The main reason I got into trading was for the freedom it could give me. The freedom from the 9-5, the freedom from debt, the freedom to be my own boss, the freedom to just go for a walk in the middle of the day, the geographical freedom, and the freedom to do what I love. For years I struggled to get to where I am today, but now that I'm here I'm still not taking advantage of that freedom. I'm constantly stressed about how much I could/should be making, I'm glued to the screen looking for opportunities, and it's all being met with frustration (in this slower market) and at the price of my freedom. What's crazy is that there is this feeling of expectation, like I need to prove to someone (myself?) that I can keep making this kind of money month in and month out. But I think what it really is, is just greed. A year ago I would've killed to be able to make $200 in a day, but now that I'm averaging over $1k a day I feel like it's not good enough. And I'm sure if I start averaging $10K a day I would still feel like I should be doing better, and the cycle would never end. So this is my attempt at rebalancing my life.
I know I haven't made millions, and I have a long way to go still. But I've made enough that I know I'll be okay for the rest of the year. So I'm going to take advantage of that, and take a step back knowing that I don't have to make a single penny for the rest of the year and I will be okay. With this pressure off my shoulders, I'm going to try the following:
- Scale down and focus more on the process with longer term setups by following my risk and profit goals. This should reduce the stress of trading fast moving stocks with big positions and will also hopefully work on my patience.
- I'll still keep an eye out for A+ setups like panic dip buys and breakouts and size in accordingly, but I wont obsess on finding these opportunities all day. I'll limit my screen time to a couple of hours in the morning and a couple hours in the afternoon. And if I don't see anything exciting during those hours I will simply close the laptop and enjoy my freedom even if I end up missing some good opportunities.
- Piggybacking on the last 2 points, I'm going to try my best to not think about the money at all. I'll try not to be fixed on trading every day, and I wont be taking profits unless the stock has a substantial move and/or is close enough to my target. This should give me a better idea of how well my patterns are actually working as opposed to almost always winning by scalping small predictable moves. And will also hopefully shift my focus from the money to the process.
- Get back to studying all the video lessons, DVD's, and webinars I haven't watched yet
- I'm going to focus on my personal life. Many areas of my life that I've been wanting to grow will now take precedence and trading will become a means to an end. And especially with summer around the corner, I really want to enjoy it after a 2 long crazy years.
I don't expect this to be easy as I've become an addict of the market and it's going to take a lot of will power to detach myself. But I think that now that the market is slower ("sell in May and go away") is the perfect time to do something like this. I don't know for how long I'll do this, but I'll start with a week and experience what it's like to potentially make $0 the entire week. Then maybe I'll extend it a month or 2, or until the market heats up again.
The point isn't to neglect my trading career or waste opportunities. On the contrary, I'm doing this to improve my quality of life and therefore take my trading to the next level. My hope is that this experience will put everything back into perspective for me, that I will have a better appreciation for A+ setups and have the patience to see them play out, and that by having a happier and more balanced life I can come to the markets with a fresh mind every morning and stay calm and collected through whatever the market throws at me, while being able to enjoy it despite the outcome.
This blog post, as with everything I post on my profile, is for my own personal growth and progress tracking. It's like my diary. If you happened to stumble upon it and read the whole thing then kudos to you, hopefully it can help you in some way. If you're feeling the same way I am, then I hope this blog post can maybe help you give yourself permission to take some time off and not feel like you owe the market your time. Take a breather, regroup, focus on yourself, and come back and crush it when you and the market are both ready.
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