Trader lifestyle

Quote from coolweb:

The key to the best traders lifestyle, is to move to a country or city where the cost of living is drastically low. So therefore you can live a million dollar lifestyle at 1/4th of the price.
What took you $100k in expenditurs in NYC mininum, might cost $20k, What cost $200k, might cost $40k.


Servants, Doormen building, 1 block from the Subway to everywhere (so no need for car), Great access to food from around the world, Clubs and entertainment, all for 1/5th of the cost. Buildup several of these places, and live around, fly around, Its how traders really live.


Arbing the cost of living price is taking advantage of the traders advantage.


--------

When I was single.. around a year ago, I Would be fucking 1 new girl every 2-3 days. All 18-23 hot young women. I splurged on them taking them to fancy restuarnats that only costs $20-50 , which would be around $200 in NYC, I lived in apartments that are 5 star classed , that would be $6000 in NYC for 1k. I Showed them the millionaire lifestyle @ a bargain. I can spend on them without having the spending hurt my bank account while me gaining a power advantage.


Do this all on 5.5% cd interest payments, Lots of fun.
More...

http://elitetrader.com/vb/showthread.php?s=&threadid=48836

LOL. Looks like you've come along way from being a "newbie" in 2003 and just turning profitable in 2004.

How were you able to find the time to make all that money from 2005-2007 and still jetset aroung the world bedding a different woman every 2-3 days?

LMAO, this stuff is priceless.


You should go to one of those virtual world role playing websites. Maybe you can give yourself a 16 inch cock too.

BUSTED.
 
Quote from shortie:

here is a thought. some people are able to make lots of dough. some people love to spend big. quite often they are different people. in other words, you either an earner or a spender. it is hard to be both.

personally, when i think about money. i am thinking how to make more $$. i am not thinking what i would buy if i had this much money.

this is simply my personality. but i am pretty confident that i can earn more with time because of my mindset/view toward $$.
More...

I've been following this thread for a while, and have to say that I agree with this post more than any other.

There are spenders, and there are savers. Typically, the spenders are less likely to be great traders for many reasons:

1) They never accumulated the assets needed to enable them to 'take the risk' and attempt trading.

2) If they were able to attempt trading, they vastly increased their likelihood of 'blowing out' as they spend much of their profits, leaving less to fall back on during difficult times.

3) With an expensive lifestyle, their level of trading size and/or capital could not increase as quickly as their saving conterparts. Therefore, the savers would ultimately be swinging much larger trading size and generating much greater profits than their spending counterparts. A spender that makes $150k in a year will likely have little of it left, after taxes and spending, enabling them to (hopefully) make $150k the following year. The saver will still have almost half of their profits compounding in their accounts, enabling them to make $225k in the profit the next year. Over time, they will be making many multiples of the income that the spenders will make (not to mention reducing their 'blow out' risk).

As I believe Red Ink pointed out, there is a time for saving and a time for spending. If a trader has accumulated sufficient profits to comfortably retire and never work another day in his life, then he can begin spending his assets (maybe ~5% per year of total), without concern about future needs. Until then, I believe traders should live well below their means, and accumulate capital - remember, traders don't usually have an employer funded pension or health care plan - you gotta look out for yourself, as no one else will or should.

My best advice on spending, is that a trader should spend money upon that assumption that he'll never make another dime with his trading (and may actually lose ~50% of what he has). If you spend this conservatively, then you'll certainly live like a king when the time is right, but will not blow your cash needlessly and regret it when the dark clouds appear for several years at a time.
 
Quote from Kevmeister:

Wow. Isn't this funny :D Everybody telling everyone what they should or shouldn't do. Too many people talk from the "you" side instead of the "I" side.

I create my own reality. Think about it, "I create my own reality".

What does that mean? I'll let you decide.

I chose my path with all the infinite probabilities and ACCEPT that responsibility. I accept you chose your path.

I am in a state of becoming. What the hell does that mean? I'll let you decide.

