The Crucial Reality of Making Money as a Trader | InsideOut Trading

Hi, Brian McAvoy here with Inside Out Trading. I want to talk to you about something that's really near and dear to your heart and hopefully you haven't been denying it or just not paying attention to it because it can be a little uncomfortable if things aren't going great. But here's what I'm talking about. You've got into trading because you were looking for a way to generate money, correct? Whether it's building, building wealth and, or generating income, it's one of the two you're wanting your portrait to produce. You want it to be a financial asset. Now, something that's super important to pay attention to with trading, this is not like other investing where you put your money in and it works for you and you're not having to do much except keep an eye on it. That's passive investing. With trading, this is a job. You're self employed, you don't trade, you don't make money, simple as that. If you're not putting in time, you're not going to make any money. It's an active profession. And so it's super important that you recognize you need to be getting paid on top of the return that your money's bringing in. Seriously, this is super important. Okay, so first thing is we want to look at your hourly rate as a trader. Is your time at least being covered? So let's say you're used to working for, let's just be super conservative, 25 bucks an hour, not aggressive at all. So 25 bucks an hour and you put in 20 hours a week with your trading, that should yield you $500 a week or a couple of grand a month. And if your trading is not paying you that much, if your time literally would be better spent somewhere else, especially if it's going to have a kind of a guaranteed pay rate. Like if you were to just go get a job making 25 bucks an hour and there's plenty of those around, would you be better off just spending your time at the end of the year? Would you have more money in the bank? If you just worked a $25 an hour job and, and let your money, instead of risking it in the markets, you put it over in a savings account and it, yeah, it didn't make squat, but you didn't, you didn't lose any of it, would you be better off that way? So this is, this is an exercise and opportunity cost, of course. Is your time and your money better? Is it the, is trading and the way you're going about it, the Best investment of your time and money. Your money that comes and goes. Time you never get back. So it's really important they pay attention to your time. And your time does have value. If you have a skill that you could. 25 bucks an hour. You can mow lawns, make 25 bucks an hour. It doesn't even take a college education to make 25 bucks an hour. Seriously, it's entry level. You can go walk dogs and, and pick up dog poo for 25 bucks an hour. So seriously, it 25 bucks an hour. If you're not making that as a trader, then you have a decision to make here. Do you want to continue not getting paid much? Investing all the time and not getting paid much? Granted, it has the intellectual stimulation, you know, the life lessons you get to deal with the psychology of trading, all that. But that's not where you're in it for. You're in it to make money, not in it for life lessons and personal growth. There are better ways to go about it than just losing money and taking a beating. Let's presume you're in it and your primary goal is to make money. All right? You need to do an opportunity cost. Look at it once in a while, and is this the best investment of your time? So if the way you're going about it, it's not netting you at least 20 or 25 bucks an hour, then you might want to reconsider. How long am I going to be underpaid and continue to invest my time and money in trading? Before I say no, I need to consider something else. Because you don't want to just put in time. And here's the thing with trading. You can keep trading thinking that somehow, magically things are going to turn around if you just keep trading. Lots of traders do that, and they wind up coming to me, and they're like, after five or six or seven or eight or 10 years of not making money, and they're sitting saying, yeah, Brian, I've got all this time into trading and I'm still not making money. And I'm still trading with anxiety and stress and losing sleep over it. And I want some help because I'm tired of this. I've been at it for a long time, and I'm not stupid. So you can't just continue trading and it's going to magically turn around. You have to do something. Yeah, you can watch YouTube videos, you can get on webinars. You can buy new strategies. Sure, you can do all that stuff. It's what everybody does you probably may have already been doing some of that yourself. My first year, sure. That's what I was doing. Chasing strategies. It makes sense. The strategy is not working. You need to focus, you need to invest in yourself, become a better trader, learn the skills of trading. Trading requires more skills than just placing trades and, and being able to operate a trading system platform. Seriously, there are more skills to it. You have to know first of all how to get yourself organized, how to go filter through the myriad of questions to even just get to the right strategy and what you're trading, your strategy and your, all the details on just how you're going to go about trading in the first