I think I'm super late to this discussion. But having read your post, I felt I need to add my opinion as well. What you said it very true that in Asia, the mentality is very much more traditional than in Western countries. I am from Singapore, and the reaction when you tell people that you are a full time trader is pretty much shock and disbelief. All my friends think that I'm (a. Gambling b. wasting time c. Retired (???)). It has come to a point that I no longer have the energy to explain what it is I do to anyone, and when people ask me how I'm doing, I simply reply "OK". I have a partner, and while she doesn't understand trading at all, she is supportive of my business venture. However, as it has taken me much longer than I anticipated to be successful, her patience is also starting to get wear thing.
Another point that you mentioned is also very true in Asian culture. This thing called "Face". I can understand why you made that white lie about earning that $500. I myself have also done the same just to get people off my back. In Asian cultures, one is generally seen as a failure in life and looked down upon when they hear that you are not doing well financially in your endeavor. People in Asia still regard working for multi-national companies (e.g. AAPL, MSFT, etc...) as a very big deal and something brag worthy. And unless you are driving a Bentley, nobody wants to have anything to do with you when you tell them you sit at home all day starting at 6 monitors. Very practical, very materialistic culture. So, actually, there is one other barrier in trading other than family support, it's also culture. Most of you guys who are in Western cultures, are already considered more fortunate than us trying to make it in Asia. Some food for thought.
I wish you all the best in your trading journey.
The following 3 users say Thank You to KelvinKing for this post:
I wish you all the best and look forward to hearing from you regarding your journey. Have you considered starting a trade journal here? Posting anything and everything, analysis, understandings, trades, ideas for trades, ideas for no trades,your current thoughts, problems, struggles, successes, family concerns and whatever else. I think it all really helps the entire process....A LOT. Best thing you can do IMHO is pour out your heart in your trade journal. If you are worried about your life being available on a goggle search you can just start an Elite journal and goggle can't get at it.
Keep posting I can't wait to see how you make it!
Doubt kills more dreams than failure ever will. Perfect: the enemy of Done. per·fec·tion·ist: ultimately one lacking self-confidence
Buy Low And Sell High (read left to right or right to left....lol)
Thanks Kelvin for ur comments.
It have been about 6 years since that posting in this thread, I'm still trading. I keep trading all these years despite not getting full support from my wife and not getting profits. I realized it is diificult, really difficult.... When I think I will get the money using setups number 896, I will trade real money...when my money kept losing, I change it back to sim...then when I think my setup number 1151 will be a success I switch it to real account...this process of losing money and learning new setup keep repeating itself until I loss nearly 50% of my money in the account..and I lose count of my setups, I dont put the number anymore. And I trade through a line that has 268ms+- ping from Malaysia.
My wife let me trading in peace after she found that I'm really serious about this . I told her my plan to use trading as supplementary income. I have a steady job that pay bills... Last month she told me she probably quit her stressful banking job, till she get warded in hospital, so I guess she saw my wisdom in learning trading..after all..
I change my initial objective of trading from making a lot of money to limiting losing money. After some bad moments I think I should quit and plan to use the balance money in the trading account to buy icecream...but on second thought I have been trading since 2009 and I cant quit my "habit" now. Some studies said that I will found my light after 5+- years and my time is nearly come or ended..... I also found that 95% my blog friends has stop trading and locked their blogs. Some are more veteran than me.
2 months ago I found a pattern that has potential, then I trade it live, and it begins to bring in the money. The weird thing is,, this setup is not new...I use it 2 years ago and I lose money using it. The only different is I use it in longer timeframe. The lesson ...timeframe is important, probably more important than pattern itself. I said figuratively.. time and tide (pattern) wait for no man (traders) May be my light has come now. See you all later. Happy trading.
I'm glad that you found something that is working, I hope you are able to succeed in that.
You also brought up another point that is very true, that the whole time frame to success thing is very much dependent on the traders on individual journey. There is no 'average' time to success. If I was following some clown for 2 years on the internet, and that clown turned out to be a clown who only trades SIM and modifies his PnL, then that's 2 years down the drain without much knowledge gained, because it was mostly rubbish. This is one of the most difficult things to explain to your partner/family as well. To them, you just wasted 2 years with no results. Most people can't wrap their heads around this because it's really not like any other job where you go to school, build the proper foundation and start on the right foot. But to you, you are starting literally all over again with hopefully some new found knowledge and clearer direction. So really, it's many 'mini' journeys within the one big journey. And it can be very demoralizing. I myself have been trading for 4 years now, but I can really say that my actual usable knowledge is only about 1 year since I started to learn how people trade in actual Prop firms (e.g. price ladders/order flow).