Day trading… you’ve seen and heard it everywhere you go. It’s on social media, the news, in Ads and even more now being that over 30M people have lost their jobs due to COVID-19 though I beg to differ that it’s because of the virus.
I believe we are the results of the decisions we make.
Perhaps you are wondering, what’s the big deal about day trading and should I consider getting involved?
First off, if you are the type of guy, or gal, that loves to have complete control of your money and life, then day trading is definitely for you.
This was a driver for me. I never liked the idea of having a boss whereas the moment they said I’m hired, I take that money to get a mortgage, car loan, etc. then if they should say I’m fired, my whole life falls apart. I felt vulnerable vs. stable as someone had that much control over my life.
I recently quoted this on my twitter…
”if you are gonna fail, fail on your own terms”
Too many give other people control over their lives. You lose everything at the hands of someone else; your dreams, your house, your income, your spouse then we turn around and become the result of someone else’s decision.
If you agree with that, then read on as in this blog post if for you. You will learn the 2 greatest benefits of Day Trading.
6+ years in this world have taught me enough to tell you this.
As previously mentioned, control. Day trading allows you not just to have the freedom gurus yap about all the time, but control. Control is key as it offers stability.
I’m sure many will disagree with me, but the truth is, control is stability. A job is not stable like it or not. It makes you vulnerable. You have no control and your life is built up around someone else’s dreams and aspirations.
Many will argue that the paycheck is steady hence it makes you stable but the truth is, you have built a life based on that check. You have a mortgage, kids, cars, a spouse, bills, etc. What happens if you get fired? Your house of cards comes crashing down.
This is the reason we are so stressed out when we are late, make a mistake or our boss says “need to see you in my office” our nerve racks.
Why? Simple! We are vulnerable and have a life at the expense of someone else’s decision. It’s like the moment they said you are hired they might as well say “I think you deserve to have a life.”
We need to look beyond the steady paycheck to define stability.
Day trading offers control. You determine how much you make, whether your bills are paid or not, how much and when you pay your taxes, whether you get a divorce, or remain married because we all know that the BIGGEST reason for divorce is financial instability.
More so, you determine the size of the house you get and the type of car you drive vs buying what you can afford based on how much you are paid and trying to make sense of it and saying “I don’t need that” when truthfully, you wish you had something more.
While I’m all about being in control, I don’t recommend anyone quitting their job immediately to start day trading. Here’s one of my Youtube videos discussing how to make the transition. Click here to watch.
As we sat and witnessed the meltdown of 2008 and now the meltdown due to COVID-19, we have to redefine the way we invest in today’s market. We have witnessed the evaporation of 401ks, IRAs, and Real Estate Funds which are supposedly safe havens that have created 70% of all the wealth in the world.
Long term investments have always been subjected to high uncertainties such as gap up or down in the market, meltdowns, politics, economic, weather, and changes in consumer behavior. Day trading isn’t subjected to these high risks due to the fact that trades are held for a few minutes sometimes seconds.
This makes day trading recession-proof as the accounts are always sitting in cash.
Furthermore, day trading relies heavily on volatility to create greater ranges to the upside and downside. Therefore, what better moment to be banking than in the down times when volatility is high. I have a video here that talks about trading in down markets. Be sure to check it out here.
Overall, there are many benefits in day trading but my top 2 are control and recession-proof. Leave a comment telling me why you chose day trading and don’t forget to share this with a friend.