I’m not afraid to admit it. I failed miserably in my year long attempt to trade stocks for a living. At the end of my painful trading adventure I had lost far more money than I had ever thought I would. It was discouraging. It was depressing. But it was one hundred percent necessary to get me moving in the right direction.
It all started a few years back when I was in a pretty deep financial rut and saw no end in the near future. My bills had fallen behind and my marriage was on the rocks thanks to a neverending tension over our finances. I started to think that I would never get out of the hole and start making progress on my financial goals.
Vulnerable and searching for the right answer to how I would catch up my bills and get out of debt, I took to Google and started to look for an opportunity to make some fast money online. I was aware of the thousands of get rich quick scams online and I was keen on avoiding these schemes at all costs.
In a way, that mentality hindered my ability to find real ways to earn income online, but that’s a story for another day. The point is, I stayed as far away as I could from anything that claimed it generated easy money online. I knew there was no such thing as “easy money” and I wouldn’t allow myself to be pulled into a scheme or scam just because I was down and out about my financial situation.
Trading Stocks Sounded Like An Easy Way To Make Money
Somewhere in my long search for answers, I was exposed to the idea of trading stocks to make money. I really don’t remember what it was that led me to this method, but at some point I was talked into opening an individual trading account with Trade King so I could start buying and selling stocks.
Whatever that article said, it was some pretty persuasive stuff because it convinced me in no time that trading stocks was a way to make thousands.
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I slowly funded my Trade King account over the next couple months and spent hours every day finding new research on the stock market with hopes to start trading for a living soon. I think this phase in my life actually made my marriage a little worse because I spent every minute of my free time glued to the computer or my smartphone learning more about stocks.
It was all for a worthy cause I told myself. Soon enough I would be making big money as a professional stock trader and my finances would fall into place once and for all. I had read about people like Tim Sykes turning a few thousand into a million and I wanted that to be me. I wanted to be a superstar and I wanted to get rich trading stocks.
That’s where I slipped up.
Instead of focusing on the true value of investing, I was like a deer in headlights only it was dollar signs blinding me instead of the high beams.
Instead of focusing on the true value of investing, I was like a deer in headlights only it was dollar signs blinding me instead of high beams. I latched on to the idea that I could turn my savings into millions trading stocks and I had no plans of letting go of that idea in the near future.
Millionaires Aren’t Made Overnight
It took a year and some change to realize I wasn’t cut out for active trading. My savings went as high as a few thousand only to plummet back under $500 by the end of my stock trading phase. I spent that year looking for the next hot stock and trying to find the one trade that was gonna propel me from a part time trader to a professional who made millions.
I bought and sold hundreds of stocks over that year. Most of the trades broke even or I lost a small amount of cash before cutting my losses. Only a few of my trades actually worked out in my favor and those were really just luck to be honest. I wasn’t cut out for trading stocks and I finally realized it after pissing away one profit after another.
Failing As a Stock Trader Changed Me For The Better
One of the biggest reasons I failed as a stock trader was my mentality. I had this mindset that once I got the hang of it, I would be able to buy and sell stocks everyday and make thousands. It was essentially a fantasy world I was living in where the truth no longer existed and I was justifying my actions more than I was trading.
When I finally stopped making excuses for my bad trades and started to look at the big picture, I realized that trading stocks just wasn’t gonna be sustainable. I only had so much money and the more I lost in the stock market, the deeper I fell into debt. I realized that something had to change and I took action.
I Started Looking For Better Ways To Make Money
Once I faced the music and came to the conclusion that my stock trading endeavor was a massive failure, I started to dig in and look for a real way to make extra money and get my finances in order. I was now painfully aware that making money online wasn’t gonna be easy and I would have to be careful not to take shortcuts.
Instead of focusing on easy ways to make money, I started looking into sustainable ways to make money and making money in the stock market is far from sustainable.
If I hadn’t tried my hand in the stock market, I might still be looking for the right way to increase my income. Failing as a stock trader was one of the best things I’ve experienced because it gave me the motivation to seek out an alternative way to make money.
If things had worked out differently, I might still be trading stocks and essentially breaking even or losing money instead of setting up a foundation for real wealth in the future.
The Lessons I Learned Are The Reason I’ve Changed My Finances
By figuring out that building wealth was going to be much more work than trading stocks, I am now able to see the big picture and seize the real opportunities to make more money that exist. I’m now focused on putting the pieces in place for a financially free future that I can spend doing the things I truly enjoy in life.
My retirement accounts are growing faster than they ever did when I was actively trading. I’m generating a good side income and constantly finding new ways to make even a few bucks. I now understand that a diverse income is key in building my net worth.
I no longer focus on making thousands overnight. Instead I’m constantly on the lookout for opportunities to add a few dollars to my net worth. I still invest heavily within my retirement accounts, but I no longer attempt to time the market.
Rather than focusing on becoming a millionaire overnight, I work each and every day to add a little bit of value to my repertoire. I’ve learned that the more ways I find to bring in money, the faster my wealth grows.