The balance between trading and the rest of your life

[Kevin21]

Hey,
as the title says really, whats your balance like? I was seeing this girl, nothing serious but she cut me loose today saying that all i do is work etc. Also my father came round today and when he was round one of my mates popped round and asked if i was coming for beers later, to which i replied 'would love too, but trading the nikkei tonight' My old man then started going on about how i'm working way too much and that i need to have time to myself.
The way i see is that i'm young (21) and at the moment i need to get as much money as i can behind me. Also i need take as many opportunities as i can because some weeks i'll have an amazing week, but some weeks will be slower, so for this reason i want to build the biggest pot that i can, so i can easily ride out the slow times with healthy cash flow. I have a couple of things in the pipe line that i'm looking to go through with in around six months that will require a strong cash flow as i will be committed to them financially, one of them being something i have always dreamed and aspired to having. If i'm honest i have put trading before everything... i don't even really know where i'm going with this really, just pondering on thoughts and going on a tangent sat on my jones waiting for the nikkei to open.... So what are your thoughts on the matter?

Kev.

 

[the blades]

Hey,
as the title says really, whats your balance like? I was seeing this girl, nothing serious but she cut me loose today saying that all i do is work etc. Also my father came round today and when he was round one of my mates popped round and asked if i was coming for beers later, to which i replied 'would love too, but trading the nikkei tonight' My old man then started going on about how i'm working way too much and that i need to have time to myself.
The way i see is that i'm young (21) and at the moment i need to get as much money as i can behind me. Also i need take as many opportunities as i can because some weeks i'll have an amazing week, but some weeks will be slower, so for this reason i want to build the biggest pot that i can, so i can easily ride out the slow times with healthy cash flow. I have a couple of things in the pipe line that i'm looking to go through with in around six months that will require a strong cash flow as i will be committed to them financially, one of them being something i have always dreamed and aspired to having. If i'm honest i have put trading before everything... i don't even really know where i'm going with this really, just pondering on thoughts and going on a tangent sat on my jones waiting for the nikkei to open.... So what are your thoughts on the matter?

Kev.

I once read somewhere;

"remember the past, dream of tomorrow, but live for today"

So call your mate and learn to trade the Nickei whilst pissed.

UTB

 

[the blades]

Or do you watch the Simpsons at night and think hmmmm - one day I'll be Monty Burns -
GJ

Unfortunately I watch it, and think one day I'll be Homer.

True story.

UTB

PS - alarmingly, that doesn't frighten me too much.

 

[Crap Buddist]

Hey,
as the title says really, whats your balance like? I was seeing this girl, nothing serious but she cut me loose today saying that all i do is work etc. Also my father came round today and when he was round one of my mates popped round and asked if i was coming for beers later, to which i replied 'would love too, but trading the nikkei tonight' My old man then started going on about how i'm working way too much and that i need to have time to myself.
The way i see is that i'm young (21) and at the moment i need to get as much money as i can behind me. Also i need take as many opportunities as i can because some weeks i'll have an amazing week, but some weeks will be slower, so for this reason i want to build the biggest pot that i can, so i can easily ride out the slow times with healthy cash flow. I have a couple of things in the pipe line that i'm looking to go through with in around six months that will require a strong cash flow as i will be committed to them financially, one of them being something i have always dreamed and aspired to having. If i'm honest i have put trading before everything... i don't even really know where i'm going with this really, just pondering on thoughts and going on a tangent sat on my jones waiting for the nikkei to open.... So what are your thoughts on the matter?

Kev.

its your life mate, you do as you must, maybe when you "manage" the time explain to your family your commitment you have chosen, to ease their concerns, maybe take your old man our for a beer on a sunday ,let him know the score. Some people will just be concerned that you may be pushing too hard etc. As for girlfriends, they either accept you for all you are ,or they can **** off, that birds done you a favour.

You see what happend, you make your choice and the girlfriend made hers ? no problem everyone is doing what they want , the problem can be when people dont know what they want to do for themselves ,do with their own lives, so look for the need to be entertained by something or one.....

Make sure you eat properly, and watch your physical health a year or so of relentless hard work can creep up on you.

if you want girlfriends, close ones, then by their nature ,will want more of your time, "for sharing" er, thats your call, if you want to "share" little things, for 80 hours a week , like shopping for shoes, then thats wonderful.

Looking ahead..

there will be a special person out there who will accept you for all you are, give you the freedom to pursue your ambitions without breaking your balls every 10 mins, at how bored ****less they feel for themselves.... you will really appreciate this and irnonically manage your time better to end up sharing your boom boom time/life with another when you both have the opportunity to do so..... and none of this, I want, I want, i want, i want etc... coming from the otherside.



All the best.

