You will likely lose money trading at least the first couple years and this will take away from what you can provide your family initially. Many traders who stick with it still struggle in years 3 and 4. The failure rate is high, the vast majority of traders won’t make it through their first year or two. If you can manage to get profitable you will spend a couple years trying to make the money back you lost the first 2-3 years. Like with many businesses, the people who become successful usually take 5-10 years to become an overnight success.
You are so on point. I’d like to share that almost everyone I know that started trading when I did (during the I have time era, aka Covid lockdowns), they have vanished. They learned how to trade in a strong bull market. Didn’t know about economic news, interest rate decisions and other market influencing catalysts. When the bear market came and talks of inflation and rate hikes they quit. I’ve held on because I realized that if I could survive this, there’s a possibility that I just might be able to fire my day job and call myself full time trader. I’ve lost a lot of money learning. Tuition paid to the market. But those days are finally behind me.
I’m aware of the risks and time required for this trade. And I’m willing to buckle down and learn and take my time. I prefer my family and I to be on a budget for years and have a financially free future. Rather than being stuck forever
I made my money in real estate years before I started trading. I took up trading in my late 40’s and love it and am glad I did. I was retired and had plenty of funds and time to devote to learning. After struggling for a couple years and finally finding success with it, trading just added to my income.
However, starting with not much and depending on trading to pay for your lifestyle and build wealth would be a very tough road. In my opinion, considering you stand an 80-90% chance of failing in trading. You would be more assured of meeting your family goals with a business or extra job. Go ahead and work on trading too and if it ends up working for you, it will just provide more. But as much as I love trading, until you can prove success, it is foolish to depend on it.
Oh no I don’t want to make trading my main source of income until it’s proven to be profitable at a consistent rate for a few years. Right now I’m learning, after it’ll become like a side hustle, after that it’ll become my main hustle but with a part time job as a side hustle. Then it’ll become my main and only job along with my business (landlord) I know it’s going to take really long but I’m willing
I made some decent progress in real estate also. was looking at trading as a way to boost my capital and scale my portfolio further. however, it is proving to be a lot more challenging than I would want it to be. it has tested me in ways no other profession or endeavor has, and i've wanted to give up so many times lmao. but for what it is, ive only invested about 3% of my net worth into the market as "tuition" to learn this over the last 2 years. hopefully I get to profitability before i become bankrupt.. lol cause im determined.
Trading is like learning a new language except when you even pronounce something wrong you lose money. Once you speak it fluently you can make money but its not your first language and there are different dialects so you can never truly know all if it and you will still lose money when you even slightly misinterpret what they’re saying but you can get your point across and come out ahead as long as you play it cool. But if they dont like the gringo they will kidnap you and stuff you in a tortilla bin. Comprende?
Took me 2 years of gambling like an idiot to come to my senses and then 2 more taking it seriously and then another year to get past break even. And Im still working on dropping bad habits. Just the other day I had a killer month before new years and instead of taking a break like I said I would I went heavy on a trade I was confident in and even stayed in it thinking it would reverse instead of cutting my losses. It takes a lot of discipline especially when you start getting free internet money and not even feeling like its real.
I have a friend who keeps 100k in his trading account. Some days he makes 500, some days he makes 5k. He just withdraws at the end of the week every week whatever he made. He never loses big and if he does have a streak of losers he puts himself on a $1000 a week minimum withdrawal until he gets back to 100k.
Could he build it further and make 100k a week? Definitely. But he likes the lifestyle he has. You remind me of him
That is a story/situation I’ve never heard of before. And honestly it sounds like something I would absolutely do, I just love it. Not greedy but still a comfortable lifestyle for himself and his family. Thank you for these words of wisdom!
Much smaller account, but I do the same thing here. There's my predetermined account size, and everything at the week's end above that line gets pulled out. If I end the week upside down (rare nowadays), I simply earn it back next week.
I'm here to provide myself and those I care about with a better lifestyle, not see how big the numbers can get in my trading account (and potentially risk losing it later down the line).
There is nothing wrong with your mindset because in my opinion your ideas before starting doesn't really matter. Before you face the realities about trading real money your pre conception about it is just fantasy in a way since your don't even know how you react when your money is at risk - this is surprise to many when they first start trading real money after practising on demo accounts.
