Jul 26, 2007

Top 5 reasons why I trade

The Freedom
No boss, no set hours, no mid-morning management meeting, no clients to deal with, no rush hour traffic, no nasty public restrooms.
The Money
I've often heard that the jobs that are most fun tend to pay the least. I consider trading to be extremely fun and the pay can be great. I mean, it's pretty amazing that I can enter a trade at 10:30am and exit by noon and make more money per day (on some days) than what I was making in any of my previous jobs. Thankfully, I've been able to do that consistently recently in hopes of making a career out of this. Sure, if I get a runner that makes 11R or so, I may take a day off, but for the most part, I intend to get in front of my computer every day and make some dinero.
The Challenge
Trading has been the most challening endeavour for me (and I've taken on some pretty big tasks in the past). There's so much to learn that it's almost overwhelming in the beginning. However, I was able to stick with it, focus on the charts and now feel like I can spot a OONR7 trade fairly quickly. It truely is all about finding what works for you and then testing out your 'method' for consistency.
The Flexibility
I live in Paris but make my money on U.S. time. May not sound like a big deal... but it is to me. Making money through daytrading means I can make money no matter where I am in the world. Other than daytrading, my other big goal is to become a successful screenwriter one day. To do this I figure I need two things: inspiration and money. My inspiration could come from going to exotic locations to write (say for days or weeks at a time) but to do this I need money and that's where daytrading comes in. I can see the world, write and make money at the same time. FYI... I'm a horrible editor as my many mistakes have shown.
The Respect
Overall, I get the sense that daytraders don't get much respect. I don't know... I think it's viewed as gambling. However, if you can successfully make a career out of it (and prove it) then it's probably one of the most satisfying careers around. I also think there's a big 'mystery' behind daytrading because it is so difficult. If you can become a good daytrader... you've earned my respect. Also, there's no better feeling than having my money make money. In a sense, as a daytrader, my money is my biatch!!
What are your reasons?


Rudy said...

I trade because I want to be financially independent, self-reliant on my own cognizant efforts, and free from the drudgery of pandering to "The Man".

I trade because I want to be free to indulge my kids, on my time, at my convenience, and for my own altruistic pleasures.

I trade because I wish to be a success on my terms and not at the whims and fancies of another.

Success as I define it is the freedom to do as I choose, when I choose to, and since I don't have the talent to be a rock star, I am condemned to trading for a living.


OONR7 said...

Rudy... the last one is classic. Who doesn't want to be a rock star? Brilliant.

JJ2000426 said...

Does day trading really make money? Some statistics say 98% of day traders ultimately lose everything. Are you the 98% statistics or are you the 2% statistics?

What percentage do you make or lose per year?

Go have a look at my blog and check out SWC. There is no need to day trader if there is something worthy of long term investment. Warren Buffet never day traded.

Jerry said...

My case is similar. Addtionally, I wanted to move to China to improve my Mandarin. As a production major, I would also said: to support my actor / screenwriter, too. However, time changed my goal.

What made you move to Paris? And how do one get permission to stay that long there?

OONR7 said...

Jerry... my wife was offered a great job based in Paris and it really gave me a great excuse to take up daytrading full time. All the visa/residency issues were taken care of through her company.

Are you trading full time as well? And what's been your experience as an actor/screenwriter?

Jerry said...

Now, this is faith.

I am watching the market full time, but only trade Part Time. I started swing trade and decided to try daytrade. But lack of experience made it costly. It is harder than swingtrade many times.

Therefore, I am still learning and papertrading lots more.

Acting - I have pleasure to work with Stephen Chow (kung-fu hustle) in his prior films. No major role, but experience was super.

Screenwriting - Other than classroom scripts, I never wrote professionally. But I outlined many ideas which I love to see it on movie and act in it too before I am too old.

Rocky the movie was and still is the legend example. If you can write & act, with strong determination and luck, anyone can make it.

You know, since I read your "Reasons why I trade", the fire start burning again. I mean I don't have to rich in daytrade, just enough for the bills is fine. Then the extra hours will be useful to learn different things.

Have you master your French? Is
the crime rate better than NYC?

Paris would be a place to visit and I hope to be there in the future.

OONR7 said...

My French sucks, but Paris is a beautiful city. But like any big city, you do have to be careful.

I like your comment regarding not becoming rich from daytrading. I, too, share that belief and I look at it as a job that I go to every day and I break down how much I need to average every day and every week to make it a good paying job. I'm no longer looking to make a lot of money on one trade, but rather a decent amount on a few trades. With this thinking, I will hopefully spot a couple big trades per week to help my overall average out. I'm very pleased so far with how I've done during the summer considering it's one of the toughest times to make consistent money. At least that's what I've heard... I'll let you know from experience after next year :)
I take great pride seeing where I'm at today as a trader compared to where I was last year and I look forward to evaluating my progress in the year's to come. Of course, I hope I never have to change anything and I can look at a chart 5 years from now the same way I look at one today.
Take care.

Jamie said...

Paris is probably my favorite city in the world. It's a toss up between Paris and New York. But Paris leads when it comes to food and wine.

So, future screen writer, name a few of your favorite films and books.

OONR7 said...

Jamie... agreed about the beauty of Paris and I also love New York. It's funny how those two cities seem to sum up the overall mentality of their respective countries.

As for films... I did a top 20 over on Esto's blog one day but I don't have access to it. And, believe it or not, I'm not a big book reader. But, if I did need to sum up my writing style with a movie I would have to say Garden State comes the closest. I may also try to ease my way into screenwriting by writing a :30 min short film or something. Although, I'm not sure that's necessarily any 'easier' per se.

Jamie said...

Big fan of Garden State. Love film fest type movies.

My niece is a film student at university. Some of her current projects are in the editing dept., but one of the documentaries that she helped edit is going to air on local television tonight.

OONR7 said...

holy crap... that's really cool about your niece. I majored in Film Studies and if I had to do college over again I would be a film major for sure. I had wanted to go to NYU or USC but ended up at the University of Colorado which was great.

Jean-Philippe said...

I am a French guy living in Toulouse. I was happy to read OONR7 was in Paris, had a good blog and was speaking French". But, I read your comment : "my french sucks" lol".
So I will try to speak English ! Your articles are very interesting, especially this one. Congratulations and keep up the good work.