[TradeRunner]

Originally Posted by MidKnight »

Traderunner, who said I didn't need an income .

Sure, I understood that you and Cory would be making sacrifices (and I didn't mean to imply that it was an easy choice for you or Cory). I also know that I could do exactly what you did however for me that would mean risking losing my family and I guess I don't need or want to be a trader that much to risk that. I agree with what MCM said.

I really respect the courage and commitment you made but for me I will need to choose a different route and that route may be longer (holding down a full time job and practicing in the evenings) but hopefully it will be less stressful!


TradeRunner

[Cory2679]

Originally Posted by TradeRunner »

...for me that would mean risking losing my family and I guess I don't need or want to be a trader that much to risk that. I agree with what MCM said.

I've got some of that in me, too......

Originally Posted by Cory2679 »

I would work from sun-up to sun-down every single day, except for my girlfriend...I sacrifice some of my trading time for her.

Some may see that as a lack of dedication, but we have been together for 7 years and it's a relationship I wish to maintain...even if it means that success in trading is put off just a little longer.

And I should mention also, since you lumped MK and me in the same sentence, that it's easier for me than it was for MK because I just recently graduated college less than a year ago, I'm still living at home with my parents, have all my expenses paid, and I'm far from poverty (I even go out to dinner pretty much every day!). MK defintely deserves more credit that I do in that respect...it was a much bigger sacrifice for him.

The only real sacrifice I'm making right now is a lack of independence, self-reliance, etc., from not having an income and still living at home with my parents...it sucks in one regard, but it's a great opportunity to learn to trade.

-Cory

[MidKnight]

Traderunner, I totally understand. For me, I was the only one at risk. No family at risk.

Cory, what an envious position to be in! It sounds like you have time on your side. I believe a lack of time is a major reason why the mortality rate of traders is so bad. Keep it up. I think, success is inevitable with your continued hard work and low expenses - it'll just take an unknown amount of time...

With kind regards,
MK

[Cory2679]

Originally Posted by MidKnight »

Cory, what an envious position to be in! It sounds like you have time on your side. I believe a lack of time is a major reason why the mortality rate of traders is so bad. Keep it up. I think, success is inevitable with your continued hard work and low expenses - it'll just take an unknown amount of time...

Yeah, but I don't have all the time in the world...the longer it takes, the less supportive I think my parents will be.

One thing that sucks is the lack of understanding from other people in my life (I know you can relate). I think some people view me as something of a bum...graduated, living at home, no job, gf of 7 years and we're not even engaged/married, etc. It really gets to me sometimes...because all of those things are true! I think they view me as someone who likely sits on the couch with chips and watches daytime TV.

It's ironic though...I know I work twice as much or more than those people do...not to mention, in addition to trading, I also regularly help out my parents with housework and yardwork...to sort of earn my keep, I suppose.

There may come a time that I do get a full-time job AND trade at the same time...putting in the 120 hour weeks...we'll see...

[Dinerotrader]

Originally Posted by Cory2679 »

Yeah, but I don't have all the time in the world...the longer it takes, the less supportive I think my parents will be.

I'll throw my 2 cent in here. I don't know what the right answer for you is but I think quite often about what I will teach my children if I raise them while being a full time daytrader.

My plan right now is to teach them that they need to get a college education, work a few years in their industry to build some real world knowledge/skills, and once they have that resume and experience to fall back on, only then should they consider full time trading. There are more specifics to the idea. Too many fail at this and I would hate to see one of my children try their hardest, fail, and then be stuck trying to build a career way behind the curve. Plus, such a situation would make it hard for them to marry, start a family, etc.. which brings way more joy than money does.

I am someone who can only enjoy life's richness if I am able to pay the monthly bills and have money for emergencies. Financial stress ruins all the things that make life great. So that is my basic idea right now for guiding my kids. Build a safety net, and then get your trading going. Like I said, it appears that so many fail at this that you can't just have faith you will succeed. Even if I fail, I will still have a good paying job so I can take the kids to Disneyland, go out with my wife on the weekend, buy a new TV when the old one breaks, etc...

Take it all with a grain of salt. Everyone has their opinion and there is no way to know what your future holds. My plan for my kids could dramatically change as my trading career progresses.

