Trading stocks, bonds, currencies are often thought of as a high risk, high reward, high intensity game. I traded like so for years. Now that I am trading differently, as a woman, as Trader Mom, I wonder how I lasted. I guess if I have not set myself thinking that I am trading to first learn and gain experience and wanting to build an income stream (for eventually we all would not be able to work – or get fired!), I would have quit. I did start on this venture with the belief that “mistakes and learning from it are part of winning”, so I am still trading and had now become profitable today.
Years ago, I had days though of excitement, fear and sometimes not being able to sleep when I have a trade open. Say I just bought a bank stock and expecting it to go up but it didn’t, I would think of what to do then. (This is WRONG! You must know what to do in all scenarios BEFORE opening a trade – you just have a clearer mind and not clouded with emotion) . I didn’t know that I really do not know what I should really know first– to trade profitably (hehehe) . Until I came across a book that says, you first have to trade considering what you know about yourself. So knowing one’s self is the cornerstone of great trading! The book Market Wizards which interviewed the top traders – big money guys – we’re talking billion dollars under management here – say that they simply trade as it fits them.
It took a painful and numbing experience for me to stop and think differently though of what I thought myself to be. After a death (I had a miscarriage), you can’t help questioning so many things about life. What did I do wrong? Why are some given a Life to live and some have to live so short? What is my purpose? I did find the answers. I thought the greatest gift that I was given were my children. That God, Life has made me a Mom because it is the best contribution I can do – “to give wings and roots” . I am good at it too, I believe. However, being a Mom entails teaching “how to make a living” and “trading for a living” is what I aim to do, so I thought, that’s what I would be, I would be a Trader Mom.
I made BIG changes. I traded around the time I have available, which is very limited with the kids’ activities and house chores, plus I also have a job (that funds my lifestyle). I only trade short-term opportunities so I don’t have to sit glued to the computer and so I have time for all the other things I need to do. It also changed how I assess Risk, how I value the cash I have available to fund a trading opportunity. I reviewed my Risk limits, so that it is small enough that it doesn’t bother me when I lose it but also allow me to profit at least 3x my money. For example, I will open a Trade only with a risk of $200 in an opportunity that looks like I can profit $600 from. There are such trades, you just have to be patient. I found that I don’t have to take High Risk trades — Low-Risk trades in fact make the Highest returns. I also put more value in balance and well-being. Stress greatly decreases performance and one has to be in top condition (clear mind, not too excited – so lay off the sugar!) to make the right decisions and think of options.
Having made these changes and having the attitude to learn as much about the Markets and continually improve, I had become profitable and even consistent. I can say I enjoy so much more time now with people I love, with less stress and extra income.
So anyone else want to be a Trader ?
(I blog about Trading for Women at www.highheeledtraders.com)
You need to be a member of Emergen to add comments!
Join Emergen