11 Or 12 Things I Learned About Life From Day Trading Millions Of Dollars

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I was a day trader for many years and it almost killed me. I made money by making profits on my own money and also taking a percentage of the profits for the people I traded for.

I did this from to I learned about day trading but I also learned a lot about myself and what I was good at, what I was horrible at, and what I was psychotic at. Things that had nothing to do with day trading.

Day trading is the best job in the make money trading stocks at home on the days you make money. You make a trade, then maybe 20 minutes later you are out of the trade with a profit, and for the rest of the day you think about how make money trading stocks at home money you made. I would make a trade, it would go against me, and then I wanted my heart to stop so my blood would stop thumping so loudly.

All of these lessons I will certainly use today, many years after I stopped day trading. This applies not just to trading but everything. You could be married for 10 years and the next thing you know you are divorced and you would not have predicted that. You could be healthy all your life and drink your vegetables and exercise and reduce stress, and a year later you could be dead from cancer. You can always seek to increase the odds in your favor. But certainly a path to unhappiness is thinking the future can be predicted and controlled.

A hundred percent of opportunities in life are created because people are uncertain about almost everything in their lives. We are constantly trying to close the enormous gap between the things we are certain about and the things we are uncertain about, and almost every invention, product, Internet service, book, whatever has been created to help us close that gap.

Sometimes this is hard. If your husband betrays and leaves you, you often feel like crawling on the floor make money trading stocks at home burning all the self-help books. You can say it something inside make money trading stocks at home yourself. Some people take too many risks and they go make money trading stocks at home. This happened to me. But then I would take big losses and that would wipe out all my profits. The key is that you can take larger and larger risks if you work on better and better ways to deal with those risks.

For instance, I might be able to risk marrying someone if I know she is not a hard-core drug addict who regularly betrays the people she is close to.

I can risk driving without a license if I always stay below the speed limit I know this is a stupid risk, but still. How can I get that job? When I was raising make money trading stocks at home to day trade, I probably contacted over 1, people. When I was starting an Internet business I started over a dozen Internet businesses and watched all of them fail but one.

When I was trying to sell my Internet business I contacted over a dozen companies although Google broke my heart — damn you Google! When I wanted to get married, I went on lots of dates. She would only go to tea with guys. Within the first 20 make money trading stocks at home you know if you are attracted. So keep it to a tea. But this is just a mental bias.

Say no to it. Day trading pulls everything out of you. It sucks the soul out of your body, blends it up, and then explodes. So you have to take care of yourself. And obviously, this applies to everything else in life.

Every day, what small thing can you do to become a slightly better you? The only way to survive is to laugh. Guy makes a trade. The market goes against him.

And then he loses all his money and goes crazy. The market is never crazy. The world is never crazy. And I will go so far as to say that your girlfriend who just lied to you about where she spent the night is not crazy.

I only care about you. Good and bad days happen. But life is about a billion little moments that add up to all the things around you.

If you let one of those moments have too much control then you are bound to be mostly miserable. I was mostly miserable during the period I was day trading. I let that aspect of my life take control.

So I stopped focusing on being a good husband, a good father, a good friend, a good anything. I would have nightmares. I would lose sleep. I would wake up many mornings and go to the church across the street so I could be by myself and pray.

What would I pray? So what makes make money trading stocks at home think they will have an edge? How many people listen to me? Because people are sick of their lives, their relationships, their jobs, and all the lies that have been told to them ever since they learned how to walk. Day trading is the dream. You can make enough money to not care. To do it from anywhere. Most people think they have that one special something that will make it work for them.

You can skip right to the being happy part. You can skip right to being free. But we never learned that. We were taught we had to do something first to make money trading stocks at home freedom. We were taught that suffering was the currency to buy happiness. Okay, go do it. Then cry about it. Then curse the craziness. None of that will make you happy. Then read this blog post again.

Not because it will make you happy. But because I like when people read my posts. I was a day trader for many years, and it almost killed me. I did it for years, though, because I was unemployable in every other way. Everyone thinks they can.

B Hope is not a strategy. I hope that every day my life goes perfectly. C Uncertainty is your best friend. D Taking risks versus reducing make money trading stocks at home. You have make money trading stocks at home decide every moment if this is the situation you want to be in.

