I think balance is the key (not easy to achieve I know). If you end up hating trading then that's not a good place to be, but equally I don't think as others have said you should look to trading to get your kicks as it were.
As I am sure many of you have done, I am currently reading Adam Heathcotes blog. Its a very interesting and informative piece of work. I noticed at one point he got addicted to making more and more money and pushing himself harder and harder.
Did you also notice at that time he was often getting periods of sickness. I think he was in danger of pushing himself too hard and getting seriously ill or burning himself out completely and perhaps loosing lots of the money he had made.
Fortunately he got himself a life coach and I think managed to get this more in perspective. I found just as interesting as his trading, was how Adam grew as a person during his trading journey.
How much do you (and should you) enjoy trading?
It's cliched, but it's 100% true.Bluesky wrote:I think balance is the key
I'm almost certainly much older than most in these forums (late 50's) and my corporate career maybe has 5 years left to go (if I'm lucky). For most of my life I've been searching for sidelines that (a) I enjoy, (b) that could make some money, and (c) that involved a tiny element of risk. All of this had to fit around family life, and not affect my career of an unbroken 40+ years of employment in IT.
I started buying and selling on ebay UK around 1999, and turned a hobby into a very successful sideline. Eventually after about 3 years the parcel packaging just got to me (as did dealing with the odd moronic buyer), so I gave it up.
I moved onto online poker just prior to the poker boom, and studied, really really hard. After a slightly rocky start with a small bankroll, I went on to enjoy 8 years of very successful mostly low stakes grinding, with the occasional foray into qualifying for bigger tournaments, and played against some of the big names of the time. I loved it and it helped me develop strong bankroll management. Eventually though, players all started to reach a similar standard and the pickings were getting too slim.
Matched betting came next but was short lived due to being quickly barred from various bookies, and offers drying up. But if I'm honest, after only a month or so, it just didn't have the spark that I needed. That may sound strange when it's guaranteed money, and I can see there's a danger sign amongst that, but it's one I'm aware of and believe I have under control.
Now, as I approach my elder years I have found trading. I'm hoping that my previous wheeling and dealing exploits have taught me a lot and although I'm only 4 months into it, I'm determined to make it pay its way even if it's only a couple of quid each day/week/month.
After a manic first month or so trying out everything, I have quickly become very selective in my trades and I love it. I've no idea how long it could last, and I know I've probably missed the boat in respect of the easier pickings, but as others have said, it's a puzzle that most times can be solved, it's just that the puzzle is getting a bit harder.
Right now I could probably make much more money by having a 2nd job flipping burgers, but I have to enjoy the way I try and make my money, and I unashamedly really do enjoy trading.
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shakespeare
- Posts: 113
- Joined: Sat May 21, 2016 1:43 pm
I totally relate to what you're saying scesc. I think I'm on a similar journey and started at about the same time as you did. Here's good luck to both of us!
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stueytrader
- Posts: 863
- Joined: Tue Dec 15, 2015 6:47 pm
Great posts both above guys.
I wonder how much our 'other lives' away from trading make a difference. Something I think that's implied in the above posts - especially the issue of any other (or previous) careers and employment we may have.
I'm currently employed, but can find enough free time within that to trade. It's not always a bright thing to do though - sometimes I've traded (or tried) after working intensively in my other work for several hours. The trading was not fun or profitable often in that case....
I wonder how much our 'other lives' away from trading make a difference. Something I think that's implied in the above posts - especially the issue of any other (or previous) careers and employment we may have.
I'm currently employed, but can find enough free time within that to trade. It's not always a bright thing to do though - sometimes I've traded (or tried) after working intensively in my other work for several hours. The trading was not fun or profitable often in that case....
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JollyGreen
- Posts: 2046
- Joined: Sat Mar 21, 2009 10:06 am
My 2 pennies
Enjoying something is the key to success and I feel it applies to many things in life. You must also think about how you judge success. I have a good friend who works almost 24/7 for a big company. He earns good money, has a nice house and car, a wife and children. Some would call that a success but actually he is not happy at all. He hates his job, he is overweight, he limps badly and despite being 3 years younger than me he looks 70. He puts a brave face on in public where he likes everyone to know how much money he has but if he makes 60 before a serious illness finishes him off I would be surprised. We talk about it a lot but he feels he has to keep up this image which is very upsetting and sad.
When I meet up with Peter for a curry, breakfast or just a beer, we are like a couple of kids in a sweet shop with money no object! We enjoy trading, we can always discuss new ideas and strange occurrences in the market and this never changes.
When I teach people about trading, the first thing I tell them is they must enjoy it or else they will find it very hard to succeed. If you enjoy something, you will relax and this will allow your brain to function correctly. As Le Tiss said, once you lose enjoyment, you will fret about things and negativity will take hold.
So my advice is to do your best to relax and enjoy it. If you are relaxed you are also less likely to get over excited with a win or depressed with a loss as has been mentioned by others.
Good luck and enjoy
JG
Enjoying something is the key to success and I feel it applies to many things in life. You must also think about how you judge success. I have a good friend who works almost 24/7 for a big company. He earns good money, has a nice house and car, a wife and children. Some would call that a success but actually he is not happy at all. He hates his job, he is overweight, he limps badly and despite being 3 years younger than me he looks 70. He puts a brave face on in public where he likes everyone to know how much money he has but if he makes 60 before a serious illness finishes him off I would be surprised. We talk about it a lot but he feels he has to keep up this image which is very upsetting and sad.
When I meet up with Peter for a curry, breakfast or just a beer, we are like a couple of kids in a sweet shop with money no object! We enjoy trading, we can always discuss new ideas and strange occurrences in the market and this never changes.
When I teach people about trading, the first thing I tell them is they must enjoy it or else they will find it very hard to succeed. If you enjoy something, you will relax and this will allow your brain to function correctly. As Le Tiss said, once you lose enjoyment, you will fret about things and negativity will take hold.
So my advice is to do your best to relax and enjoy it. If you are relaxed you are also less likely to get over excited with a win or depressed with a loss as has been mentioned by others.
Good luck and enjoy
JG
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stueytrader
- Posts: 863
- Joined: Tue Dec 15, 2015 6:47 pm
Yep, count me in for a Jalfrezi please! 
JG, I agree about the pleasure of being able to be a trader. Funnily, when I started this post I was actually thinking about the other side of the coin too - enjoying it too much, and looking for the 'buzz' as mentioned previously.
Maybe many of us start out trading (possibly often from betting backgrounds) with a great level of excitement - then the issue of losing that enjoyment, getting bored, stale, comes along a lot further down the road?
JG, I agree about the pleasure of being able to be a trader. Funnily, when I started this post I was actually thinking about the other side of the coin too - enjoying it too much, and looking for the 'buzz' as mentioned previously.
Maybe many of us start out trading (possibly often from betting backgrounds) with a great level of excitement - then the issue of losing that enjoyment, getting bored, stale, comes along a lot further down the road?