I don’t need an extended cooling period to make the move…I’m going to stop trading and watching the markets for likely at least six months or probably at least a year. I’m thinking I should have my ducks in a row by January 2011. The main thing is family finances. My wife was laid off in April and I’m the sole source of income now, a big change from when I started down this path last fall. The time I was spending on trading, I’m going to devote to doing extra contract work. It will be quite a net gain when factoring in the elimination of trading losses and trading costs that I was incurring.
I also have to resolve some issues with my daily routine and living well. For me, to be a good trader, I need to be in top mental condition to be able to deal with the emotions associated with trading, and to have the focus and concentration to react to charts and make fast decisions.
I will miss trading, and know I am taking the easier path – though the more responsible one – for now. I have every intention to return when the timing is right. I will know when I get there.
I plan on leaving the blog public but will turn off the comments in 2010. Thanks for all your support. I will miss you all.
Just for the record, for myself, and anyone curious, here is what the experiment cost me so far. I’m not going to factor in hypothyical opportunity costs, but I did turn away extra work in 2009 so I could focus on trading.
TRADING RESULTS (includes commissions)
($912) Day Trading 2009
($683) Swing Trading 2008
($446) Swing Trading 2009
$746 Short Term Holds 2009 (Bottom Fishing Portfolio)
($1,295) SUB-TOTAL
TRADING EXPENSES
($559) Cy Data Fees
($230) Cy Account Fees
$100 Cy Referral Bonus
($198) I.U. Chat Room
($237) FinViz Screening Service
($180) Hi-Speed Internet Upgrade
($600) Back-Up Internet (12 month contract)
($150) Books
($2,054) SUB-TOTAL
($3,349) GRAND TOTAL SPENT