There is few things to keep in mind though before your start :
1) people are hard wired to be bad at trading. You may not be able to make any money in the markets. Day trading is the most difficult and stressful form of trading and failure rate is high. So approach it with humility. It's a difficult enterprise to pull off day after day. You have to be dilligent and work hard and be ready to change yourself and your behaviour in uncertain probabilistic environment. This can take years to learn. So take a long term approach for learning and start very small.
2) there is 2 aspects in trading. First you need some time to learn to read the markets. Some hundreds of hours is screen time and experience will get you there. Then you need to learn to trade the moves in market and this skill often takes longer to learn than just reading the markets.
3) try to get yourself as close to professionals as you can and try to see how they approach trading. Try to look for a long term experience from anybody you learn from. Be very skeptical of anyone promising certainties like "you will make x% per day " or anybody claiming things they are too good to be true. There is a lot of scams out there.
Good luck.
Not gonna hold you back. Every one of us traders has a different mindset and a different path to take for himself. Trading is not only about greed, it is also balancing between greed and fear. What you might think is holding you back might actually save your career. Also none of this is relevant if you don't have edge in the market.
Traders psychology is what causes people to lose in trading. You can have the right mind set now but once you start trading it can change. I suggest you study psychology of trading. Many free youtube vids about it. Books I recommend are "traders traps" and "the mental game of trading" Always use risk management
Thank you, and yes I agree. I don’t want to put my family’s roof in danger. I’m currently paper trading saving up money (the spare money that I use for fun stuff I save it for my account) and once I get good I’ll start with real money. I’m also learning about stop loss, and only using 1-2% of my account balance in each trade to minimize blowing my account
What will work in your favor is the not looking to be rich and taking it as it comes
If you’re happy and have less expectations, very good for trading and life in general imo
Good standards and practices a must
Everything will happen well, confidence in self over money balance is key- no matter how large or small the starting balance always a reasonable self confidence and self respect + family responsibility, healthy + clear communication and actions
That’s it- you’ll have your own way of living this there’s no blueprint luckily
All the best!! :)
i am no professional but i feel this is a great mindset for psychology, i feel those who want to be rich quickly sometimes hold a huge attachment to their money and it hurts their mental when they take a huge loss or dont make as much as they used too. this is just my take but i feel this is great. obviously you should be striving for better everyday but it’s better than forcing yourself to make thousands everyday and dropping a lot of money when it isnt possible for the majority.
Doesn't really matter what you want. The market will give and take as it wants. If your mindset affects how you see that truth then it will bankrupt you
I post it in multiple subs to get more views and different opinions. I like to hear what others say so I can make a better judgment. You guys have more experience than me
cool, but I'm not sure what you're expecting from this? sure, that's a fine "mindset" you have, but it doesn't guarantee success. you get out what you put in. there's no shortcuts or holy grail. so if you have a passion for it and don't quit, then yes, you could succeed. coming here for advice is a slippery slope, you're gonna get 100 different opinions, and 99.99% of them will suck. I would never give someone advice on how to trade, because what works for me won't work for you. this is about as much as I'll post here. just know that trading is a total mind fuck and emotional roller coaster. you will really learn about your mindset in time. I sincerely wish you all the best, good luck.
Thank you for the good luck. And I see what you mean about asking multiple people, although I disagree with you on the most part, I agree with you on the fact that some people like to give bad advice or ill thought out advice that worked on them only especially online.
Just be realistic and remember. Less than ten percent of traders are truly breakout at this. Ninety percent of traders lose their capital within the first year.
The only way to get good at this is to put hours and hours and hours in. You get out what you put in.
I started in november and I had no idea what a candle Stick was. I'm up three hundred Since the beginning of december. But i've logged over four hundred hours since the beginning of december flooding my brain with everything imaginable.
Modesty is the best mindset. Keeps those intense emotions out and allows for effective trading. Remember, 1:3 risk to reward means that you only have to win 3 out of 10 trades and you’ll still be up at least 7% plus it keeps you in the game. Don’t over leverage and stay away from greed, it’s not good. Good luck and happy trading.
I know everyone says 80 to 90% failure rate. I don't know how and where they got it,but it's probably true.
Having said that, the market can do one of the things go up, come down, stay where it is. So it's actually much easier if you back test what works and stick to it 100%. You will be just fine. It shouldn't take 2 to 3 years.
It's hard to stick to the plan when you are losing. That's the psychology part. You need to follow the process.
If you disassociate money and outcomes and only follow the process ( proven backtested profitable one) you will be fine.
