3 pointsI've had several setbacks in my journey to becoming a full time day trader. I sim traded for 4 months, finally gained some momentum, reached a level of sim trading that was consistently profitable, made some small gains in real trades to start building thicker skin trading real money... Then I lost my job. It wasn't because of trading, but it did result in me needing to empty my trading account. It's amazing how long it takes to establish something that can go away in an instant. I didn't blow up my account, but it felt the same. Two months of unemployment later and I was back in an office working a consulting contract for more money than before, but a lot less time. In the office by 8am. No time to trade or even watch the chat. No point maintaining a DAS or TI subscription. No point even studying or reading because I know myself enough to know I won't retain it if I don't get to practice. I didn't quit. To me quit means never going back. I prefer "when should I reevaluate my approach?" I think that is a question a day trader should already be asking themselves every day and every minute because that's the nature of trading. So I re-evaluated my approach. I knew my contract was 6 to 9 months. 6 to 9 months of no trading, so I adjusted my trading plan: 1. Find a job with enough flexibility to allow me time in the morning to trade; 2. Rebuild my trading account. 3. Re-develop my long term plan to reach full time trading. It took 6 months but I found the new job. I started 4 weeks ago and for the last week I've been able to join the chat through the open. Right before I started my new position a pipe burst and flooded our home, so now we're dealing with that, which will definitely delay my account funding again, but I'll deal with the setback. The upside of the flood is the owner of our home wants to sell it, and offered to sell it to us. Another setback financially, but long term a good thing. I didn't quit. I don't want to quit. Personally for me I've decided that day trading tics all the boxes of what I want to do to earn a living. I know 90% of traders fail, and I know many of the reasons why. I think self-reflection is THE key skill a trader needs, and unfortunately I don't think many people who approach day trading appreciate that. Self-reflection counteracts self-deception and reinforces self-reliance. To me, the time to quit is when you've been honest enough with yourself to accept that you either don't really want to be a day trader, or, more likely, you fell in love with the idea of day trading and found the work too daunting. Like any career, it isn't for everyone. But if it is for you, don't ask yourself when you should quit, ask instead "what do I need to change to succeed?"
1 pointHello Fellow Traders, After reading the email from Andrew about “When to Quit Day Trading” I wanted to offer my perspective as I am in almost the same predicament as the trader Andrew referenced. My current trading career is (1) planned live trade, 2 unplanned live trades due to not realizing I was not in simulator, and about 4- or 6-months simulator depending on if you want to count the 2 months I spent just watching charts. I am an active duty United States Marine who is about to transition from the military after 22 years of service. I originally planned on becoming a Forensic Accountant upon retiring from the military. I have acquired my bachelors in accounting, Master in Forensic Accounting, and achieved a Certification as a Certified Fraud Examiner; however, after being introduced and reading Andrew’s book I have decided to invest all my time to becoming a day trader prior to my retirement from the military in December 2019. I found myself continuously asking the same question as the trader referenced, “Is there any criteria to determine when to quit trying to learn day trading?” I believe the answer to the Traders question is, “When you as a trader and your family no longer have the desire or ability to accept failure as a possibility.” As long as you and your family have the desire to learn, work, and sacrifice for this career than you should pursue it. During my time in the service I have been away from my wife, son, and daughter more than I have ever wanted to be. I currently work away from where my family lives. Monday through Thursday it is easy to focus on Day Trading and learning; however, due to connectivity issues in the hotel rooms, I spend at least 10 hours on the weekend watching the Mentorship webinars, classes, reviewing my journal, and developing the next week’s trading plan. I have found the best thing is to communicate with your family on why you are doing what you are doing and get their acceptance. My family views my time spent learning to day trade as a way that they will get to see me more in the future. They honestly have become more upset with me when I don’t put forth my full effort on the weekends to learning Day Trading, as they have bought into the fact that becoming successful in this business will allow me to spend more time with them. I could easily retire from the Marine Corps and become a Forensic Accountant Intern; however, this career path would still keep me away from my family, so we (My Family and I) have decided that $x amount is worth risking to learn to Day Trade. If I lose that amount, then oh well it was worth it and I will move on to something else; however, if I don’t then my family and I will have a great life day trading while getting to spend more time together.
1 pointHey guys, I will try to make a tutorial video on my hotkeys for the streamdeck asap. I have updated the software and had no hiccups. I plan of making a combined video showing how I manage risk, share size, hard stops, all with hotkeys on 'deck'. The only time my strategy starts are become difficult is when the stock is moving too quickly to place appropriate stops (takes about a 1 or 2 second delay) at the technical levels so I am selective in what I trade.