Do all traders need another source of income? I've been asking myself this question recently due to the slightly disturbing fact that I've always made money consistently in the markets whenever I've had a "normal" job (IE one where it's impossible to work all day and lose money!)This security has allowed me to be more bold in seeing my ideas through to resolution. Perhaps it also helped me to stay objective too...
On the flip side, I've found it difficult to sustain the same momentum whenever I've abandoned my job after several months of success which I felt proved my ability to provide for myself through trading. Some might argue, "why don't you just continue to build a nice account whilst working?", but that was never my intention.
"He's able to perform the most complex tasks but sometimes struggles with the simpler tasks which he tends to overlook" was the gist of one school report. That sentiment has resurfaced from time-to-time throughout various endeavours in my life. I know that I'm pushing a door that needs to be pulled...or devising a complicated way to clutch a stone in the palm of my hand, face down, instead of simply letting it sit there, palm up! *wink@UF*
Einstein's definition of madness: "Doing the same thing over and over and expecting a different outcome" (don't quote me word for word on that...but the meaning is the same)
A few fragmented thoughts at 02:30am.
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2 comments:
MM,
Ran across your post accidentally, this post could have been written by me (pretty much verbatim!).
This is my third year trading (2nd year in live trading). And all of the 3times I blew my accounts out it was pressure that got to me....
I have re-ignited my previous career to see if the pressure of sole income source was the issue.
Unfortunately, it seems that it was....now that my primary income is split my trading has remained the same but my consistency has gone through the roof.
I don't make much more now than before (in fact I make the same) but I lose much much less because I simply don't feel the pressure to trade after a loss.
That, is not something I would admit to myself for a long time but the market beat me senseless into submission about my limits.
I have no choice but to live by those limits.
Progress...one day at a time I guess...
Thanks for sharing your thoughts.
Best,
S.
(BTW, I don't have a blog but I sometimes "hang out" on the commenter's on some helpful blogs (like JE's and Emini Players').
Those guys come up with little gems often.
My 'stone/palm' story has only ever got blank looks before, never a mention ;-)
Your post makes a lot of sense. I know I was only able to learn to trade because I started whilst I was a house-husband, the only pressure on me was to change nappies, not earn money. I learnt the basics with EOD strategies and at 50p/point i.e. cheaply.
If I had to earn an income from day 1 then I would be penniless and sectionable.
You need to update this post with the solution though :-)
UF.
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