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I think my trading definitely effects my moods and the people around but much less than before. I do this a few hours a day. My husband gets worried about it but I never risk what I cannot afford to lose and I assure him it is my hobby and a lot of fun for me. But it is second to the important things in life: family. I meditate every morning before I trade and every evening before I sleep. I sleep well, eat well and exercise.
Can you help answer these questions from other members on NexusFi?
Really, really great topic Mike. This really is a critical point to ones success. And there certainly are a lot of ways one can look at this and situations that can be difficult. If the family does not respect it as the business that it is, it will make life more difficult for you, the trader, without a doubt and can even contribute to ones inability to become profitable. I struggled with this for a while with my wife in terms of her not letting me work and focus like I should at at first. She would “interrupt” me at the absolute worst times (not intentionally), but coming and asking me about something for example and especially in the beginning stages of learning (the first few years) it would always effect my trading negatively. I tried to look at it more causatively by stating to myself, I just need to get my focus in better and not blame anyone but myself for any losing trades. And there is a large degree of truth to that but, why the heck don’t you just get into a room and shut the door? As time went on and I started to become profitable and really understand how to read the price action and trade, those distractions actually became much less of an issue. Also, to include her in my trading and to elicit her “help”, I started giving her 10% of my winning trades each day, in cash. She is a stay at home wife and mom and that little extra “side job” goes a long ways with her. She started actually helping me to concentrate by making sure things were quite and making sure meals were done on time for me to get into the market and start. I can see how much she started contributing to my success as a trader. It’s not that she is self-centered and just wants “stuff” for herself. But fortunately or unfortunately, money talks and it also let her help me.
So those two things: Getting into a relatively quite location and involving her in my trading helped a lot. These days I understand what the market is doing so well, even average things that can distract someone do not really have too much of an impact as when I was first learning. So, with the two things I mentioned above, the third thing is to make sure you understand what you are doing in your trading well enough to have the confidence that even things that would distract you before are not a factor.
I took the Christmas family gathering to get all of our Children and Adult GrandChildren to understanding how I was trading, the firms I use and offered to teach them. Two have started in earnest and are making a living off their new hobby. Tough to take them from steady employment to the life of a trader.
I guess I am one of the lucky ones - my husband even went to trading courses with me, actually sat in class so he could be a part of the discuss when I talked about my day. He never took a trade in his life. Of course I fully supported him and ran his architectural office so we were a team.
Neotrader28
Very good question. I think that unless your very successful with your trading then your wife and kids are not going to be interested. At best I think deep down they pray for you to stop. Business or no business,
sad to say.
With 14 years of trading now under my belt and having a much better knowledge of trading I wouldn't want to ask my love ones to do any of these suggestions, They would have to come to me and ask to get
involved.
They, like me, are using the APEX accounts to allow them to use OPM without putting a lot of theirs at risk while learning the process. I have a system that trades 10-25 contracts for small 2-5 tick gains and then out. Rinse and repeat over and over again each hour of the day.
Our middle daughter was able to pass the eval on their 50k account within the first month and has had 2 months of taking $3k+ out each month... Doing great and her husband supported her by buying new high res monitors and a trading computer for New Years.. Oldest just passed her first eval last week.
Trying to ensure they set these up as a business to get all the desired tax breaks and pull some of their household expenses into business expenses