Being a trader is a way of life | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Bank Conversion Fee - Is There A Way To Avoid Being Ripped Off 4 replies

Health is wealth in a trader's life 100 replies

The Life and Journey of a trader 9 replies

My life, as a trader 2 replies

A Day in the Life of a Trader 0 replies

Attachments: Being a trader is a way of life
Exit Attachments

Being a trader is a way of life

  • #21
  • Oct 8, 2014 10:35pm Oct 8, 2014 10:35pm
Quoting smash1820
{quote} Ok, here's my point of view on trading: - It is not like anyone thinks it is - It is much harder than you think (at first) - It is the easiest job in the world if you are good at it - It is the hardest job in the world if you are not - And specifically -- in response to your response -- "Being a good painter, or a good chef, or even a good programmer, or almost any other professional for that matter, cannot give you the kind of financial freedom that being a good trader can provide." ... Not very much like your typical job, imho, and I could...
I am glad for this thread as I, being an intermediate trader, (or one that holds himself back to often) cannot think about this as a job. Firstly I think trading is not a job, it's an extension of your personality and who you are. So be true to yourself and trade in line with who you are, with a plan that you have selected or produced in line with who you are and what level of tension that you can tolerate. Secondly practice practice and trade small until you are so familiar with trade setups that you have great confidence and let them run, or close out bad ones quickly. Lastly let go of human desire and fear, think opposite to most and in a wierd way the money will come if you just focus on your plan and what the chart is telling you. For example, in an almost Zen way, when you feel confident and victorious, run for cover! But when you are at peace with no thought of money or loss can you truly be a great trader. When I am weak and humbled can I truly see my madness enough to put it aside and trade properly. It is like humanity in reverse but a beautiful way to live and I for one am on that path but lots to learn! For me there is nothing like trading (that I know of) that is not a job, but a way of life (like a martial art or religion in some ways).
  • #22
  • Edited 11:21pm Oct 8, 2014 10:52pm | Edited 11:21pm
Quoting four.owls
I am glad for this thread as I, being an intermediate trader, (or one that holds himself back to often) cannot think about this as a job. Firstly I think trading is not a job, it's an extension of your personality and who you are. So be true to yourself and trade in line with who you are, with a plan that you have selected or produced in line with who you are and what level of tension that you can tolerate. Secondly practice practice and trade small until you are so familiar with trade setups that you have great confidence and let them run,...
Welcome aboard this crazy journey that is trading, and best of luck to ya bud!

I agree 100% with your thoughts, especially the part about trading being an extension of your personality. I think that is very true.

There is no doubt that trading teaches you how to embrace... YOURSELF
Please check out my blog at https://from-zero-to-hero . net
  • #23
  • Oct 8, 2014 10:56pm Oct 8, 2014 10:56pm
Yes thanks! I think we dedicated traders need others for support as things get rough at times! IT is interesting to note that statues of Japanese martial arts teachers or great Zen teachers at times had a very scary face carved on them, not because they were ugly or mean people but in that a teacher shows the ugliness, fear and lack of faith in ourselfs...so the ugly face is our own..and boy the market can definately do that..sometimes you just need to step away for a time!!
  • #24
  • Oct 8, 2014 11:17pm Oct 8, 2014 11:17pm
Being a full time trader who earns sole income from trading i feel i can contribute.

Yes trading is simply a pro decision maker, its not about how HARD you work but being right.

trading IS boring, if you dont think so, well you are definitely too emotionally involved OR talk to me in a couple years when you are consistent and are getting real results and you can show me your passion for teaching.

