There are several hurdles that a trader must jump over throughout the day to remain focused.
It’s challenging trading from home for a hobby or a living. Its almost like your fighting an enemy of your own. Some of you may have already encountered these problems and some you may have not. It’s not easy to say the least.
Challenge #1
Your family is there all the time so it’s basically impossible to get any work done. The conversations start about all the things you have going on in life, the kids wanting attention from their father, the family gatherings, the chores around the house, the projects etc.
When your at your desk working on a trade nobody thinks you really are or they always assume you have time.
This is what I get from my wife, “What are you doing?”, “Did you make any money yet I have to go shopping”, “When you are going to be done” or “I need you to help with things around house.”
Challenge #2
Friends and neighbors are a challenge when it comes to distractions. They come over starting conversations and then you don’t want to be rude so that can be a problem.
Challenge #3
Fellow traders are also distracting, because there is an ego tug of war going on between traders on which trade to brag about or which one you are trading now.
Challenge #4
The brokers are trying to get our business because they only get paid through commissions. They really don’t care much about us. They only want to have small talk to get you to open an account and make a sale to get their commission. If he is wrong in his recommendation, and the stock does not go in your direction, he still gets paid.
So basically Mr. Broker tries to get friendly and soften you up to get your business. That is their main goal in life, beware of him or her. If you are going to use a broker, be very selective, everything is negotiable, especially their fee.
The broker will be on his way out soon. The Active trading community is going from buy and hold, to buy and get out in 1-3 days. The whole new digital era is eventually going to computerize exchanges. Open out cry will be a thing of the past!
Challenge #5
Traders getting no respect, is the most frustrating thing of all to control.
The question we get asked a lot is, “What stocks do you trade,” of course the answer is always the same, only trade the big stocks. Blue chips are high volume and lots of liquidity. Easy to get in and out.
It really comes down to knowing these enemies are out their and managing them accordingly. Using, “Hey I can’t talk right now” and “I’ll call you later,” is key for phone management. Basically your saying “I’ll talk to you after the market is closed,” being rude sometimes helps, because some people don’t get it so you have to be to get your point across.
As Always The Trend Is Your Friend Until The End.