The Wisdom of Experiencepeople who trade full time. For those who do, I suggest they look
more at the longer term. That is, to have a quarterly instead of a
daily target. This allows you to more flexible. For example, if you
need to make$30,000 a quarter, you can revisit your records every
month to see how you are doing to meet that goal. This way you
avoid the situation where you have a$300 a day goal and because
you lost money yesterday, you end up overtrading because you
need to make$600 instead of$300 the next day.
Q: What about life expenses? Like rent, health care, and the
like, how do you deal with that?
A: Well, I am fortunate enough that I do not have that many
expenses. I own my property, so I do not have to pay rent. As for
spending, I do not have high expenses, so that is why my stress is
not that high. As for my education company, there are expenses,
but the income from the business is relatively steady, so there is
no major problem. To me the most important thing is that when
it comes to my trading, I do not have stress. No stress to meet a
goal, no stress to make money to pay my rent so I do not feel like
I have to force myself to trade. Therefore I have no need to make
any quick cash. I can sit with my position and trade only when
opportunities arise.
Q: Do you do your own taxes?
A: In Hong Kong you do not need to pay taxes on your trading
profits. But at the same time, if you lose money, you cannot use
the losses to reduce taxes. This is as far as I understand, but an
accountant would know the details far better. This is for stocks and
currencies. Property/real estate gains, you have to pay taxes.
Q: Did you have a mentor when you first started?
A: I had colleagues in my company that taught me the basics.