place. That's a skill set in and of itself like business planning. But even then, okay, you decided what you're going to trade, what your hours are going to be, the style of trading that you'd like to trade. Cool. Now you have to go into strategy selection and how do you take a strategy once you've chosen a strategy, how do you take it to the markets and know that you're going to be okay. Know that you're, you know, so you can go to the markets with the competence and proficiency to know that yeah, I can make money with this. This is a solid strategy and I'm solid trading it. That's, this is a skill set. This isn't just discipline and focus. This is a skill set is knowing how to do this. There's a process to it. There is, there's a very specific step by step process. It's what I teach a very specific process to taking a strategy or system to the markets in a way where you know that you're okay, you're gonna, you're very likely to make money. The odds are in your favor and to the dollar what to expect from it. This is being business like about it. So there's a skill to this. There's actually a whole range of skills and if you lack the skills, it's going to be rough. It's going to be a guessing game. You're going to be a constant target for scammers. You will. So as long as you're lacking skills and you're not looking to acquire skills, you're going to be a target for scammers who all they're going to do is wave the latest strategy in your face saying oh, I took $10 and made 10,000 by the afternoon. That's always going to be appeal to you until you get to where you can recognize it because you know it makes it easier to Call BS when you're skilled up and you got the knowledge base. So not to make you feel bad, I went through it myself my first year of trading. Again, I made all the mistakes you could ask for and I got sucked. I mean, I got scammed out a whole pile of money in addition to what I lost. So my first year, yeah, I was full of lessons. I didn't know what I was doing and I wasn't approaching it as a skill based profession. It was only when I did and I got help that I was able to get things turned around. This isn't something you can just figure out by yourself. Even if you're smart, and I'm sure you are. This is just not something that lends itself to being figured out. Unless you want to invest 10 to 20 years figuring it out by yourself. Seriously, okay, Pay attention to your hourly rate. Take a look at how many hours you're investing with your trading on a weekly and monthly basis and how much you're actually making. And look at your hourly rate and just decide, are you satisfied with that? And if you're only making eight bucks an hour as a trader, if you're satisfied with that and you're willing to continue doing that indefinitely, cool. Hey, more power to you. Maybe you should have, somebody should have that looked at. Heard that lately. I liked it. But anyway, if you're okay with that, fine. But if you're not, if you want to get there and get there faster, because here's the thing. Every month that you're not making the kind of money you should be, there's a cost to that. Because if you, and let's say you've been trading for a year and you're not making money, but after a year you should be making say $2,500 a month, it's costing you $2,500 a month. Tubing, say $2,500aMonth, it's costing you $2500 a month. To be ignorant of the, and, and lacking the skills. That's the direct cost. Because after a year you should be making that, that should be in your, that should be in your account. If you went to work and they didn't put, they didn't put money in your, in your direct deposit, you wouldn't just be okay with that. At some point you expect to get paid. Gotta be the same thing with trading. You can't just go on for years with no pay. It doesn't, it shouldn't take that long. Seriously, really should not take that long. Trading is not such a sophisticated profession unless you want to make it hard. You can make money. You can get to a proficient business, like calculated as your standard. You can get there in six months. Yes, you can. It only takes a couple months to learn the skill set and then a few more. Just really get it honed in. Seriously, if you've been trading for more than a year, you're still losing money. Look at changing your approach. Okay, so you want to look at your hourly pay. How long do you want to continue being underpaid? Understand, I'm not saying be in a super hurry where, yeah, somebody's going to wave something at you and next week you're going to be instantly making ten grand a month. I'm not promising you that. I'm not saying that's realistic either. What I am saying is you want to be patient long enough to learn what you need to learn, but beyond that, you're wasting time and money. And so you need to have patience for a certain amount of time. And then beyond a certain amount of time, you need to say, hey, maybe I need to look at what I'm doing here. Maybe instead of just watching YouTube videos and trying to figure it out on my own, maybe instead of just chasing strategies, I go get some help. I actually pay somebody so that I'm not having to pay with my time. I can pay somebody and gain from their experience and their expertise what they've already had to pay the hard lessons to learn. And that will save me all those months and tens of thousands of dollars. It'll