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Day Trading from Home Psychological Support

  • #1
  • First Post: Dec 9, 2016 5:45am Dec 9, 2016 5:45am
Have you ever been into a situation where, someone asks you what you do & you replied "I am a retail trader". Where is your office? "I
work from home". You mean working online by seating in front of a computer in your pyjamas, are those real jobs? etc etc.

I feel people who works from home doesn't get proper respect like other service people. Do you agree with it?
If you are in same bout like me, then how you deal with that?

I am really curious & interested to advance.
Regards
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #2
  • Edited 9:12am Dec 9, 2016 8:44am | Edited 9:12am
Quoting PipPirates
Have you ever been into a situation where, someone asks you what you do & you replied "I am a retail trader". Where is your office? "I work from home". You mean working online by seating in front of a computer in your pyjamas, are those real jobs? etc etc. I feel people who works from home doesn't get proper respect like other service people. Do you agree with it? If you are in same bout like me, then how you deal with that? I am really curious & interested to advance. Regards
Depending if I want the person to actually know what I do, I either say I am a Day Trader or I am a Graphic Designer. It is quite common to work from home in America, so it is not embarrassing to say that. It is also common to just "be" home since the real unemployment rate is 37.2%. There are lots of people at home now.
You cannot be extraordinary by being normal
  • #3
  • Dec 9, 2016 9:26am Dec 9, 2016 9:26am
Quoting dkrock
{quote} Depending if I want the person to actually know what I do, I either say I am a Day Trader or I am a Graphic Designer. It is quite common to work from home in America, so it is not embarrassing to say that. It is also common to just "be" home since the real unemployment rate is 37.2%. There are lots of people at home now. The NFP data of Unemployment only counts the last 4 weeks. It is highly manipulated. Those "jobs" are normally centered around government openings and contracts. This is why our economy has not moved for the last 8 years....
That's an excellent explanation you provided. Also a highlight of the recent electoral incident.
Well I understand about the unemployment. But what if someone is choosing business over jobs. Then this definition get changed isn't it. Working from home is still not that much common in my country (that is what so far I feel). Yes government jobs are also highly recommended option in our society. Almost everyone tries to get one job even if its a low pay. Under such condition, If a young person choose to be at home & day trades in financial market which most people think as gambling, it produce lots of deep breath around that person. Most of the people in here doesn't consider work from home as real job.
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #4
  • Dec 10, 2016 11:33am Dec 10, 2016 11:33am
I wrote briefly about this in my thread ' Trader's Academy', so here's a copy and paste of that post -

One of the hardest things about learning how to trade is that no one gives a shit. If you are training to become a doctor, an engineer, a teacher or some other worthy professional, your friends and family will be proud of you and shower you with praise and encouragement, but when you are locking yourself away in some small room at home, unseen and unknown to the world for hours and hours a day, people think you are a fool, a dreamer, a gambler, someone who doesn't want to work for a living. Speak to any successful retail trader and I guarantee they will say the same thing. Trading is not seen as a profession until you become good at it, but often by that time, you have usually lost a lot of money, quite a few friends, and maybe even a wife or girlfriend.

This is one aspect of trading that very few people talk about, but I think it is really important that new aspiring traders understand it and are prepared for it. It's great when you finally make it, but there is a great deal of pain along the way, and I do speak from experience. It's all about belief, belief in yourself, and you'd better have it in bucket loads because it is not something that you will get much of from those close to you when you are new to trading. Belief, conviction, patience and perseverance will get you through it, but self-doubt, especially that instilled by others, will kill your dreams comprehensively because with the wrong attitude and mindset, there is no less forgiving place in the world than the market.
  • #5
  • Dec 10, 2016 12:09pm Dec 10, 2016 12:09pm
Cat, indeed. Many will scoff, or not even get what trading forex is like or how it works and infer it is just currency gambling.

Thankfully, my wife has given me the freedom to try proving myself...even for the time i was using SL's and getting ripped up continually and losing money. She has seen the potential upside at the end of 2014 (which i later blew, by overtrading as I was then out of a job and tried to force it) and now she is just waiting for my current 'restrained' trading to come to fruition (and happy with what she sees so far). <--- huge benefit to mental stability for trading

On the other hand, I have a mate that is interested, and suggested he'd give me some money to trade, but only after proving myself. He doesn't really want any risk (which i understand - but without risk, no real reward), but I don't think we'll agree on it.