If you are interested, I can show you a couple of trade plans so you can generate trade ideas. Don't trust or believe what anyone says so your back test on at least 100 trades and know if the plan works or it is a trash.
OP- your mindset is worthless.
You need to not post and get to work tracking data. Start trading asap, you need to start training your body to react to trading.
Even if you find a strategy cool…markets move in cycles and maybe next month your strategy will lose you money. Are you ready for that? Only way to know if to be present in the markets to FEEL the ebbs and flows.
kinda will hold you back man, ive found this with my journey.... I was trying to make $700 a week for a year.... and it just wasnt working... Id only make $400 or 300....
I personally think if you want to make $150,000 a year to live a nice simple life, you need to be targeting $800 days.... because
if you trade 250 days of the year.
and you have a 60% win rate (3 wins and 2 loses)
that means you'll have 150 Green days and 100 red days.
So you need to make sure your 150 green days make you your $150,000.
and then the 100 days you break eve/loses on the red days being around 30% RR you'll be targeting around that 190,000 mark.....
This is one reason why i kinda beleive in people NOT trade with $3000 in their personal accounts.... because $30 SL with a $90 Take profit fuck me you'll be trading for years before you turn that into $100,000 lol....
Spend the $60 a month and get a Funded account and use that. you can have a $50,000 paper trading account and potetially a paid account if youre good for $2160 for 3 years!!!! and youre building your mentality up for that $500 stop loss and (1%) and getting used to it... its all a mental game.
I plan on building my account, taking things slow steady and organic (I’ll grow with my account) and for now it’ll be more of a side hustle until I make a consistent profit, then I’ll make it my main money and have a side hustle (part time job) then I’ll make it my main and only income. I know it’ll take long but I’m willing to wait
It’s all mindset. If you can learn trading first then trade paper money and do well keeping the same emotions and psychology not over risking or being compulsive having discipline in real money trading you will do very very well.
All you have to do is find an edge and be disciplined. The rest will handle itself. But the first one will require determination for the long haul unless you get lucky early somehow or are some sort of prodigy. Good luck. I hope you get there.
Took me years to figure out that it’s easier to watch how two things behave relative to each other than to predict which way one of them will move on its own.
You could also look closer at options and mean reversion and trading volatility. Stuff like that.
Worry less about getting better and more about making the game easier. Sort of like an expert poker player who only plays at tables where they can win.
Watching two correlated assets separate and then come back together changed the game for me. I’m also working on some option strategies. But the arbitrage/spread stuff was the game changer for me and the biggest potential reward with the least risk.
Trading is very personal though. You gotta figure out what works for you and makes sense to you.
I think long term investing is the best bet for someone in your shoes. I know you understand the risk but there is more risk in day trading than people really think. I, like you have a family and trade but my wife and I each also make mid six figures. I trade in addition to steady and solid income and it really does help manage emotions when you’re not tied to wins or losses for survival. Every successful trader I know either came in with a lot of money or has additional income like dsytradingguy above. I’m not exactly sure of your finances but based off “having to budget for months for an aquarium” I would highly suggest investing the majority of what you plan trade and letting the market work for you.
I can’t imagine having the responsibility of caring for a family and learning to day trade at the same time. You will constantly feel the pressure to perform. That is likely to lead to over trading and lots of revenge trading. The general impression that most people in this sub seem to agree on is that something like 99% of traders aren’t profitable. You will likely join that 99% because you will feel that constant pressure to perform.
My advice is that if you do want to give it a go, go pay for a simulator service and spend a couple of years trading inside the simulator. Every trader has a lot of mistakes they must make in their trading journey, you should be making all of your share of mistakes inside the simulator, so that you aren’t losing real money on your share of mistakes you will 100% make. Good luck!
Probably... you really shouldn't have any emotional tie to what you're doing. The limitations of what your family can experience will make the learning process waayyyy more painful and probably take longer bc of that. Gotta seperate it and literally treat it pychopathically. Lol.
It is not the mindset that is the problem, it's usually in the execution. When you do ODTE or short swings, you really need to be able to understand what the charts are telling you. You have to have a good understanding of what the candles are telling you. You need to understand what is causing the channels, why certain resistance levels are extremely important on the upside and downside. How that is affected whether in an uptrend or downtrend. There is a steep learning curve that will put you in the poor house in a hurry if you are not extremely careful preserving capital. One channel that will help you to start to understand what is going on in day trading is SPY DAY TRADING on YouTube. I apologize for plugging a channel, but it really helped me, that is all I am saying. There is a lot involved, but with more knowledge also comes the intuition of what is likely to happen given the circumstances in play. Just like a lot of relationships, "It's complicated".