Great log Cory. This is great stuff for aspiring traders to read through.

[Cory2679]

Update

Just a few minor changes...

First, my avatar/profile picture.

Second...in my (limited) experience, while there are exceptions, the EUR/USD is just not very active during the Tokyo AM hours. I considered changing my daily trading schedule (which is currently 8am-2:30pm & 7pm-11pm, eastern time), but instead, I've decided to change pairs.

From now on, I will be trading the EUR/JPY. I figure I'll get the best of both worlds...the movement in the Euro during the London/US hours, and the movement in the Yen during the Tokyo hours. This is more than just theory...looking at a chart, it really does seem to be that way.

Plus, I figure it's just gotta be good luck to trade the same pair that thalestrader's daughter primarily focuses on. (kidding...)

Third...I'm going to be making my best conscious effort to "stop fretting over the money and start having fun."

Part of that, for me, means not even talking about money/finances...here on TL or in person with anyone I know. In fact, I may even periodically say out loud something to the effect of "This is a game. I'm having fun. etc."

Fourth...I'm going to continue regularly posting all my thoughts/analysis/trades to the Reading Charts in Real Time thread. I think it helps to put thoughts into words. I slacked off toward the end of this past week, but I'll be back at it Monday. I will try to do a better job of keeping my posts concise/well-written, free from rambling, free from emotion/negative thoughts/whining/excuses/etc., and so forth.

And finally...I'm going to be experimenting with an new entry (see recent posts in the Reading Charts in Real Time thread if you want to be filled in). I'm spending this weekend basically studying the entry, studying charts, etc., and devising a game plan for such trades...as well as just working on general study & review. In fact, I haven't even left my house today...I won't be leaving until Sunday afternoon to get lunch out (for a break) before I sit back down at my computer to begin next week!

Cheers,

Cory

[Cory2679]

Originally Posted by Cory2679 »

I'm spending this weekend basically studying the entry, studying charts, etc., and devising a game plan for such trades...as well as just working on general study & review. In fact, I haven't even left my house today...I won't be leaving until Sunday afternoon to get lunch out (for a break) before I sit back down at my computer to begin next week!

Well, I haven't been able to devote as much time to working on trading this weekend as I would have liked...I got stuck with pile of springtime yardwork. Plus, I just realized this next week I have my brother's birthday, my girlfriend's birthday, AND my girlfriend and my 7 year anniversary! So...gotta make plans/go shopping. (Probably more information that you needed, but hey, it's my log! )

Nevertheless, I feel like this weekend's been about as productive as I could have hoped. I think I am as prepared for next week as I can be...I realize this week may be a bit of a bumpy ride if I'm attempting the new type of entry, but I know this ahead of time so I should be all right emotionally...

Now it's just a matter of keeping my head on straight...I realize that every weekend I pump myself up and convince myself that this week's gonna be the week!, and after my first trade is a loser, I get all off track.

I'm going to do my best not to approach this next week the same way, but instead just take it one moment at a time, do my thing, and do the best that I can to take it lightly, stop fretting about the money, and "start having fun!"

-Cory

[Cory2679]

Originally Posted by Cory2679 »

Third...I'm going to be making my best conscious effort to "stop fretting over the money and start having fun."

This is easier said than done. I believe it may require divine intervention.

Originally Posted by Cory2679 »

I realize that every weekend I pump myself up and convince myself that this week's gonna be the week!, and after my first trade is a loser, I get all off track.

That is exactly what happened again this week! My first trade last night was a loser for a full 1R loss, after which I was pretty depressed. However, I was very happy to get a +3R winner off a short this morning! Price then stopped falling and started rallying from within a zone of anticipated support, but I was basically still so in shock from my win that I failed to get long, which would be sitting on a handsome profit now. Today could have really been a homerun kind of day.

----------

On a separate note, I think I'm going back to live trading.

I think no matter how hard I try, I just can't treat demo trading quite the same way as real trading. It's just different...it's not real!

So, I'm going to be opening a $10,000 account with oanda.

Just kidding...I'm going to be opening a $100 account with oanda. oanda lets you dial all the way down to 1 unit "lots," so with a $100 account, I think I'll size my positions based on 100 unit lots.

I figure even if I end up down something like 20R, that's only 40 bucks...big deal...