 

[tune]

If you forget play, no amount of money will do you any good.

tune

 

[new_trader]

Hey,
as the title says really, whats your balance like? I was seeing this girl, nothing serious but she cut me loose today saying that all i do is work etc. Also my father came round today and when he was round one of my mates popped round and asked if i was coming for beers later, to which i replied 'would love too, but trading the nikkei tonight' My old man then started going on about how i'm working way too much and that i need to have time to myself.
The way i see is that i'm young (21) and at the moment i need to get as much money as i can behind me. Also i need take as many opportunities as i can because some weeks i'll have an amazing week, but some weeks will be slower, so for this reason i want to build the biggest pot that i can, so i can easily ride out the slow times with healthy cash flow. I have a couple of things in the pipe line that i'm looking to go through with in around six months that will require a strong cash flow as i will be committed to them financially, one of them being something i have always dreamed and aspired to having. If i'm honest i have put trading before everything... i don't even really know where i'm going with this really, just pondering on thoughts and going on a tangent sat on my jones waiting for the nikkei to open.... So what are your thoughts on the matter?

Kev.

Kevin,

Here is my 2¢


I think you should be aiming for a healthy balance between trading and social life. But, and I will say this to someone of any age, the goal is to become a proficient trader and this where most of your time and effort should be devoted. Just like any art, more time and effort is spent on study and practice than the performance itself. When you are proficient, you will have a skill that will last the rest of your life and the money will just as surely come with it. There is no need to feel as though you must amass a fortune as quickly as possible. This will only place needless pressure on yourself and disrupt your ability to make good trading decisions. Enjoy trading and enjoy life.

 

[rols]

As they say, 'the rest of your life starts today.'

I do wonder though sometimes how many traders on their death beds are heard to utter the words,

"I wish I'd spent more time at the computer screen."

 

[damianoakley]

Hey,
as the title says really, whats your balance like? I was seeing this girl, nothing serious but she cut me loose today saying that all i do is work etc. Also my father came round today and when he was round one of my mates popped round and asked if i was coming for beers later, to which i replied 'would love too, but trading the nikkei tonight' My old man then started going on about how i'm working way too much and that i need to have time to myself.
The way i see is that i'm young (21) and at the moment i need to get as much money as i can behind me. Also i need take as many opportunities as i can because some weeks i'll have an amazing week, but some weeks will be slower, so for this reason i want to build the biggest pot that i can, so i can easily ride out the slow times with healthy cash flow. I have a couple of things in the pipe line that i'm looking to go through with in around six months that will require a strong cash flow as i will be committed to them financially, one of them being something i have always dreamed and aspired to having. If i'm honest i have put trading before everything... i don't even really know where i'm going with this really, just pondering on thoughts and going on a tangent sat on my jones waiting for the nikkei to open.... So what are your thoughts on the matter?

Kev.

A healthy work-life balance - one of the most difficult things to achieve in life.

Trading is an important part of my life, afterall it's my livelihood, but I think that trading should never BECOME your life.

There's no reason why you can't have trading AND a healthy social/family life if you do it correctly.


Thanks

Damian

 

[Hoggums]

Is the reason you are trading so much because you are finding it difficult to make money - are you chasing losses earlier in the day?

 

[fibonelli]

Kevin21,

You run the risk of burn-out and before that you could find that your decision making abilities start to impair.

Out of curiosity, why are you trading the Nikkei?

Fibonelli

 

[Citizen2007]

Its funny how most traders come into trading hoping to make lots of money and have a better and more balanced lifestyle but many actually end up with the exact opposite....long hours, stress,and not the kind of returns they expected .

I myself spent a long time going through the learning process, so much that it overtook my life trying to find the holy grail. I remember my babies were very small when i started and by the time i came to realise my circumstances they had grown up and i had missed out on a lot of valuable time.

I am now in the process of 100% automating all my trading, and also employing and training three other people to trade my account.

In perspective, after a while chasing this dream, the money actually takes second place and it becomes more a journey of self realisation. It is this one aspect that has allowed me to carry on, i dont think i would chase the money at the expense of spending time where it counts.

 

[Charlton]

Hey,
as the title says really, whats your balance like? I was seeing this girl, nothing serious but she cut me loose today saying that all i do is work etc. Also my father came round today and when he was round one of my mates popped round and asked if i was coming for beers later, to which i replied 'would love too, but trading the nikkei tonight' My old man then started going on about how i'm working way too much and that i need to have time to myself.
The way i see is that i'm young (21) and at the moment i need to get as much money as i can behind me. Also i need take as many opportunities as i can because some weeks i'll have an amazing week, but some weeks will be slower, so for this reason i want to build the biggest pot that i can, so i can easily ride out the slow times with healthy cash flow. I have a couple of things in the pipe line that i'm looking to go through with in around six months that will require a strong cash flow as i will be committed to them financially, one of them being something i have always dreamed and aspired to having. If i'm honest i have put trading before everything... i don't even really know where i'm going with this really, just pondering on thoughts and going on a tangent sat on my jones waiting for the nikkei to open.... So what are your thoughts on the matter?

Kev.

