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Thursday, December 11, 2008

Trading For a Living ... Without Being A Trader

""Peter," he said, "There are times when you have to trust me. I'll never put you behind the eightball. As long as you're my friend, trust me. If you don't want to be my friend, fine. But I'd like you to be my friend."" - Colonel King, King Rat by James Clavell

On December 4th's blog entry, I had a discussion on the need to "Be a Trader".

This sparked some good discussions at through emails, pm's, comments and at YouTube.

A few folks raised a point that I had not thought of, which is:

"But Dan, I don't want to be a trader. My personality? I like to make things. I like to produce assets."

Which is completely understandable. The world could not exist, if everyone wanted to do what I do for a living. So I decided to have some follow up thoughts in the following vlog entry on exactly what I meant. What do I mean by "Be a trader, without trading for a living"? What do I mean by 'have the mindset of a trader'? I figured I should have some follow up comments ...

(Video Included. If you're seeing this from Email subscription? Click on the Title Link in the Email to View the Video ...)

Controlling the risk of decisions? That all goes back to those money management vlogs. Tomorrow I'm going to discuss the future direction of this blogged; vlog and podcast.

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Note: This is not an investment or trading recommendation. The losses in trading can be very real, and depending on the investment vehicle, can exceed your initial investment. I am not a licensed trading or investment adviser, or financial planner. But I do have 12 years of experience in trading and investing in these markets. The Challenge accounts are run for the education of other traders who should make their own decisions based off their own research, and tolerance for risk.

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