Getting family support

If there are people in your life who do not support your efforts to become a successful trader, avoid them. Avoid those who express negative energy on a regular basis and vent their hostilities towards you. Wherever possible terminate unhealthy emotional relation*ships that cannot be repaired, and if necessary, do it immedi*ately.

Negative energy has a cumulative effect that eventually wears down your positive attitude and energy to be successful. Life is too short to be with those who do not believe in you or your abilities to achieve success. A loving partner takes an interest in your work, encourages your efforts, expresses compas*sion during difficult times, and always tries to help you grow.

Sometimes it helps to find a trading office where instead of getting a bunch of flack from those around you, you can find support, encouragement, and perhaps learn a few tricks from successful traders. I did say a trading office, not a newsgroup or chat room. All you will find in those places is a lot of negative energy, gossip, rumors, and most people who are so confused they can’t see the forest for the trees. For the most part, people who frequent those places, are no better off than you are, and in many instances a lot worse. You cannot believe much of anything you hear in newsgroups. Sorry about that, but it’s true.

Heehee

Totally agree, when i tell people i trade there is so much doubt and uncertainty

Reading your profile... How do you daytrade indicies just out of interest if your willing to share ?

Depends IMO about chatrooms, if you have people with different styles it might work ie. longterm and shortterm but if your working with different systems your ideas will clash. This is why it's best to keep chatrooms etc to a minimum or keep it social.

Taylored001 said:

Reading your profile... How do you daytrade indicies just out of interest if your willing to share ?

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I wrote an entire book about how I trade the stock indices. Sorry, but this is not the appropriate place to publish a book.

Joe Ross said:

I wrote an entire book about how I trade the stock indices. Sorry, but this is not the appropriate place to publish a book.

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Ha, classic, whats the books name and i'll have a read

Answering your question What's the name of the book?

Taylored001 said:

Ha, classic, whats the books name and i'll have a read

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The book's name is found with a google search: "ebook daytradingthee-mins&P500"

The method works in any stock index market.

Joe Ross said:

The book's name is found with a google search: "ebook daytradingthee-mins&P500"

The method works in any stock index market.

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Bloody hell, not half expensive, $127!

lol i found it for free with a bit of searching if thats okay? Rofl

No! It's not okay. It's theft.

Check your local library, then it's free and legal!

Or how about the FREE download from Joe's website?

Trading Educators Inc. - Joe Ross - Day Trading and Online Trading

Plenty of good, free, legal stuff out there.

Joe Ross said:

No! It's not okay. It's theft.

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Okay, no problem. I had just assumed that you had realised it for free download but obviously not! I think $127 is a bit expensive for me but good luck! Maybe you'll realise it for free one day and then i'll have a read.

Joe, a few points if I may...

I've evolved to become a full time day trader over the past 18 months. Saw the mortgage industry (UK) imploding on me/around me and made the call early to get out. I can tell you it's not an easy 'sell' to a wife, who has stuck with you through thick and very thin, over the past twenty years, particularly when the words "spread" and "betting" are involved.

Sometimes it's not that loved ones can be "negative" they may find your evolution and change of direction difficult to cope with at first, perhaps it's up to a trader to fully explain the; process, aims, goals and the potenital quality of family life improvement profitable trading can bring. I've managed that 'sell' quite well, heh even my 13 year old lad 'gets' what the stochastic chart is for, MAs, that the RSI should be set around the 14 level...I make that point jokingly but seeing Dad absorbed by all these charts that "he colours in and draws lines on" is something that has even fascinated my seven year old - involving your family in your business is sometimes not a bad idea, however, I suppose that's easy said when it's going well...

I would agree with you that there is no other business I've come across in my 40+ years were PMA (positive mental attitude) can help you win through, particularly in the early trading days. You as an individual can be a glass half full kinda guy but it helps if you are a 51% type of guy

I have found you have to manage the time frame you talk about with others. It also helps you keep your own sense of perspective. If someone asks how it's going, speak about the monthly moving avg of your equity curve - not the daily thrills and carnage.

Joe Ross said:

If there are people in your life who do not support your efforts to become a successful trader, avoid them. Avoid those who express negative energy on a regular basis and vent their hostilities towards you. Wherever possible terminate unhealthy emotional relation*ships that cannot be repaired, and if necessary, do it immedi*ately.

Negative energy has a cumulative effect that eventually wears down your positive attitude and energy to be successful. Life is too short to be with those who do not believe in you or your abilities to achieve success. A loving partner takes an interest in your work, encourages your efforts, expresses compas*sion during difficult times, and always tries to help you grow.

Sometimes it helps to find a trading office where instead of getting a bunch of flack from those around you, you can find support, encouragement, and perhaps learn a few tricks from successful traders. I did say a trading office, not a newsgroup or chat room. All you will find in those places is a lot of negative energy, gossip, rumors, and most people who are so confused they can’t see the forest for the trees. For the most part, people who frequent those places, are no better off than you are, and in many instances a lot worse. You cannot believe much of anything you hear in newsgroups. Sorry about that, but it’s true.

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Getting support from the wife is quite easy. Just show her the money!

Some members of your extended family, luckily only a small minority, will envy you, waiting with schadenfreude for your downfall. Its hard to avoid people like that at family gatherings..

ahardy66 said:

I have found you have to manage the time frame you talk about with others. It also helps you keep your own sense of perspective. If someone asks how it's going, speak about the monthly moving avg of your equity curve - not the daily thrills and carnage.

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Very sensible. Otherwise it sounds just too random and a bit like going down the bookies and putting a small fortune on a nag.

robster970 said:

Very sensible. Otherwise it sounds just too random and a bit like going down the bookies and putting a small fortune on a nag.

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you mean you don't do it like that?

Seriously, you're right - but it's hard not to let things slip, like the odd 'YESSSSS!' or 'ohmigod' with attendant bouncing off walls or pacing up and down.

ahardy66 said:

you mean you don't do it like that?

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Of course I do - it's the thrill of losing that keeps me going.

I recently have been discussing the daily movements with the Mrs. It was perhaps not my best move as she got quite spooked about the win/lose/lose/win/win/lose/etc pattern associated with it all. It looks random to her (which I suppose it is really) but she cannot reconcile the reality of losing money against the net result over a period of time being positive. To her, it just all sounds wrong.

Hence I just shut up now and say "Yes dear, it's all going rather well".

Tricky business really.

You should try explaining the unlimited risk of selling in the futures markets. If you're lucky, she won't understand :O

If your family are busting your balls tell them you'll buy them something if you ever make big. For dad that would be a top care home/golf clubs/car. For your mum it would probably be a holiday/jewellery/etc. Your missus would salivate the most though.

Of course if all goes wrong and you've made these promises it could backfire but it's a humourous way of silencing people.