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I traded for a living for 7 years, and definitely enjoyed PARTS of it (like strategy development, etc.), but the actual trading became boring as hell. Now I trade/invest longer term on the side and do something I actually enjoy for a living.
Yeah, trading can be boring (and stressful)--analyzing charts for hours on end. But it's a lot of fun when you reach your goals.
Do you do it as a career, or is it something you do on the side?
On average has stock investing made a significant difference to your overall income or somewhat?
I currently do stock investing on the side. However, as my portfolio keeps growing, stock investing is making an increasingly large difference in my income on a yearly basis. So, I'm clearly strategizing for the long-term. That's what exponential growth is about.
It can definitely be stressful at times, but I've found that stress level is generally commensurate with one's experience, amount of work put into strategy beforehand, and the ability to follow one's own rules. And, of course, personality plays a big part too. Spock, for example, would make a great trader.
It can definitely be stressful at times, but I've found that stress level is generally commensurate with one's experience, amount of work put into strategy beforehand, and the ability to follow one's own rules. And, of course, personality plays a big part too. Spock, for example, would make a great trader.
Quote:
Originally Posted by Sage 80
Yeah, trading can be boring (and stressful)--analyzing charts for hours on end. But it's a lot of fun when you reach your goals.
Don't trade, dude. Learn to invest. Buy stocks and collect dividends. Unless you're on the floor of the exchange as a market maker, odds are you'll pay more in commissions and bid/ask spreads than you will ever earn trading.
I know you didn't ask me but refer to my earlier post here. I'm a little tired of TD Ameritrade convincing the world they can all be amateur traders. Patience is a virtue, and nothing like dividends to supplement an otherwise healthy income.
I traded for a living for 7 years, and definitely enjoyed PARTS of it (like strategy development, etc.), but the actual trading became boring as hell. Now I trade/invest longer term on the side and do something I actually enjoy for a living.
Come on now, be truthful. I don't know anybody who would give up steady money regardless of how "boring it is." Be truthful: boring, or not profitable?
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Originally Posted by bmw335xi
If you have $$$$$, it's quite easy to make a living with just a 2% return.
easy to make a living from trading, or from sticking the money in a 2% interest-bearing account with no risk?
Quote:
Originally Posted by mysticaltyger
Very few people can trade for a living successfully. You need to be very smart and also have the right temperament. Most people don't have either one...but even if you're smart, smarts are not enough...temperament is ultimately more important.
- Internalize the basic rules of stock trading. Know them so well that your trading does not vary from the rules. This will be your foundation for all trading.
- Practice what you've learned by doing simulated trading until you get comfortable with your ability to find successful trades.
- Learn about the different asset classes and how to trade them (it could be stocks, futures, forex, commodities, bonds, options, etc.). Practice simulated trading with those.
- Pick one or two asset class you are most comfortable with and trade those. It's easier to be a specialist than to trade all the asset classes.
- Start trading with real money after you feel comfortable with your level of competence with simulated trading.
- Limit your early trades to small share or contract sizes. Set a limit for how much you're willing to lose if your trade goes against you.
- Always use stops.
- Stick to your rules.
Swing trading is not as stressful as day trading. It is a good fit for people who are good at chart analysis, can find good setups, are patient, and do not enjoy sitting in front of a computer all day.
Trading is not easy, but it's not rocket science either. It takes a lot of studying and practice to get good at it. If you're young, the quickest way to get good at it is to get a job as a trader at a big bank, and they will train you. Otherwise, you just have to keep studying it until you get it.
I didn't give up anything. I'm STILL making steady money doing something I enjoy more. What's difficult to understand about that?
Seven years trading for a living and not profitable. Think about that one.
Your statement that you quit trading full time because it was boring gave you away
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Originally Posted by Sage 80
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Even more important that all that, learn how to manage risk, and make the effort to quantify everything you can
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