Another mate doesn't really get it, but has faith and one day (days since we'd seen or spoken to each other) handed over an envelope. Nothing big, but it was his indication of belief...that was his money to 'lose' or to gain. I think he'd trade if he felt he understood it...but has no taste for real risk, so he's investing in me. If I can, I will see what I can do to make that envelope bulge. ;-)

It's great having such a variety of viewpoints (the vast majority in the scoffing/unsure/wary camp), but as has been said, it's only what you feel that you can achieve (and then doing it) that makes this possibility a reality.
  • #6
  • Dec 10, 2016 12:33pm Dec 10, 2016 12:33pm
the best way for the surroundings and yourself is to rent a flat .. and "go to office" like everyone else.

seriously !

i have the issue as iam always at home .. life gets more like iam the houseman (because iam there anyway)
so i have this micro arguments regulary like
"can you buy some milk"
"no i just short the dax pre-market and have to be there on the opening"
"how long does that takes"
"until the price gets there"
"and how long is that"
"i dont know"
"how can you not know ? you do that so many years already"

on other days i do it .. if i have a pre-planned trade open .. its actually better not to watch the screen ..
but the difference is unseen by others.

having a place to go to trade has serval advantages:
- you go to office (even if its your own)
- less distration
- you have a work-day which brings mosre stability
- if you back home, forget the charts
  • #7
  • Dec 10, 2016 12:53pm Dec 10, 2016 12:53pm
Quoting nullx8
the best way for the surroundings and yourself is to rent a flat .. and "go to office" like everyone else. seriously ! i have the issue as iam always at home .. life gets more like iam the houseman (because iam there anyway) so i have this micro arguments regulary like "can you buy some milk" "no i just short the dax pre-market and have to be there on the opening" "how long does that takes" "until the price gets there" "and how long is that" "i dont know" "how can you not know ? you do that so many years already" on other days i do it .. if i have...
Really good post.. I can attest to this.. having a private office, preferably away from the home, some can have it nearby and some not.. But very beneficial.
It's in fear when people show what they truly value.
  • #8
  • Dec 10, 2016 1:11pm Dec 10, 2016 1:11pm
Quoting Nefser
Cat, indeed. Many will scoff, or not even get what trading forex is like or how it works...... .
No one who has never traded has the slightest idea of the skills required and it is wrong to expect them to. I have never met a single person who understands what I do unless they are traders themselves, or have been traders. When I'm asked what I do, I do not say trader anymore as I'm bored with the follow up, so I just say I'm a financial analyst, which is in fact true.

Problem with trading is that as with any skill or profession, there is a period of learning, a time for being a student, which for many skill based professions can last a number of years. Neither the majority of would be traders nor those around them see it this way however. The failure rate among traders is so high for a variety of reasons most of us know, but foremost among them is that trading as a profession does not receive a fraction of the respect other professions do, neither from traders themselves nor from society.

This has profound implications for those whose ambition is to make a living from it. Due to there being no formal qualifications or regulations as to who can take a position in the market, most people risk their money long before they have learned enough about the markets to profit from them, they lose money and become yet another failed statistic. But why is this so? Why don't traders go through the learning period just as they would be forced to do were they wanting to become some other skills based professional? It is because when you start learning how to trade for the first time, unless you take the measured approach and learn in your spare time, the pressure to achieve instant results is much higher than it would be for a profession which is respected, and when these results are not forthcoming, as they never are when the process is rushed, those around you quickly lose their faith... viewing you as a gambler, even lost and in need of help, and who can blame them...they know nothing about what you are trying to achieve.

Learning how to trade is doubly hard because not only are you frowned upon for, as most see it, wasting your time trying to learn how to do something which has the highest failure rate of any profession in the world, you are frowned upon even more when you start losing money, losses which are inevitable if short-cuts are taken. It really is a catch 22 situation and one of the principle reasons why so few make it.

To succeed in this business you have to endure all of these pressures and be prepared to stick with it for as long as it takes. Unless one is independently wealthy, so can finance the learning process, or is able to support himself/herself by some other means while learning how to trade, no matter how long it takes, it is 100% impossible to become a consistently profitable trader. Around 95% who try fail, unsurprisingly.
  • #9
  • Dec 10, 2016 1:27pm Dec 10, 2016 1:27pm
I don't think so ... This is the hardest option ..you face alone this business up and down. 
If this available freely the percentage of failure reported less...
By the way nice topic... Dear.
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -294
  • #10
  • Dec 10, 2016 1:30pm Dec 10, 2016 1:30pm
I worked from home my whole life...I couldn't care less what people think about it, I am not trying to impress anyone, I need to be happy myself.
Everyone can see the chart, but only a few can actually read it.
  • #11
  • Dec 10, 2016 8:46pm Dec 10, 2016 8:46pm
Quoting OnlineAddict
I worked from home my whole life...I couldn't care less what people think about it, I am not trying to impress anyone, I need to be happy myself.
Simply Well Said!! 100 likes for it.
Well, I think that's what my problem is, I tried to impress or convince people around me, that's why forgot my own happiness. Now totally charged.
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #12
  • Dec 10, 2016 8:54pm Dec 10, 2016 8:54pm
Quoting nullx8
the best way for the surroundings and yourself is to rent a flat .. and "go to office" like everyone else. seriously ! i have the issue as iam always at home .. life gets more like iam the houseman (because iam there anyway) so i have this micro arguments regulary like "can you buy some milk" "no i just short the dax pre-market and have to be there on the opening" "how long does that takes" "until the price gets there" "and how long is that" "i dont know" "how can you not know ? you do that so many years already" on other days i do it .. if i have...
HAHA so funny, i have the exact same experience.
  • #13
  • Dec 10, 2016 8:55pm Dec 10, 2016 8:55pm
Quoting nullx8
the best way for the surroundings and yourself is to rent a flat .. and "go to office" like everyone else. seriously ! i have the issue as iam always at home .. life gets more like iam the houseman (because iam there anyway) so i have this micro arguments regulary like "can you buy some milk" "no i just short the dax pre-market and have to be there on the opening" "how long does that takes" "until the price gets there" "and how long is that" "i dont know" "how can you not know ? you do that so many years already" on other days i do it .. if i have...
I will agree with you totally! In fact, I got a separate apartment for me, away from main city. That "houseperson" thing is really pathetic. No matter how hard you try to train your house members, they will never understand it , as long as they can see you in the house. They will always expect you to do the domestic jobs as you are in the home. Plus you have to attain the doors.

