Financial Independence While Daytrading

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When most people think of being financially independent, they imagine themselves never having to work again.

While that is one view of it – there is another.

The other way of thinking of it is to be free (independent) to make money however YOU want.

This is finding independence in the process of building your financial well being.

A JOB will not give you financial independence.
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When you work for someone else you are dependent on your boss and your company for your financial well-being.

However most people willingly sacrifice that independence for the security of an hourly wage or biweekly salary, along with retirement and medical benefits.

But in today’s employment environment, working for someone else no longer provides the same type of security it did for the last generation when people often worked for the same company for 40 years and retired with great medical and pension plans.

A BUSINESS will not give you financial independence.
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Though you may be the owner of your own company, you still have a boss – your customer. In my seminars I’ve found that most business owners spend more than 50% of their time on tasks that don’t directly result in making them more money.

I’ve owned several businesses and experienced the burdens of:

  • Government paperwork
  • Employee management
  • Legal hassles
  • Payroll
  • Industry changes
  • Brutal competition
  • … and sleepless nights over the risks of owning my own business

Keep in mind that my use of the term “financial independence” in this article refers to being independent while doing your work. There are those (few) who work extremely hard day and night for many years, build a large company, and then sell it. In this way they are able to create financial independence after they exit the business.

Trading can give you true FINANCIAL INDEPENDENCE while working.
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As a day trader or swing trader you are truly independent. That’s the good news and the bad news.

The GOOD NEWS is that you don’t have a boss to obey, you don’t have customers to please, and you don’t have to spend a lot of time on things that don’t directly make you money. In this way it is a relatively “pure” money-making endeavor.

Trading, when conducted properly, provides a huge earnings potential. While that reward is reserved for the few, it is an exciting possibility. So it can give you financial independence in the process of your work as well as potentially providing enough money to become financially independent in the traditional sense of the term.

When it comes to living the ideal LIFESTYLE, combined with HUGE EARNINGS POTENTIAL, nothing compares to daytrading for a living – whether you do stock market trading, forex day trading or emini trading.

The BAD NEWS is that you succeed or fail on your own merits, and the truth is that most fail.

Trading is inherently risky. Most traders do NOT ever become financially independent. Daytrading, emini trading and stock market trading are all deceivingly difficult.

Is daytrading for you?

Only you can answer that question by weighing the risks and rewards and talking with your family and trusted advisers.

If you’d like to get a free “taste” of trading, I invite you to enjoy my free 5-day correspondence daytrading, stock market trading, emini trading and forex training course videos by clicking here:

FREE VIDEO TRADING COURSE

Leave your comments below regarding this topic. Traders – feel free to share your trading experiences, both the benefits and challenges, for others to read.

36 COMMENTS

  1. Just want to thank you for who you are and what you do to all mankind. The world would be a lot nicer if we have more people like you 🙂 Happy belated BD Barry.
    ps. I wish I could make Thai tea for you, my Thai tea is the best!!!

  2. Just a quick note to thank you for taking the time to write down and share your thoughts in your ‘three steps’ report. Very encouraging. Thanks again, David.

  3. You are, as always, right on. Day trading and swing trading are very difficult and require a lot of preparation time. I’ve taken your courses and found that to be profitable I had to follow only one or two ETF. I use the SPY and the QQQQ. so far using your method I have been able to stay above water.

    thanks for your courses.
    Robert.

  4. Thank you Barry for your clear and unselfish revealation of some trading tips from your 5Day mini course. I have heard of this ‘rubber band’ theory from some school charging at USD2000! I have only months of Forex experience and I would definitely take up your other courses when I have made that sum with the tips you have revealed.I believe it is possible.

  5. Trading is not easy, the plethora of ads claiming you can be wealthy in a few months with a small cash outlay are just plain BS. Trading takes dedication, lots of practice and you need to “live the game” Emotions play a huge part plus
    it takes money (more than most think) to learn correctly and subscribe to the right service. I have spent a fortune on courses, subscribing to and learning from trading rooms etc for two years and although enjoying the journey still find it difficult to come out on top overall.

  6. Financial Independence, sound so good. And as we’ve all found out through trading is hard as hell. That is until we know what the hell we’re doing. So I say keep plugging along and one day it will be just as simple as driving a car. Keep the Faith traders.

    TJ.

  7. Hi all,

    Been trading for a year now and before was learning how to trade via paper trading and demo accounts. I agree to the above that trading your own money is completely different to trading a demo account. As others have mentioned, trading in the forex with your emotions at hand is normal but you have to overcome those fears and doubts and just learn to trade well.

