4 Life-lessons from Day trading

6 Years ago I fall in love with the stock market and with that came my interest in Day trading. The Hypes of making $100’s per day, living on your own terms, getting in and out of positions in a matter of seconds, and go enjoy your day looked like heaven on earth.

I started trading back in 2016 and in a matter of a few months I lost around $3,000. I keep trading and while my losing streaks kept increasing, my anxiety and depression skyrocketed. That’s when I knew I had to do something about it, so I quit.

I have realized with time that the same basic rules we try to respect in Day trading are just as good of use to real life.

Think in ratios

It doesn't matter how many times you lose, but how big you can win.

Mark Cuban says, ‘ You are one big win away from being an overnight success.’

Whenever I think of doing something and I doubt if I should I ask myself

If I take the shot, How much can I win, and how much can I lose?

If the benefits can surpass the drawbacks then that's a good shot to take.

Anything Can happen

If something is true in the stock market and in life is that anything can happen.

‘Anything that can go wrong will go wrong’.

- Murphy's law

No matter how much you get prepared, go through your to-do list, create the best plan to achieve your goal there will always be uncertainty. Sometimes things happen and it is not even your fault. Now, I ain't saying that you should blame others, never! But rather accept that you will face drawdowns.

Live to trade another day

Learn to pivot. Sometimes we get into something just because they looked cool and we got overexcited. That’s ok, but what is not okay is holding onto a loser or bad situation looking for ways to overcome it.

Pivot is a change in strategy without a change in vision.

If you are not getting the right outcomes and you don’t see it going on your way anymore in the future, don’t let it consume you, stop overthinking it, and pivot your focus to another thing.

Not enough practice

You might think you are smart or know enough about a subject. News for you, You are not.

‘Continuous learning is the minimum requirement for success in any field’.

- Brian Tracy

Life is a battlefield where constant learning is your weapon. The reality is you either move forward or backward, there is no such thing as staying static.

Playbook

Plan in advance and stick to it. Pivot only when you see things are not going your way anymore, respect your plan, and don’t get caught up in the next shiny stone.

‘If you fail to plan, you are planning to fail’.

- Benjamin Franklin

Backtest your decisions, look at what has worked for you in the past. Create a playbook of great decisions for different scenarios of your life.

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Resources

If you decide to try any of the services I have discussed in previous posts, please feel free to use my referral codes. All of them will get you a reward.

Celsius network — Where I stake most of my Cryptos (Receive 40$ when you sign up)

Referral code; 1919861153

Binance — The platform I use to buy Cryptos (10% off trading fees)

https://www.binance.me/en/register?ref=151863031

Wise — The platform I use for international wires (First transfer is free)

https://wise.com/promotion/referral-landing?utm_source=url&utm_medium=invite&utm_content=&utm_campaign=3for50&referralCode=lucienm16&referralToken=lucienm16&profileType=PERSONAL

Disclaimer: This is not financial advice, I am just a guy with a laptop sharing his opinions and experience. This is for entertainment purposes only. Always Do your own research before investing.