Its the life that trading offers that is not boring.
Attached Image
All posts are my personal opinion
  • #25
  • Oct 8, 2014 11:27pm Oct 8, 2014 11:27pm
Quoting Hexagon4
Trading as part of you life is special if you are a currency trader.....where the market is open 24/7 its sure is a mental game. And to have a plan dosent makes trading easier it can make your whole life a bit easier =D Example of a trading plan might be: 1. Make an analyze of the currency, either fundamental or technical . (Or as i did as a total newbie to get a FEEL of the currency. I just watched a currency and made a guess where it would go, no more questions asked.) 2. Take a decisions...
It is not 24/7 but actually 24/5.
Striving to Develop & Implement Innovative Ideas
  • #26
  • Oct 8, 2014 11:36pm Oct 8, 2014 11:36pm
Quoting New-Pragati
It is not 24/7 but actually 24/5.
Actually, it's 24/6.

Let's see, Sunday, Monday, Tuesday, Wednesday, Thursday, and Friday.

I think I know how to count too.
Please check out my blog at https://from-zero-to-hero . net
  • #27
  • Oct 8, 2014 11:42pm Oct 8, 2014 11:42pm
Quoting smash1820
{quote} Actually, it's 24/6. Let's see, Sunday, Monday, Tuesday, Wednesday, Thursday, and Friday. I think I know how to count too.
actually... its 24/5.5 lol
All posts are my personal opinion
  • #28
  • Oct 8, 2014 11:42pm Oct 8, 2014 11:42pm
Quoting smash1820
{quote} Actually, it's 24/6. Let's see, Sunday, Monday, Tuesday, Wednesday, Thursday, and Friday. I think I know how to count too.
The market is is open for 120 hours per week.(24/5) . Guess the person made a typo mistake.
My time zone : Opens on Monday at 2:30 AM and Closes on Saturday at 2:30 AM.. From Saturday 2:30 AM to Monday 2:30 AM the market is closed which means closed for 48 hours or 2 days.
Striving to Develop & Implement Innovative Ideas
  • #29
  • Edited 12:45am Oct 9, 2014 12:21am | Edited 12:45am
Quoting four.owls
{quote} I am glad for this thread as I, being an intermediate trader, (or one that holds himself back to often) cannot think about this as a job. Firstly I think trading is not a job, it's an extension of your personality and who you are. So be true to yourself and trade in line with who you are, with a plan that you have selected or produced in line with who you are and what level of tension that you can tolerate. Secondly practice practice and trade small until you are so familiar with trade setups that you have great confidence and let them run,...
My day begins at about 9am. I get up....shower and eat breakfast. do some household chores, get changed and get to my office at about 11.30am. Tokyo market opens on Monday at 1pm (my time) and so I have time to answer emails and skim very briefly over the 99% of rubbish at FF before looking at the markets. I check my economic calendar and I'm ready for any opportunities from Tokyo open.

At 3pm, I stop for a late lunch and at 4.30 I stop completely so that I can prepare and enjoy a nice dinner. Frankie opens at 7pm for me, and so I'm back here at 6.15 - 6.30pm ready for the Frankie/London session. By about 10pm I have my 'afternoon tea' and I call it a day about 1am, just as NY comes online. Sometimes I'll give it another 30 minutes to see any news, but by then I have usually made my daily target so it's off to have some supper...a shower...do some reading....or some other non trading activity. In bed by about 1.30-2am and go to sleep.

So essentially I get up, go to work, finish work, rest and sleep. I don't think about trading anymore that I have ever thought about any other of my past jobs when I'm not actively at work.

To me, trading is a job that pays well and pays my bills and allows me to 'take days off' when I feel like it, to have a holiday, go skydiving or whatever.

The only difference between this job and my previous (self employed) jobs is the somewhat anti-social hours. But that's the way it goes.

So the question is this: Do you work to live......or do you live to work?

