Hello TEBers! Let’s discuss something that is a very real concern for many that want to trade for a living. Your spouse’s approval! If you are trading or want to trade and are afraid your spouse is not on board then this is a very real conversation you should have.
The question is how to start it?
The answer to that is the WHY. I speak often about how WHY you trade is the most important thing you should know. This reason is exactly how you should start off the conversation.
Why can be different for each person, but an example would be to better set yourself up for retirement. Maybe you have looked at your retirement plan and see a large shortfall. Generating additional income from trading seems like reasonable resolution to that for you. Well, this is exactly what you should discuss. Discuss the problem on hand with your spouse. Once you both agree there is an issue than you can discuss why you want to trade as a means to solve it.
Next, you must be realistic about the money discussion. Obviously you will be putting money at risk in order to generate money trading. Your spouse may be uneasy with this.
You have two solutions to this:
1. You paper trade for a few months and show you can make money in a virtual account.
2. You agree on a set amount of money to trade with. This second one is important because this is a number the both of you are willing to risk, therefore you can trade with a clear conscious because your spouse is on board.
Once you have begun to trade, be open and honest about your results. Share both your winning and losing days. Let your spouse be your cheerleader instead of someone you are hiding results from when you have a bad stretch. This will not only ease your mind while trading, but likely be much better for your marriage as well!
Last, be sure that you are prepared to trade. Get the education you need to understand trade setups and how to execute entries and exit points. These are just many items that should be part of your trading plan.
Please do not trade without a complete trading plan. You can build one step by step with us by taking the Active Trading Blueprint course. If you find a trading course elsewhere, that’s fine do. Just please get educated before you put money at risk. Let the lessons we’ve learned save you from losing money learning them yourself. Click here to learn more about the Active Trading Blueprint
Remember, “Victory Loves Preparation”