Decisions Decisions

You may have seen a tweet I made the other day regarding my work status. To cut a long story short, the last long term and major client I had has decided to seek IT support elsewhere and has terminated our business relationship essentially making me unemployed. Whilst that causes initial financial concern in the short term it is something of a blessing in disguise.

I've been running my own IT support business since 1993 but the last 8-10 years have been an ever increasing struggle. My heart simply wasn't in it any more but given the amount of work that that firm gave me, combined with the freedom I had, it was difficult to turn it down and close the business. That decision has now been made for me.

I need to decide what to do with my life now. The obvious thing would be to go full time trading. You'd think anyway. The trouble is, as I've stated many times on this blog in the past, I've never had the inclination to do so. Indeed, even as a part time hobby I frequently get bored with the whole process and have been known to take frequent prolonged breaks from trading.

I'm in the fortunate position that I do not need a lot of money. The mortgage and car are paid for; the kids have left home and I have no debts. I've always lived a fairly frugal existence. I can live on less than £800 a month which covers all my utilities, day-to-day motoring costs and groceries.

That £800 boils down to £40 per day, Monday through to Friday. Surely even I should be able to achieve that! I simply need to do what I normally do but with a professional mindset and not that of a hobbiest.

So I've decided, for the moment, to take the semi-professional route - starting tomorrow, 1st Sept. Mornings will be spent applying for full time work and afternoons will be spent in the horse racing markets looking to replace the money I'll lose by winding up my business.

This will be a huge leap for me so if anyone out there who has made that psychological leap into professional trading please feel free to offer any advice.


Gee Dee said...

Hi Alistair.. Congratulations & commiserations to You.. Obviously you have the stress of not having a confirmed income, but the freedom of going in the direction that you would like to go. Let’s hope it leads to bigger & better things.
By way of advice, I can only pass on all the old cliché that you have heard from other well known sports trading bloggers, who desperately search for something to say, to have a reason to spam people registered with them.
Running a blog & making it pay can be pretty time consuming. You have to build up your database, create a revenue stream & systemise it.
Whilst I find it annoying, I do understand the necessity to earn commission by endorsing other products, but there are a number of ‘cliques’ who just keep recommending each others products, regardless of quality, for obvious reasons.
I have always found your theories interesting / stimulating and have left me waiting to read your next article. I hope you can continue to find items to discuss.
You also have a good understanding of computer hardware / software, so may be you can integrate that in to something relevant to sports trading as well, to be slightly different to the other blogs.
You comment on experiencing periods of boredom towards trading. I can emphasise with that, it can get a little monotonous & that is probably when the psychology of trading full time comes into play. You need to be relaxed, full focused on the trading, follow the plan & not be tempted to chance things when your money is at stake or take some time out. Experimenting is for simulation mode.
I had been trying to contact you regarding your latest in running scalping experiment, which you have now covered in your recent article.
Good Luck & much success. I hope to see you continue contributing your ideas to us guys.

Alistair said...

Hi Gee Dee,

Apologies for taking a while to respond to your kind comments. As you can imagine it has been an interesting couple of weeks or so. I've spent the time trying to sort out some kind of plan for the future. Fortunately it is taking shape and I'm in a more comfortable position going forward.

I'm taking a three pronged attack so that I have a portfolio of income streams:
1. Part-time work which will pay the bills.
2. Keep my IT business running but focus on home users rather than business clients. I'll be expanding the service to cover maths and possibly physics tutoring for school kids.
3. Sports trading.

Of the three, 1 and 3 are perhaps the most important in that they have the potential to provide steady income. I have no real desire to find myself in full-time employment again. Not after being self-employed since 1993.

I fully intend to keep the blog going and get back to producing the odd video as well. Rest assured that the blog will remain independent. I have nothing to sell to my fellow traders and I do not see that changing in any way.

Dean Bradley said...

Good to hear things are taking shape for you Alistair! Judging by your response to your recent loss of job it is apparent you have stayed positive through it - Stay positive and keep creating the life you desire! I wish you continued good luck and I appreciate you keeping the blog running - I have found all your youtube videos and your blog posts to be very, very helpful =)

Best Wishes

Dean B

Alistair said...

Many thanks for the good wishes Dean. Much appreciated.

I have to confess I am struggling with the trading at the moment. It is not going as I had hoped. I am finding the change of emphasis and the resulting emotional strain on the mindset extremely difficult to cope with. My head just isn't in gear at the moment.

As a result, I am concentrating on the job hunting front and the trading is on the back burner until such times as I can get my head sorted.