This guy is an absolute GEM in the yt trading community. I knew I would like his videos when he didn't ask once for me to like and subscribe to his page. Absolute gold...one of my favs thus far.
nice one Matt, I definitely agree with all your advice. I also pay for everything in cash, no loans or mortgage. I don't own a credit card, here in Europe Debit cards are a big thing, essentially no points/miles/perks, but you don't have to carry cash around. I decided to give myself a chance and am taking a vacation/sabbatical (I hope to quit but you never know) from my day job (I am also self employed, so I can take as much time as I want). The goal is to work on trading full time. You inspired me, I wanted to do it for a very long time. Worst case my life will go back to what it was. wish me luck!
Best of luck whitestork! As long as the pressure is low, you’ll have the best odds of success. We have debit cards here too, most people use them as well.
Great video, Matt. Love how you have your priorities right. no need to flash money around, and more importantly have thought through to keep a good nest egg for family ... just in case...
Great advice Matt, I'm in my early 20s and I've always noticed how most people around me are buying things they can't afford with the bank's money. My mindset is like yours - keep operating costs low and only buy things with cash. It gives me peace of mind and the ability to accumulate, but I often feel left behind when I see everyone around me getting the fanciest new toys. Glad to know my attitude is right for trading!
Hey Johno, Glad to hear you thinking like that. My friends had brand new cars etc. quite young, as soon as they could afford the payments. I never wanted payments on anything. Whatever I could afford, I’d buy it and knew it was mine. When I could eventually afford the new shiny things, I’d become too cheap to buy them lol.
I've been struggling with this, both my wife and I grew nothing. We finally get some financial success and we slipped a bit but still totally fine. I'm very happy with the toys and instruments I have now but we have to reduce our expenses. House expenses are ridiculous unless you want to live miserably in your home.
It could already be sensed from your videos in general that you're modest and don't like to BS. Great advice and cool to know that I already follow it haha. DIY + Cash is the way! I guess you also don't really need to trade anymore but do it for sport and that's cool too. What about traveling the world and doing all those cliche things? I've been doing that as a single young dude for a couple years but that's getting old too, as everything it starts becoming a routine and you crave the opposite like having a stable place, building long-lasting connections, a relationship, etc.
Hey Nicolas! In theory I wouldn’t have to trade to survive, but it sure makes it a lot easier lol. I don’t see why I’d stop working while I’m still able to anyway. As long as I’ve worked for myself, I’ve always enjoyed it. I’ve done some traveling also and while I enjoy it the odd time, I like being home and the changing seasons so I can complain about the weather year round. Pretty cool you’re getting to see the world before you put down roots. I figure we’ll travel some more when the kids are grown etc., but the interim years when they’re growing up it’s pretty well limited to a vacation here and there.
Hey Matt, LOVE this style video where you are just driving around or going about your day, and talking to us about a topic. I'd like to recommend an idea for a future video of this style. I'd love to hear more about who/what were your biggest inspirations throughout your journey, and just more in depth about what your day to day was like when you were in the beginning / accumulation / and now maintenance mode stages of your trading career. While I know the live trading videos are invaluable, I get so much motivation from these style videos where you are just spreading the wisdom. Thanks Matt and have a great day!
very good advice. i like older cars too. i enjoy working on them as well, it saves a lot of money in repair and maintenance costs. I'm working towards being a full time trader, still have several years to go though. thanks Matt.
This is an incredibly important video and topic, and I'm very appreciative of the way you share your experiences and lessons in this video. I'm going to share this with my friends who trade full-time. Thanks so much! Really glad my friend recommended your channel to me in January and I'll keep coming back to learn from you and level up! Cheers, Matt 😎
Excellent advice. This is important information that many people unfortunately do not get the opportunity to learn about. I do feel bad for the younger generations trying to afford a home these days. I have a younger brother looking to buy his first home and that is a tough spot to be in. I completely agree with what you said about working on your own cars. I've been doing our family car work for the past few years and have found it incredibly therapeutic (as long as you have the right tools on hand!).