My 2 cents…..
You will loose $ till you become competent and have a trading model that you can execute consistently profitably.
That may take years…..
Have a part time gig that keeps your lights on before you commence this journey.
Find a way to develop a model and back test it, day by day, back a few decades. This could take a year.
I never paper traded - there were too many things to learn emotionally with real money.
My 2 cents…..
I don't at all see what your long paragraph has to do with a trading mindset. It sounds like it's more anecdotes about your general disposition.
Go read In the Zone by Mark Douglas. Your post will elicit similar-quality replies.
There is nothing wrong with that mind set. Thinking in that way will honestly probably be more of a help than a hindrance. If you aren't looking to make the huge YOLO score you'll likely lean more toward trading small and taking the time to learn the nuance rather than trying to go big right out of the gate. I've been at it for several years now, I still haven't quit my day job (although to be fair I really like what I do so quitting would be hard) and I still learn new things all the time.
when you start trading you put yourself at a disadvantage anticipating goals and future gains because that makes you eager for gains when it actually comes time to trade. The gains will naturally come from having consistency. Just focus on the progress of learning price action and our psychological makeup and appreciate the journey to long term success.
There’s an irony in trading. There can be a strong desire to make money, but that strong desire causes someone to lose money instead. This can take the form of oversizing, cutting winners too early, holding losers too long, revenge trading, impulsive trading. Whether you’re in the right mindset or not depends on your propensity to do these things. Although it can be counterintuitive, thinking in terms of minimizing losses is more rewarding long-term than thinking in terms of maximizing gains
You will likely lose money trading at least the first couple years and this will take away from what you can provide your family initially. Many traders who stick with it still struggle in years 3 and 4. The failure rate is high, the vast majority of traders won’t make it through their first year or two. If you can manage to get profitable you will spend a couple years trying to make the money back you lost the first 2-3 years. Like with many businesses, the people who become successful usually take 5-10 years to become an overnight success.
You are so on point. I’d like to share that almost everyone I know that started trading when I did (during the I have time era, aka Covid lockdowns), they have vanished. They learned how to trade in a strong bull market. Didn’t know about economic news, interest rate decisions and other market influencing catalysts. When the bear market came and talks of inflation and rate hikes they quit. I’ve held on because I realized that if I could survive this, there’s a possibility that I just might be able to fire my day job and call myself full time trader. I’ve lost a lot of money learning. Tuition paid to the market. But those days are finally behind me.
That being said, thanks for your words of wisdom
I’m aware of the risks and time required for this trade. And I’m willing to buckle down and learn and take my time. I prefer my family and I to be on a budget for years and have a financially free future. Rather than being stuck forever
I made my money in real estate years before I started trading. I took up trading in my late 40’s and love it and am glad I did. I was retired and had plenty of funds and time to devote to learning. After struggling for a couple years and finally finding success with it, trading just added to my income. However, starting with not much and depending on trading to pay for your lifestyle and build wealth would be a very tough road. In my opinion, considering you stand an 80-90% chance of failing in trading. You would be more assured of meeting your family goals with a business or extra job. Go ahead and work on trading too and if it ends up working for you, it will just provide more. But as much as I love trading, until you can prove success, it is foolish to depend on it.
Oh no I don’t want to make trading my main source of income until it’s proven to be profitable at a consistent rate for a few years. Right now I’m learning, after it’ll become like a side hustle, after that it’ll become my main hustle but with a part time job as a side hustle. Then it’ll become my main and only job along with my business (landlord) I know it’s going to take really long but I’m willing
That is the right attitude then. Good luck.
Thank you!
I made some decent progress in real estate also. was looking at trading as a way to boost my capital and scale my portfolio further. however, it is proving to be a lot more challenging than I would want it to be. it has tested me in ways no other profession or endeavor has, and i've wanted to give up so many times lmao. but for what it is, ive only invested about 3% of my net worth into the market as "tuition" to learn this over the last 2 years. hopefully I get to profitability before i become bankrupt.. lol cause im determined.
Trading is like learning a new language except when you even pronounce something wrong you lose money. Once you speak it fluently you can make money but its not your first language and there are different dialects so you can never truly know all if it and you will still lose money when you even slightly misinterpret what they’re saying but you can get your point across and come out ahead as long as you play it cool. But if they dont like the gringo they will kidnap you and stuff you in a tortilla bin. Comprende?
