how to decide if your suite to endofday or intraday trading
personality maybe... its an interesting question though, maybe do a web search for psychological traits employed by day traders, otherwise thats part of the game, you (after a time?) start to question yourself by experience and negative cashflow.
I'd say the more calm or grounded you are mentally in any situation then the more likely you are to be suited to the exposure of daytrading.
how do you feel being wrong in life? because you will lose and either stick at it and question or potentially face a mental pain which sends you packing.
Mentally people do not really start to mature until late 20's mid 30's in the general walk of life, even then somewill never make it in this lifetime, dont get me wrong its not about judgement of the mental scale of people with regards others being better or worse, rather just whats needed, call it a " willingness to learn enhanced awareness of self" or "who you are"
many people in life drink and take drugs in this day and age because they dont wont to go through the pain? of facing themselves.
you also have the usual elements of your time available to assume positions, method, risk to sort out again that which fits in with your trading personality, otherwise you are simply being manipulated and more likely to scupper those methods which do not fit in with your own developed trading persona, which perhaps should be open to constant conscious evolution.
In short, develop your trading personality and that trading personality is very likely to counter your life personality to date, hence why it can take a good while working that out.
and know what it is you are doing and why you are doing it before you do it.
Psychology is number one, some argue and say its babble, but perhaps they dont want to look at themselves too deeply. after all you are only looking at how your mind works, sadly many give it less time than looking in the mirror when shaving 🙂 funny old world .
Best wishes in your pursuits.
jsd. (humble opinion)
I'd say the more calm or grounded you are mentally in any situation then the more likely you are to be suited to the exposure of daytrading.
how do you feel being wrong in life? because you will lose and either stick at it and question or potentially face a mental pain which sends you packing.
Mentally people do not really start to mature until late 20's mid 30's in the general walk of life, even then somewill never make it in this lifetime, dont get me wrong its not about judgement of the mental scale of people with regards others being better or worse, rather just whats needed, call it a " willingness to learn enhanced awareness of self" or "who you are"
many people in life drink and take drugs in this day and age because they dont wont to go through the pain? of facing themselves.
you also have the usual elements of your time available to assume positions, method, risk to sort out again that which fits in with your trading personality, otherwise you are simply being manipulated and more likely to scupper those methods which do not fit in with your own developed trading persona, which perhaps should be open to constant conscious evolution.
In short, develop your trading personality and that trading personality is very likely to counter your life personality to date, hence why it can take a good while working that out.
and know what it is you are doing and why you are doing it before you do it.
Psychology is number one, some argue and say its babble, but perhaps they dont want to look at themselves too deeply. after all you are only looking at how your mind works, sadly many give it less time than looking in the mirror when shaving 🙂 funny old world .
Best wishes in your pursuits.
jsd. (humble opinion)
trendie
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there are also the practicalities to consider.
EOD trading allows you to dip your toes into the water without giving up the day job.
consider, if you wanted to day-trade, you would have the extra pressure of having to make enough to pay the bills, etc, and be under pressure to be profitable quickly.
EOD is a good start. Less pressure.
Allows you to learn slowly, and try out different methods, until you find one you personally feel empathy with.
But, ultimately, as jsd has mentioned, it is a mind-game.
good luck. and let us know which method you go for.
EOD trading allows you to dip your toes into the water without giving up the day job.
consider, if you wanted to day-trade, you would have the extra pressure of having to make enough to pay the bills, etc, and be under pressure to be profitable quickly.
EOD is a good start. Less pressure.
Allows you to learn slowly, and try out different methods, until you find one you personally feel empathy with.
But, ultimately, as jsd has mentioned, it is a mind-game.
good luck. and let us know which method you go for.
trendie said:
Thanks for replies guys...
I've been reading alot about the mind side of things, market wizards, tony robbins.
I even did network marketing for a while - didn't make any money but found out lot about myself.
I am 36 now + wife + 2 kids.I started eod trading about a year ago...just using the basics, MA, trendline,etc.
Presently I have a day job and am doing eod only.
I may just purchase a US L2 screen and paper trade the nasdaq during the final two hour run in UK time...
I'm one of those people that learns from mistakes..but I usually end up perfecting what I learn eventually (not that I think trading can be perfected 🙂
I am presently building up a passive income from property but I hate my day job and want more freedom. I am very good with computers.
Trading is something I "feel" deep inside I can get good at.
once again cheers.
maxout
Maxout
This is a hard game, does you head in somtimes,Ive lost money trading doing silly things, but that's behind me now starting to make money, after about 5 years, bloody hard , but its the best job in the world if you can do it,
I also got 2 kids wife, and a dog, Mr avrage,what I have come to learn is. cut you losses you can have an average system and make money. as long as you got money management.
sun
This is a hard game, does you head in somtimes,Ive lost money trading doing silly things, but that's behind me now starting to make money, after about 5 years, bloody hard , but its the best job in the world if you can do it,
I also got 2 kids wife, and a dog, Mr avrage,what I have come to learn is. cut you losses you can have an average system and make money. as long as you got money management.
sun
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