Are you a successful at home day trader with no other source of income who began with modest means?

[destriero]

Thanks. Wish I could retire but beginning to think traders can never retire. This year has been one of the best ever for bond traders. More specifically since the FED stepped in and for the busted mortgage funds such as BDKAX, IOFIX, and SEMPX.

Your stuff always struck me a good for lifestyle/low stress. My takeaway was the EOD trend model.

 

[BAT31]

Cant edit the above older post. Unfortunately I am finding traders can never quit. I thought $2,000,000 was my goal but now approaching 2.7 million. Hard to sit idly by when opportunities arise. At 73 years old I need 2.7 million about as much as I need a hole in my head. Maybe someday before i get beset with health issues I will be able to cut back and relax. Albeit i doubt it. I actually enjoy the trading game.

The inability to stop trading might be a good thing, because trading requires the engagement of your brain, which probably can delay or prevent dementia.

 

[ironchef]

At one time I had over 600 books on trading. It was like I was a trading book collector. Have since culled that down to around 300. I also have about 20 or 30 books on trading psychology, self improvement, and success/achievement books. Those 20 or 30 books are by far superior to most of my trading books as far as helping me as a trader. One of my favorites is the Luck Factor by Max Gunther - mostly the second half of the book where he talks about the five ways where we can most influence our luck. Sometime will list more of those books. I seem to only check in here every few years or so.

Found your life story fascinating.

I have over 300 trading books all collecting dusts. Just checked, don't have yours. Will buy one to help you out.

It is hard to kick the trading habit even if you don't need the $, better than crossword puzzles or blackjack.

 

[TimtheEnchanter]

Living off book proceeds?? Yeah right! Under $1000 cumulative royalties over the past five years. I quit promoting myself long ago. That is for the crooks, con men, and pretenders. My goal was to retire with $2,000,000. Mission finally accomplished. It took me awhile because from my trading I had to pay cash for my home, cars, and fund my living expenses, taxes, for the past many years. Oh yes, and had to pay for a divorce - a real millionaire killer. I am finding though traders never retire. At least it is proving difficult for me and doubt I will ever leave the game completely. But next year will be 70 and better get to spending some of my money before it is too late.

While $2,000,000 is not the stuff of legends not all that bad considering what I had back in March 1985 ($2200) I now trade open end junk mutual funds - primarily junk corporates, junk munis, bank loan, and preferred. A penny here and a penny there really adds up plus the dividends. Not recommended unless you have at least $500,000 or more, albeit traded them some in the 90s when I had less. I am attracted to this category because of their peristency of trend combined with their low volatility. That way you can trade them with *all* your nest egg - something that would be suicide with equities, equity funds, futures, and more.

The way I found this thread was I was working on a free online update about whatever happened to Gary Smith. A bit about trading, trading philosophy, and motivational books that helped me along the way and more. Since my book came out just a few months before the tech crash, many assumed I was just a one hit wonder and never to be heard again. But because of the compound effect have made far more since my book was published. As for pandering books, I tell traders buy a "used" copy on Amazon. That way neither I nor the publisher gets enriched - not that it was an enriching experience for me anyway. Plus, the book is getting real outdated anyway.

What has surprised me is how the same crooks and con men who were out there pandering worthless trading systems, seminars, tutorials, etc 10 and 25 years ago are still hard at it. The one commonality they all share is their inability to provide multi year real money trading statements to validate themselves. It's a sad commentary to see so many Dream Merchants in their 60s, 70s, and even 80s still trying to bamboozle the public with their claims of having the Holy Grail. There is no Holy Grail or trading secret out there.

Very interesting. I am a great fan of your book. One question thou; are you not afraid of credit risk with all this COVID for junk bonds? China had severe credit problems, should we not expect the same?

 

[007Arb]

Very interesting. I am a great fan of your book. One question thou; are you not afraid of credit risk with all this COVID for junk bonds? China had severe credit problems, should we not expect the same?

I follow price and only price so pay no attention to the fundamentals. My response above was several years ago. Now only trade junk bond funds after massive selloffs and a subsequent Zweig 9 to 1 double buy signal ala late Dec 2018 and late March 2020. My primary bond trading category the past several years has been the mortgage funds more specifically IOFIX. That fund has made the difference for me between a $2,000,000 retirement nest egg and a $3,000,000 one.

