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Dilemma - what to do with your free time?

  • #1
  • First Post: Feb 8, 2009 5:20am Feb 8, 2009 5:20am
Dear Fellow Traders

I have a question as below:

Lets say that you have a strategy based on daily timeframe. You take one hour maximum to check the charts and based on your trading plan you take the trade and switch off your computer as trade takes sometime days to develop and since its a daily you dont need to be in front of computer all the time.


But dont you think that you are not working enough compare to 9 t5 5 job or like other white collar emplyees. Dont your family member or freinds point out that u r lazy bump that all you do is sit in front of computer for one hour and do nothing whole day.

How do you cope with that and what else do you do in your free time after you are done with trading.

I am guessing that those who trade daily are not in front of computer all the time and also it take days some time week for you to see a nice setup.

Awaiting your responses.

thanks
Thanks and Regards Zamir M Iqbal
  • #2
  • Feb 8, 2009 9:02pm Feb 8, 2009 9:02pm
Quoting zamiriqbal
Dear Fellow Traders

I have a question as below:

Lets say that you have a strategy based on daily timeframe. You take one hour maximum to check the charts and based on your trading plan you take the trade and switch off your computer as trade takes sometime days to develop and since its a daily you dont need to be in front of computer all the time.


But dont you think that you are not working enough compare to 9 t5 5 job or like other white collar emplyees. Dont your family member or freinds point out that u r lazy bump that all you do is sit...
If you're successful, who cares what they think?
  • #3
  • Feb 8, 2009 9:42pm Feb 8, 2009 9:42pm
Quoting zamiriqbal
Dear Fellow Traders

I have a question as below:

Lets say that you have a strategy based on daily timeframe. You take one hour maximum to check the charts and based on your trading plan you take the trade and switch off your computer as trade takes sometime days to develop and since its a daily you dont need to be in front of computer all the time.


But dont you think that you are not working enough compare to 9 t5 5 job or like other white collar emplyees. Dont your family member or freinds point out that u r lazy bump that all you do is sit...

if you really feel that bad about it, take an extra hour or two and read up on forex or other markets. look into futures or stocks or whatever. personally, i would say that the results speak for themselves. the whole point of work is to make money, not waste 8 hours. if your making the same amount working an hour as you would be working eight hours, then good for you dude. if anything, that's better because you are being more efficient. play some video games. get a puppy or a kitten or a turtle. get into building plastic models or painting pictures. you are living the life every one dreams of. youre practically retired lol. good luck bro.
  • #4
  • Feb 8, 2009 9:43pm Feb 8, 2009 9:43pm
Quoting steve930
If you're successful, who cares what they think?
lol exactly what I wanted to say
  • #5
  • Feb 9, 2009 12:16am Feb 9, 2009 12:16am
But what do you guys do in your free time... especially daily traders??
Thanks and Regards Zamir M Iqbal
  • #6
  • Feb 9, 2009 12:24am Feb 9, 2009 12:24am
Sleep. Eat. Do laundry. Do chores. Read books. Listen to music. Watch TV.
  • #7
  • Feb 9, 2009 12:37am Feb 9, 2009 12:37am
Make more money....... I also have a business I work at 5 hours a day mon - thur.
Same Whore .... Different Dress
  • #8
  • Feb 9, 2009 1:32am Feb 9, 2009 1:32am
Quoting johnedoe
Make more money....... I also have a business I work at 5 hours a day mon - thur.
Yes. Work. For me at least moderately manual work is a nice
complement to the mental work of trading.

Will I still do it later when, hopefully, I don't need to?
Ask me in a few years. LOL!
  • #9
  • Feb 9, 2009 2:53am Feb 9, 2009 2:53am
Raise kids. Help other people with their lives. My wife is a vet at the Jerusalem zoo and we're raising an abandoned baby Sumatran tiger in our house right now.


Lenoxer
  • #10
  • Feb 9, 2009 3:11am Feb 9, 2009 3:11am
Quoting Lenoxer
Raise kids. Help other people with their lives. My wife is a vet at the Jerusalem zoo and we're raising an abandoned baby Sumatran tiger in our house right now.


Lenoxer
baby tiger? i've always wanted one. as for your question zamiriqbal, i travel. sometimes, when i'm sick of watching charts, i just check the train schedule, and hop on the next train to say....zermatt with my girlfriend. though, this is easy for me as i don't have a family yet, and my parents live in north america, so they don't have a clue what my daily schedule is like. i try to make them think i stare at the screen 18 hours/day so they won't bother me.
  • #11
  • Feb 9, 2009 3:18am Feb 9, 2009 3:18am
If I was a full time daily chart trader, I would travel everywhere my team of the sport I like travels and watch all the games at the stadium.

Man, Im drooling already, wish that was true. Maybe some day in the future
  • #12
  • Feb 10, 2009 4:03am Feb 10, 2009 4:03am
Quoting zamiriqbal
Dear Fellow Traders

I have a question as below:

Lets say that you have a strategy based on daily timeframe. You take one hour maximum to check the charts and based on your trading plan you take the trade and switch off your computer as trade takes sometime days to develop and since its a daily you dont need to be in front of computer all the time.


But dont you think that you are not working enough compare to 9 t5 5 job or like other white collar emplyees. Dont your family member or freinds point out that u r lazy bump that all you do is sit...
But do you really meet someone who actually did this? most successful trader i know is full time trader which required them to sit in front of computer in work time. The one that actually seeing computer only 1 hour a day usually has unstable profit which up and down all the time...
anyway,if i were that person, i will not bother about what people think...not many people see you as lazy bump if you ride Ferrari and spend your free time in expensive yacht..
  • #13
  • Feb 10, 2009 5:29am Feb 10, 2009 5:29am
I once read something that goes a little like this…

"We were thought by our parents that to make it in life we need to work hard"

Emphasis is placed on this by the way the world works. Our parents left the house in the morning, went to work and came home at night. At the end of the Month received a Salary check and provided to the best of their ability in our needs.

Obviously, depending on the timeframe you Trade will determine your “work” hours in front of the screen and the effort required to turn a profit.

I trade hourly charts, but it only takes me 1min every hour to make a decision. I normally trade London Sessions, and for the rest I LIVE LIFE, although still being part of the fulltime workforce, but hope to become a full time trader soon.

BTW, I also trade Mobile, thus giving me even more freedom.
On Friday afternoons I will visit the local pub, have my mobile in my pocket, vibrating every hour as the alarm goes off and then take my minute to make a decision, without anybody around me knowing what I just did.

My 2pips being: Live Life, Change your attitude of the way that everybody thinks it should be to be able to make it in life…
  • #14
  • Feb 10, 2009 6:30am Feb 10, 2009 6:30am
Quoting Fx1618
I once read something that goes a little like this…

"We were thought by our parents that to make it in life we need to work hard"

Emphasis is placed on this by the way the world works. Our parents left the house in the morning, went to work and came home at night. At the end of the Month received a Salary check and provided to the best of their ability in our needs.

[color=black]Obviously, depending on the timeframe you Trade will determine your “work” hours in front of the...
what kind of chart do you looking and what platform do you trade on? i really want to make my trade mobile but right now my broker do not have technology that enable me to install platform in the mobile...
  • #15
  • Feb 10, 2009 7:15am Feb 10, 2009 7:15am
Quoting Andrie
what kind of chart do you looking and what platform do you trade on? i really want to make my trade mobile but right now my broker do not have technology that enable me to install platform in the mobile...
Hi Andrie,
I use a HTC P3400 with Windows Mobile 5 and trade with IBfx.

IBfx have a MT4 Mobile platform to download from MetaQuotes.

You can then connect to your account via the Laptop/PC or Mobile and execute trades. Only possible downfall from trading Mobile is that you can not use custom indicators.