I work to live.....it's a job.....a job I enjoy, mostly...but it's a job. All the other romantic notions soon get knocked out of when you depend on your trading to pay your bills and put food on the table.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #30
  • Oct 9, 2014 12:26am Oct 9, 2014 12:26am
Quoting realjumper
{quote} My day begins at about 9am. I get up....shower and eat breakfast. do some household chores, get changed and get to my office at about 11.30am. Tokyo market opens on Monday at 1pm (my time) and so I have time to answer emails and skim very briefly over the 99% of rubbish at FF before looking at the markets. I check my economic calendar and I'm ready for any opportunities from Tokyo open. At 3pm, I stop for a late lunch and at 4.30 I stop completely so that I can prepare and enjoy a nice dinner. Frankie opens at 7pm for me, and so I'm back...
I agree with that! Romantic notions get knocked out of you when you depend on it for bills and living. I have been a full time trader 2 times before but severely under capitalized. Out of curiousity how much capital did you 'need' when you started trading full time, or is it less about that and more about making what you have work well (since we can leverage the dollars)?? I am working to trading full time again (in about 5 years time as I need more capital and practice!!). But I figure about $40K I can easily manage to replace my income based on current success rates...I am curious for feedback on this!
  • #31
  • Oct 9, 2014 12:34am Oct 9, 2014 12:34am
Being trader is a way of life. Good food for thought. The answer to me is:

Being trader is a way off life.
The Thief of Wall Street
  • #32
  • Oct 9, 2014 12:43am Oct 9, 2014 12:43am
Quoting four.owls
{quote} I agree with that! Romantic notions get knocked out of you when you depend on it for bills and living. I have been a full time trader 2 times before but severely under capitalized. Out of curiousity how much capital did you 'need' when you started trading full time, or is it less about that and more about making what you have work well (since we can leverage the dollars)?? I am working to trading full time again (in about 5 years time as I need more capital and practice!!). But I figure about $40K I can easily manage to replace my income...
I expect that the capital amount is different for everyone, but for me, I did some basic arithmetic to see what is the smallest amount that I would need to keep my head above water, so to speak. I decided that if I lived very modestly.....no movies, skydiving, dining out etc etc, I could scrape by on $500 pw. So, while I was still employed I traded whenever I could...often while I was at work to attain some measure of consistency. When I could make 100 pips per week......minimum.....then all I had to do was to fund my account with $10k so that I had twice the capital that I could actually 'get away with' to meet my 100 pips $500/week goal and still allow for weeks of less that 100 pips if markets were closed or I made a mess of things or whatever.

I had a decent savings account to fall back on if need be, but the major discipline was to live a modest lifestyle so that I wouldn't put pressure on myself to make more and more....which leads to disaster.

The first year of full time was tough, but I scraped through without really improving my $10k balance.....but I survived! The second year I made a nice little profit...the third year...this year...is looking pretty damned good.

It's a marathon, not a sprint, and if we're honest with ourselves, we can live quite well on not a hell of a lot of money if need be....for the greater good of making a very good amount if we're patient.

And patience is the Holy Grail in many, many aspects of trading....imo.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #33
  • Oct 9, 2014 1:16am Oct 9, 2014 1:16am
I used to think that trading was a way of life. But I realized that learning to trade was a way of life. After that, it becomes a routine, much like any other.

Inserted Video
If you are good at something, never do it for free--Joker
  • #34
  • Oct 9, 2014 1:46am Oct 9, 2014 1:46am
Quoting smash1820
{quote} Ok, here's my point of view on trading: - It is not like anyone thinks it is - It is much harder than you think (at first) - It is the easiest job in the world if you are good at it - It is the hardest job in the world if you are not - And specifically -- in response to your response -- "Being a good painter, or a good chef, or even a good programmer, or almost any other professional for that matter, cannot give you the kind of financial freedom that being a good trader can provide." ... Not very much like your typical job, imho, and I could...
Well Said!

