[HighStakes]

Hello traders,

I am curious as to how those of you who are trading full-time experience your lifestyle.

When I first started pursuing day trading for a living two years ago, I had no doubt that trading potentially was the ultimate lifestyle and there was nothing else in the world I would rather do. Even though I had prior experience and success as a swing trader, I was rather clueless as to what I had embarked upon due to a general lack of knowledge.

More than two years later and much of my time spent running in circles, I am finally seeing the end of the tunnel. I have been feeling a little burned out and poorly motivated to pursue my dream lately, but considering all the effort I have put down this far I really don`t see myself stopping now either. Actually, I got motivated writing this post Hopefully, my upcoming vacation will recharge my batteries.

My plan is to go live in September if things go as planned, but as always there is a trade-off and I will have to take risks that not only affect my financial life, but also my social life.

It would be interesting to hear the experiences from guys who actually made it and are living the dream (hopefully).

One of my concerns with this profession is the social isolation. Even though I have worked alone for thousands of hours in the past and managed just fine, I`m not sure if that is what I want for the remainder of my life, but there are of course ways to balance that.

Sorry if I`m rambling and thanks in advance for any valuable views

Best regards,

HighStakes

[MadMarketScientist]

HighStakes

This is a fascinating topic.

I could go in many different directions in a reply. I'll try to keep it brief.

You mention vacation -- if I can name one thing that is essential at least to me it is to get away from trading on a regular basis. It means missing some days or even a week or two then fine. The most difficult part is no matter how successful you are, you are going to be wrong on a regular basis. It can wear you down. And, you'll feel the pressure when you are in the midst of a drawdown -- until you recover and it seems like the whole cycle will ultimately start again.

It's a great profession, how many can you name where you can double or triple your profit potential by changing a number under lot size? Not many. However, taking regular breaks I think is essential and don't worry about missing trades/opportunities.

In addition, stay involved in a trading community like here on TL. Even just to have a place to talk, vent, chat, share -- it really does help since it's such a solitary profession.

[SIUYA]

topical issue for me at present as I am contemplating a life change away from trading as opposed to many who move toward it, so this might be a bit of a personal rant, and opposite for many others.
Most successful traders I know have a nice lifestyle but they dont necessarily trade for the lifestyle it affords, they trade for the work challenge it brings (the work style if you like).

I for one hate the social isolation. Even though I maintain a healthy social network separately its the sitting alone while working that does my head in, mainly as its not a job that requires continuous work/concentration. Rather it requires continuous monitoring and focus on the plan. I also dont wish to sit in a trading room with others I dont know....this does not work for me.
While I am doing more day trading at the moment, I find that this has its advantages (you can just switch off, go away, have flexibility) and disadvantages (you have to focus and monitor closely throughout the day, its addictive, requires constant discipline).... I find this type of trading when its done full time is more socially isolating than longer term or swing trading.


Am I happy with the profession? Both yes and no. After 19 years in the finance industry, 17 years constantly trading (always very conservatively), sometimes you just want to do something different all together that gets you out of bed in the morning. Even when winning there is often no excitement there. Which can be good and bad.
However, I love the markets, I love the constant motion of the markets, the changes etc;
I have had a few periods of taking 6 months off, and constantly travel, but I always come back to it.
I have been seriously thinking about getting into something completely different outside of finance, but I know its not for me. I like work no matter what it is, so long hours etc dont worry me, I will work until I drop. But I also know that I like to deal with people, and for me its sometimes more I enjoy the problem solving rather than anything else....(potentially an issue when it comes to trading as you wish to want to be right rather than anything else)

i know a few things that work for me....
1) good trading habits are like riding a bike, once learnt are not forgotten - its the application that is important. So you can always go back to it.
2) I dont want to sit in front of a computer screen trading by myself for the rest of my life, as there are other things to do....mid life crisis?
3) there is more in life than money (easy to say as I have some) but more importantly there are other ways to make money rather than trading.
4) sometimes, you need to sit back and see the forest and not just the trees.
5) if I cant be bothered getting out of bed in the morning, then its time to change....boredom rather than burnout is an issue.

[electroniclocal]

Guys and Gals, this is the best life in the world.

Trade when and where you like. Help all your family and others. What can be better.

One thing I would strongly recommend: Find a hobby or pastime that takes you away from the markets regularly, such as 1 day a week, a few days a month, a couple of months a year.

Lately, I have been cutting my trading hours per day down and increasing size as I'm preparing to deliver a training. I plan on keeping this up even after thje training is completed.

When I was on the floor, I learned to do the same. Don't think about the cost of missed earnings, it's just a cost of doing business.

[brownsfan019]

What's not to love about it - sit in your pajamas all day at the ATM machine, right?



In all seriousness, the seclusion can get to people and I would agree. Developing a group, even if 1 other person, to chat with / bounce ideas off of is important IMO. The seclusion has to be the worst part of this business.

[MadMarketScientist]

Fantastic stuff.

I always love coming on here and absorbing what you guys are saying. Very thought provoking.

There does seem to be a message coming through here. Yeah, it is a great profession but you better have more. You need to an outlet, you need some social networks, you need to take a break.

Personally I go freakin nuts unless I workout a few times a week. It amazes me when I'm in a totally crappy mood about my trading and I go work with a trainer or do hard cardio session and everything seems like it's going to be alright after - I'm totally rejuvenated.

And, let's face it, sometimes when you are going through something challenge the grass does indeed appear greener but once you immerse yourself in this something new you could very well miss all the advantages trading provides.

If all else fails and it's just a mid-life crisis then there's always a convertible, a bimbo and the hair club for men (since you pulled it all out trading.)

In all seriousness, dive in, if you burnout take the time you need and once recharged you'll likely be chomping at the bit to get back in. Gotta feed the addiction

[SIUYA]

Pjs, no way.
Nude trading is the way to go. It really exposes you to the naked truth!

[bacchus85]

Hi,

I've been trading at home on my account as a living for the past three years now. For what it's worth, some of my feelings on the experience so far are:

It's a really nice way to earn a living if indepedence, freedom and personal control over your life are important to you. It's not so good if security and a stable income are what you need. Also, depending on your psyche, it can be pretty stressful at times, especially maintaining discipline and confidence in difficult patches.

As for social isolation, yes, it can be an issue depending on your circumstances and your personality. However, there are lots of ways of arranging your life to include whatever social interaction you need.

If you want to go full-time trading for a living you must be absolutely determined and committed, and expect it to take a lot longer, be harder and more stressful than you ever imagined. Don't kid yourself, it's one of the harder ways of earning a living, you really do earn the lifestyle benefits it brings.

Best of luck!