  8. After reading nearly all the replys, I felt inclined to add my thoughts, if don’t mind? I have traded a live account- cash- for 10 years with well over 1000 trades placed in the market, not simulated or paper, and the hardest thing to conquer is doing what you know you’re suppose to do. Only in a live trading account can you win over your emotions. Our emotions are the only thing that holds us back. Never think about the money in your account, just learn to trade well. You’re a mechanic and the money in the account are your tools. Work smart and get greasy! You can shower later! Remember, that is what Jesus Christ is for! See ya in the markets tomorrow! – John 🙂

  9. ‘Trading is inherently risky. Most traders do NOT ever become financially independent. Day trading, swing trading and investing are all deceivingly difficult.

    Is trading for you?

    Only you can answer that question by weighing the risks and rewards and talking with your family and trusted advisers.”

    Whome you should TRUST?
    Dr. Barry is one of the most honest trading teachers I have encountered! Take my word!

    Learn from him to be a pro and financially independent.

  10. Dear Dr.Burns:Thank-you so much for the honesty you provide to traders.
    I found your course so relaxing and I continually go back to your basics to keep my trading mind
    in the proper state.
    Your patience in teaching is a gift.
    Thank-you so much.

  11. Hi Barry
    It is my dream to become financially independent,currently I am for a certain company
    and I dont get enough time practice your teachings but I will make a plan.

    Keep encouraging us to help ouselves!!!

  12. THANK YOU VERY MUCH BARRY.

    My background: As a newbie I’ve taken an investing, technicals, options, etc. program for 1.5 yrs in one popular broker/education company that cost me about $17k. Traded live, made and lost money but bottom line I lost a ton of money. Then stumbled upon Barry’s courses and bought courses 1 & 2. Studied it for 3 months. Then focused and just watched (no trading live or simulated) the E-mini S&P500 for 9 months (sorry I’m a slow learner). That’s when I found what I was looking for–SYNERGY. Then I started simulated trading (I used the platform Barry recommended its free for simulations). Barry recommends to practice for a minimum of 3 months but I’m still practicing and already in my 5th month of practice. My ROI per month for the first three months progressed from 2% to 5% applying course 1. 15% on 4th month applying course 2. You are right Barry the less mistakes I make the more money I make.

    What have I learned so far from Barry’s teachings: 1)SYNERGY; 2)DISCIPLINE; 3)CONSISTENCY; 4)NOT TO CHEAT MYSELF; 5) HUMILITY and 6)MAKING MONEY. Paper money for now because I believe and have experienced that I have to learn to walk before I can run.

    Barry is the most honest trading teacher I have encountered. His teachings are deep so study them well (I still review them from time to time). Trading is tough, requires a lot of hard work and patience but I don’t mind because I want to be one of the VERY FEW ‘financially independent’.

  13. Hi Barry:

    Great article and insight to “real” trading. It is a true art that takes time and effort to develop the skill necessary to be successful at. It is possible to be financially independent but it takes keen money management skills and patience. You are a great teacher Barry. Keep up the great work.

  14. I’m trying to learn to trade for the past year. After an initial flurry (positive) at the outset, and when I knew nothing at all, the difficulty inherent in forcasting the market became apparent, and I stopped. It is time now to restart actually trading, and I’m infinitely better informed than I was a year ago, but succeeding seems daunting still. How much money should be available for a conservative approach to the forex market?

    Regards,

    Steve Portman

  15. I’ve seen a lot of traders fail after many years of trying, sometimes losing everything. Trading looks deceptively easy, but it is in fact extremely hard.

    If you want to trade for a living, make sure you are extremely well capitalised and can last for several years with no income.

  16. I always enjoy your wisdom and the lessons you present. The presentations using GOM are really good and work well with the security solutions.
    Keep up the great things and many thanks. Rog.

  17. “As a trader you are truly independent. That’s the good news and the bad news.” I could not have put that any better! Still trying to make back my losses but the dream is always…. I will get better at it! I know I will… loved your course Barry, keep up the good work.

  18. Hello Barry,

    In my case you are right. I tried working, no satisfaction, I tried my own business (network marketing) tough, you build a team and after a while people start dropping out. You have to work all over a gain to keep your team fresh. You can only motivate people from outside for that long. The motivation to achieve anything must come from within.

    I started dabbling with forex trading in 2002 and only got started trading live in 2005. That is about 3 years on and of demo trading. Once I started live, I realized, the emotions involved while trading demo are completely different from the emotions when you are trading with real hard earned cash. But I did not give up.

    Now, I understand myself. I went back and looked
    at all my huge losses and used the information to advantage. Looking at your losses will reveal powerful reasons why you failed and how you can take that knowledge, correct it and then excel.

    In my opinion trading is one of the activities that is truly independent. I trade when I want.
    I make money when I want. I have learn to take
    small losses and allow my profits to run. This is
    tough to learn, but when you do, it will one of the best things you learn in your trading carrier.