Whether I die rich or poor I will have lived my life the way I CHOSE to live it. Start talking from the I side instead of the You side and see what happens. It's difficult, very difficult, but life changing.

What I like or hate in others is a mirror to my soul.

I will end with "I create my own reality".

Kev
More...

In a stumbling inarticulate way you have it right.

In my parlance its called "sovereignty".

What I admire about some of the traders on ET is their complete sovereignty with some of them posting from exotic locations where they only live part of the year etc. Those guys give me ideas.

I've had tons of exotic travel but all of it was on company business. I've rarely been able to make a sovereign decision regarding my location in my adult life. I have had to go where the work is. Therefore I am a slave, no?

My trading dream has more to do with freedom than massive wealth accumulation.
 
Quote from Trvlwanderer:

anyone know where i can get the cheapest gallon of milk? Wait, i don't drink milk.

:p
More...

Khan, raw goat milk is the SHIIIT!

You don't know what your missing bro!
 
Quote from ggoyal:

wow, a useless thread grows faster than one with substance
More...

Personally I would rather click on this thread than another ANEK vs. ALEX pissing match by paper trading mooks!
 
You have to understand what he is telling you. The picture in your head is of a guy making expensive trips and bedding down with some debutantes.

The real story is that he is talking about living in a third world country and bedding down with cheap prostitutes.

Round-trip airfare to Colombia from JFK=$500
Rent of an apartment in Colombia= few hundred a month
Price of the ladies= 50-100 bucks a night negotiated

Quote from Clubber Lang:

http://elitetrader.com/vb/showthread.php?s=&threadid=48836

LOL. Looks like you've come along way from being a "newbie" in 2003 and just turning profitable in 2004.

How were you able to find the time to make all that money from 2005-2007 and still jetset aroung the world bedding a different woman every 2-3 days?

LMAO, this stuff is priceless.


You should go to one of those virtual world role playing websites. Maybe you can give yourself a 16 inch cock too.

BUSTED.
More...
 
Quote from riskfreetrading:

Good point.

There are also people in here who are not traders by profession, but their hobby is trading! :p

They then realize that the ugly boss is enslaving them/exploiting them. When I say boss, it may also mean the company employing them.

People will work like slaves, in addition to kiss backs for money that traders pull in. Trading makes one realize his worth, and gives assurances that one will never be without income if one knows how to pull money and there is a free market to do it.

PS: markets sell off on Thursday because traders take profits to give to their women for shopping. Keep that trading rule next to you. :p
More...

RFT,

You just changed my opinion of you.

Aside -

Having read Reminisinces when I was 18, one of the things that I have thought about from time to time is what to do with it, after you have it. At the time, the (fictional) Livermore bought annuities to guarantee an income stream.
In my mind, here is the progression:

1. Trading capital
2. Reserve capital, conservatively invested. A component of 'emergency' capital also goes here.
3. Income producing capital

With account #1 certainly at least $100,000 and account #2 optimally at least $900,000 to give the proverbial 5% return on bank deposits/cd's whatever to give yourself a $45,000 income annually. Now you can trade without fear of placing yourself back in penury & drawing down your capital.

#3 is more problematic as much of this is 'buying an income' through rental & commercial real estate, etc... But if you get to this point (another $500,000 should get you about $5000/month income, less mortgage payments for return of $30,000 annually) you're pretty much made, it seems.

So, assuming $100,000 risk account, $900,000 reserve capital (may be accessed to trade if warranted, but not consistently), $500,000 in income producing real estate; add a paid off home or apartment for $250,000, college funds for the kids ($250,000) and life insurance for them and the spouse ($500,000 cash value policy, funded aggressively - $100,000) you're looking at $2.1 mio USD before you're in a position to start spending with abandon. Even assuming your $100K account is earning a 300% return of $300K - it should therefore take you 7 flawless years to reach this equilibrium state.

You can tell who here has gone through this difficult experience and doesn't care to live large.
 
You must log in or register to reply here.
Back
Top