Most people go into day trading without a business mindset as they don't stop to think what their competitive advantage is going to be. As @digitalnomad mentioned, a good mindset will do you no good if you do not have an edge. Also, one should have two pots of money before going "full time". One for living expenses and one for trading capital. When I left my job to focus on trading and building my tech a little over six months ago, I had enough savings in addition to my trading capital so that the same amount of money as when I was employed could continue flowing into the family checking account twice a month. No stress and the only sacrifice is to my personal savings account.
Can you keep sanity day trading?
- Thread starter qlai
- Start date
Yeah life is uncertain and stressful, I'm not arguing that a day job makes all of that go away. What I'm saying is that trading/running a small business adds to that stress because those things add more uncertainty into your life.
I'm looking up his trades and not quite able to line them up. Do you think his trading statement time is based on Sydney, Australia time? Why would a guy sitting in SD be using a broker out of there? Is that routine for forex
pays no taxes .
I was screwed up before starting to trade, just didn't know it, LOL, but I do agree that EVERYONE changes in some fashion cause of all the time we put ourselves into this career. I don't know how it is for those who have tried and failed and returned to doing work they most likely did not want to return. I hate manual trading from first trade I ever did to testing systems even today, so automation is like heaven as I have zero stress.
Trading/scalping I believe is inverse to what most people do not understand, my opinions, takes less time to learn longer term trading and holding months/years and can make much much more than scalping/day trading-just ask Buffet and Trout. you need to learn/memorize far greater amount of information to make so much less per trade plus the fees to trade are insanely greater, R to R much smaller in intraday. And most new people coming to play with us are as dumb as a post thinking this is going to be easy. Well, it is easier to ride a horse if you done it several years and keep profiting.
We all have egos and as years pass, most go away and just content to come and go through life to do what we think makes us happier, isn't that blue skies? We were all young once, and we all said things for the times we lived, now older, I have forgotten who I was over forty years ago.
Thanks for sharing,
But this typical "Loook at me I make money trading, and you can't make money trading because its soooo hard, and it will ruin your life, so don't try it, but look at me I make money"
This is one person opinion of trading. Just because its hard for him, does not mean its hard for somebody else.
I think if someone asks this kind of question, that is the only appropriate honest response. I would say that if it's easy for someone, it means they are doing it the wrong way, imho. The only exception may be someone who found a great mentor early (or a relative in the business). Still, it is very hard way to make easy money and most people would be better off chasing other opportunities.
I'm not sure about his trading, but I believe he knows a thing or two about insanity
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"live trader and educator" from 2017. Not a great performance record if he blew out accounts and his life savings as he said, within two years. It'd be far more convincing if he had a record of trading for five years or more with consistency without having to be an "educator"/vendor.
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Even though the true certainty in a "regular job" is far from 100%, people tend to view it as such, and hence valuing it (too) highly.
My own personal anecdote here would be my mother. Throughout my upbringing, she was always emphasizing how important it would be for more to get a degree and a stable job. Meanwhile, she kept working as a school teacher at the same place in the town I grew up through multiple generations of colleagues.
The end result for her: Perpetually low wages, failing marriage, depression. She always keeps whining about how little money she has. Excessive loyalty to her public sector employer hasn't exactly paid off.
The end result for me: Despite not finalizing my degree I made several times her wage every month in my day job. Quit that now and doing consultancy a few hours a week and still being paid several times what she's being paid right before retirement. And, I get to do lots of fun things in most of my week which is spare time, including trading.
The thing that made me jump out of the hamster wheel mentality was realizing I am in fact always unsafe, no matter what. I actually keep the same example as you: I can get cancer or be hit by a car and die tomorrow. Meanwhile, good Swedish safety nets encourage risk taking since we will not be completely screwed from receiving help in case we fail.