Monthly Archives: June 2011

Applying for One-on-One Coaching

 

Hi Lance,

I’ve been trading for a year and love it although I’ve lost a lot of money.

Life is really tough right now and I desperately need some trading income to save our house. I’ve lost my job. My dog has died. My wife and kids hate me. But I think that everything will be fine when I learn to trade properly.

I love your YouTube candlestick videos and think you could help me.

I don’t need to get rich. I have more realistic expectations. Just about a thousand dollars a week should be enough to be comfortable.

Can you help me out with some coaching.

Thanks,

 

Slightly paraphrased! But this is typical of probably 90% of the coaching requests I receive. And I do receive many.

Let’s excuse the fact that I don’t currently provide coaching and the fact that the writer clearly failed to check my website first to determine what services I do provide (here and here).

If I did provide one-on-one coaching, this application would get a clear and resounding FAIL.

 

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Fitting Trading Into Life

This doesn't sound too appealing, does it:

  • 10:30pm – Trading Preparation
  • 11:30pm – Market Opens – Commence Trading
  • 01:00am – Stop Trading – Commence Post Session Review
  • 02:00am – Wind-down
  • 03:00am – Bed
  • 07:00am – Up to get the kids ready for school
  • (etc)

Late to bed; and a serious lack of sleep.

And it’s even worse during the six months of US daylight savings, when the market opens an hour later at 12:30am my time. Not nice at all.

Yet it’s part of my current routine. And it’s quite likely a similar routine to many traders across the world, in particular those in the same timezone as I who choose to trade the US markets.

And unless I can convince my wife to move to the US (not likely) or convince the CME to move to Australia (probably more likely than the first option), I’m stuck with this routine.

I recently took a couple of weeks break from this gruelling schedule to trade the Hang Seng Index Futures, instead of the E-mini Russell. It’s a planned move, approximately every quarter, to allow me to repay some sleep debt. But it only lasts a couple of weeks and then I’m back into the daily grind (or should I say nightly grind).

This prompted a request from a reader of my blog to discuss my thoughts on managing trading in a timezone such as we have here, the east coast of Australia (GMT+10).

This is of course just a part of a wider issue, that affects traders all across the world, in particular during their development phase where they have to juggle learning to trade alongside a job and other family responsibilities… how can we best fit trading into life?

How does one best determine their preferred market, timeframe and trading hours, and manage this while still allowing time for work, rest and play.

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