Trading for a Living … INCOME and Wealth (PODCAST)

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Comments

1. Trading is a job. It's a career. And it's different from your typical 9 to 5 office job which gives you a paycheck at the end of every month and all that comfort and "certainty" that comes with it. What people don't understand is that nobody needs to make a little bit of money every month in order to pay the bills. The concept is simple: I make $10.000,00 in a good month trading crude oil. If, for example, my rent and other bills cost me a total of $3.000,00 per month, then I can manage what I made in that one month to pay the bills for the next 2 months in case I don't make anything, which is not typical, but IF it happens I can always scale down on my costs of living as well. This the "life style" aspect of it and is what people have to understand before deciding to trade for a living. I built my life style around it and there is no regret. It's pure money management. If you suck at it or don't feel comfortable managing uncertainty, DON'T BE A TRADER! Simple. You can argue that there is the cost of opportunity, missing on salaries, and all that BS, but honestly, I don't need to spend the whole day inside an office dealing with pathetic people, taking orders from a boss, taking shit from clients and so on just for a mediocre fixed amount of money at the end of each month. It's my choice. Freedom to me is the most valuable asset in this world. And the INCOME I make from my trading in a consistent basis, markets going up or down, is WELL WORTH IT. The potential for gains is huge and your risk is always controlled. Sometimes In one month I can make enough money to get me going for half of the year if I'm wise with my living costs. Trading is a skill and you CAN make a living out of it. Just learn how to manage your career, your money and your life style. Having said that, I do believe every trader should have other sources of income besides the trading profits. And that's the sort of investment I'm currently working on :)
2. Income was a very important part of the equation that I didnt learn until about 2 years ago. I now trade to obtain more cash to fill that portion of the portfolio.