WHY AM I DAY TRADING ONLINE THIS YEAR?

This is the first question I ask myself each year. Although this might seem obvious, it is important to deliberately choose you profession such as day trading online over everything else that's available out there. This is applicable to whether you are day trading online part time while holding down another job or full time.

The main reason I'm going to continue day trading online in 2005 is that I enjoy the financial independence and freedom that day trading online has to offer. I also love the fact that I can do day trading online from anywhere, as I don't like to be tied down to any one location. I've never been good at taking orders, so I appreciate that I don't have a boss that I have to placate. I enjoy meeting other day trading online traders, as they are the most random, eclectic, crazy and interesting people on the planet. I enjoy the mental challenge and stimulation that comes from day trading online, and I know if I stopped, I would miss it.

HAPPY WIFE, HAPPY LIFE

This is where I take stock of everything else that is going on in my life and how it might impact my trading. By doing this, I have figured out when I needed to hire my first assistant, when I needed to bring on another partner, and whatever else needed to be done to streamline my life for day trading online.

I have a lot of activities going on in my life besides day trading online. I'm actively involved in real estate investing, coin collecting, traveling, and I have a lot of stuff going on with my website and other financial market related programs. I also have a lovely wife who expects me to notice that she is a living and breath human being, and I've realized how important it is to include her in on my plans and keep her involved in the process, as well as be able to "leave day trading online at the door" and spend quality time with her. It's good for her, it's good for me, and it's good for us. Happy wife, happy life.

My wife and I are expecting our first child, and we are looking at moving from Boston to Texas, where most of our family is located. I know that day trading online is my main occupation, and the only way I can continue with these other things is if I'm making profits from my day trading online. It is possible that I will drop some of these other activities if they become a distraction. I will compartmentalize and focus on day trading online during trading hours. To help with this I have someone who runs the day to day operations of the website, have a cook and maid to handle all routine daily chores around the house and office, and someone else who helps manage my other investments. I will focus on writing newsletters that only pertain to my own day trading online, instead of writing about what I think other people want to know about. These newsletters are mostly for me to help force myself to clarify my own research and continue to find new day trading online ideas. Do not try to please all of the people all of the time.

I won't try day trading online if I am traveling or on vacation. It's ok to have swing trades on and manage existing positions, as long as I have a stop and target in place and I don't try to "out think" the position intraday. If I have distractions going on, I will not day trading online. Get rid of the distractions first. Examples include having uninvited guests over, morning phone calls, people instant messaging you in the morning asking about day trading online, and so forth. Take care of the distractions. Ignore phone calls and instant messages until after 11:00 a.m. Eastern. Or better yet, turn them off. Don't be accommodating just to be nice. The path to hell is paved with good intentions.