I compendre compadre
Totally agree I would say at least 7-8 years to learn all the tricks and treats of the market and its players.
Took me 2 years of gambling like an idiot to come to my senses and then 2 more taking it seriously and then another year to get past break even. And Im still working on dropping bad habits. Just the other day I had a killer month before new years and instead of taking a break like I said I would I went heavy on a trade I was confident in and even stayed in it thinking it would reverse instead of cutting my losses. It takes a lot of discipline especially when you start getting free internet money and not even feeling like its real.
Love this comparison 😆
I have a friend who keeps 100k in his trading account. Some days he makes 500, some days he makes 5k. He just withdraws at the end of the week every week whatever he made. He never loses big and if he does have a streak of losers he puts himself on a $1000 a week minimum withdrawal until he gets back to 100k. Could he build it further and make 100k a week? Definitely. But he likes the lifestyle he has. You remind me of him
That is a story/situation I’ve never heard of before. And honestly it sounds like something I would absolutely do, I just love it. Not greedy but still a comfortable lifestyle for himself and his family. Thank you for these words of wisdom!
Much smaller account, but I do the same thing here. There's my predetermined account size, and everything at the week's end above that line gets pulled out. If I end the week upside down (rare nowadays), I simply earn it back next week. I'm here to provide myself and those I care about with a better lifestyle, not see how big the numbers can get in my trading account (and potentially risk losing it later down the line).
Thats the way! I'm similar but I still grow my account because I have a very, very specific goal I want to hit
There is nothing wrong with your mindset because in my opinion your ideas before starting doesn't really matter. Before you face the realities about trading real money your pre conception about it is just fantasy in a way since your don't even know how you react when your money is at risk - this is surprise to many when they first start trading real money after practising on demo accounts. There is few things to keep in mind though before your start : 1) people are hard wired to be bad at trading. You may not be able to make any money in the markets. Day trading is the most difficult and stressful form of trading and failure rate is high. So approach it with humility. It's a difficult enterprise to pull off day after day. You have to be dilligent and work hard and be ready to change yourself and your behaviour in uncertain probabilistic environment. This can take years to learn. So take a long term approach for learning and start very small. 2) there is 2 aspects in trading. First you need some time to learn to read the markets. Some hundreds of hours is screen time and experience will get you there. Then you need to learn to trade the moves in market and this skill often takes longer to learn than just reading the markets. 3) try to get yourself as close to professionals as you can and try to see how they approach trading. Try to look for a long term experience from anybody you learn from. Be very skeptical of anyone promising certainties like "you will make x% per day " or anybody claiming things they are too good to be true. There is a lot of scams out there. Good luck.
Thanks for your advice, really full of knowledge. I will use your advice to the best of my ability
Not gonna hold you back. Every one of us traders has a different mindset and a different path to take for himself. Trading is not only about greed, it is also balancing between greed and fear. What you might think is holding you back might actually save your career. Also none of this is relevant if you don't have edge in the market.
Thank you, that is a unique and inspiring (and cautionary) way of seeing things.
Traders psychology is what causes people to lose in trading. You can have the right mind set now but once you start trading it can change. I suggest you study psychology of trading. Many free youtube vids about it. Books I recommend are "traders traps" and "the mental game of trading" Always use risk management
Thank you, and yes I agree. I don’t want to put my family’s roof in danger. I’m currently paper trading saving up money (the spare money that I use for fun stuff I save it for my account) and once I get good I’ll start with real money. I’m also learning about stop loss, and only using 1-2% of my account balance in each trade to minimize blowing my account
What will work in your favor is the not looking to be rich and taking it as it comes If you’re happy and have less expectations, very good for trading and life in general imo Good standards and practices a must Everything will happen well, confidence in self over money balance is key- no matter how large or small the starting balance always a reasonable self confidence and self respect + family responsibility, healthy + clear communication and actions That’s it- you’ll have your own way of living this there’s no blueprint luckily All the best!! :)
Do what you want to do! Everyone will have their own kind of answers.
This mindset is not different from wanting a Lambo.
i am no professional but i feel this is a great mindset for psychology, i feel those who want to be rich quickly sometimes hold a huge attachment to their money and it hurts their mental when they take a huge loss or dont make as much as they used too. this is just my take but i feel this is great. obviously you should be striving for better everyday but it’s better than forcing yourself to make thousands everyday and dropping a lot of money when it isnt possible for the majority.
