Broker/Data: Cannon Trading Company / Ninja Trader/Rithmic, E-Futures trading platform
Favorite Futures: Gold and Crude Oil
Posts: 46 since Dec 2013
Thanks: 17 given,
Life as a trader
I don't think I would ever take trading as a full time job and my only source of income. Trading takes a lot of discipline and great strategy. I see myself constantly making changes in my trading strategies and little tweaks here and there. I would say money management is a huge part of trading as well. Learning how to take a profit or take a loss and not be greedy is huge.
Trading full time definitely gives a trader the ability to set his or her own schedule and that in itself could be life changing. I would say trading for me is great part time but I don't find too much of a steady income when I trade. It's great to set your own schedule but it's even greater for me to have a full time job where I receive a steady paycheck.
I haven't had a J.O.B in over 15 years. If I wasn't trading for a living I was running my own business which can sometimes feel like a job but it's a completely different thing. Some people are cut out to work for a steady pay check and other's aren't. If I had to choose one reason for trading, other than my love of it, it would be to never have to work for anyone else ever again. As for lifestyle, I lead a very modest existence. When you don't have a regular income you get good at saving for a rainy day, and it's a difficult habit to break. I made the mistake, early in my trading career, of over leveraging myself on my personal finances. It's the worst mistake a trader can make. Instead of approaching trading with a free mind there is tremendous pressure to perform. Traders should really live modestly until they are sitting on a mountain of cash and then, keep living modestly.
The following 14 users say Thank You to WolfieWolf for this post:
Agreed. I spent the last 6 years without a social life and the best years of my life are gone. All I have to show for is a few systems that make 15-50% a year. Hardly the returns I was expecting. Now trying to get a day job o I can trade the system on autopilot.
The following user says Thank You to megaman123 for this post: