what would you do when you can no longer trade?
what would you do when you can no longer trade?
Some people (traders) took trading as their only source of income, although they make profit frequently from trading but they are not investing into other asset, rather they are only spending the money on their present needs and maybe the profit some of those kinds of traders are making is not enough to let them invest into other assets that can give them a passive income.
My concern is that, during old age or dou to some certain health issues during old age, most traders might not be strong enough to look at the monitor any longer and be able to analyze that market and make predictions for their trades. At such situation, what source of income would the person depend on? Non! They wouldn’t have any source of income to relay on and that’s because they only took trading as the only source or income during their youthful age and they didn’t invest on other source of passive income.
I know that there are some successful traders who are making a lot of profit from trading and the huge profit they made have allowed them to invest into other asset and has helped them have more than two source of income. So, this post/thread is not for such traders.
This topic is directly concerned to those traders that have intention of making trading their only source of income or trying to make trading their life time job. My suggestion is for you not to only relay on trading. Invest in other passive source of income and also in good assets so that when you can no longer be able to analyze the market, you can survive on your other investment.
I think that most of us has an ending game plan. If your main source is trading and you don’t diversify into other things then your missing the whole point of what you do. I’ve known real life traders and they’re not going to stay trading forever. They’re making for as much as they can right now and gathering enough amount to venture into other things, investments, assets, businesses. And soon when they’re already established, that’s when they’ll leave trading but I don’t believe them. Because that’s your beloved source that has been with you from all of this time and able to built your networth so, they will still trade but then very casual and not the typical day trader anymore. So, while we’re strong, invest somewhere else, increase your cash flow and make more money in trading while you can because it’s not always a good day there.
I do not think there should be that kind of trader or the trader is stupid. Traders do know some things, that not all days can be good, also that trading can really go bad for them at anytime. So they save a lot of money if they make money from trading. You will also see them diversify and buy properties.
Trading is never a do or die. Don’t rush into trading just because it’s what successful people are doing. Know your capabilities if you can be a potential trader or not. Instead, find good alternatives that you can still make substantial profits like investing or developing your own skill and make it as your source of income. That way, losses are manageable. You will only lose if you don’t know what you are doing.