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I managed to ride a very lucrative gravy train for eighteen years with a narrow and highly specific skillset. I boarded the train as a permie in 1991, joined a big 6 firm in 1992, and took it overseas as a contractor in 1993.
Unfortunately, the train slowed down in the early 2000s, which allowed more people to jump on board. Now, however, it's so overloaded with Bobs that there is just no more filthy lucre to be had.
I was knocked off the train in 2009 and hit the ground hard. I have not been back on a train since then, but luckily, I don't have to board one ever again.
How ever much you have is never enough, but there comes a point when working to earn just a little bit more just isn't worth it any more, and the extra luxuries in life are no longer important enough to justify the extra effort.
When you reach that point, you'll know instinctively. Of course, some people may never reach that point.
I know what you mean, however I sometimes wonder if not working might become boring, saying that I have always wanted to day trade full time.
I know what you mean, however I sometimes wonder if not working might become boring, saying that I have always wanted to day trade full time.
I did a stint day trading back in 2001. Took three months doing it from home.
The main reason was due to the fact I'd bunced £50000 in pure cash into the dotcom crash between 1999/2000. I'd been contracting a few years, had bought a couple of houses and had a plan to buy one every two months. Someone persuaded me the stock market was the place, so I put every penny I earned in. All very good on the way up, next thing BANG all gone.
I day traded £20k back over 3 months against my capital losses but to be honest I found it difficult. You need to have balls of steel and not react to the movements of the market. I still have periods when I trade in and out, but I don't do it properly.
I did a stint day trading back in 2001. Took three months doing it from home.
The main reason was due to the fact I'd bunced £50000 in pure cash into the dotcom crash between 1999/2000. I'd been contracting a few years, had bought a couple of houses and had a plan to buy one every two months. Someone persuaded me the stock market was the place, so I put every penny I earned in. All very good on the way up, next thing BANG all gone.
I day traded £20k back over 3 months against my capital losses but to be honest I found it difficult. You need to have balls of steel and not react to the movements of the market. I still have periods when I trade in and out, but I don't do it properly.
I guess a that happened to a lot of people, but I would look at some kind of automated trading using statistical analysis.
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