When you’re working a 9-to-5 job and dreaming of trading full-time, it can feel like climbing a tall mountain. Many people start this journey, but some stop along the way. Why does this happen? It usually comes down to two big things:
Running Out of Money
Imagine you want to trade for a living. You have some money saved up, maybe enough to trade for six months without needing your regular paycheck. You buy books, attend courses and learn as much as you can. You’re super excited!
However, the market is tricky. Some days you win, some days you lose. After six months, your savings are almost gone, and your trading money hasn’t grown enough to pay your bills. You feel like you’re stuck, and it’s hard to keep going. You are running out of money.
So, how can you stop this from happening?
The “Ramen Noodle” Way
Think about a new writer or someone starting a small business. They work extremely hard, sometimes 80 hours a week, and eat inexpensive food like ramen noodles. Why? Because ramen is cheap, and they need to save every penny to keep their dream alive. They’re in “survival mode.”
For you, as someone trying to trade while finding your edge, this means:
- Spend Less Money: Look at your bills. Can you cut the things you don’t need? Consider eating out less or skipping that fancy coffee. Every dollar saved means more money you can use for trading or to help you last longer while you learn.
- Trade Smarter, Not Harder: This means getting more out of your trading without risking too much. It’s about learning good strategies and managing your money well, so you lose less and gain more with the money you have. Perhaps you want to try the funded trader evaluation route?
Let’s say you earn $4,000 a month from your regular job, but your trading only makes $500 right now. You don’t want to quit your job yet, but you want your trading to grow. You can’t suddenly cut your living costs to $500. Your next step is to try to grow your trading income to at least $1,000. This way, you have more money coming in than going out for your trading, allowing you to continue learning and growing.
When you get to a point where the money you make from trading is more than what you spend on it, even a little bit, you’ve won the first big step!
Running Out of Energy
Trading for a living, especially when you have a day job, is like running a marathon. It takes a long, long time, and you’ll face tough days.
Imagine this: Your friends are going out after work, but you’re staying home to learn about the market. On weekends, while others relax, you’re practising on a simulator. Sometimes you’ll lose money, and it feels like a punch to the stomach. It’s easy to want to give up when things get hard.
These tough choices and sacrifices slowly wear you down and leave you feeling tired and drained. This is what we call running out of willpower. Willpower is like a battery; it doesn’t last forever.
So, how do you keep your battery charged?
- Don’t Compare Yourself: It’s easy to see other traders on social media making lots of money and feel bad about yourself. Don’t do it! Everyone’s journey is different. Focus on your progress, not theirs.
- Be Kind to Yourself: You’re learning something new and challenging. It’s okay to make mistakes. Don’t be too mean to yourself when things don’t go perfectly.
- Don’t Do Too Much Too Soon: Don’t try to learn everything and trade all day and night right from the start. Start small, learn a little bit each day. Slow and steady wins the race.
- Know What Makes You Happy: What helps you feel refreshed? Is it spending time with family, going for a walk, or listening to music? Make sure you take time for these things. They fill up your willpower battery.
- Think About the Future: Remember why you started. Picture yourself trading full-time one day. Holding onto that dream helps you keep going when things are tough.
By doing these things, you protect your energy and make sure you don’t give up on your trading dream. It’s a long journey, but you can make it!