Hey Ed, can’t pick a favourite. I play and enjoy a wide range. Beautiful weather in Ontario this week. Full on summer from now til the weekend according to the forecast. Back to normal next week though
Hey Justin! I had a 92 grand marquis as a summer car for a while, black with red velour. Put flowmasters and stock diameter 5 spoke two tone black/machined face aluminum wheels on it. Bought it with 50k miles and sold it with 80 after I bought the mustang. Still miss that car
I don’t have any debits now but when i do plan on day trading how much of any profits should be saved for taxes? I see between 25%-28% that IRS will take for any profits, i estimate $500 profits, cut half for tax and use the rest to save, invest or towards daily expenses.
Hey Isaiah, Great question. Day trading futures is treated differently in different areas. My understanding is you have more favorable tax treatment in the USA. In Canada it’s treated like personal income or business income. If I were starting over today, my plan would be this: Worry about getting profitable on paper first, then ask an accountant in your jurisdiction for a proper answer on how much to set aside for taxes. If you’re starting out with a small account, which is the right way to do it, your profits are probably best used to gradually build it into a larger account. I wouldn’t necessarily keep all the money in your trading account, but at least set it aside in savings to be used as trading capital. The idea is to grow your trading capital so that you can increase your position size gradually to a point where your returns will be large enough to make an impact on your day to day finances. Once get to that point, I would sock away all I could for a rainy day.
@@DTND Mahalo\m/! i’ve had a similar idea to this, still learning through trial/ error and research, i hope to become a day trader with consistent green days
Matt, when first starting to build consistency. Would you recommend having a daily target of 5 points instead of 10? Or would that be leaving money on the table?
Hey B, I’m not big on daily profit goals really, rather on loss limits. I loosely shoot for 10 points, but really that’s more of a quitting point than anything. Ending positive is a good enough target. Ideally positive enough to cover a losing trade the next day worst case.
@@traderb8709 one more important thing .. if you’re 5 points positive and decide to take another trade, don’t take one where your stop has to be more than 5 points. Don’t let a reasonably positive day turn negative.
Hey Matt, have you and the wife ever considered getting a nanny or Au Pair to help run you and your kids lives? Maybe that's just not y'alls style but I think it's funny because a day of errands or appointments for you costs you the opportunity cost of a trading day, and it seems like your average day is anywhere from $2-5k. That's an expensive appointment!
Hey Koolman! I had a live in nanny years ago my first time around, and it definitely wasn’t what I wanted. It’s necessary for some alright, but not my style. The markets will still be there tomorrow lol
2 года назад+1
much better to spend the time with your kids, what's the money for anyways? for the errands maybe but if you do enjoy that then it's priceless, no amount will be more than "I just wanna do this."
This video should be the first and probably most important video anyone watches who is interested in day trading for a career. Well done!
Thank you!
This guy is an absolute GEM in the yt trading community. I knew I would like his videos when he didn't ask once for me to like and subscribe to his page. Absolute gold...one of my favs thus far.
Amen, "it's Toyota, never breaks, is reliable" 100% agree!
Great guy who doesn't sell you dreams like other so called trades
The more I watch your videos the more similarities we have. Amazing !!
nice one Matt, I definitely agree with all your advice. I also pay for everything in cash, no loans or mortgage. I don't own a credit card, here in Europe Debit cards are a big thing, essentially no points/miles/perks, but you don't have to carry cash around.
I decided to give myself a chance and am taking a vacation/sabbatical (I hope to quit but you never know) from my day job (I am also self employed, so I can take as much time as I want). The goal is to work on trading full time. You inspired me, I wanted to do it for a very long time. Worst case my life will go back to what it was.
wish me luck!
Best of luck whitestork! As long as the pressure is low, you’ll have the best odds of success.
We have debit cards here too, most people use them as well.
Thanks for the common sense advice Matt 👍🏿
Great video, Matt. Love how you have your priorities right. no need to flash money around, and more importantly have thought through to keep a good nest egg for family ... just in case...
Thanks Mtn! Yeah I never really cared to keep up with the joneses lol
Great advice Matt, I'm in my early 20s and I've always noticed how most people around me are buying things they can't afford with the bank's money. My mindset is like yours - keep operating costs low and only buy things with cash. It gives me peace of mind and the ability to accumulate, but I often feel left behind when I see everyone around me getting the fanciest new toys. Glad to know my attitude is right for trading!
Hey Johno,
Glad to hear you thinking like that. My friends had brand new cars etc. quite young, as soon as they could afford the payments. I never wanted payments on anything. Whatever I could afford, I’d buy it and knew it was mine. When I could eventually afford the new shiny things, I’d become too cheap to buy them lol.
Another excellent information video....
To bad they don't teach this common sense in school....
loved it. thank you. came here from ImanTrading channel :)
Just starting watching and I believe your kids are lucky, not for the stuff, but for the life wisdom.
I've been struggling with this, both my wife and I grew nothing. We finally get some financial success and we slipped a bit but still totally fine. I'm very happy with the toys and instruments I have now but we have to reduce our expenses. House expenses are ridiculous unless you want to live miserably in your home.
Great life changing advice Dear Matt, Thank you !
It could already be sensed from your videos in general that you're modest and don't like to BS. Great advice and cool to know that I already follow it haha. DIY + Cash is the way!
I guess you also don't really need to trade anymore but do it for sport and that's cool too.
What about traveling the world and doing all those cliche things? I've been doing that as a single young dude for a couple years but that's getting old too, as everything it starts becoming a routine and you crave the opposite like having a stable place, building long-lasting connections, a relationship, etc.
Hey Nicolas! In theory I wouldn’t have to trade to survive, but it sure makes it a lot easier lol.
I don’t see why I’d stop working while I’m still able to anyway. As long as I’ve worked for myself, I’ve always enjoyed it.
I’ve done some traveling also and while I enjoy it the odd time, I like being home and the changing seasons so I can complain about the weather year round.
Pretty cool you’re getting to see the world before you put down roots. I figure we’ll travel some more when the kids are grown etc., but the interim years when they’re growing up it’s pretty well limited to a vacation here and there.
I love your content, so much to learn from you as a young guy who wants to make career in trading, thanks!
Hey Matt, LOVE this style video where you are just driving around or going about your day, and talking to us about a topic. I'd like to recommend an idea for a future video of this style. I'd love to hear more about who/what were your biggest inspirations throughout your journey, and just more in depth about what your day to day was like when you were in the beginning / accumulation / and now maintenance mode stages of your trading career. While I know the live trading videos are invaluable, I get so much motivation from these style videos where you are just spreading the wisdom. Thanks Matt and have a great day!
Consider getting a real estate management company to manage your rentals that way you can take all of that stuff off you :)
This vid is much appreciated, thank you 🙏
Thanks Matt for sharing!!!
very good advice. i like older cars too. i enjoy working on them as well, it saves a lot of money in repair and maintenance costs. I'm working towards being a full time trader, still have several years to go though. thanks Matt.
Awesome Dave, thank you
Great video Matt. Thanks!
Amén brother.
Thank you!
This is an incredibly important video and topic, and I'm very appreciative of the way you share your experiences and lessons in this video. I'm going to share this with my friends who trade full-time. Thanks so much! Really glad my friend recommended your channel to me in January and I'll keep coming back to learn from you and level up! Cheers, Matt 😎
Excellent advice. This is important information that many people unfortunately do not get the opportunity to learn about. I do feel bad for the younger generations trying to afford a home these days. I have a younger brother looking to buy his first home and that is a tough spot to be in. I completely agree with what you said about working on your own cars. I've been doing our family car work for the past few years and have found it incredibly therapeutic (as long as you have the right tools on hand!).
