Working 60 hours a week or working 2 hours a day?
- Thread starter jinxu
- Start date
ahahah thats a good one!
I go to school. shcedule my classes in the afternoon so I can trade all the day. Usually I swing trade options. but yeah its incredibly boring, in the last 2 weeks, ive only made 2 trades. Both were 100% gainers. my small account is up 300% this month. But I opened a demo account to get better scalp daytrading because I was so freakin bored!
to the OP, I wouldnt give a shit what anyone thinks. Im 29 and Im just starting school. Spent my 20s traveling and teaching english around the world. so in 4 years I should be done with my school, and hopefully by that time I will have grown my 2k account into something I can start trading with.
And If I have to find a job later on...I will tell them, yeap, I blew out my daytrading account, and I need money.
I would take a shot now, if you fail after 2 years, you can always find a job and tell them, yeah I lost my money in the market. If you wait and take a shot later, there is more pressure if you have a family to take care of. I would imagine its alot difficult starting out when you gotta feed your daughter dinner
and pay the rent.Boredom is another reason why I don't like swing trading.
It's an office type job. I like it because it's easy and stress free. Coworkers are nice and easy to get along with. There's not many like it that I know of. But likely it's dead end and I don't see myself able to do this forever.
Your only problem is you do not know your own priorities, or are unwilling to recognise them.
Why are you trading? To make money? If so, what does it matter that it is boring? Put on swing trades to make money.
Need kicks and excitement? Use a small amount for day trading, treat it like a going to a casino. No need to complain that your day job gets in the way of your kicks then, and it sure won't get in the way of your swing trading. Or find a hobby that gives you the excitement you crave.
Want stability? Don't quit your day job.
Want society to look up to you? Keep your day job, join charitable organisations and spend all your free time helping others. Society will say that you are a truly wonderful chap, how great it would be if people could be inspired and there would be more like you. Do note however that the people saying that will probably not be rushing to emulate you.
So you assume all of that about me from a few sentences I wrote. Yeah whatever. There's a saying back where I'm from:
People make judgements based on a reflection of themselves then the ones it's directed to.
Maybe it's just me but I get the sense that swing traders are always "on edge". That's why I don't swing trade. There may be little stress involved but it adds up over time and with swing trading it's constant.
People make judgements based on a reflection of themselves then the ones it's directed to.
Maybe it's just me but I get the sense that swing traders are always "on edge". That's why I don't swing trade. There may be little stress involved but it adds up over time and with swing trading it's constant.
No assumptions actually, go back and read what you wrote. Or perhaps you are unaware of the implications of some of your statements. When you use a strong word like stigma, it's obvious that what society thinks about you is very important to you. No point dissecting all that you wrote, no one-upmanship necessary.
The basic point is that you can have anything that you want, if you know what it is that you want. You can even have all the things I listed if you plan out your time accordingly. There is also a saying if you don't know where you are going, any route will get you there.
Swing trading is boring if you swing trade and still sit in front of the screen all the time. I put on my trades and go and do other stuff, so it is something that happens in the background. Yes, there are times when you have to be there to manage a possible exit, otherwise there really is no reason to be glued to the screen.
If swing trading is stressful, you are trading with too much size. Let me give you an example with options. There are 2 basic models you can use, taking debit spreads as an example. First, where 100% loss in the position is the maximum loss you are willing to bear. In this case, no need to worry on a daily basis. Second, where say 30% or 40% loss in the position is the maximum loss you are willing to bear. In this case you will probably be watching the market pretty much all the time, because you are trading with a size in which you cannot afford to lose it all.
You are still young. Experiment, try out whatever comes to mind, take the time to know yourself and what you want in life. When you do, the decisions will be that much easier, and with any luck that much better.
If there is one unequivocal piece of advice I can give you, it is forget what society thinks about you and your choices in life. I've lived my life with one simple rule; the only thing that matters is that when I look in the mirror, I must be able to respect the person I see.
I'm actually somewhere between a dreamer and a pragmatic. Sure I have dreams but I also have to face what realities is. I usually do what I want but I can't just completely ignore the rest of the world. There has to be a balance. A yin to a yang.
The problem with my swing trading model is that it works the same way as my short term trading model but require more work on timing and patience and higher stop sizes. So the rewards are greater, but come at the expense of higher risk and higher emotional cost.
So I dropped it. My short trading model has smaller rewards but the cost and risk are less. But the key to it working is that it has a high success rate and more opportunities. Combined the profits adds up over time.
The downsize is that the short trading model requires high concentration and discipline to be used successful. Almost near like a human robot type level. Which is why being tired from a job is a problem.
The problem with my swing trading model is that it works the same way as my short term trading model but require more work on timing and patience and higher stop sizes. So the rewards are greater, but come at the expense of higher risk and higher emotional cost.
So I dropped it. My short trading model has smaller rewards but the cost and risk are less. But the key to it working is that it has a high success rate and more opportunities. Combined the profits adds up over time.
The downsize is that the short trading model requires high concentration and discipline to be used successful. Almost near like a human robot type level. Which is why being tired from a job is a problem.
I have a fulltime job during European hours but am available during US and Asian hours.So I return from work, rest for some time and then spend about 2 hours scalping US treasuries using orderflow techniques and aim to get 5-8 ticks during 2 hours which are sufficient to create additional income. I am now planning to add option credit spreads and less volatile futures spreads (treasury spreads) as a means of swing trading with little monitoring and a sort of passive income. I cant focus more than 2 hours day trading using orderflow so this plan works for me.
I would think of fulltime trading when I have sufficient capital to take care of all expenses for 2 years and enough capital (at least $50k)to daytrade to make a living.
Another option for you would be to join a prop firm which offers a salary and profit share incentives.
I would think of fulltime trading when I have sufficient capital to take care of all expenses for 2 years and enough capital (at least $50k)to daytrade to make a living.
Another option for you would be to join a prop firm which offers a salary and profit share incentives.
For anyone else considering trading as a career:
You NEED to give it 100% of your time, attention and focus. You do NOT get by this job by just leaving it as a 'side thing' hobby.
People who tell you this are trying to sell you a book, class or seminar. Trust me. You must, MUST, be able to devote full-time hours to this job for some period of time in order to gain success.
It will occupy your mind, heart, and your daily timetable. There's no ifs or buts. Those who want to play around and leave this as a 'side hobby' will only pay with their pockets, deeply.
You are fighting against algorithms coded by the smartest people in the world. You are fighting against institutions with a LOT of money. You are fighting against discretionary traders who are manipulating the books in and out to twist prices to their advantage. You are fighting against everyone... and you think you can just walk in, call it a 'side thing', and get consistently profitable?
Think again man. I didn't get to being successful without doing an INSANE amount of hours. You should too.
You NEED to give it 100% of your time, attention and focus. You do NOT get by this job by just leaving it as a 'side thing' hobby.
People who tell you this are trying to sell you a book, class or seminar. Trust me. You must, MUST, be able to devote full-time hours to this job for some period of time in order to gain success.
It will occupy your mind, heart, and your daily timetable. There's no ifs or buts. Those who want to play around and leave this as a 'side hobby' will only pay with their pockets, deeply.
You are fighting against algorithms coded by the smartest people in the world. You are fighting against institutions with a LOT of money. You are fighting against discretionary traders who are manipulating the books in and out to twist prices to their advantage. You are fighting against everyone... and you think you can just walk in, call it a 'side thing', and get consistently profitable?
Think again man. I didn't get to being successful without doing an INSANE amount of hours. You should too.