[peteuk]

Originally posted by csaunders
My only concern at this point is having to depend on my trading income to pay bills. This introduces a different mindset - I feel quite strongly that one of the reasons I am so successful is that I don't really care if I make a loss - the capital in my account I don't equate to paying my water & lights or paying off my car... Maybe Pete can give some input here or other full time traders. (I have to admit I really thought we had more on this forum...)


This Pete?

If so, my only comment would be that from a psychological point of view trading 'their' money (even though it's really your money) is a lot different than risking your own capital. Once you're in front you tend to view things differently, well that's been my experience anyway. The sinking feeling when a trade goes wrong seems to fade away until it makes no difference and can be shrugged off. Build up a decent reserve of equity elsewhere and the pressure is off, the desperate need to win no longer exists.
Another great plus for me has been the way I now view individual losses. Alone they can be quite disheartening, but view them as one trade in a series which overall produce profit and the losses are just something that happens. I have a look to see what I could have done any different, whether I strayed from my strategy, extract what I can by way of education, then move on and find the next trade, I don't dwell or beat myself up over something I can't change. That loss was alone, it didn't mean that much, and it won't affect my next trade.

Trading is a mind game as much as a strategy game, if not more so.

Pete