My main goal is to be able to make money from a diversified portfolio. This includes a strong focus on being able to extract income from daily fluctuations in the market – AKA : trading.
This will be through equities, forex or even options.
However, through my past experiences of losing money in the market, I’ve realized a couple things that I am going to be applying moving forward.
Diversification of Income
I know that if I rely solely on trying to make trading my only source of income, I am going to be putting a lot of stress on myself.
That’s not to say that it’s not possible as there are plenty of traders who trade full time. But without a proven track record, things could be very stressful and inevitably lead me to make rash decisions when trading.
What would happen if one source of income dried up and disappeared tomorrow? Then I would be left having to start from scratch. I suppose I could always look for a job, but the whole point of the lifestyle I want is NOT to have to work for someone else except ME.
With that being said, I am working for another company remotely at the time of writing (May 2020). This gives me some assurance that I can still pay the bills, but I have to give up a lot of my mind space and time for this. So at some point I need to make the decision as to whether I will pivot by quitting my job or to try and incorporate trading while working.
Should I Quit my Job?
As I mentioned earlier, working remotely has some pros. It takes care of my rent and food and it allows me to have the flexibility of working when I want. The company still expects the “traditional” 40 hours a week, but that’s what I have to give up for a stable paycheck.
Also, I enjoy travelling and living abroad. For the past couple of years I’ve been living in South East Asia during the winter months and visiting my friends and family back in Canada during the summer.
I was interested in this particular job as I saw it as an opportunity to learn some new things. Also, I had also spent the previous year on an Amazon ebook business which was becoming more passive, so I had the time to take on something new.
Now that I’m almost a year into this job, things have become more mechanical as I have already learnt the core skills needed for my role. Trying to “move up” in this field is not particularly appealing to me, so I need to make a choice…
My current dilemma is whether I stay “comfortable” with the paycheck or free up my time to take on other opportunities.
Update May 28, 2020: I’ve put in my notice that I will be leaving my job on June 15th.
Trading on the Side While Working at a Job
Part of me says, if I work a job, I will have my bills covered and I don’t have to put as much pressure on myself.
The other part of me says that I am only partially committing myself to trading if I work a job and that may prolong my learning curve.
I don’t want to cut myself too short but at the same time, I want to be in my most “optimal” state when trading.
This is what I’m fighting with in my head now…
Update May 28, 2020: As mentioned above, I already made the decision to leave my job, so I will have to learn to manage my new reality.
If I Quit My Job What Would the Day Look Like
Lately I’ve been envisioning how my day would look like if I didn’t wake up Monday to Friday for work.
It would go a little something like this:
- Wake up have a tea or coffee
- Have a nice workout
- Go to a coffee shop with my laptop and look at charts. Look for opportunities to place my positions. Set my targets in my app. Check the news. Check what economic events are coming up throughout the week.
- Write an article for my blog(s)
- Go get lunch somewhere. Take my time.
- European markets open and I watch the market
- Set my limits and just watch patiently
- Go get dinner.
- Continue checking the markets as they move into the North American markets.
- Either make or lose money.
Perhaps a little too relaxing – or is it? Either way, a decision has to be made. To be continued…