There’s a stigma around the financial industry that there’s “big bucks” to be made and a lavish lifestyle to be lived.
While this industry certainly offers the opportunity to achieve true wealth, you don’t necessarily have to live like a rockstar.
Like any business, trading can grow to be as big or small as YOU allow it to become.
You could be trading with a small account with only a few thousand dollars in it — you’re not likely replacing your day job with this amount of money.
Or you could have a few million in your account and be very comfortable taking large positions because your account value allows the risk.
Perhaps you’re somewhere between the two.
It really doesn’t matter. Any business can be scaled. I know so because I’ve done it — both ways, up and down, for specific reasons.
Remember: the market, just like any other business is going to allow the opportunity to have returns based upon your commitment to it.
If you’re a wishy-washy part time employee at your job, I can assure you that you’re not being compensated like the committed overtime worker.
Trading is no different. If you treat it like a business, it’ll offer you the benefits of being a business.
Now I realize most new traders are far from making that commitment, but if you don’t start somewhere you’ll never get anywhere.
Once you’re making some decent income from your trading business, it’s time to decide just how financially stable you are going to be.
There’s no shame in living in a modest home, driving simple vehicles, wearing non-designer clothes.
Life’s not about keeping up with the Joneses next door. It’s about fulfilling your aspirations. It’s about living well within your means comfortably.
Some of the wealthiest, most successful people in my circle drive Chevys rather than Range Rovers.
They don’t drive the Chevy because they can’t afford the Rover. Their wealth is much more meaningful to them than what meets the eye.
Having the confidence to walk into any place and be able to write a check for anything they want at any point in time is their ultimate satisfaction.
I was invited to an event where the speaker of a hedge fund was attending. Looking around the parking lot it was like a baller’s dream…
But not for this guy. His net worth was likely in excess of ALL the attendees at the event. Boasting a several million dollar annual income.
He shows up in a Honda mom bomb… yep, a minivan. What a powerful statement. You likely get your coffee next to a guy like this on your morning commute and you never know he could afford to own a small country.
The moral of the story is to build your success for yourself and stop thinking about what others think of you. It truly shouldn’t matter!
If I can be of assistance to you along your trading journey, regardless of what size account you’re working with — please let me know!
If you want my help and want to know how to start making those changes you want, click here.