Markets are up big this morning ~

Well, on another subject, I wish I could embed this youtube video, but that functionality has been disabled. It’s a funny blast from the past, and hopefully this post doesn’t sound too much like it!

Last week, I was feeling slightly disillusioned about my trader potential. And then I ran across this missive on the issue – Can You Make It As A Trader? Yes, but I’m not quitting my day job anytime soon, and I may paper trader for a little longer than I originally thought. My confidence is based in part because I’ve successfully pursued some other dreams in my life:

  • Moved out of my parents house two weeks after I turned 18 with my ’78 Chrysler Cordoba and like $300 – six years later I had a college degree (though I’m still paying for it!).
  • I hiked the 2000 mile Appalachian Trail when I was 29.
  • At 35, I launched a successful freelance business and I haven’t had a W-2 job since.

Will any of this make me good at trading? Maybe. Not. But I’m going to jump into this head first and make it happen. Though it’s a little intimidating when you realize how much you don’t know about something, I really enjoy the challenge. Its fun like a sport – a mental one. There’s so much to learn. And its really cool there’s money (lots even) to be made. Professionally, I really love writing and teaching, but at least for me, trading has way more monetary upside. And if I can get good at it, maybe something that I might even enjoy more than those other things.

So, over the weekend, I decided to forge ahead and not look back. I tend to be self-reflective – too much sometimes. While I will likely encounter doubt again, question what I’m doing just like I did at times after tired legs and heavy feet on the A.T., I decided to have faith that it work out just fine. I’ll use good risk management strategies and small positions – so I don’t have to be overly fearful. Noobtrader.08 talks about believing in yourself here. Most of AttitudeTrader’s blog is about the power of positive thinking and how your mental state creates your reality. And AlphaTrends posted this quote this morning that hit home:

Nothing in the world can take the place of PERSISTENCE
Talent will not…nothing is more common than unsuccessful men with Talent
Genius will not….unrewarded genius is almost a proverb
Education alone will not…..the world is full of educated failures.
~Calvin Coolidge

On that note, I also decided that this blog is mostly going to be a trading journal and NOT updates on my wavering confidence levels – I’m sure I will revisit this again, but not everyday.

Last, one of the biggest challenges so far to learning trading – it’s time consuming and requires this during typical working hours – to either watch or trade the stock market (futures and forex could have different hours, though). But I still have to get real life work done. The Thursday class I taught is now over, so that gives me an extra day. My plan is to do no trading or market research on Mondays – and knock out as much work as I can to get a head start on the week ahead, and free up my time on the other days to try to make the screen green.