Hello World!
  • #35
  • Oct 9, 2014 2:00am Oct 9, 2014 2:00am
Quoting smash1820
. Not very much like your typical job, imho, and I could add more still if you don't get the point.
This thread is not about job comparison. It's about whether "Being a trader is a way of life" or not
Doing what you like is Freedom. Liking what you do is Happiness.
  • #36
  • Oct 9, 2014 2:17am Oct 9, 2014 2:17am
Quoting realjumper
{quote} I expect that the capital amount is different for everyone, but for me, I did some basic arithmetic to see what is the smallest amount that I would need to keep my head above water, so to speak. I decided that if I lived very modestly.....no movies, skydiving, dining out etc etc, I could scrape by on $500 pw. So, while I was still employed I traded whenever I could...often while I was at work to attain some measure of consistency. When I could make 100 pips per week......minimum.....then all I had to do was to fund my account with $10k so...
it is a good plan for trading forex
  • #37
  • Oct 9, 2014 2:23am Oct 9, 2014 2:23am
Well, i think i really love to trade and feel all the emotion that comes with it (that's still my weakness..).

I burn a lot of cash, several accounts..
I earn a lot of cash, several accounts..

I do feel greedy, also fear..
I also feel powerful and mighty when things is right..
Upset, crash and burn when things is bad..

Now, i can say, i like trading.
But need to fixed my emotions.

Have a green pips guys! ^^V
I've failed many times, but I took the lessons,and never give up.God Bless.
  • #38
  • Oct 9, 2014 2:35am Oct 9, 2014 2:35am
Quoting realjumper
{quote} I expect that the capital amount is different for everyone, but for me .... It's a marathon, not a sprint, and if we're honest with ourselves, we can live quite well on not a hell of a lot of money if need be....for the greater good of making a very good amount if we're patient. And patience is the Holy Grail in many, many aspects of trading....imo.
Thank you for that insight.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #39
  • Oct 9, 2014 8:54am Oct 9, 2014 8:54am
Quoting smash1820
{quote} Ok, here's my point of view on trading: - It is not like anyone thinks it is - It is much harder than you think (at first) - It is the easiest job in the world if you are good at it - It is the hardest job in the world if you are not - And specifically -- in response to your response -- "Being a good painter, or a good chef, or even a good programmer, or almost any other professional for that matter, cannot give you the kind of financial freedom that being a good trader can provide." ... Not very much like your typical job, imho, and I could...
nah, it's still just a job. If it is an extension of yourself, then you must be a pretty shallow person. After all traders are just taking money from others and put it into their accounts (in an ideal scenario).
The only difference between this one and any other job is that you can scale up, like a business man.

But there is nothing beautiful in this profession and society isn't even benefiting from you (yeah and forget the liquidity crap - nobody needs all this liquidity anyways except the speculators and brokers) - it's just a job in the end . However it has similar traits to a poker player or black jack player, so you are nothing more than a professional better / opportunist. Again, if this is who you are, then yeah, it may be an extension of yourself.

I rather view it as a job.
  • #40
  • Edited 6:57pm Oct 9, 2014 3:41pm | Edited 6:57pm
Quoting Custos
{quote} nah, it's still just a job. If it is an extension of yourself, then you must be a pretty shallow person. After all traders are just taking money from others and put it into their accounts (in an ideal scenario). The only difference between this one and any other job is that you can scale up, like a business man. But there is nothing beautiful in this profession and society isn't even benefiting from you (yeah and forget the liquidity crap - nobody needs all this liquidity anyways except the speculators and brokers) - it's just a job in the...
Firstly you have it backwards, my trading reflects me, my personality and in that sense trading is an extension of myself, not the other way that 'taking other's money' as an external concept that I absorb to who I am..no it is WHO I AM THAT GOES INTO THE MARKET PLACE. Don't worry, we all have losing trades so when I do 'win' I so deserve it to make up for the other times when I don't!!!

Then all the more reason for adding beauty to the career! But that argument is from only one point of view, I mean do Butchers, Bankers, people in forestry, mining or other professions put themselves down because of some intrinsic negative aspect of their job? No, we do what we can to provide for our families and see the flowers rather than the other trader who 'has' to lose!! Lastly this trading game really is such smoke and mirrors, with so much money out there that my insignificant winnings can hardly be traced to some poor soul on the other end who needs it to survive..Perhaps you should think a bit deeper about who you are and how trading really is?? (meant nicely and not in a fighting spirit!!)
0 traders viewing now