felt like it. Keeping up with the newest tech and trends is always a good thing.
 
cefgw said:
Not at all--- the obsessives in trading always lose. Remember the market has the highest attraction for those least suited for it. That's how it feeds itself. If you LOVE the market, you will lose.
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I totally disagree, matter of fact, if you don't become obsessive and don't have well backtested trading plan, you will lose. Yes, it is best to keep reminding oneself this is a business just like any other business. I LOVE the market and I LOVE the other businesses I own, when you become lackadaisical, you will lose.

Highest attraction towards dreamers, yes, we love these folks cause they didn't put in the work and make it number 1 in there life till they got good. Once you get good at almost anything, it becomes like a job, flipping burgers, you can almost do it in your sleep, but this job can take years to get very very good.

90% lose money
5% breakeven traders
4% make under $250k
0.6% make 250k to 1 million
0.4% make over one million

I read this many years ago, maybe Wallstreet, but I think it still rings true about day trading. You either fight within yourself to play the game well, or you learn to play chess.
 
In general, the most successful people are obsessive, but they are obsessive about the right things. If you are obsessive about playing slot machines in Vegas, you are doomed to lose money. Maybe like Handle says, if you re obsessive about backtesting trading strategies, that could help and improve your chances.
 
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