Disclaimer: This is not some sort of cure all, end all, be all device. I'm just sharing MY PERSONAL EXPERIENCE here because I think a lot of people could hopefully take something away from this and to show how serious this game really is. Inject some reality into things, per se. Forewarning, I will use a lot of metaphors. It's how I talk and how I best explain things. I'm sure you'll see why soon enough. Also, none of this is meant to be construed as solicitable advice and I cannot be held liable for anything that may happen to you if you were to try and copy my personal experiences here. All of this is from the viewpoint of dealing with things here in the USA and things can and are probably markedly different wherever it is you are. And now, let's get to the meat and potatoes:
I recently started my jump over to full time trading and thought I should share some of my experiences with everyone.
Why business planning? Simple, when trading for yourself, you are in fact running your own business. Therefore, you have to have some rules and some policies in place. As all of the heavy hitters will tell you, discipline is king in this game, and giving it anything less than that is suicide. I think too many people try and make the switch without a plan/discipline in place, and it's why they get eaten alive. It's one thing to dink around with a micro account trying different things out, but when you do this for bread and butter on your table, you can't afford to dink around (literally). I will say, some people have exceptional self discipline and may not need external factors. Some of us, such as myself, work better when we have that external watchdog to deal with. Me? I could care less about a lot of things, but as soon as I know it really matters to someone else that matters to me, then of course I'm going to care. Sound familiar? Creating a comprehensive plan functions in the terms of the external for me.
Think of it more like building your own computer. Sure all of the parts are going to be specific pieces that are stamped out left and right by various fabs, but how it's put together and in what way makes it totally your own machine. Building a personal business plan will be the same way. The main premises will be the same as everyone else's, but the details and the execution make it completely your own. There's no need to strive to be completely original, if you work on your plan from your own angle, it will indeed be truly unique. Look at your car, it's a mass produced machine, but I can guarantee you that because of you, it's truly unique thanks to the details.
I recently started my jump over to full time trading and thought I should share some of my experiences with everyone.
Why business planning? Simple, when trading for yourself, you are in fact running your own business. Therefore, you have to have some rules and some policies in place. As all of the heavy hitters will tell you, discipline is king in this game, and giving it anything less than that is suicide. I think too many people try and make the switch without a plan/discipline in place, and it's why they get eaten alive. It's one thing to dink around with a micro account trying different things out, but when you do this for bread and butter on your table, you can't afford to dink around (literally). I will say, some people have exceptional self discipline and may not need external factors. Some of us, such as myself, work better when we have that external watchdog to deal with. Me? I could care less about a lot of things, but as soon as I know it really matters to someone else that matters to me, then of course I'm going to care. Sound familiar? Creating a comprehensive plan functions in the terms of the external for me.
Think of it more like building your own computer. Sure all of the parts are going to be specific pieces that are stamped out left and right by various fabs, but how it's put together and in what way makes it totally your own machine. Building a personal business plan will be the same way. The main premises will be the same as everyone else's, but the details and the execution make it completely your own. There's no need to strive to be completely original, if you work on your plan from your own angle, it will indeed be truly unique. Look at your car, it's a mass produced machine, but I can guarantee you that because of you, it's truly unique thanks to the details.