I will be 74 in a few months. Being debt free and having low living expenses, I am not a shining example of how to spend money in retirement. I should have focused more on the spending aspect than the obsession with the continual accumulation. While I still enjoy excellent health and hike almost everyday, I wish I had spent more of my money when I was in my 60s. But that is a story for another time.

 

[TimtheEnchanter]

I follow price and only price so pay no attention to the fundamentals. My response above was several years ago. Now only trade junk bond funds after massive selloffs and a subsequent Zweig 9 to 1 double buy signal ala late Dec 2018 and late March 2020. My primary bond trading category the past several years has been the mortgage funds more specifically IOFIX. That fund has made the difference for me between a $2,000,000 retirement nest egg and a $3,000,000 one.

I will be 74 in a few months. Being debt free and having low living expenses, I am not a shining example of how to spend money in retirement. I should have focused more on the spending aspect than the obsession with the continual accumulation. While I still enjoy excellent health and hike almost everyday, I wish I had spent more of my money when I was in my 60s. But that is a story for another time.

I hear you... I doubt the FEDs will be raising rates anytime soon so on average that aspect of the trade is pretty safe. I am 64, so I cannot play the stock market the way I used to. I have no stomach for it, I play equity options and ETFs (long and short). As for spending money, I have a daughter in college so my needs are subpar to my wife's and hers.

 

[BAT31]

I follow price and only price so pay no attention to the fundamentals. My response above was several years ago. Now only trade junk bond funds after massive selloffs and a subsequent Zweig 9 to 1 double buy signal ala late Dec 2018 and late March 2020. My primary bond trading category the past several years has been the mortgage funds more specifically IOFIX. That fund has made the difference for me between a $2,000,000 retirement nest egg and a $3,000,000 one.

I will be 74 in a few months. Being debt free and having low living expenses, I am not a shining example of how to spend money in retirement. I should have focused more on the spending aspect than the obsession with the continual accumulation. While I still enjoy excellent health and hike almost everyday, I wish I had spent more of my money when I was in my 60s. But that is a story for another time.

Despite that mistake, you are living far better than most people in your age group. The average American don't even begin thinking about retirement until around 50, which in my opinion is very late. But hey, "better late than never," right?

Further, I was looking at a couple of YouTube clips where one man was months from retiring from McDonald Douglas, in 1994, before he was laid off. Now, he's 80, waking up at 6 a.m. to go to work at Wal-mart.

Another man, age 59, was laid off from his managerial job where he was earning six figures. Now, he works three jobs, just to earn $40,000/year.

I am sure that COVID-19 has ended the careers of many older Americans.

Consider yourself one of the lucky ones who got into investing/trading, early, and took the time to learn and do it right, as opposed to older Americans, many of whom are senior citizens, who enroll in so-called trading education courses, out of desperation, only to get fleeced.

 

[TimtheEnchanter]

Further, I was looking at a couple of YouTube clips where one man was months from retiring from McDonald Douglas, in 1994, before he was laid off. Now, he's 80, waking up at 6 a.m. to go to work at Wal-mart.

The perfect example of when to become an ex-pat. I bet his social security is good enough for a number of US expats/retirement places. Even India would be better than Walmart when you are 80 (my wife's gf works there BTW)

 

[BAT31]

The perfect example of when to become an ex-pat. I bet his social security is good enough for a number of US expats/retirement places. Even India would be better than Walmart when you are 80 (my wife's gf works there BTW)

Absolutely. My goal is to get to South America before 55.

I'm in my late 40's. I got into the trading game late, around four years ago. I had meager success, because I was under-capitalized. Then COVID-19 happened, which provided the perfect opportunity to liquidate my trading account and get a loan to execute a buy and hold strategy in the equities market. I grew my money faster than I ever could trading futures. I already returned the principal on the loan.

Long story short, I'm gonna hold until the end of 2021, after which time, I will return to trading.

 

[Topgun2131]

At one time I had over 600 books on trading. It was like I was a trading book collector. Have since culled that down to around 300. I also have about 20 or 30 books on trading psychology, self improvement, and success/achievement books. Those 20 or 30 books are by far superior to most of my trading books as far as helping me as a trader. One of my favorites is the Luck Factor by Max Gunther - mostly the second half of the book where he talks about the five ways where we can most influence our luck. Sometime will list more of those books. I seem to only check in here every few years or so.

Appreciate your generous sharing, Gary! Besides the Luck Factor, Would you please mention some other books you think great, among the 20-30 on trading psychology, self-improvement, and success/achievement "? Thank you very much!