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student has now turned a few thousand dollars into .70 million in 4 years…see feature articles on CNN HERE and our appearance on FOX HERE…the longer you wait to apply HERE, the more opportunities you miss to do the same…or better 🙂Get inspired by my life as you can see glimpses of it HERE and HERE all you wannabe students out there, if you’re willing to study hard and become a wealthy trader, thselkle world is yours…literally 🙂I did a guest post on Trader’s Library the other day entitled “24 Reasons To Day Trade, A Response To James Altucher’s ‘8 Reasons Not To Daytrade” and people really seem to be enjoying it.
James himself linked to it in his daily blogwatch and Cross Hairs Trader did a great summary highlighting the best of what I wrote in an article entitled “TIMOTHY SYKES AND THE REWARDS OF DAY TRADING”I’ve reposted my post below because I worked damn hard on it and it’s good: When I read James Altucher’s latest article entitled “8 Reasons Not To Day Trade”, I couldn’t help but feel anger and within a few hours of reading it, I experienced many of the symptoms he describes, although in a slightly different context…my blood boiled over, I felt as though I couldn’t produce anything until I wrote this response, I rubbed my eyes to see if his post was even real, somehow thinking it was impossible that he could write such blasphemy and then I had a delicious meal at my favorite Rome Restaurant Da Ivo…and I burped a loud and satisfying belch.
Forget trading win thrills, even when you lose trading is exciting intellectual gambling at its finest…no more low odds Keno, years-of-training Poker or elderly Bingo, day trading is THE most exciting way to speculate and if media leaders like CNBC and the weren’t so prude, the industry would have a better rep.
The now defunct Trader Monthly magazine got the exciting part right, but their incompetent leader Randall Lane wasn’t a trader himself so he didn’t get what trading was truly about and his superficiality wasted any goodness instead focusing on luring luxury brand advertisers and encouraging risk taking and spending (wrong! You aren’t as smart as you believe and in this economy, you don’t have that great of a future either…the good news is that neither intelligence nor potential is required to be a consistently profitable day trader.4.
Gossip is for the bored and happy hour characters are trying to relive their college days; at least in trading when you waste your days away, it helps you improve over time.8.
Sure, sure true day trading is unhealthy as ever, but if you’re getting really fat due to eating too much, you probly lack discipline so you won’t be a great trader anyway.
In short, health is a great judge at deciding who is mentally fit for trading and if you make it 12 years like I have, even if you’re a little overweight (as I currently am), you’re still a champion just for lasting and the longer you last, the better odds are that you’ve captured a few opportunities and you’re worth enough to hire a trainer…if you can make the time (my problem)! That’s right, trading isn’t just about making money, it’s one of the best endurance tests and mental challenges around.
While James lists 8 potential risks, below I have listed 24 potential rewards, giving day trading an overly simplistic yet surprisingly accurate risk-reward ratio of 3-1, an enticing ratio indeed…as any trader will tell you.1.There are few greater thrills in this world than winning on a big trade in the stock market—and trust me, I’ve done quite a bit of thrill seeking in my life; everything from sky diving (twice), partying in NYC, climbing the Great Wall of China, eating the best sushi you can imagine at 5am at the Tsukiji Fish Market in Tokyo, finishing Paul Lambradt’s 23-course tasting menu at his former Atlas restaurant (try Corton, it’s my favorite restaurant in NYC…next to Soto)2.James says creating “a system” and mastering its psychology is difficult and that’s true, but the internet has allowed those of us with proven systems to show off and teach others—you don’t need to create anything anymore, this is an enviable time in history where you can use veteran traders to cut your learning time dramatically.I wish it were that way when I started, but back then it was impossible—now is a great time to take advantage of the technological trading revolution.5.
Forget playing Farmville and Angry Birds; are you an adult or a child? James talks about how day traders have no career nor networking since watching a position consumes so much time.I agree except for that many with “careers in finance” have it worse—just endless happy hours and cubicle hopping—why do you think mindless entertainment like TMZ, Perez Hilton and CNBC are so popular?