What a mad few days its been?! …. I’ve been trading totally different and really took a look at myself and shook myself down, and its been great although its left me in a bit of a predicament at the moment….. what to do?!
Last month or so after splitting up with my wife etc as you will know ive had some rather poor perormances and its really got to me worst case throwing away just over a grand in one go… during that period i applied for a few jobs, one working offshore which i havent heard off but they did say would be a few months till a slot for me and the other with BT… the moneys not bad but not life changing either… well today they called me and offered me the job asking me to start a couple weeks into next month. To make matters worse here’s my last 70 races….
Now i know their only small results but their consistent and this is how the beautiful results start to blossom and results improve quickly….. what to do?! … lots to weigh up but at the moment i get to get up late go to the gym in the morning and work a afternoon, i dont get taxed (only PC) and if i got a job id get paid about the same…. but then again i got just about whole family telling me to get a job…. dont think theyd support it unless i start making loads…. what to do ?? mmmm
Looking from the outside, you are easily capable of making this pay, IF you can control your emotions. Why not accept the BT job, but between now and the third week in November carry on trading, but make a promise to yourself that if you intentionally go in play once during this period, you start the job. If the results go well, you carry on trading. Either way, you’ll reach the decision that deep down you know you must make.
Don’t want to be a party pooper but jobs aren’t the easiest things to get at the moment. The trouble I see is that you’re still too emotionally attached to your trading and seem to fall back on bad habits whenever things go wrong. For most of us trades goes wrong on a regular if not daily basis so you’ve got to be able to deal with that.
At the moment I’d say you weren’t ready to go full time in the first place because you just don’t have the experience and have far too many pressures going on outside. Leaving a job, having a kid, splitting up with the missus etc. Those type of things would mess most of us up let alone someone trying to make a full time living out of something as fickle as trading.
Do the sensible thing and take the job, you can always quit after six months or so and then have some additional skills to be able to do contract freelance work etc. Betfair’s not going to disappear and you’ll still have Saturdays/sundays , night racing wednesday’s onwards. It’s a lot easier to hone your skills when you don’t have to rely on that money to pay numerous bills.
Whatever you choose don’t have regrets and just go into it wholeheartedly, life does seem to have that habit of everything turning up trumps if you let it.
I agree with the comment above. If I were in your shoes I would take the job for the time being. It will help you to meet new people, reduce stress and financial pressures. Plus you can trade in your spare time for extra money and when you feel confident enough and build up a good fund you can always quit your job later down the line. Good luck with whatever you choose, I’ve been reading your blog for a while and this is my first comment!
Taking the job will turn your life around completely.
A great trader would recognise this as a fantastic opportunity to build a very very strong position because the upside potential is enormous with minimal downside.
As a trader you are rewarded by the quality of your decisions – take the job Caan. You won’t regret it.
Continue with your Trading apprenticeship certainly. Read, learn, practice and develop your skills at a comfortable pace.
Taking a break from trading is difficut when you need an income from it. But you will come back stronger and more learned if you do so. The markets quieten shortly and this won’t make you feel less pressured to make a profit.
The transition to being a full time trader ought to be a natural logical one based on ever increasing success. I sense you are not at the turning point just yet.
Not wishing to pry in to your domestic situation but I would guess that it would definately be more favourably viewed by most parties and help yuour own sanity if you have a stable secure income from within the traditional job market.
Keep your sensible head on mate.