I'm gonna walk you through all the reasons that you should never day trade. You probably already have heard this from a million people. Day trading is risky. You're going to lose all your money.

uh I know. my mom told me that when I told her I was thinking about starting a day trade and some of you might not take this seriously because you might know that I am a day trader but I actively all the time discourage people from learning how to trade when I meet them and I hear them talk and I can just tell that this is not the right. Uh, this is not the thing for them. So I'm sitting here at a table with uh, well, we've got about 18 million dollars in trading profits.

Uh, between the seven of us and we're gonna tell you why you shouldn't day trade so we're gonna go around and um, we'll We'll highlight a few different things: I I Think One of the things that I think about a lot are the aptitudes that are required in order to be successful. And these are things that it's very easy to take for granted and not even be fully aware of um, that we possess. But we all obviously have a certain set of skills and aptitudes that have allowed us to thrive in the market. and yet there's some people out there that do not have them.

so I'll just call out one of my aptitudes that I think gives me an edge because you do have to think about that if you're going to come into the market knowing that most people lose money. what's your Edge and I think one of my edges is speed I was you know I grew up at a time where I played video games I was big on a computer from from an early age and I'm quick on the computer I'm quick with the keyboard and I can take very quick scalp trades breakout trades I can react very quickly when I see green on the tape I see green on the tape I'm already in Manoa is like huh? like you know you're doing well, but you know I'm just always been on the dip. yeah I know you were not okay. So it's just one of these things where um I hand-eye coordination: super quick, reflexive, uh, intuitive, and can make very quick decisions very quickly.

Decision Velocity: That was something you said yesterday, right? Uh, I think something along those lines. Something along those lines. Um, the ability to make very quick decisions. So I'm just going to throw that out there as maybe one of my, um, just skills that I came to the table with.

That probably made me an aptitude that made me more likely to be successful. Who's got one that they think they have Chris you haven't won? Um, yeah, I mean I I love the being. The computer's almost an extension of myself for the most part and I grew up I built my first computer when I was 13 years old and played video games. Um so I definitely would agree with that one.

but another one that I feel like I have that is fairly unique is um I do try to detach myself emotionally from money and I think that's uh, that's key to um going with the swings of uh, the wins, the losses, you know, and just figuring out in the beginning you know you have to have the tough skin to not. You know when you lose money and you know it sucks, but you know at the end of the day it's just money and there's bigger things and more important things in life. you know and you do have to, uh, experience the losses with the win. So I've gotten really good over the years, especially with owning a business prior to this, uh, good days, bad days.

Um, you know I had to make several hundred thousand dollars a month to make payroll and pay the bills before I ever took home a dollar. Yeah, you know. So these uh, uh, perceptions and perspectives on money I think influenced me greatly and kind of set me up to be a good Trader Essentially so. and to sort of to paraphrase if uh, you are not good at losing money, you should not day trade and on mine.

If you're not good with the computer and you're not able to make quick decisions, day trading probably isn't for you. Who else has one? Well, you just kind of took mine. Oh my. So I was gonna say that I'm really good at handling loss and I think that helps me out a lot because then I'm just not beating myself up and that's it's easier for me to just get back and think it's empowering.

Yeah, yeah, just to get right back at it and see how I can win again. It's liberating. Yeah, you can take a huge loss and jump right back on that horse. Yeah, because you have to be super resilient.

So if you are not a resilient person, if you're the type person that holds on to things, cannot let them go. If you're like my mom who's still upset about losing her JetBlue voucher from years ago. today's grading is not for you. All right? Um, that.

But that's really. it's important. You have to be resilient and you've got to be okay with loss. So you need to have a willingness to take some risk.

Uh, if you don't have a willingness to take some risk, day trading probably isn't for you. who else has one? I think in addition to what you said I want to talk about on the other side of the things is I think you have to really respect the capital as well. So yes, taking the proper risk. Yeah, you know losses are part of the business.

Uh yeah uh, you know you're gonna have ups and downs in it. But if you respect the capital, if you take proper risks you won't make a decision. You won't ever be in that position where like oh man, uh I just took 10 000 shares when you know my risk only allowed me to take 1 000 shares. So if you are gradually you know making yourself taking your uh, making your way up then and you know you really need to understand what risk is and how much uh you can kind of uh how much you can, how much you can expense? So I mean it's it's like going out to a store and when you have when you're only making 500 a day, you're going out and spending 400 or 400 of it on things that you know are not even needed in your life.

So I think understanding it's is you can you carry that in in the trades Like if you're a is only ten thousand dollars then you know take appropriate risk. Now that's an interesting one because that requires an ability to be disciplined and inability to follow the rules. So if you are not disciplined and you're not good at following the rules, you probably shouldn't day trade. Having said that, every single one of us here we are very independent people, right? Day trading is exciting because it's something that it feels like.

you're very independent. You're self-sufficient You don't need to, you know, work with a nine to five for someone else. and so in a way that that feels like a personality type that's not really a I don't know a rule follower. you know, because of the buy the book like I Went to college I got a nine to five job et cetera et cetera.

