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Taking a break from trading
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Created: by Big Mike Attachments:3

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Taking a break from trading

  #1 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,221 received

Taking a break from trading

New poll posted

What's the longest break you've taken from trading in the last two years?

Total votes: 428
 


Please vote and discuss. Why did you take a break? Did the break help you improve overall?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
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  #2 (permalink)
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  #3 (permalink)
Elite Member
Netherlands
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: 6E
 
Zwaen's Avatar
 
Posts: 247 since Dec 2010
Thanks: 762 given, 221 received


2 months ago I took a break, but more due to a trip to Hongkong and Malaysia.
However, I find that a trip somehow is good for creativity and offers perspective on what one is doing. During the trip I did not have really new insights, however I thought up a new way how to organize data efficiently in excel, whereby better analysis is possible now.
Most of the time trading keeps dominating in your mind, one year ago we went to japan and I was awake at 04.00 am due to the timezone and went making mindmaps of the information on trading I took with me, my girlfriend thought I was

One of my worst enemies are my own false assumptions
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  #4 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
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Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
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Speaking from experience -- since I went full-time trading around 7 years ago, I have many times got caught up in the "moment" with whatever project I'm currently working on, and worked tirelessly on it for days, weeks, months at a time without coming up for air.

But over the years, now with the benefit of some wisdom, I would highly recommend against this approach and instead recommend taking frequent breaks, even if only for a couple of days or one week, where you completely set aside your work and don't touch it.

Then after the time elapses, when you return, you'll realize how fresh everything seems and you'll benefit from thinking of new or creative ways to address problems you hadn't considered before because you were too close to the problem.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
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  #5 (permalink)
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tturner86's Avatar
 
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On avg I skip one trading day a week. Some weeks I don't, but I at least try to skip 3 days a month or so.

I will also only trade the open and then skip the remaining session. No need sitting in agony at times. Breaks help you gain fresh eyes.

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  #6 (permalink)
Market Wizard
virginia
 
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cory's Avatar
 
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I only think up clever solution when I take a shower.

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  #7 (permalink)
Site Administrator
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cory View Post
I only think up clever solution when I take a shower.

I have good ideas in the shower too, but my best work is when I am trying to sleep -- but instead laying awake at night.

In fact, this happens so often I want to buy the new Moto X phone so I can just yell "Hey, Moto!" from across the room without getting out of bed, "take note of <insert brilliant trade idea here>". It's a great little phone that lets you interact with it 100% hands free simply by voice.



Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
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  #8 (permalink)
Elite Member
In the heat
 
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PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received

This is my personal time philosophy. I've borrowed it from Strategic Coach where I was a client for a while.

The basic premise is this: When we work straight through, we become less and less effective until we are forced to take a break. However if we will work hard, then take pre planned periods of rest, we retain and improve our effectiveness and creativity.

Here is the graphic from the Coach. It's brilliant in its simplicity as most brilliant things are.

This cost me a unreal amount of money to obtain so please use wisely.

I have a few power point slides if anyone is interested in seeing them that speak to this issue in more depth. Either respond here in the thread or send me PM. They were part of my coaching gig I did for a while....you can get it for free if you like!

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #9 (permalink)
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In the heat
 
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Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


cory View Post
I only think up clever solution when I take a shower.

Me too....or walking on the beach.....always close to water....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #10 (permalink)
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Itchymoku's Avatar
 
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Honestly, @Big Mike do you have a list of poll ideas waiting to be released every once in a while, or do you just randomly update it whenever you get a new one you think is worthy enough to be posted? Each one is pretty good so I know you have some method to it.

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