I do believe there are other brokers providing this or similar service.
  • #16
  • Feb 10, 2009 7:19am Feb 10, 2009 7:19am
Quoting Fx1618
Hi Andrie,
I use a HTC P3400 with Windows Mobile 5 and trade with IBfx.

IBfx have a MT4 Mobile platform to download from MetaQuotes.

You can then connect to your account via the Laptop/PC or Mobile and execute trades. Only possible downfall from trading Mobile is that you can not use custom indicators.

I do believe there are other brokers providing this or similar service.
thanks mate..
i trade using FXCM platform and it can not do that..
  • #17
  • Feb 10, 2009 7:23am Feb 10, 2009 7:23am
Actually you can if you have remote desktop. Set it up to connect to your desktop and you can open/close trades from your mobile.
  • #18
  • Feb 11, 2009 4:53am Feb 11, 2009 4:53am
Quoting zamiriqbal
Dear Fellow Traders

I have a question as below:

Lets say that you have a strategy based on daily timeframe. You take one hour maximum to check the charts and based on your trading plan you take the trade and switch off your computer as trade takes sometime days to develop and since its a daily you dont need to be in front of computer all the time.


But dont you think that you are not working enough compare to 9 t5 5 job or like other white collar emplyees. Dont your family member or freinds point out that u r lazy bump that all you do is...
R u a successful day trader that only spend max 1 hour to monitor? meaning u haf remanining 23hrs free time to spare? if are so successfull, i would kindly ask u to do some charity work.. helping out with them in terms of money or hardwork.. there are alot ppl out there need our help....

I tink by doing so, u will filled up ur lives with happiess and sense of satisfaction...
  • #19
  • Feb 11, 2009 7:06am Feb 11, 2009 7:06am
I had the same dilemma. Working in the retail banking industry for over 15 years, I started trading forex on my spare time. Last two years, I made more money than I could ever imagine, trading fx. I stopped working for the bank and admitted myself into early retirement.

Though I don't have the luxury, or pateince, of trading the Daily chart, I do trade the 5 Min chart between 2AM (EST-NY) to 11AM (EST-NY), afterwhich I pretty much have the rest of the day to myself. I found myself bored everyday! I wasn't use to having an entire day to myself until I found "uses" for myself. I found, that I love going to the Park and walking or people watching for hours. Because I don't sleep much, afternoon naps are a favorite of mine. Making an afternoon lunch with the wife and talking about stuff. I've become an avid fan of music again and started collecing CD's. I Shop a little or go to Borders Books store and listen to random music selections and reading up on anything of interest (lately for me, I've been reading more about Cooking). Start a business. A friend of mine worked for an investment firm, made a lot of money, quite and travel the world collecting Cigars and Cigar memorabilia. (He use to visit very rich clients, back in his investment banker days, and his clients always offered him a smoke. His favorite is the Montecristo brand cigars (illigal in the US). Since then, he has appreciated the taste and culture of cigars). He started a cigar store, as stupid as I think it is, "he" is happy doing the things he want to do. Myself, Im looking into starting an small Angel/Venture Capital firm. You could tavel as well. I never played golf in my life, always thought it looked stupid (I prefer tennis), took a trip to Sea Island in Georgia and had the best time ever. Now I play golf with a few friends at least once a week. I volunteer at the American Red Cross often ... the contacts I made have been priceless and just the fun alone with other volunteers, is worth it. Not to mention the tax deduction.

It took me a long time to realise, life is not about working 50+ hours a week unhappy. A friend of mine told me the acronym for JOB = Just Over Broke. Life is about YOU. Start having fun and enjoy.
  • #20
  • Feb 11, 2009 2:09pm Feb 11, 2009 2:09pm
  •  Kitara
  • | Joined Mar 2008 | Status: This space for rent...call for info | 128 Posts
I agree with the poster a few replies back. Do some charity work! I volunteer at a horse rescue agency. You meet a wide variety of people, you are doing helping a worthwhile cause, and for me it's great because I'm outside getting exercise and enjoying the fresh air. There are so many different volunteer orgs out there, I'm sure there is something that matches your interests.
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