So on the one hand, I think you need to be have a little bit of an independent streak to want to do something that so many people struggle at. But on the other hand, you have to do it with a willingness to be so disciplined and follow the rules within this structure. So it's sort of a a funny conflict there between being a rule follower and being like a kind of like, you know, alternative type of person. I Don't know.

It's a paradox, right? Yeah, I have to just make your way through it somehow and just find that happy medium in the in between. Yeah, it's like risking up and then also under understanding how much you are like how much your risk is. Yeah, yeah, were you gonna say something? Um, yeah, you guys were. The main thing that was on my mind was resilience.

You've got to be resilient. You've got to be able to take losses. and um, if you're not good at taking losses, it's going to be really difficult for you because even you know you imagine when you start learning you're going to have losses. But that doesn't stop.

it just becomes on a different scale. You always have losses. You always have pullbacks and drawbacks while drawdowns while you're in your career. And if that's something that's going to stop you, um, it's going to be really difficult.

You have to be able to bounce back. You have to be determined. Um, and for me. And for what the point you were just saying is that freedom and that kind of want for more or being my own boss or being able to live life kind of on my own terms.

That's that's all the drive that I need to stay in and figure it out and keep going. and plan. Plan B is plan A. So basically if you think that you're going to get rich quick day trading is not for you, it's not.

You're not at all for you if you're not driven. if you're not willing to be I mean this is the reality. If you can't be super patient and super disciplined, this is not for you. Some of the some people have done real well, but but I mean even the people who've done real well we've had, we've all had big drawdowns.

Yeah, yeah, absolutely. and you know, But the thing is like I'm thinking to just like flipping houses, there's going to be a house that you flip at some point where you're going to be maybe you break even on it. You put all that time and energy into it and then it just doesn't work. And that part of being resilient in a lot of different careers where you're a bit more independent.

You know it. You've got to bounce back. You've got to take your losses, bounce back, and and move on. You know, that's um, that's critical in life.

I Mean that's like a life skill to be able to let things go and move forward. Yeah, I think it's a lot of, um, just doing anything. So if you know a lot of people talk about, oh, technology skills, or you know, handling something I Think just like if you do any any type of anything in life, it's all self-belief. Um I Really think you need to have a sick amount of self-belief to do anything or to succeed at anything? Uh, because if you don't believe in yourself, or if you don't believe in what you're doing, that's you know that's going to be your Forever block.

Yeah, I Agree with that. Yeah, you have to believe in yourself. You've got a small circle of people who might believe in you that much too. But if you don't believe in yourself that much, it's going to be hard.

Yeah, yeah, it has to be internal, right? You can only have you can only find a circle where it's gonna. The motivation is gonna come from the outside at some point. Yeah, you have to be able to. Uh, when you're getting beat down? Exactly Yeah, Yeah, yeah, that's a good one.

Did you want to add anything? Yeah? I Think you've kind of touched on a little bit too already. But the word discipline though I Something I Found out about all of us though, is that we have a very disciplined routine outside of just trading. um, like kind of day in day out. The same routine that we have going forward I Think that's kind of something that plays into it as well though if you can set a good a bit of discipline.

I Guess these guys have more routine, more routine than I do. Um, they're a lot more discipline than I Am sometimes, especially in other aspects of their life. But I Think that if you can kind of have that and follow it into your trading? I Think that's going to be super helpful for you? Yeah. I Mean it's that muscle.

The muscle of discipline. It, It comes out. It's a muscle. You can apply it to your routine at the gym, to the way you eat to stay, going to bed on time, getting up on time to trading.

If you're not disciplined in various other areas of your life, it's hard to expect that you can be disciplined in trading. so you know an opportunity to be disciplined in something else can help strengthen that muscle. So taking on a routine of going to the gym, or you know, eating healthy or trying to get to bed early, Whatever it is that those are all steps that you can take outside trading that help strengthen that muscle discipline. which when it counts in the moment, when you're in a trade and you have to make a decision about cutting the loss or you know, averaging down, you want to make sure that the discipline is there to help you make the right decision when it counts.

I have a follow-up thought on that. The discipline for sure. Um, Manoli and I are in the gym seven in the morning today. Um, but one thing that is I especially noticed and talking with Chris yesterday is enjoying being uncomfortable I think all of us would say that and that all of us make sacrifices.

Yeah, I said standing up. What's that? I sleep standing up. Yeah, like crazy things you know, cows. all of us I'm sure have made sacrifices that we think are going to make us better at this.

Um, you know I Don't know if any of us enjoyed drinking before we were trading, but you know we went out to dinner last night. No one was drinking. Um, all of us are willing to sacrifice things that we think will make us better and be uncomfortable and get better. Yeah, you just made us sound really fun at parties.

Yeah, yeah, we were all in bed by nine. PM Yeah, hey, we were the loudest one at the restaurants and to a certain individual, we were peacocking I Know that I mean that is good stuff and I I Really do think that um, being able to get comfortable in discomfort is is huge because discomfort happens whether it's in trading or in everyday life and the more you can embrace the comfort and that and that that's also kind of just like that. Go with the flow man like you know it's like just let it roll off your shoulders because this is trading. This is the market.

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