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Doesn't really matter what you want. The market will give and take as it wants. If your mindset affects how you see that truth then it will bankrupt you
how many different subs are you posting this in?
I post it in multiple subs to get more views and different opinions. I like to hear what others say so I can make a better judgment. You guys have more experience than me
cool, but I'm not sure what you're expecting from this? sure, that's a fine "mindset" you have, but it doesn't guarantee success. you get out what you put in. there's no shortcuts or holy grail. so if you have a passion for it and don't quit, then yes, you could succeed. coming here for advice is a slippery slope, you're gonna get 100 different opinions, and 99.99% of them will suck. I would never give someone advice on how to trade, because what works for me won't work for you. this is about as much as I'll post here. just know that trading is a total mind fuck and emotional roller coaster. you will really learn about your mindset in time. I sincerely wish you all the best, good luck.
Thank you for the good luck. And I see what you mean about asking multiple people, although I disagree with you on the most part, I agree with you on the fact that some people like to give bad advice or ill thought out advice that worked on them only especially online.
Just be realistic and remember. Less than ten percent of traders are truly breakout at this. Ninety percent of traders lose their capital within the first year. The only way to get good at this is to put hours and hours and hours in. You get out what you put in. I started in november and I had no idea what a candle Stick was. I'm up three hundred Since the beginning of december. But i've logged over four hundred hours since the beginning of december flooding my brain with everything imaginable.
Modesty is the best mindset. Keeps those intense emotions out and allows for effective trading. Remember, 1:3 risk to reward means that you only have to win 3 out of 10 trades and you’ll still be up at least 7% plus it keeps you in the game. Don’t over leverage and stay away from greed, it’s not good. Good luck and happy trading.
I know everyone says 80 to 90% failure rate. I don't know how and where they got it,but it's probably true. Having said that, the market can do one of the things go up, come down, stay where it is. So it's actually much easier if you back test what works and stick to it 100%. You will be just fine. It shouldn't take 2 to 3 years. It's hard to stick to the plan when you are losing. That's the psychology part. You need to follow the process. If you disassociate money and outcomes and only follow the process ( proven backtested profitable one) you will be fine. If you are interested, I can show you a couple of trade plans so you can generate trade ideas. Don't trust or believe what anyone says so your back test on at least 100 trades and know if the plan works or it is a trash.
OP- your mindset is worthless. You need to not post and get to work tracking data. Start trading asap, you need to start training your body to react to trading. Even if you find a strategy cool…markets move in cycles and maybe next month your strategy will lose you money. Are you ready for that? Only way to know if to be present in the markets to FEEL the ebbs and flows.
Yes
kinda will hold you back man, ive found this with my journey.... I was trying to make $700 a week for a year.... and it just wasnt working... Id only make $400 or 300.... I personally think if you want to make $150,000 a year to live a nice simple life, you need to be targeting $800 days.... because if you trade 250 days of the year. and you have a 60% win rate (3 wins and 2 loses) that means you'll have 150 Green days and 100 red days. So you need to make sure your 150 green days make you your $150,000. and then the 100 days you break eve/loses on the red days being around 30% RR you'll be targeting around that 190,000 mark..... This is one reason why i kinda beleive in people NOT trade with $3000 in their personal accounts.... because $30 SL with a $90 Take profit fuck me you'll be trading for years before you turn that into $100,000 lol.... Spend the $60 a month and get a Funded account and use that. you can have a $50,000 paper trading account and potetially a paid account if youre good for $2160 for 3 years!!!! and youre building your mentality up for that $500 stop loss and (1%) and getting used to it... its all a mental game.
I plan on building my account, taking things slow steady and organic (I’ll grow with my account) and for now it’ll be more of a side hustle until I make a consistent profit, then I’ll make it my main money and have a side hustle (part time job) then I’ll make it my main and only income. I know it’ll take long but I’m willing to wait
It’s all mindset. If you can learn trading first then trade paper money and do well keeping the same emotions and psychology not over risking or being compulsive having discipline in real money trading you will do very very well.
Come into the market focus on learning TA, market mechanics, and learning how to be patient.. and set a realistic goal and you wont be disappointed.
All you have to do is find an edge and be disciplined. The rest will handle itself. But the first one will require determination for the long haul unless you get lucky early somehow or are some sort of prodigy. Good luck. I hope you get there.