save me all that. It'll let me shortcut all that and not have to suffer through it all myself. If you think about it, that's why people, they go to college and that's why it became long practice a long time ago. That's why anybody pays for training of any kind. So that when you come out of the training, you are more valuable and have greater earning power than prior to and that the training lets you shortcut the learning curve. Yeah. So whether it's me teaching how to be consistent and get your process dialed in and get you skilled up so that you can go to the markets with confidence, knowing that your system, your system is solid and you're solid, that's what you need to learn. Cool. If you're needing a strategy, I can help you with that. If you want to go learn a specific strategy, I have a number of colleagues that can teach you a very specific method. Cool. If you're needing help with the psychology things, if you feel you get Some deep subconscious issues. I have colleagues in the space, they're very good people, they have high level integrity, they'll take good care of it. But I can point you in the direction, whatever your need is, I can point you in the right direction to address whatever's holding back right now. The main thing is you don't want to just keep putting months and years into this and not moving forward, not actually realizing the benefits of all that you're. All that you're investing, whatever. You don't just sit there. B, I read a book not too long ago and I loved it because the very first thing, he had three rules for his success throughout his 40 years of building one of the most valuable companies in his industry. And rule number one was be brutally honest with yourself. Second rule was know what matters. And the third one is take action. Those were his three rules and it was really awesome. And. But the first thing is you got to be honest with yourself. If you've been at it for a long time and what you're doing, it just plain ain't working, be honest with yourself and decide that you're going to try doing things differently. That's all I'm saying. And if you need some help, which you probably do, because if you haven't been able to figure it out by yourself up until now, it's going to probably going to take a long time. You don't want to wait a long time. You don't want to wait another year, right? You don't want to wait five years, right? No, you want to get this, you want to get this working now. And if you want to swing by insideouttrading.com let's book a call with me, we'll hop on a Zoom call and let's attend to whatever it is that's holding you back right now. And, and like I said, let's get it sorted out. What's holding you back? Where you know where the gaps in your education so far, let's get them filled. Let's get you up to where you need to be so that this is a financial activity that pays you properly. And you're enjoying it because you're making money. And you're enjoying it because you're good at it. Have you ever played a video game? Yeah. It's like that when you suck at it, it's not so much fun. Not nearly as much fun as when you're good at it. Trading is the same way. Making money, making money is the same way. It's a whole lot more fun when you're good at it. So let's get. Book a call with me insideouttrading.com there's a link right there. Book a call with Brian. Book a call with me. Let's get you. Let's get you past whatever's holding you back right now. Okay, do that. If you have friends who trade, share this with them. And if you would, if you like videos like this where I'm speaking to you as a trader and not just stuff waiting stuff, money in your face, latest strategy, market moves that you can get in on all that kind of stuff. If you done with the chasing money and drooling over money, people waving money at you and you really just plain want to get good at this, subscribe to my channel. This is the kind of videos I make where it's real. Talk about the realities of making money as a trader, becoming a good trader and not just stuff waiting stuff, money in your face, latest strategy, market moves that you can get in on all that kind of stuff. If you're done with the chasing money and drooling over money, people waving money at you and you really just plain want to get good at this. Subscribe to my channel. This is the kind of videos I make where it's real talk, treating this like a business, making it a financial asset and a positive aspect of your life. Subscribe to the channel. Give me a like down below so that YouTube and the other algorithms, they know that, yeah, this is worthwhile stuff. And yeah, go ahead and book a call with me. I'd love to help you out. Whether it's me or somebody else that can help you get help, you'll save in the long run. You're going to save a ton of time, a lot of heartache and a lot of embarrassment. I don't know about you, but in my first year of trading when I didn't know what the hell I was doing, it was embarrassing. And I didn't. I was not proud. I was not. I didn't feel good about myself. And let's get, if you can relate to that, let's get you past that to where, yeah, you do have a handle on it. You do know what you're doing. It is making money and you're proud to talk about it with your friends and your family. Brian McAvoy with Inside Out Trading. Swing by book a call with me. We'll talk to you soon. Cheers.