Thanks Hareball! It’s a good way to get the frustrations out isn’t it lol
That mustang has the 302/5.0. Love mustangs. My favorite is the 87-88 t-top 5.0. 👍
That’s right Nic! Love the sound of an old 302. The fox bodies are very cool, unfortunately even less leg room though lol
Well said my friend. Loved the GT,
Thanks Syd!
Great advice ,thanks for the video and lessons to live by.
Thanks for watching!
much love
Thanks!
contentment, thanks matt for your advice.
Thanks for watching !
Matt! Do you have a favourite band? Looks like a nice day out in Ontario.
Hey Ed, can’t pick a favourite. I play and enjoy a wide range.
Beautiful weather in Ontario this week. Full on summer from now til the weekend according to the forecast. Back to normal next week though
i like how you're humble👍
Thanks Bill! Don’t see why I’d want to be anything else.
Awesome advice thank you.
Thanks Justin!
wow. nice thoughts and advices. thank you Matt
Thanks for watching!
had the same suberban now i got a 85 drown vic'
Hey Justin! I had a 92 grand marquis as a summer car for a while, black with red velour. Put flowmasters and stock diameter 5 spoke two tone black/machined face aluminum wheels on it. Bought it with 50k miles and sold it with 80 after I bought the mustang. Still miss that car
Great video!
Thanks London!
Do you provide consulting?
Thanks for this!
Trader's
I don’t have any debits now but when i do plan on day trading how much of any profits should be saved for taxes? I see between 25%-28% that IRS will take for any profits, i estimate $500 profits, cut half for tax and use the rest to save, invest or towards daily expenses.
Hey Isaiah,
Great question. Day trading futures is treated differently in different areas. My understanding is you have more favorable tax treatment in the USA. In Canada it’s treated like personal income or business income.
If I were starting over today, my plan would be this:
Worry about getting profitable on paper first, then ask an accountant in your jurisdiction for a proper answer on how much to set aside for taxes.
If you’re starting out with a small account, which is the right way to do it, your profits are probably best used to gradually build it into a larger account. I wouldn’t necessarily keep all the money in your trading account, but at least set it aside in savings to be used as trading capital. The idea is to grow your trading capital so that you can increase your position size gradually to a point where your returns will be large enough to make an impact on your day to day finances. Once get to that point, I would sock away all I could for a rainy day.
@@DTND Mahalo\m/! i’ve had a similar idea to this, still learning through trial/ error and research, i hope to become a day trader with consistent green days
Matt, when first starting to build consistency. Would you recommend having a daily target of 5 points instead of 10? Or would that be leaving money on the table?
Hey B,
I’m not big on daily profit goals really, rather on loss limits. I loosely shoot for 10 points, but really that’s more of a quitting point than anything. Ending positive is a good enough target. Ideally positive enough to cover a losing trade the next day worst case.
@@DTND Thanks so much Matt! Great advice.
@@traderb8709 one more important thing .. if you’re 5 points positive and decide to take another trade, don’t take one where your stop has to be more than 5 points. Don’t let a reasonably positive day turn negative.
All that audio gear in the back cost more than the car 😂
Lol yes many times more - you can’t see most of it
Hey Matt, have you and the wife ever considered getting a nanny or Au Pair to help run you and your kids lives? Maybe that's just not y'alls style but I think it's funny because a day of errands or appointments for you costs you the opportunity cost of a trading day, and it seems like your average day is anywhere from $2-5k. That's an expensive appointment!
Hey Koolman!
I had a live in nanny years ago my first time around, and it definitely wasn’t what I wanted. It’s necessary for some alright, but not my style. The markets will still be there tomorrow lol
much better to spend the time with your kids, what's the money for anyways? for the errands maybe but if you do enjoy that then it's priceless, no amount will be more than "I just wanna do this."
Exactly Nicolas
@@DTND Fair enough good point! thanks for the video
Teach the nanny to trade for you…. Problem solved 😂