Trading for a living....full time....only income

Originally posted by chasinfla


Trading is very stressful. Anything that really matters to you can, when things go against you, cause stress.

I still say things to my monitors that I shouldn't.
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Trading IS stressful. It is just that for some people it is TOO stressful, and there is a difference!

I hope your monitor doesn't take any of what you say personally:)
 
Yes. Only, 'too' is ephemeral, too.

Life and death situations are too stressful, yet everyone gets there at some point.

People have a magnificent capablility of adapting and overcoming. The determiner, I think, is commitment. Is one committed enough to deal with the stress...to learn, to improve, to discipline one's self, to learn one's hot buttons, to keep a level head in success and failure, and so, to gain victory?

Perhaps one finds, on reflection, that he just isn't that committed after all. That is no disgrace. But if he is, what need stop him? He will do whatever it takes.

<font size=1>Just making a distinction.</i>
 
Originally posted by chasinfla
Yes. Only, 'too' is ephemeral, too.

Life and death situations are too stressful, yet everyone gets there at some point.



Just making a distinction.</i>
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OK, point well taken. I just always think back to a friend of mine who thought he wanted to trade. I advised him against it because I thought his personality was not right. I talked about him in my "successful trading" thread.

He watched so many stocks, he couldn't see the forest for the trees. That part I mentioned. What I did not talk about was that he sat in a very cold room...we all do, the a/c is always on because their are so many computers and monitors. Most of us keep a sweat shirt or sweater available. Anyway, this friend of mine always looked like he was just coming off the golf course in florida in August. Or was having sex for 3 hours without being done. I mean he was soaked from head to toe. His keyboard and mouse were almost underwater. Talk about sweating the moves :) Got even worse when he moved up from paper trading:)
So that was what I was thinking when I wrote "too stressful"!
Sorry if the term was too "ephemeral".
Chas, keep up the good posts and the constructive thinking.
Good trading to everyone!
 
I would make the point that a trader should attempt, at least, to find that level of comfort, FOR HIM, that the stress is acceptable. Any endeavor that pays money has stress. Some is light but the money is also light. As you go up the pay scale the stress level goes up also. Brain surgeon makes more than a foot doctor, I assume.

I think the market is wonderful because there are so many different opportunities to trade, (swing, day, NYSE, etc). I have found my little niche that reduces my stress to an acceptable level and makes money.
 
I agree Steve. Also to be considered is the stress of <i>not</i> making enough money. There's no way to avoid stress. I think when you're committed to something, you learn to deal with it and perhaps overcome it...even use it.

Obviously, everyone is not meant to be a trader. If it weren't for people who were meant to run businesses or governments, there would be no use for traders. And if it weren't for people who weren't meant to cook (and farm, and distribute...etc), I woulnd't have good diner to eat at on Saturday morning.

Salute, Adam Smith.

hmmm...that should be, 'were meant to cook.':D
 
Originally posted by rs7

We exist. My trading, in several different capacities, has been my sole source of income for about 14 years. (Excluding a period of time when I was unable to trade for personal reasons....during which I still observed and stayed informed as to the market activity on an almost daily basis).

As others here say, it is not easy. It takes time and the ability to understand that it is a career. A combined experience of highs and lows. The real satisfaction of a career comes from a progressive attitude to learn, work harder and achieve results. The time spent learning and improving, including the struggles, should be rewarding in itself. If not, then this is not a suitable profession for you.

Putting in the proper work can enable you to make enormous amounts of money. Working at trading means analyzing your trades, recognizing your strengths and correcting your weaknesses. It means being vigilant for what is working currently in each market environment you encounter.

Looking for things that negatively impact your trading is very important. Recognizing them lets you remedy them.

Traders incomes can be erratic so it is important to save during the good times to more comfortably get through the bad times. And there will be times that are either downright bad, or less than what you would require if you were to live hand to mouth. Either way, you need to retain a cushion, because hand to mouth doesn't work in this profession. Or any other in which your income is erratic, which is to say, essentially, any business or non-salaried job

Overall it is a career with great freedom and hours. It should be done by those that find it enjoyable. If it is too stressful, then again, it is not for you.

If you trade with discipline and learn from your mistakes and successes, it can be one of the most financially rewarding endeavors anywhere.

Notice the repetition of the words "career" and "profession". You will find them constantly in the posts of those of us that have traded as our means of support. It is not a hobby or a lark. As the words imply, it requires effort and dedication. And sometimes heartache

By the way, I have a mortgage, a wife, two kids in college, one more yet to go in another year. I have car payments, have to pay all the usual bills, and taxes. I do not have >$10 million like the gentleman who posted just prior to me, but I have managed to live a comfortable lifestyle and enjoy my working time almost as much as my leisure time. That quality of life has a value I can't put a dollar amount on.
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While almost all of the replies and further discussion on this thread have been useful, this one actually speaks to me. Obviously, I haven't started to trade full time yet and as many of you could relate, taking the initial plunge may be the hardest step of all, for me anyway, since I can honestly say I've done my homework on this subject. I'm not playing down the risks or stress involved, I'm simply stating that it may be like finally getting around to cutting the grass, half the battle is just GETTING STARTED!

The other points in rs7's reply really stress the fact that trading is a career choice, a business, a self employed full time business. This helps me continue to plan for my decision to start my own business, not stay home and dabble with stocks. In my current profession, sales manager for a 30mm equipment company, I'm constantly evaluating our results relative to other time periods, analyzing the market, studying trends, looking for new and better products and essentially looking for ways to improve our bottom line results. I believe this model will prove very useful in helping me to run my business like a business. Do more of what works and less of what doesn't. Sure it will take a ton of effort and stress to succeed, but my current job ain't a cake walk either.

Will the perceived financial rewards and freedom be worth it? I believe they will with every fiber of my being and I have 100% confidence in my ability to trade according to my plan and gain knowledge and experience very quickly. I can do it. I will do it.

Thanks to all for the help and I promise you I will continue to read and learn from other traders. I will be the first to say I was wrong and I will be the first to call bullshi- on people who are ignorant or just want to confuse others. I have seen my share of this on this board as well, but most are genuinely concerned and helpful.

Good luck to all.:)
 
If you bring those acquired disciplines and honest reviews of yourself, just as if you were an employee you must review in your present capacity, you will will be successful. The trick will be to not to adhere to tight parameters in terms of time neccessary to reach your goals. Imagination is some how always speedier than reality but it is neccessary to obtain the desired reality.
 
Im only a part timer. I have a full time job and i only get a couple of hours at the end of the day to trade. I started investing about 2 yrs ago (another great skill of mine is timing ha ha ha) although since i became interested in the stock market i have learned alot.(still have alot more to go) But i belive i am very dedicated and enjoy it. I don't understand why but i do. Since i started i have been consumed with the market. Somewhat on the excessive side. Just not enough time in my life to learn it all.
 
Originally posted by praetorian2
Hey nitro, don't forget that you are also a member of the THV cult....lol.
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P2,

Hum, don't like my cheerleading? OK, doing the wave for THV now.

~~~THV~~~~~THV~~~~~THV
THV~~~~ THV~~~~~THV~~~~THV

nitro :)
 
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