Trading is a business. At least if you intend to do it for a living. If you don't do it for a living then maybe it's an investment or hobby.
If trading is your business what will be your ultimate payoff?
If you have a trading plan is this simply your daily “activity plan”? Is it a reactionary plan as in “if I see this happening, I will respond in this manner”?
In your long-term trading plan, have you included an “exit strategy”? Most entrepreneurs and business owners, CEO's, etc. can foresee a destination. The CEO may receive a fat retirement plan. The entrepreneur may be able sell his/her company with a huge payoff. And the small business owner may turn management over to someone else while he reaps the rewards of a prosperous life.
As an individual trader, you may feel that after your 10,20 or 30 year career you'll be able to live in paradise and retire in luxury. Keep in mind that you will not have a pension or comf'y retirement plan unless you created it yourself. Do you have a contingency plan if your trading bites the dust?
Do any of these questions concern you or do you have balls of steel and enough confidence in yourself to think that I'm just being foolish about having an “exit strategy”? If you believe that way will you be able to pick yourself up and dust yourself off after you've fallen flat on your face and STILL think that way?
I believe that in order to trade well you will inevitably have to acquire the ability to think for yourself (as opposed to endlessly reading the predictions of the “experts”) Is that statement nonsense and you really need to get the experts perspective regarding trade direction?
Why do people feel so "limited" in their trading? Is it because we read so often that you "might" be able to make X amount per month or per year (that's if were exceptional or lucky). Keep in mind that if there is a consistency to the progression of humans it might be that the impossible is continually accomplished.
Just questions that I'm wondering if anyone has given thought to.
If trading is your business what will be your ultimate payoff?
If you have a trading plan is this simply your daily “activity plan”? Is it a reactionary plan as in “if I see this happening, I will respond in this manner”?
In your long-term trading plan, have you included an “exit strategy”? Most entrepreneurs and business owners, CEO's, etc. can foresee a destination. The CEO may receive a fat retirement plan. The entrepreneur may be able sell his/her company with a huge payoff. And the small business owner may turn management over to someone else while he reaps the rewards of a prosperous life.
As an individual trader, you may feel that after your 10,20 or 30 year career you'll be able to live in paradise and retire in luxury. Keep in mind that you will not have a pension or comf'y retirement plan unless you created it yourself. Do you have a contingency plan if your trading bites the dust?
Do any of these questions concern you or do you have balls of steel and enough confidence in yourself to think that I'm just being foolish about having an “exit strategy”? If you believe that way will you be able to pick yourself up and dust yourself off after you've fallen flat on your face and STILL think that way?
I believe that in order to trade well you will inevitably have to acquire the ability to think for yourself (as opposed to endlessly reading the predictions of the “experts”) Is that statement nonsense and you really need to get the experts perspective regarding trade direction?
Why do people feel so "limited" in their trading? Is it because we read so often that you "might" be able to make X amount per month or per year (that's if were exceptional or lucky). Keep in mind that if there is a consistency to the progression of humans it might be that the impossible is continually accomplished.
Just questions that I'm wondering if anyone has given thought to.
