Agreed. Nope: I've been making my living this way for too long to imagine that (admittedly after many years of not managing to do that!). No, but it's the "therefore" that I don't agree with. It's just that without focusing on managing risk, there'll never be any steady income from which to make a living. Just my perspective.
I don't see why people assume that just because you trade and have other forms of income/businesses it means you aren't good at trading or it isn't sustainable. The more money you make the more other money making opportunities present themselves to you. Personally trading is my passion and my main focus. But once you have a bit of capital behind you people are often suggesting new ideas and places to expand into. It depends on your level of ambition.
Many top multi-million dollar athletes own businesses on the side for "sustainable income". Maria Sharapova, a tennis star and founder of http://www.sugarpova.com http://www.forbes.com/sites/markjbu...nd-the-worlds-most-marketable-female-athlete/ She's not the only one out of hundreds of multi-million dollar athletes with other businesses on the side that's sustainable income. It's simple...always have a back up plan called plan B just in case plan A one day stops working. By the way, this is not just common thing amongst top professional athletes...its also common among the rich in other professions...owning multiple businesses. Famous actors and actresses do the same thing too...owning multiple businesses like construction companies, restaurants, clothing lines, book stores, ownership in professional sports teams and so on. The key is that you (Q3D) in error used in his example of Don Miller is the word "required". These people do not require (need) to do it because they are rich multi-million dollars. In contrast, they do it just because they can do it and it makes sense to have a backup plan because sometimes life takes a dramatic unexpected change...you'll then wish you had another source of income. Note: I do not know if Don Miller is a millionaire. He could just be someone with a nice 100k income per year. This kind'uv reminds me about those people that win 50 to 100 million dollar lotteries and they then announce they're still going to keep their jobs or scale down to a part-time job with health/dental benefits. Those people just like to work. Yeah, there are actually people out there that truly enjoy their jobs especially if they consider their job like a family. Thus, they are ensuring they work until retirement so that they have a guaranteed pension and health/dental benefits along with maintaining their close family like network with their job. Simply, if someone thinks life is going to be perfect and they only need one source of income...go for it. Yet, if you believe shit happens sometimes and you want a backup plan...start another business on the side. This is very similar to some retail traders that keep their jobs and trade when they're not at work. I know a few full-time traders that have a full-time job or part-time job because the job has a great health/dental plan...something they can't afford as a full-time trader if something goes seriously wrong with the health. Think about this very carefully. Lets say you're a successful trader making about 100k per year on average and you work for Ford Motor Company making 60k per year. Lets now say you think your 100k per year is good enough especially now that it exceeds your 60k job. You may be tempted to quit your job. Now lets pretend you do quit your job and the following year you get cancer...chemo therapy, medicine ain't cheap. Anyone that's had cancer will know 100k per year ain't enough and you're now in financial trouble...maybe enough financial pressure to impact you psychologically...resulting in a negative impact on your equity curve. Plan A and Plan B...others do it...why shouldn't a trader do it ???
No. Don Miller used the word "sustainable income" recently. I was surprised to hear it, not redundant income, disaster-funds business venture, etc, but SUSTAINABLE INCOME. Using that phrase suggests trading is not as sure a source of sustainable income as the unnamed business venture since he also mentioned that trading is his primary passion but did not mention it as a sustainable source of income.
He probably realizes that the future is never known or certain. There is no guarantee the way he trades today will work in the future. He may not want to be balls deep trading and have nothing to fall back on. I see you have graduated from hating on Al Brooks and big Mike and moved on to Don Miller. Know what's funny, I am a bmt elite member, I have bought most of Al Brooks stuff, and I recently bought Don Millers book. You know how many fucks I give about their trading? Zero. I care about my trading and quite frankly am just interested in reading about trading, who knows maybe I'll pick something up that I can use if not I'm out a few hundred bucks collectively, big whoop.
That's rather sheepish, how is it hating on Don Miller by making it clear that he states he does not currently use day trading as a sustainable source of income?
What part is sheepish? I interpreted your comments about Don Miller (and several other recent comments about him) as you trying to discredit him. If I'm wrong I apologize, if I'm right what's your point, your end game? You seem pretty scorned, did you get taken advantage of by a fake guru (I have but had to move forward)?
I am scorned due to gurus and the culture of trading-marketing which makes people even on these forums refer to trading as a career. I believe that Don Miller was a very profitable day trader, I am using him as a point that this is NOT A CAREER, no one day trade's for a living (sole source of sustainable income) at best it's a job no different from gambling.
But...£10k capital risk is all I started with[/QUOTE] You're a fucking idiot LOL. You are obviously someone who failed at day trading and made the excuse that its gambling. "No one day trades for a living" hahaha what a joke
You're the joke, until you show the evidence that successful traders are able to rely on day trading for a sustainable and only source of income for multi-decade periods.