Some Questions To Ask Yourself When Considering Trading
After 3 years of trading I took a hiatus from trading to redo a house, move in and have a baby. During that time my husband asked me, “Do you miss it?”
I quickly answered (maybe a little too quickly), “No.” He looked at me a little surprised. I didn’t even have to think about it so I felt the need to explain to him and now you why I answered so quickly and in the process give you something to think about when considering if trading is for you. First I’ll ask you a few questions.
Do you enjoy unemployment numbers?
Do you look forward with interest to the upcoming government reports?
Do you enjoy following the economic and political situations and policies of Europe?
Do you operate well with your attention completely divided?
Can you give 100% of your effort to something and have it not pay off perhaps for years or perhaps ever and not become discouraged?
The reason I ask these questions is because I answer no to every single one and that is why I did not miss trading. It was WONDERFUL not knowing or caring when unemployment numbers came out or any other stupid number like durable goods, retail sales or housing starts. I loved ignoring Greece and bailout talk for a few months. It was so nice to not have to listen to everyone talk about how this is just such a ‘squirrelly’ market right now and trading will get easier. I’ve been hearing that same story for 4 years now by the way. No discouragement snuck in. When I wasn’t trading I didn’t have to second-guess myself.
But the best part was not having my attention divided. I didn’t have to try to sneak in chances to look through charts while my child was content for 5 no make that 3 minutes. I didn’t have to sneak glances at my phone when we’re on walks and stop my friend in mid sentence because a possible sell alert just went off. I was FREE!
Here is the honest truth. I don’t know any successful trader whose life doesn’t basically revolve around the markets and the news and reports. One must be on top of it in order to make a go at it. That is why if you are considering trading you need to ask yourself the questions above because if you answer no to most of them, you might find yourself pretty miserable focusing so much attention on things you couldn’t care less about. Maybe it would be better to pursue something you love and are passionate about. Contrary to what you might hear, trading is not easy. You don’t learn a simple system in a weekend and become a success right away or at least not long-term anyway. Anyone can have a few trades go their way but to be successful through all sorts of markets takes YEARS of learning skills and practicing those skills all while paying close attention to markets and news and reports. If you answer yes to the above questions then even if you struggle to succeed at least you’ll be enjoying yourself and what you have immersed yourself in and that will help you immensely get through those hard years of learning.