Coping with the pressure element

[JTrader]

More questions!

With day trading the potential financial rewards are very big - if you learn to do it properly and effectively. However, these rewards are by no means guaranteed.

In a regular job you are assured that if you turn up, do a half decent days work, you will get paid. With day trading you have to turn up, put in the work and hopefully you will get it right and be able to put bread on the table for that day, if not you could not only not get paid, but you could also lose money despite a hard days work, meaning you may have to go without bread for the rest of the week

Therefore trading for a living has its own set of pressures and sources of stress like any other line of work.

I have been in the trading business for a year now and still find every day to be quite daunting (perhaps this is good as it does not lead to complacency) as I know that the market can quite easily sting me.

How do others (especially those with families and mortgages etc.)cope with the pressure of having to perform day in, day out.

For people who have been trading for a living for many years, at what stage, if ever, did you begin to feel secure in your role as a day trader?

Thanks.

 

[Skimbleshanks]

When I started out I worked out the minimum I needed to maintain the roof over my head, and for food, petrol, bills, and other essentials such as council tax, and medical bills. In other words these were 'needs' not 'wants', and assumed that I didn't dip into my reserves.

I then became absolutely ruthless and cut back even further on anything and everything until I was able to reduce the amount I actually needed to peanuts to cover everything.

Knowing that I could survive on such a low amount, I found it completely removed any pressure.

And with no pressure, the trading became a lot easier.

 

[rossored]

Skim, wow, how old are you???? LOL (only kidding!)

PS Can I rent a room?