Trading is an awesome way to make a living. If you are successful, then you are able to spend a little more money here and there, buy bigger homes, send you kids to better schools, and of course, enjoy all the lifestyle perks of financial success. How about vacations? When was the last time you took one? When was the last time you left the market completely alone and didn’t even think about it?
There is a reason why vacation time is a vital part of negotiating any job position. Without vacations, we wither up and start to resent the very avenue that brings us success. Without a vacation, we become burn outs hating our lifestyle as much as our job. Without vacations, we never reconnect with the important things in life, the things that brought us to trading in the first place. Didn’t we want our kids to see more of the world while they were growing up? Didn’t we want bigger and better for our significant other? Without vacations, we don’t get a chance to really fully enjoy the things that we set out to accomplish.
In the early 20th century, Jesse Livermore was known as the most successful (and most feared) stock trader on Wall Street. In 1929, Livermore went short several stocks and made $100 million. He was blamed for the stock market crash that year, and solidified his nickname, “The Boy Plunger.”
Livermore’s trading success came not because of any “inside” information or knowledge he had about each stock or commodities market he traded. Rather, his success was derived from his understanding of human behavior. He realized early on that markets and stocks can and do change–but people and their behaviors do not. In his book “How to Trade Stocks,” Livermore writes, “All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope.”
Jesse Livermore may have been called the greatest stock market trader of the 20th century and certainly, no one can disagree that his profits were immense and his trading prowess was unmatched. But his life was not in balance. He was a “workaholic” who paid too little attention to his family and ended his own life in 1940. You must have balance in your life to achieve lasting success at any endeavor, and, most definitely, trading markets is no exception.
Most traders you talk to will tell you they hate to take a day off - much less a vacation - because they are afraid they will miss the next big trade. As typical “Type A” personalities, traders need that “adrenaline rush and tend to seek high-stress jobs to keep it going.”
When you find yourself stressed out, turning negative, or neglecting your friends and family - take a break. The market will be there tomorrow or next week. It really comes down to recognizing a need for balance in your life. Working hard is great, but you need to be able to turn it off and savor the other parts of your life — friends, family, hobbies, and fun. You’ll return with a much better feeling of energy and renewed exhilaration.
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