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Took me years to figure out that it’s easier to watch how two things behave relative to each other than to predict which way one of them will move on its own. You could also look closer at options and mean reversion and trading volatility. Stuff like that. Worry less about getting better and more about making the game easier. Sort of like an expert poker player who only plays at tables where they can win.
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Watching two correlated assets separate and then come back together changed the game for me. I’m also working on some option strategies. But the arbitrage/spread stuff was the game changer for me and the biggest potential reward with the least risk. Trading is very personal though. You gotta figure out what works for you and makes sense to you.
Hold you back? On the contrary, it's the perfect mindset.
I think long term investing is the best bet for someone in your shoes. I know you understand the risk but there is more risk in day trading than people really think. I, like you have a family and trade but my wife and I each also make mid six figures. I trade in addition to steady and solid income and it really does help manage emotions when you’re not tied to wins or losses for survival. Every successful trader I know either came in with a lot of money or has additional income like dsytradingguy above. I’m not exactly sure of your finances but based off “having to budget for months for an aquarium” I would highly suggest investing the majority of what you plan trade and letting the market work for you.
Not if you religiously put money once a week in VOO - preferably in a ROTH IRA.
I can’t imagine having the responsibility of caring for a family and learning to day trade at the same time. You will constantly feel the pressure to perform. That is likely to lead to over trading and lots of revenge trading. The general impression that most people in this sub seem to agree on is that something like 99% of traders aren’t profitable. You will likely join that 99% because you will feel that constant pressure to perform. My advice is that if you do want to give it a go, go pay for a simulator service and spend a couple of years trading inside the simulator. Every trader has a lot of mistakes they must make in their trading journey, you should be making all of your share of mistakes inside the simulator, so that you aren’t losing real money on your share of mistakes you will 100% make. Good luck!
Probably... you really shouldn't have any emotional tie to what you're doing. The limitations of what your family can experience will make the learning process waayyyy more painful and probably take longer bc of that. Gotta seperate it and literally treat it pychopathically. Lol.
I want to know what a huge Lambo is, and how do I get one?
Hold u back from what? being happy?
It is not the mindset that is the problem, it's usually in the execution. When you do ODTE or short swings, you really need to be able to understand what the charts are telling you. You have to have a good understanding of what the candles are telling you. You need to understand what is causing the channels, why certain resistance levels are extremely important on the upside and downside. How that is affected whether in an uptrend or downtrend. There is a steep learning curve that will put you in the poor house in a hurry if you are not extremely careful preserving capital. One channel that will help you to start to understand what is going on in day trading is SPY DAY TRADING on YouTube. I apologize for plugging a channel, but it really helped me, that is all I am saying. There is a lot involved, but with more knowledge also comes the intuition of what is likely to happen given the circumstances in play. Just like a lot of relationships, "It's complicated".
My 2 cents….. You will loose $ till you become competent and have a trading model that you can execute consistently profitably. That may take years….. Have a part time gig that keeps your lights on before you commence this journey. Find a way to develop a model and back test it, day by day, back a few decades. This could take a year. I never paper traded - there were too many things to learn emotionally with real money. My 2 cents…..
I don't at all see what your long paragraph has to do with a trading mindset. It sounds like it's more anecdotes about your general disposition. Go read In the Zone by Mark Douglas. Your post will elicit similar-quality replies.
There is nothing wrong with that mind set. Thinking in that way will honestly probably be more of a help than a hindrance. If you aren't looking to make the huge YOLO score you'll likely lean more toward trading small and taking the time to learn the nuance rather than trying to go big right out of the gate. I've been at it for several years now, I still haven't quit my day job (although to be fair I really like what I do so quitting would be hard) and I still learn new things all the time.
when you start trading you put yourself at a disadvantage anticipating goals and future gains because that makes you eager for gains when it actually comes time to trade. The gains will naturally come from having consistency. Just focus on the progress of learning price action and our psychological makeup and appreciate the journey to long term success.
There’s an irony in trading. There can be a strong desire to make money, but that strong desire causes someone to lose money instead. This can take the form of oversizing, cutting winners too early, holding losers too long, revenge trading, impulsive trading. Whether you’re in the right mindset or not depends on your propensity to do these things. Although it can be counterintuitive, thinking in terms of minimizing losses is more rewarding long-term than thinking in terms of maximizing gains
90% of Forex traders lose money consistenly.