Day trading as a lifestyle - $2125 Profit in less than 2 hours.
Feb 08, 2022Day trading can be one of the most challenging subject to study and master but definitely worth the time and effort. Day trading started as a hobby for me. I like learning, solving complicated problems and I am not talking about algebra nor calculus or those sorts of stuffs. But solving a problem that is beneficial in my stage in life, something I can make a living from that can give me the time, financial freedom and that will allow me to leave a legacy. People go through different stages or seasons in their lives, people can be at the peak of their career, just starting one, about to end one in the form of retirement or they can be at the peak of their health. Whatever stage it might be, one thing is certain there will be peaks and troughs in life. In the market this is called support and resistance.
Just like the market, once a resistance is hit it is inevitable to have a pullback. Comparing this in life, this can be in a form of a pullback in health, career, etc. Once that pullback happens, do we have toolbox that we can use that will still allow us to thrive? A toolbox that will enable us to still have the time and financial freedom that will allow us to do what we love doing, a toolbox that does not require manual labor if health is not at the prime, a toolbox that we can use even during retirement or in any stages in our lives. For me, this toolbox is in the form of day trading. I believe that day trading is a good arsenal of toolbox for anyone. A toolbox that someone can use when priorities, perspective or situation changes.
This is where trading comes into the picture. It is more than having the financial freedom but most especially it is about having time freedom so we can do something with our precious time and in the end will enable us to leave a legacy. Day trading a couple of hours a day unlike the 8-5 jobs allows us to have a spare time that we can use to pick another hobby, perhaps hitting the gym, playing tennis, spending time with our loved ones and lists goes on. The reality is, we are all functioning in a borrowed time, a reality that sinks in me after I beat cancer. Due to this realization, I started having time freedom in the topmost priority and started treating day trading differently. If day trading will give me this opportunity of having time and financial freedom, then I am all in and will take this task seriously. Even if it takes me years to get this right, it will still be worth my time. I will still feel better at the end of the day if I learned something new about trading. Everyday spent learning this craft means that I am one step closer to my dreams. Dream of time, financial freedom and leaving a legacy.
Once this reality sinks in, I no longer focus much on my P&L (profit and loss) but started to focus on the PROCESS of becoming a better day trader daily. I wake up with anticipation of what the market will give me for the day and I made sure I am well prepared prior to the opening of the market. Where else can someone run a business at home that gives lesser stress. Someone would need tons of capital and skills in running a restaurant, staffing services or any other form of businesses and this does not even guarantee success. Day trading requires capital and skills too but given the right preparation and training, success is rewarded to those that do their lifetime learning about the market.
Day trading rewards those who diligently put the required work needed and if someone fails at it, it only means that the work done was not enough or was mediocre. This brings to another benefit of day trading, if someone aspires to become the better version of themselves through day trading, then that person will eventually be able to apply that trait of excellence in different aspect of his/her life.
Day traders are often times compared to an athlete; they have to perform at the peak of their game in the playing arena (for us behind our computers) to succeed. Sit behind your desk unprepared for the game and failing in the form of losing money from the market is inevitable.
There are different ways that a trader prepares for the opening of the market. My routine involves, running a couple of miles in the morning, preparing my smoothie, coffee and quick shower prior to doing my pre-market analysis. While running, I will listen to market analysis online. This will allow me to see what the SPY sentiment is for the day, is it bearish, bullish, undecided or in consolidation stage.
I like the routine since it allows me to do what I like doing, spending time with my loved ones, working out, not commuting and especially working 2-3 hrs at home. Nothing beats working at home especially with the New England weather of snowstorms, sleet, storms, etc. Always a great feeling that I will not be stuck in traffic prior to making a living.
Market opening gives me a different form of excitement. Who needs their coffee when the market opens? For me once it opens, adrenaline rushes and like a kid loaded with sugar I am just hyped and excited to crush the market. Once my levels are set, I glance over the 16 stocks in my monitor and see if they are forming my thesis. Nothing excites me more when the thesis is starting to form, and I am there at the right time & price to ride and profit from a trade. Sometimes, I feel like I am just playing a game and gets rewarded from doing it. Leads me to question, if this is really a legit way of making a living, possibly the reason I keep reading proprietary trading books just to confirm that day traders in Wall Street really do exist and indeed day trading is a legit way of making a living.
I would sometimes ask myself, why is everyone not day trading? With the opportunities that it gives and rewards that it offers, what's holding back people from being a day trader. I believe one of the reasons is, there is a limited day trading education. Unlike going to school where students are spoon-fed, one has to do their own diligence learning the ins and outs of day trading. And the least favorite reality why day trading is not for everyone, is the very steep learning curve that comes with it.
I myself started when I grab a book about trading in a local bookstore that gives me a broad idea of what day trading is all about. Reading that one book led me to keep researching since it is not an easy subject. But I convinced myself that if I already spent at least 15 years in college then I think it is worth investing my time pursuing day trading which can give more opportunities and rewards compared to the 2 bachelors, 1 post bacc and master's degree that I had under my belt. One of the things that I learned from those decades of learning was to be resilient and to keep pursuing my dream of achieving time, financial freedom and leaving a legacy. I am grateful for my career but there's a certain point in life where time freedom and leaving a legacy is at the topmost priority and grinding daily through day trading makes those dreams becomes one day closer.
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