    So thanks Barry for all the videos.

  19. Thanks Barry,

    I still prctise my trade on demo A/C and paper work as to get perfect before losing real money. Thanks for giving me some trip and idea.

    Rgds,
    MK

  20. I remember a very long time ago I attended a ‘network marketing’ seminar where they had a business in which you sell a service and then get other ‘agents’ to do the same below you and you get a commission from your sales and the agents sales.. kinda like a pyramid scheme! Well the thing was I remember they focused greatly on ‘financial freedom’ and defining your goals (laying on a beach in the maldive islands while money was rolling into your bank) ..to cut a long story short, everyone included myself who did this business ended up very frustrated and worse off, I even know people who quit their full time jobs to pursue this but all ended up worse off.

    Anyway I feel that financial freedom comes to a very very few and the majority do not get there but end up working extremely hard on their own business with ‘financial freedom’ in mind but have more stress and work much more then someone with just a normal job in employment!

    After trying many things myself and now in debt I keep thinking that if I never went to that seminar I would not of had these strong ‘dreams’ about financial freedom and sitting on some peaceful beach on some island in the indian ocean just gazing at the clouds while money while pumping into my account! I’m NOW thinking if I had just worked a 9 – 5 and saved I would of had enough now for a deposit on a property and much more secure way to get ‘some’ residual income!

    Well anyway, I went to another seminar recently about trading, it was one of those companies that charge $4000 for a 2 day course (which is over the weekend while market is closed?!) but I’ve been burnt far too many times to fork out that money and to believe it was that easy! however, it did get me very interested in trading and so here I am with those ‘dreams’ still somewhere in the back of my mind although they are very faint..

    Well hope I’ve not bored people but wanted to get that off my chest lol

    Rahan

  21. Hi Barry
    Yes I agree that achieving financial independence through trading is enjoying but has proved to me to be difficult. I am totally new in this industry and can already tell the challenges. However I believe through training, practice, discipline and patience I will be able to succeed.
    Thank you Barry for your training program
    Jean Claude Matomisa (London)

  22. Hello Barry
    I wonder if Robots are reliable in trading forex.
    I found Higher risk has higher reward sometime,
    and lower risk reward is less and wait for the
    chance to miss most of the time and then it is
    too late to enter the trade.
    I find it is hard in that sense.
    How to solve this problem ?
    Thanking you

  23. Thanks, Barry,
    I always look forward to seeing your name in my email box. This is a truly different, and important definition of financial independence. I, for one, enjoy the work that I do and I don’t want to give it up (including trading). So, your definition of independence that includes independence with (and in) one’s work is vital for many of us and gives the term more of a place in a life that has some personal meaning.

  24. haveing traded for a living I can say it’s not all rosses. It’s a job and a business. It’s demanding like hell, takes time, and allot of money to start do it and not be undercapatilized.

    There will be big swings in your capital and at time it will seem like the bleeding of money will not stop. Other times it feels like you can’t do anything but make money.

    It’s a long process.

  25. Great stuff as usual! It takes some time (OK, a lot of time) to reach the end of the rainbow and I feel I’m getting there thanks in part to your courses and insights. Thanks again!

  26. Hi Barry,
    Your comments represent the true fact: Trading is not easy and most traders fail. Hence, lots of education and practice on demo is needed in order to gain financial freedom.

  27. Financial independence is a dream for most and trading to achieve that goal will always be a dream for most. Don’t kid yourself, I had that dream and still do but being in business for myself for a long time I realized after one year of bust my butt trading and training it’s tough.

    Anything that you can become financially independent at will take serious work and trading is no different except you can loose all you’ve got in a heartbeat. I’m trading for my second year and first year up about 40% and second year down about 8%. That sounds ok but it’s not financially independent trading and most beginners invest a lot less money than is required to do so.

    The greastest lesson I can pass on is if you are not serious about trading for a living then it’s nothing more than the “Casino” approach and eventually the house wins all you have. It’s better to keep that job and learn to trade for additional income and get smarter about investments.

    In trading you will at least learn how to recognize really great patterns and indicators and if you discipline yourself to only trade those patterns you will be much further ahead.

    Trade well and learn – Barry is a great teacher and willing to give as he can find the time but you do have to listen and practice and have the time to do so!

  28. Hi Barry! I’ve taken several of your classes and I like the way you simplify your trading classes for the novice. Once thing I would appreciate though is a highlight on the macro-effects of the markets.
    For example, stocks like Apple (AAPL) and Google (GOOG) tend to follow the Dow and the SPY, down when the market goes down. I could have been spared a great deal of pain, had I realized that these stocks and many others follow the market and so the retail investor needs to ignore the CNBC hype and trade the technicals for clues to when the stock is starting to break down.

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