How To Achieve The Dream of Daytrading For A Living
When I returned from Indonesia in 1977, I knew things were going to be difficult.
I had no job, little money, and minimal assets. I was starting with the minimal.
All I had was the dream of someday being very rich and becoming a fulltime daytrader.
I discovered that one of the reasons so few people become rich is that they become set in one way of thinking.
They think there is only one way to think or do something.
While the average person thinks, "play it safe and don’t take too many risks," the successful trader thinks about how to improve skills so he or she can take more risks.
Thinking both sides of the coin, the successful trader must have more flexible thinking than the average person.
While both the average person and successful trader must think about safety, the trader must also think about how to take more risks.
While the average person thinks about cutting down debt, the professional trader is thinking about how to increase debt and use it to leverage and make more money.
While the average person lives in fear of market crashes, the trader looks forward to market crashes, since he knows how to trade and what to do when the market goes down.
While this may sound like a contradiction to the average person, it is this contradiction that makes the trader richer.
Be aware of the contradictions in thinking between average persons and successful traders. The trader is well aware that there are two sides to every coin.
The average person sees only one side and it is the side the average person does not see that keeps the average person average and the professional trader wealthy.
Recent Comments
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Managing risk is a skill that can be worthwhile working towards achieving.
Some very sound insights in your post, Roy.
Thank you for sharing.
Thank you Alex, the importance of preservation of capital was something we always taught at Online Trading Academy, without it you won’t be able to trade.
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Hi Roy,
I see you are a member of the Online Trading Academy. I went to one of their local seminars two years ago. But I never joined as my capital is very limited.
Instead, I joined a company called The Apiary Fund that teaches how to trade Forex. They do not allow you to trade your own money. You pay for a course that teaches you to become a successful trader using demo accounts. After passing several tests you can qualify to trade funded accounts provided by them on their trading platform.
I eventually qualified and only trade using their money. I keep 65% of the profits. I am not liable for any losses. They have risk management in place that stops you if you lose more than 2% on any one trade, and 5% in any day. Your account is disabled for one day after which you can trade again.
If you draw down the funds, you will not earn any money of course. When you take back over the funded amount you're back to earning profits.
Anyway, I brought this up since you are a trader, probably using Options. But the principles of trading and risk management are the same.
I wish you much success.
Cheers.
Edwin
Edwin: I was the 1st student that graduated from the 1st class June 1997 that made $9000 in 15 minutes on a Friday. That was the worst thing that happened to me, but also the reason we started Online Trading Academy, because we were the guinea pigs that learned by losing a lot of $ in the beginning and then became the experts. I have traded options, forex, futures, stocks, you name it, I have done it. The last 2 years I have been studying cryptocurrencies, where I think the big money will be made in the next few years. I started buying bitcoin at $3000 beginning of 2019 and the top 10 cryptos, bitcoin today is at $9123, cryptocurrencies trade 24/7! Best my friend, Roy
I bought Bitcoin at $16K near the top! I've sat on that as my investment was not much. I treated that like buying a lottery ticket ha!
Thanks for your offer of help. There is one lesson I have learned to be successful. And that is to work very hard to find a strategy that is successful more than 50% of the time. Test the heck out of it till you are confident it works. Then use it rigorously never changing anything even when you have a string of losses. Because one is following the law of averages.
Of course the higher the winning percentage of ones strategy the better.
Ok Roy, do you agree with this point of view? Is there a way to improve on that?
You are right that Creating Websites for Affiliate Marketing, or any kind of online marketing, is not easy. But Wealthy Affiliate makes the process easy to learn and implement one step at a time. I am hell bent on mastering this as I know I have more control of the outcome than the stock market. Or Forex Market for that matter. Plus the investment in money is low. But the investment in time will be substantial. At first anyway. My goal is to create websites that generate passive income and only need me to maintain and update them.
But this process will take hard work, time and persistence.
Thanks.
Edwin
Thank you for your honesty Edwin, that is the best way to learn, admit your mistakes and move on for bigger and better! Learning is a lifelong experience, I celebrated my 70th birthday October 9, 2018 with family and friends in Sanur, Bali, we had a blast. I took them to Gili Trawangan and we also stayed in Ubud. My wife and I started our vacation in Thailand September 25, 2018, visited Bangkok and Phuket for 8 days, then flew to Bali October 5-17, followed by other parts and islands of Indonesia, I returned home November 15, almost stayed another month in Bali, it was so relaxing, I did NOT want to go home lol! Websites are definitely more time consuming, I am dibbling and dabbling in it for fun, my web developer could do this so fast, but I am forcing myself to learn because ...In the meantime I am meeting some new people like yourself, that is part of the enjoyment. I learned to develop systems in everything I do, from day trading, to playing craps (I love the game and learned how to play it well). I get invited all the time to join Craps and Blackjack tournaments in Las Vegas, Laughlin, I will be at the Golden Nugget June 27 to July 2, 2019, 11 days from today. They offer me comp entry ($500 entry fee), comp room in Gold Tower, comp food, I just have to get there. The most important thing I tell my kids and grand kids, you must have passion for what you do/want in life, that will drive you to reach your goal (s). It is very important to learn the difference between success and significance, you have to find the purpose you are here on earth for. Blessings my friend, Roy
Thank you for your encouragement. Go and beat the crap out of the Craps game in Vegas! Have fun, you earned it.
Cheers.
Edwin
I love craps, the only game I play in Vegas, I also play at Blackjack tournaments, I will keep going until I can go no more, as long as they offer comps for entry fees, rooms, food, I am good to go! Hope we can meet up there some time. Best to you Edwin! Roy