I have been thinking about going full time trading but i always abandon that plan because i have a kind of fear of one day everything just doesnt work out and i go on a long losing streak (which happens) . Without a full time job i would just collapse.
If you are a full time trade do you have the same fear?
Full time traders do you have this fear/phobia?
How longs a long losing streak to you?
Could you live off your last 6mths earning from trading or come close to it if you have only been able to trade PT so far?
A simple rule of thumb is to have at least 6mths money put aside to pay mortgage/rent bills etc so that your not relying on any income from trading, that will allow you to fully focus on the markets - without that you will likely struggle by as fear will start to creep into your decision making and begin to cloud your judgement etc. You'll certainly be under a lot more unnecessary pressure!
Good luck whatever you decide
Could you live off your last 6mths earning from trading or come close to it if you have only been able to trade PT so far?
A simple rule of thumb is to have at least 6mths money put aside to pay mortgage/rent bills etc so that your not relying on any income from trading, that will allow you to fully focus on the markets - without that you will likely struggle by as fear will start to creep into your decision making and begin to cloud your judgement etc. You'll certainly be under a lot more unnecessary pressure!
Good luck whatever you decide
- ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
you have a job now.
if you try and you succeed, you'll get what you wanted
if you try and you fail, you'll get another job.
so you can either be ...
1. a guy with a job that didn't try
2. a guy with a job that tried
3. or what you want to be
All I'll say about a choice is that in the last 35 yrs I've had a lot of jobs, and lots of failures inbetween.
This is what I'm doing now, if it doesn't pan out then life moves on and the next cycle might bring something better that I can't even imagine yet. I've never minded living on bread and jam while I try stuff so ditching jobs hasn't ever been an obstacle. Maybe that's a reckless attitude that will do for me, maybe it's an adventurous spirit that will be the making....only one way to find out eh
if you try and you succeed, you'll get what you wanted
if you try and you fail, you'll get another job.
so you can either be ...
1. a guy with a job that didn't try
2. a guy with a job that tried
3. or what you want to be
All I'll say about a choice is that in the last 35 yrs I've had a lot of jobs, and lots of failures inbetween.
This is what I'm doing now, if it doesn't pan out then life moves on and the next cycle might bring something better that I can't even imagine yet. I've never minded living on bread and jam while I try stuff so ditching jobs hasn't ever been an obstacle. Maybe that's a reckless attitude that will do for me, maybe it's an adventurous spirit that will be the making....only one way to find out eh
- ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
This is of course the sensible answer.....I'll just add though that you need that 6mths bills money...and the money you'll be losing if it doesn't work out.
-
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
A lot depends on your circumstances , age , job , personal circs etc but I think most of us have that fear/doubt that it could all end tomorrow either through our own fault or simply because laws/regulations change. I kind of drifted into going FT a long time ago without any backup cash but I did have the belief in my techniques to make money and always knew if things went tits up it's only money and I'd just get another job or house
Instead of talking about losing streaks you need to look at your month by month profits. Would you, in the last year, have been able to take out a modest but sufficient monthly salary without your capital being adversely affected by losing months?
- ruthlessimon
- Posts: 2094
- Joined: Wed Mar 23, 2016 3:54 pm
Meh, that argument could be made for any profession though. I think anyone would be nuts to have everything in 1 basket.spreadbetting wrote: ↑Fri Jun 22, 2018 3:31 pmI think most of us have that fear/doubt that it could all end tomorrow either through our own fault or simply because laws/regulations change.
-
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
ruthlessimon wrote: ↑Fri Jun 22, 2018 3:43 pmMeh, that argument could be made for any profession though. I think anyone would be nuts to have everything in 1 basket.spreadbetting wrote: ↑Fri Jun 22, 2018 3:31 pmI think most of us have that fear/doubt that it could all end tomorrow either through our own fault or simply because laws/regulations change.
It's a different ball game when you're responsible for your own income and don't have an employer to pick up the tab when you're slacking. I'd imagine most people are reliant on one employer for their income, RS , so not sure why they'd need more than one basket.
To make a living doing this you do need that pig headed belief in yourself that you're always right , I think when people start doubting themselves or need to ask about going full time it's probably best they don't.
- ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
There's more than one basket? I'm hoping to upgrade to a basket from a paper bag.ruthlessimon wrote: ↑Fri Jun 22, 2018 3:43 pmI think anyone would be nuts to have everything in 1 basket.
if a losing streak wipes off a months profit that is bad enough for me. I will feel that i have wasted my time and my time could be better spent doing something else.
when i mean collapse i mean collapsed physiologically. You feel like there is no way to beat the market and stuff.
Do you make a profit overall?
A losing month isn't a waste of time if you've made a worthwhile profit over the last six or so months. Losses are the cost of winning.
In fact, even if somebody tries trading and loses I wouldn't call it a waste of time. A lot will have been learnt, and as they say, nothing ventured nothing gained.
well yes. otherwise i wont even think of going FT.Derek27 wrote: ↑Fri Jun 22, 2018 4:55 pmDo you make a profit overall?
A losing month isn't a waste of time if you've made a worthwhile profit over the last six or so months. Losses are the cost of winning.
In fact, even if somebody tries trading and loses I wouldn't call it a waste of time. A lot will have been learnt, and as they say, nothing ventured nothing gained.
I think you have just answered your question yourself
Any thoughts along these lines and I wouldn't recommend you going full-time at the moment