Kev

The curse of the young is impatience. This is because evaluation of time has not yet reached its proper perspective. A year or two seems an enormous length of time when you are 21, because it is in comparison to how much time you have spent on earth to date. I went through this and no doubt many on this board.

If you don't have the proper life balance at this age (or any age for that matter) you will regret it. This is a particularly important time to create relationships and have some fun, before you get into more serious commitments economically, professionally and personally.

Take time to build up your "pot" otherwise you may make some serious trading mistakes if you rush at it. Work on building up consistent and sustainable growth rather than boom and bust.

Work on getting money to work for you i.e. fewer setups but those which have the greatest probability of larger returns and, which do not require sitting in front of a screen all day and f***ing your social life.

Charlton

 

[blackcab]

I don't know much, but I know a few things ...

... If you're sitting trading off a 5 min chart then the answer's simple - stop being so daft and learn to trade properly.

GJ - you've forgotten more than I know about trading, way more. May I ask why you said that?

 

[Kevin21]

i trade futures in the dow, s&p/mib, dax and the nikkei at the moment. Just in the process of openening accounts with brokers that will give me access to brazilian and mexican markets too. Why just walk after taking just 20pts when you can stay and take more? If someone said to me this machine will spits tenners out all the time, i wouldn't just walk after taking a tenner, i'll sit and see how much it gives out.
As for the person who asked why i trade the nikkei, well it moves more, so more money. For example, the ftse is at 6575 and the nikkei is at 18049. If there is 0.5% move in both markets then obviously the nikkei is going to give you more points. Another example is today the ftse is down 0.83% which is 55pts. The spmib is down a little bit more at 1.17%, but thats 493 points. At the moment i'm trading sept futures on the spmib and so far i'm 320pts up on the day, yesterday i took around 500pts and this is just from the spmib. Yeah you loose more when on a bad trade, but you make more too when you're on a good one, its all relative, just bigger numbers. Doing multiple markets like these a 1000pts in a day is a real posibility on a good day. Trading contracts worth between 5-8 pounds sterlin, well do the maths, its serious money....

 

[chump]

getting off the original topic.... you're right this is all numbers ,but you're wrong in what you are implying...that is volatility...more of, is the answer to max trading profits.
Take your example of the ftse etc....your money management should entail you applying more position to the ftse than your more volatile examples with presumably the same overall risk envisaged in either market.
In other words the number of points moved is irrelevant...it's the numbers your strategy captures that counts.

 

[frugi]

Hi Kevin,

Granted, while learning there is no substitute for screen time. Grafting early can allow one the luxury of putting in far less time later.

Why just walk after taking just 20pts when you can stay and take more?

Eventually one can specialise on a single market and throw enough size at it to make it worth taking as few as 5-10 ticks a day. This is an efficient use of time. It's so easy to become enslaved to the screen under the mistaken belief that the more hours worked the greater the reward.

Besides, there's nothing particularly wonderful about a market having a larger daily range as both sides of the so-called risk/reward ratio will be affected.

As you say

...you lose more when on a bad trade, but you make more too when you're on a good one, its all relative, just bigger numbers.

Exactly, more points' movement but not (necessarily) more money won/lost, because presumably you're altering your position size to account for the increased daily range.

Anyway it sounds like you're having a ball, testing the waters, finding a market whose personality suits your own. Experimentation is healthy. If it's working for you, keep it up, but remember why you wanted to trade in the first place. I doubt the reasons included the pleasure of working 12 hour days for years to come.

 

[Kevin21]

i've got a figure in my head that i when i get to i will tone it down. Once i've got to this figure i can then set myself up and invest money in other safer areas. I'm not gonna sit here constantly for the next 10yrs lol. Just maxing the hours so i can build my foundation for my other plans. For example i want to buy land in places like china and thailand as long term investments over 10year periods. I'm half thai and can speak chinese to, so i'm down with the lingo, and as regards to thailand, i know the the area well too :cheesy: Whiles i was looking at the price of land and houses out there, a 130k will get you pretty much you a house with a private beach, servents, gym, swiming pool, basicly all the stuff that would cost you millions over here in the uk. Plus you can live like a king on 300 quid a week. So i plan on sitting in the sun in the future, beats being here lol

 

[chump]

"chump beat me to it "...don't worry..you're in good company

 

[chump]

Kevin,
there are no safer areas ...safe is totally down to you and what you do.
I differ from the rest of the advice given here...I suggest you whack it now and hard ...compounding ....the earlier you start the more compounding can work for you...nibbling ,or turning your mind to amassing capital later in life runs counter to the effect of compounding. Moreover when you are young you can come back from the effcts of making mistakes...the older you are the less that holds true.

 

[new_trader]

My advice differs from Chump. I am saying that you should focus on becoming a proficient trader as opposed to a prudent investor because they are two entirely different subjects. When you can consistently make profits out of trading then you can, in theory, always make a "withdrawal" from the markets whenever you need to. If someone is interested in being a great football player it makes no sense to say, “Start early so you can take advantage of compounding”.