Short Term Trading Weekend Lounge: 17-19 Nov, page-41

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    @TraderNin if you're thinking of going full time then the following podcast with Peter Brandt may be worth listening to. He rambles on a bit but his points about going full time I think are worth listening to:

    Peter Brandt podcast

    Take note of how long he says it takes to become a good trader. One frame of reference to consider is think about any other profession whether it be tradie or doctor or lawyer - how long do any of them have to study/train to gain their qualification let alone get out into practice and master their field of endeavour - it is measured in years. Also think about starting a small business - how much capital does it take to start a typical small business (cafe, shop, whatever) and how long does it take to become profitable. These are relevant benchmarks imo so before taking that step do you have the capital and the cashflow to make ends meet until you become consistently proficient at trading.

    The best suggestion I can make is have your trading plan sorted AND proven by a track record of at least a year to show consistency before you make that transition. I have taken the step to fulltime and I started without that plan and without the track record I now believe I need to make it long term, so have spent a year doing an "apprenticeship" to put those things in place.

    Cheers, Sharks
 
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