Many traders wonder when is good time to leave their job and trade full time. Walter outlines two vital considerations for those thinking about making the leap.
Download (Duration: 02:21 / 2.70 MB)
In This Episode:
- 00:43 – How long before I am trading full time?
- 01:05 – Does your system really fit you?
- 02:14 – The mindset you need to have.
Hugh: Hey Walter! How’s it going?
Walter: Good Hugh. How are you today?
Hugh: I’m pretty good. Alright, so the first question is, how long does it realistically take for people to trade full time?
Walter: Boy, that’s a great question. Obviously, it comes up a lot from people who are new to trading. I guess, the real thinking about it from my point of view is, how quickly can I get out of my job basically, right?
Walter: To me, it’s going to depend based on whether or not you:
- Have a system that fits your beliefs as a trader and what you believe about the markets. If you don’t have that, it’s going to take sometime to get there.
But more than that, it’s actually probably:
- Your beliefs about making money.That’s gonna do it for you. In other words, if I believe that I’ve got to have a $50,000 account before I can start pulling in — 1, 2, 3 — $4,000 a month from my trading then that’s where I’m stuck, right?
I know another trader, she lost all of the profits that she made on an account. She made profits and then lost all of them. Then from December to April, she tripled her account.
For her, the real shift was her thinking…her mindset. So it’s really going to depend on two things the way I see it:
- Do you have a trading system that you’re comfortable with and does it fit your bias about the markets? If so, that’s half the battle.
- The major part of the battle after that is going to be setting your mindset up correctly so that you know that success is inevitable for you.
And it’s possible to pull profits out of the market and you don’t have these mindset blocks or psychological barriers that are stopping you.
So that’s kinda the way that I see it anyway.
Hugh: Okay. Cool, great answer. Thanks!
Tweetables From This Episode:
Trade a system that fits who you are. [Click To Tweet]
Your beliefs create your profit barriers. [Click To Tweet]
Right system + Correct mindset = Profitable Trading. [Click To Tweet]
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2 Comments (click here to leave a comment)
. . . plus a working system!
Too true Ken, this is often the only thing people concentrate on, but it is true. If your system has a negative expectancy (or worse, it has a positive expectancy but you’ve drastically increased the risk of ruin by fiddling with the risk per trade), then you are in deep doo….