The Good, Bad & the Ugly of Trading Stocks

Robert Millar • 17th October 2018

Through my 14 years of experience as a professional day trader, this game has definitely changed me in many ways… permanently.

I know for a fact that if I was not day trading my life would be way different.

Reflecting on how my life was before I started doing this full time out of college and contrasting to how it is now, I have found some good and bad things in regard to how getting into day trading has changed my life forever.

Check out our recent podcast on the subject below: 

The reality is, to be successful in trading you will see some changes or impacts in your life. It is necessary for growth. So, without-further-ado let’s dive right into how day trading will change you life for the good and the bad. 

So, let’s start with the bad first…

Must keep a Tight Routine 

Trading requires you to have a very structured life. Waking up on time every day, eating right, and hitting the gym around the same time every day are all things professional traders do.

If your life is very structured like this, it will seep into your trading as well. You will trade in a more mechanical and less-random fashion allowing you to be more consistent.

It is harder for some people to implement a structured life schedule, but the health benefits I have personally seen from a more regimented life are huge. I feel happier, I look better, and I feel younger.

Get our FREE stocks to trade watchlist. Updated daily with the best stocks to trade.

The issue here is when you slip off of your routine, it will through your trading off. Have a few extra drinks at dinner and then hit the bars? Don’t expect to make money in the market the next day. 

Hey, everyone needs to let loose sometimes. The key is to recognize when you fall out of your routine and trade light or not at all the next day. 

Independence

Some people will struggle with having an abundance of independence in their life. You only need 90 minutes a day of trading. This extra time can be a problem for some people. 

Crazy enough, some people need that corporate 9-5 lifestyle to stay ‘balanced.’ They may become lazy or ‘loose’ with their life if they don’t have anyone to keep them in check. 

As a trader, you need to take a proactive approach to keeping a balanced life away from your trading station when your goals are hit for the day. Sounds easier said than done. Imagine being done with work for the day before lunch and everyone you know is just starting their day at work. 

You can get lonely. That’s why it’s important to network with other traders in your area. 

Addiction

I know for a fact as it has happened to me, and I have seen it happen to many other people.

Trading can easily become dominant in your life. And while I did say it gives you more time and freedom in life, some can get addicted to it so much that trading starts to take the front seat in their life over friends, family, relationships, etc.

If you start to get to this point, stop and remember one thing:

Money can always be replaced, but memories can’t.

You started trading to build a better life for yourself. You started to trade to get more freedom financially and time-wise. So make sure to give the screens a break when important life events come along. 

Now, for the good. 

Independence

There is NOTHING better than being your own boss….

Many of you probably have worked a 9-5 and that is great, because now you probably understand how tough it can be to clock in for 8-10 hours a day at a desk job you can’t stand with a boss you want to never see again.

Trading will give you independence. It allows you to shape the life that YOU want. No commuting, no clocking into work, nothing. You decide how you day will be structured, and out of everything that is what drive me into trading the most.

Get our FREE stocks to trade watchlist. Updated daily with the best stocks to trade.

You also decide how much money you want to make. You eat what you kill essentially, so if you work harder than other traders out there you will see that effort directly correlate to your P/L growth. That is what I loved too, a competitive atmosphere that made me put in the work myself. 

More Freedom

I leave the screens sometimes with 1-2k + in profits 30 minutes into the market open. Of course there are losses, but with discipline you can minimize those. 

There is no other job out there in the world that can give you the most about of money in the shortest amount of time. Trading allows you to make more money than what 90% of people’s salaries are in a matter if minutes.

All that excess time can be spent on spending invaluable time with family and friends, vacations, or working on other business ideas.

Time is much more important than money, so why not pick a profession that maximizes it?

More Money

Everyone could see this point was coming. Having the ability to wake up in the morning, log onto a computer, and be presented with endless opportunities to make thousands of dollars a day on your own is unprecedented.

Trading essentially has no growth cap. Theoretically, you can exponentially grow your account forever. There is no restriction to the amount of money you can make. In a matter of minutes you could reel in someone’s weekly, monthly, or heck even yearly salary and from your bedroom.

 

Reader Interactions