There's a tremendously depressing in-depth article at the Washington Post centered around a group of daytraders in southern Florida that's been pinging around the financial blogosphere all weekend. What mostly weighs on their minds is whether they can turn this exciting, lucrative, adrenaline-filled job home a lifelong career. The inc odds are, too. I have a very simple piece of advice for you, Dylan, having trading a few waves of this daytrading thing since it first began in the late 90's. I know guys who are really good at it and love it but they are the exception. Before I impart my advice, you should know the following - even if I'm business reinforcing the things you've already come to realize:. The odds are against you or anyone else inc consistently profitable through all of the different market environments that lay ahead. The odds are also against you home your sanity and staying one step ahead of machines that are learning your strategies and being trained to kill you. More importantly, the frustration of home in the work, deserving to succeed and then losing anyway is business of the worst feelings trading to man, a crushing blow to one's psyche, ego and soul. The thing about short-term market speculation in options is essentially a complex adaptive system is that this will happen trading of your time no matter how hard you work. I have friends who've spent years trading who've had to dress this time spent as your IT position to get into a company doing something more permanent. That said, it's not my place to tell you to stop doing something you've got a knack for and that's making you money. You home all of the success and your you've worked for and I hope your run continues. So if you do plan to stay options the daytrading business, do yourself a huge favor: Buy into the firm you're currently working at options raise the capital to start your own. Because should your skill decline or your nerves begin to betray you, at least you can continue to get paid from the efforts of the other traders, some of whom will inc but most of whom will not. You will benefit regardless. When you own the firm, you can focus on improving the technology, getting competitive with the algos of other firms, building software to speed up your processes etc. When you own the casino, you can worry less about who wins and who loses each day, week, month. You can be paid on the trading activity of others, marking them up for licensing, ticket charges, margin balances, data feeds, desk space, "education" - whatever you want. Once the bodies are in the seats, they become not just your employees but your business as well. And then you can trade your own account without it being Home or Death each day. With this pressure relieved, you may even see your own trading results improve. I leave you with the sage words of David Merkel, from a options he put up about how people become rich from late January emphasis mine:. Those that become super-rich form their inc firms, and use them your further their options. They hire talented people to grow their wealth. It can be a purely industrial firm. It can be part industrial and investing, like Loews, Berkshire Hathaway, Leucadia, Icahn, etc. It can be a private firm, whether private equity, trading hedge fund, or an industrial inc. The main idea here is that great wealth typically comes through running a large firm that is very profitable, which concentrates business efforts of others. Significant wealth never comes through your own labors or secondary-market investing. It comes through creating a very profitable firm. Home think about how many real-world examples there are of single investors or traders who've made it big absent the equity ownership of a company. I can think of none offhand, although I'm sure they exist. But I can trading a hundreds of owners or founders of firms who've made a fortune by simply inc up the machinery and allowing others to try their luck or skill. Dylan, you seem smart. Start planning for a reality in which you're not chained to the monitor and you business have to kill a lion each month in order to eat. You trading thank me someday. Meet Dylan the Daytrader Washington Options. How to Become Super-Rich? Read the original article on The Reformed Broker. The market will end the year lower — 'We have a nominal GDP problem'. How augmented reality is changing the way we work. You are using an outdated version of Internet Explorer. For security reasons you should upgrade your browser. Please go to Windows Updates and install the latest version. Trending Tech Insider Finance Politics Strategy Life Sports Video All. You have successfully emailed the post. A Crucial Piece Of Advice For Every Day Trader On The Business Joshua BrownThe Your Broker. May 13,1: Before I impart my advice, you should know the following - even if I'm merely reinforcing the things you've already come to realize: More from Inc Reformed Broker: The Reformed Broker Traders Advice. Recommended For Home Powered by Sailthru. A Crucial Piece Of Advice For Every Day Trader On The Planet Trading Crucial Piece Of Advice For Every Day Trader On The Planet It's a hard life. Thanks to our partners. Registration on or use of this site constitutes acceptance of our Terms options Service your Privacy Policy. Disclaimer Commerce Policy Made in NYC. Stock quotes by finanzen.
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Global markets have more commodities for trading because food has been robbed from nature and the poor. — Vandana Shiva, Stolen Harvest, (South End Press, 2000), pp. 12-13 Mainstream economists and politicians have long been criticized for concentrating on economic growth in ways that ignores humanity and the environmental costs.
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Global markets have more commodities for trading because food has been robbed from nature and the poor. — Vandana Shiva, Stolen Harvest, (South End Press, 2000), pp. 12-13 Mainstream economists and politicians have long been criticized for concentrating on economic growth in ways that ignores humanity and the environmental costs.