Within few months I decided to shift, yes there will be some extra cost of transportation, fooding & dedicated net connection, extra bills etc. But its still far better option.
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #14
  • Dec 10, 2016 8:55pm Dec 10, 2016 8:55pm
Quoting PipPirates
Have you ever been into a situation where, someone asks you what you do & you replied "I am a retail trader". Where is your office? "I work from home". You mean working online by seating in front of a computer in your pyjamas, are those real jobs? etc etc. I feel people who works from home doesn't get proper respect like other service people. Do you agree with it? If you are in same bout like me, then how you deal with that? I am really curious & interested to advance. Regards
I dont know about where you live but where im from, success is the only thing that impresses most people. Make money and they wont give a shit if your a toilet cleaner.
  • #15
  • Dec 10, 2016 8:59pm Dec 10, 2016 8:59pm
Quoting cat
I wrote briefly about this in my thread ' Trader's Academy', so here's a copy and paste of that post - One of the hardest things about learning how to trade is that no one gives a shit. If you are training to become a doctor, an engineer, a teacher or some other worthy professional, your friends and family will be proud of you and shower you with praise and encouragement, but when you are locking yourself away in some small room at home, unseen and unknown to the world for hours and hours a day, people think you are a fool, a dreamer, a gambler,...
Thank you Cat, for sharing your view here. Very important points you mentioned. Yes until someone reaches to a big place or earn good cash no one will take the work from home seriously. Some people get jealous also.

Quoting mohsinali
I don't think so ... This is the hardest option ..you face alone this business up and down. If this available freely the percentage of failure reported less... By the way nice topic... Dear.
Its my pleasure, I thought its a common concern from some people like me...
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #16
  • Dec 10, 2016 9:01pm Dec 10, 2016 9:01pm
Quoting mrhigurashi
{quote} I dont know about where you live but where im from, success is the only thing that impresses most people. Make money and they wont give a shit if your a toilet cleaner.
HAHA ...yes 100% true!!
Discussion is an exchange of knowledge;argument is an exchange of ignorance
  • #17
  • Dec 10, 2016 9:33pm Dec 10, 2016 9:33pm
I stopped renting an office long time ago, work from home since.
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  • #18
  • Dec 10, 2016 10:11pm Dec 10, 2016 10:11pm
Quoting nullx8
the best way for the surroundings and yourself is to rent a flat .. and "go to office" like everyone else. seriously ! i have the issue as iam always at home .. life gets more like iam the houseman (because iam there anyway) so i have this micro arguments regulary like "can you buy some milk" "no i just short the dax pre-market and have to be there on the opening" "how long does that takes" "until the price gets there" "and how long is that" "i dont know" "how can you not know ? you do that so many years already" on other days i do it .. if i have...
Totally agree with you nobody care how hard you are trying in this business and they are true on their side because they want result in certain period of time and the reality is nobody knows how long it will take to become a consistent trader, in learning phase if you don't have proper financial backup how would you survive in this world.The problem is more what you describe in above post there is lots of big shark (Scammers) who want to eat your hard earned money in the term of System , Indicator, signal services and list goes on blah blah blah......
I don't know others but I newly open a small business where I have lots of time to deal with the market. Apart from business Doing Yoga, meditation,Prayer and the most important thing is plying with children and animals they give causeless happiness . Life is beautiful so live your life Today who know what happen tomorrow as far as family and friend they always expect 200% what we have so nothing to worry about it. stay focused one day we will in 5%.
Take care God bless you guys happy weekend
Thank You.
$
Newbie
  • #19
  • Dec 11, 2016 12:20am Dec 11, 2016 12:20am
Why are you so concerned about what other people think? LOL
The only system that will work is one designed by and for yourself.
  • #20
  • Dec 11, 2016 1:06am Dec 11, 2016 1:06am
Get away with all distractions..... Focus on what you want to achieve.... Good Luck To All Home Trader Friends.
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STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
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