Trading is a psychological game. Most people think they are playing against the market, but the market doesn't care. Youβre really playing against yourself.
β Martin Schwartz
Some of my favs
ππππ
Financial Independence:
'The Simple Path to Wealth' - Collins
'The Little Book of Common Sense Investing' - Bogle
'The Psychology of Money' - Housel
'I Will Teach You to Be Rich' - Sethi
Trading:
'Trading in the Zone' - Douglas
'Japanese Candlestick Charting Techniques' - Nison
'The New Trading for a Living' - Elder
'High Probability Trading' - Link
$STUB still in this position up just over 1R. Remains a beautiful set up.
As always could change tomorrow, but I have high hopes this IPO is turning. SL now to breakeven.
System > Feelings
A lot of trading is being comfortable with the grind. Losing streaks and breakeven periods are part of the unavoidable variance all traders will experience.
Handling variance by remaining consistent with your processes and rules is a difficult psychological skill that is learned and improved.
Variance startles the unconfident trader into thinking something is wrong with their strategy. I'm still tested every so often but with experience it has become much easier to navigate.
Downtrend continues here in bitcoin:native and currently in no mans land from a trading perspective. The fake breakout and falling EMAs leans bearish. What a mess this has been.
Remember:
$1,000,000 is $40,000 a year @ 4%
$2,000,000 is $80,000 a year @ 4%
$3,000,000 is $120,000 a year @ 4%
Make the sacrifices now to build income for life.
Nobody talks about this:
Median teacher salary β $67K
Median doctor salary β $239K
Per National Study of Millionaires:
Teachers: 5% of US millionaires.
Doctors: 3%.
Teachers: 401(k) from day one.
Doctors: 10 years late to investing. Then lifestyle gets in the way.
Do you still think itβs about salary?
Do whatever it takes to get $440,000 invested by age 38.
Even if you only invest $100/mo after that?
Good chance you retire with ~$4.6 million at age 65.
That's ~$230,000/yr of 100% passive income.
...Thanks to compound interest.
I used to pray for the life I live now.
Few are willing to take the risk required to earn it.
No boss.
More time with family.
Work you actually enjoy.
The freedom to spend a Tuesday however you want.
The life I have today exists on the other side of a risk I almost didnβt take.
Most people arenβt lacking ability.
Theyβre unwilling to bet on themselves long enough to win.
$QQQ daily updated chart to go with all the comments I have made in the last 3 days about the market. Just as I look for reversals at the bottom I look for temp top sticks. Lots of education on this chart. The charts always show us. We have to use our eyes and see it first. IMO this is a keeper chart.
Growing up, we were taught that you needed more money to live your best life.
But it turns out that having the courage to live your best life is more important than any amount of money.
Nobody teaches us that part, so you have to figure that one out for yourself.