I've had three attempts at full time trading. All periods between jobs. It was sort of like - The longer I can trade well, the longer I can put off getting another job.
First time was 3 years ago when I had only been trading for a year. Lasted about two weeks. Totally undercapitalised.
Next was a year later. Lasted around three weeks. Still undercapitalised and not experienced enough to know the markets well. Both these "attempts" were over the Christmas/New Year period, so that alone made it very hard to do well without a lot of experience.
Last attempt was early this year. A bit better capitalised. Much more experienced, and trading Jan-Feb-Mar, so results were much better, and starting to look promising. Biggest problem is total boredom. There are only so many forums to read, ebooks to look at, websites to update. Another thing was my trading area. We live in a large van, and there is no quiet, private area. So I have to trade listening to the wife's endless crime shows on TV. After 7 weeks of mildly successful trading, I got a call from my old boss to come back, so I did.
Since then I've taken my capital up to a decent level, $20K, and that alone has shown a real change. I now feel that next time I trade fulltime, I'll be making my needed income. I've had more experience (I trade every day after work for around 4 hours), and I now make consistent profit.
The boredom problem is HUGE one to solve. I've now got 5 accounts. Four for "proper" trades, and one to "play" with. My play account is for the trades bought on by boredom, while the others are for trades taken to plan. Each proper account is for one currency and one method, while the play account is for anything that takes my fancy. I have found that this way I have an outlet for boredom trades and scalps that won't hurt my real accounts, and my overall balance is kept safe.
For me, I need a separate trading room in the future, so that I can set up other things that interest me (electronics and microscopy) and I can be doing something else while the screens run in the background.
I can see another opportunity in about three months that may come up, so I'm preparing for another attempt if it happens. Paying up everything that I can. Putting extra money in the bank, and keep adding to my trading accounts, and I've been working on an idea to get me a trading room. Maybe this time I will crack it.
Peter
First time was 3 years ago when I had only been trading for a year. Lasted about two weeks. Totally undercapitalised.
Next was a year later. Lasted around three weeks. Still undercapitalised and not experienced enough to know the markets well. Both these "attempts" were over the Christmas/New Year period, so that alone made it very hard to do well without a lot of experience.
Last attempt was early this year. A bit better capitalised. Much more experienced, and trading Jan-Feb-Mar, so results were much better, and starting to look promising. Biggest problem is total boredom. There are only so many forums to read, ebooks to look at, websites to update. Another thing was my trading area. We live in a large van, and there is no quiet, private area. So I have to trade listening to the wife's endless crime shows on TV. After 7 weeks of mildly successful trading, I got a call from my old boss to come back, so I did.
Since then I've taken my capital up to a decent level, $20K, and that alone has shown a real change. I now feel that next time I trade fulltime, I'll be making my needed income. I've had more experience (I trade every day after work for around 4 hours), and I now make consistent profit.
The boredom problem is HUGE one to solve. I've now got 5 accounts. Four for "proper" trades, and one to "play" with. My play account is for the trades bought on by boredom, while the others are for trades taken to plan. Each proper account is for one currency and one method, while the play account is for anything that takes my fancy. I have found that this way I have an outlet for boredom trades and scalps that won't hurt my real accounts, and my overall balance is kept safe.
For me, I need a separate trading room in the future, so that I can set up other things that interest me (electronics and microscopy) and I can be doing something else while the screens run in the background.
I can see another opportunity in about three months that may come up, so I'm preparing for another attempt if it happens. Paying up everything that I can. Putting extra money in the bank, and keep adding to my trading accounts, and I've been working on an idea to get me a trading room. Maybe this time I will crack it.
Peter
Holy Grail part 1. - Cut loses short.
Thks for the wishes Patience.
