German swing trader taking action

[Eric Ferner]

So here I am, a 39 yr old with 1 wife and 2 kids on his way out of the rat race.
I have read TMF and Unscripted and although I was on my path to figure out an escape plan from “9 to 5” already, it was these books, that really kicked my a$$ to get going.

Having a family that depends on me, I feel I can´t do it the “quit your job and get started on 1$/day”-style. On the other hand, going on like this until retirement in about 30 years is not an option.
I have taken the red pill and now I got to get out of this ooze filled chamber, no matter what.

In consequence, I am building my asset base in my spare time, working my a$$ off.
I am trading equities profitably (don´t ask.. been a long way..), but my grubstake is by far not large enough to be able to make a living from it yet.
So I am evaluating some business ideas at the moment, in order to fire up my money system (trading as the only income stream is not a good idea anyways).

Glad to be here and I am looking forward to have interesting conversations with like minded people in this community.

 

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[Eisenstein]

Welcome! You say, that it were these books that took you to action. In my case, too! I recently finished TMF and I feel so full of adrenaline Wish you much success!

 

[Eric Ferner]

Welcome! You say, that it were these books that took you to action. In my case, too! I recently finished TMF and I feel so full of adrenaline Wish you much success!

Thank you, wish you the same
Well, I´ve been trading stocks for years but these books made me realize, that I have to take action in order to take it to the next level.
It´s like MJ says: money systems are great, but you can´t grow them from a small stake - it just takes too long.

So before I was dreaming about a future, my trading might take me to... some day.. maybe.
Compounding many years so my small stake might grow big enough some day.

Having read the books it´s a different story now.
"Maybe" is not enough any more.. can´t stand the thought, that it´ll take "many years" to live without a paycheck.

 

[GIlman]

If your looking at investment income, i’d suggest joining the INSIDERS and taking a look at MJ’s gold - printing money thread. The best value $100 will ever buy you.

Spend the time, put in the effort, and you will reap the rewards. I’ve spend about 200 hours in the last 3 months, and what i have learned from MJ and others you simply can’t put a value on.

 

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[Eric Ferner]

Thanks for the advice, I definately consider joining the INSIDERS.

My approach to investing is probably a bit different though. I am trading actively, not investing.
I hold about 10-15 positions at a time for anything between 3 and maybe 20 days.
Took me thousands of hours over years to develop and refine my approach using technical analysis.
Now it´s about playing the game of probabilities.

Longer term investments might be worth considering in the future though - additionally.

That being said, if anyone is interested to discuss trading topics like technical analysis, risk management and so on, I´ll be glad to help with that as good as I can.

 

[GIlman]

It’s not about long term investments. Investment is probably the wrong term to have used.

It’s options not equities. Specifically selling them for premium. I’ve traded lots of equities in the past, with typical ups and downs.

Had tried buying options in the past but buying is just a proxy for buying (calls) or shorting (puts) stocks forcing me to be directional - and with time against me I didn’t have great luck with them.

The beauty of option selling is you can be non-directional, and can still profit. You can also adjust in ways you can’t with stocks. With stock if it goes against me, I can hold and pray.

Even if you sell equities, adding option selling on top can improve your profits.

I am by no means an expert in this, yet, but i am working hard everyday (4-6 hours) to become one.

The more you learn the more sense this approach makes.

 

[Eric Ferner]

Alright, I will have a look in case I decide to join the INSIDERS (bet I will).
Stumbled upon options selling earlier, but didn´t dive into it - I understand the concept though.

Not looking for another trading approach since I´m perfectly fine with the one I came up with.
Learning something new never hurt anybody on the other hand

 

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