All of my other constituencies went to hell. Nobody answered my prayers. They want freedom from the BS.

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New investors taking their first steps towards learning the basics of stock trading should have access to multiple sources of quality education. Just like riding a bike, trial and error coupled with the ability to keep pressing forth will eventually lead to success.

One great advantage of stock trading lies in the fact that the game itself lasts a lifetime. Investors have years to develop and hone their skills. Strategies used twenty years ago are still utilized today. The game is always in full force. Open a stock broker account Find a good online stock broker and open an account.

Become familiarized with the layout and to take advantage of the free trading tools and research offered to clients only. Some brokers offer virtual trading which is beneficial because you can trade with play money see 9 below. A great tool for comparing online brokers can be found at StockBrokers.

Read books Books provide a wealth of information and are inexpensive compared to the costs of classes, seminars, and educational DVDs sold across the web. Here on the site we have a full list of 20 great stock trading books for investors to consider. Read articles Articles are a fantastic resource for education. Our free Stock Education page here on StockTrader. Recommended websites for investment education are investopedia. Find a mentor A mentor could be a family member, a friend, a past or current professor, co-worker, or any individual that has a fundamental understanding of the stock market.

A good mentor is willing to answer questions, provide help, recommend useful resources, and keep spirits up when the market gets tough. All successful investors of the past and present have had mentors during their early days.

Forums can be another source for question and answer. Two recommendations include Elite Trader and Trade2Win. Just be careful of who you listen to. The vast majority of participants are not professional traders, let alone profitable traders. Heed advice from forums with a heavy dose of salt and do not, under any circumstance, follow trade recommendations. Study the greats Learning about the greatest investors of years past will provide perspective, inspiration, and appreciation for the game which is the stock market.

One of my favorite book series is the Market Wizards by Jack Schwager. Read and follow the market News sites such as Yahoo Finance and Google Finance serve as a great resource for new investors.

For in depth coverage, look no further than the Wall Street Journal and Bloomberg. By monitoring the markets each day and reading headline stories investors can expose themselves to trends, 3rd party analysis, not to mention economic concepts and general business.

Pulling quotes and observing fundamental data can also serve as another good source of exposure. Beware though, over time you may find that a lot of the investing shows on TV are more of a distraction and are overall full of junk recommendations. This is a natural evolution; you are not alone! Consider paid subscriptions Paying for research and analysis can be both educational and useful.

Some investors may find watching or observing market professionals to be more beneficial than trying to apply newly learned lessons themselves. There are a slew of paid subscription sites available across the web, the key is in finding the right ones for you. View a list of the services I use use myself. Two well-respected services include Investors. Go to seminars, take classes Seminars can provide valuable insight into the overall market and specific investment types.

Most seminars will focus on one specific aspect of the market and how the speaker has found success utilizing their own strategies over the years. Examples include Dan Zanger and Mark Minervini. Not all seminars have be paid for either. Some seminars are provided free which can be a beneficial experience, just be conscious of the sales pitch that will almost always come at the end. When it comes to classes, these are typically pricey, but like seminars, can also be very beneficial.

Buy your first stock or practice trading through a simulator With your online broker account setup, the best way to get started it to simply take the plunge and make your first trade.

If trading with real capital is not possible initially, consider using a stock simulator for virtual trading. A variety of online brokers offer virtual trading for practicing.

One of the most common mistakes traders make is to go all-in and try to score big with a full portfolio position out of the gate. This is an often painful mistake and why many new investors suffer big losses early on. Proper portfolio allocation is extremely important.

For more tips of wisdom, see my article, 60 Stock Tips for Investment Success. For the majority, trading will be losing proposition. Warren Buffett, the greatest investor of all-time, recommends individual investors simply passive index instead of trying to beat the market trading on their own. Interested to see what stocks Warren Buffett recommends for your portfolio? Sign up for our free market recaps Join over 22, other investors and receive our weekly posts via email using the subscribe box below or on the sidebar.

I invite all new investors to make StockTrader. Read my page interactive course, The Interactive Guide to Technical Analysis , and learn how to read stock charts. Enter your email address.