Demons on our Shoulders
So you want to be a day trader huh?, really???, hmmm, well isn’t that special!!!! Think you have what it takes to make a living trading the Markets??? Do ya Bunkie???? I wouldn’t quit my day job pal. In fact unless you’ve done your homework first and foremost, don’t do this until you’ve at least tried it on a part time basis. Otherwise if you try to dive into the abyss without a net, you're doomed right from the get go! Doing it on a part time basis just for the feel of it is fine. Never would work otherwise.
Oh and pardon me for asking, but what makes YOU think you're smart enough, stable enough, and mechanical enough to do this? You read about it in a book right? Seemed kinda easy to ya? Did it? You figured heck this doesn’t seem so hard!!! You even heard about it or watched it on TV, all about these young upstarts making all kinds of money trading the markets fast and furious right? You said to yourself. I can do this, and I can do it better than him or her, right???…Well my friend, that EGO of yours is going to get you in a whole lot of big time trouble right from the get go, so stow it right now…and read on…
Let me tell you a story that may change your mind, or may not. But it’s worth reading BEFORE you take this plunge, because, once you commit to this, it will control your entire life, in fact, life as you now know it will cease to exist for you and your loved ones. Your family and friends will not recognize you in short order…In fact, you won’t know yourself either. You will become a compulsive, addictive person (maybe you weren't that way before this event but your gonna be one now), that lives, eats, sleeps, nothing else, except this obsessive out of control nutty world of trading for a living…I am living proof of that as I sit here and write this article…. more on that later….
A day in my life
Let me briefly tell you what a day in the life of this trader looks like each and everyday…I get up at 6.00 am EST. I do 2 hours preliminary pre-market work, scanning through stocks, news items, upgrades, downgrades…check the futures markets, and begin the preparation for day trading by readjusting every stock I watch, checking the charts and setting alerts on trigger points at support and resistance areas as they are breached…I then have 2 cups of coffee, read the NY Times, I live in the Philly area<ggg>, and then go on line with some friends each and every day to trade the markets from 8.30 am to 5.00 pm…that’s 11 hours a day, 5 days a week…from start to finish…you cannot really do this part time…you’ll lose your other job trying to trade as a part time day trader…because you’ll never be able to concentrate on your real job with trades hanging in mid air…
I don’t have time to pay the bills, answer the damn phone, or speak to anyone when I’m trading. I go down stairs to my nice cozy office, that looks like a bomb hit it<g>, and wearing my robe, sweat cloths, or some such get up, sit there glued to the screen until I can’t see straight anymore. And after the close, just collapse down dead….
I won’t go into the particulars of getting into the trades right here. But suffice it to say, the emotional roller coaster you're about to put yourself and your family through, makes the Kamikaze Pilots of WWII look like a bunch of choir boys. Any real roller coaster ride you’ve ever ridden on, makes this treacherous business about 1000 times more daring, more exciting, more exhausting and more exhilarating…yeah we get pumped up too<G>
And talk about exhaustion? Trekking through the Mohave Desert without water for a week could not be more exhausting than trading the markets for 11 total hours…start to finish. We all just can not speak any more…we just close down and die…..
So this is a wake up call to all you newbies, wannabies, and hope-to-be's…If you think this is easy, a piece of cake, think again pal…this is one of the toughest sole proprietorships in the world…It’s like nothing you’ve ever experienced before. The pressure is enormous because your using “Real Money”, your money, your wife’s money, yeah it’s hers too ya know! The real question for anyone that’s starting out in the crazy biz, is this. ”Are you gambling?, or are you trading like a pro…technically? Do you know what it means to trade “technically”? Exactly what are you doing? My Cyber Trader Friends and I do not gamble, we do take risks for sure. It happens on each and every trade each and everyday we open our stores. Oh yeah and by the way, how much money are you starting up with? Huh? You better fund it like it should be funded. Because if you try to skimp the account, you’ll trade scared. And let me tell ya boys and girls, your already going to trade scared anyway, so it makes no sense to have that hanging over your head too!