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Episode Info: Alan: Welcome, passive traders, to another episode of The Option Genius Podcast. Today, I want to be talking about trading for a living without trading. Huh? What? Allen, what are you talking about? How do you do trading without trading, but to doing it for a living? That doesn't make any sense. Alan, what you talking about? Well, allow me to explain. Now, you see trading for a living sounds great. Whether you do it professionally and you manage other people's money and you get a percentage of the profits or whatever, or you trade for your own. You trade your own money and you grow it, grow it, grow it over time, and then you have enough money to earn a decent income from it so that you don't have to work. You don't have to do anything else. You're covering your expenses. We have people doing it both ways, and it just sounds interesting and exciting. It's like I trade for a living and it gives you a boost to your confidence as well, I got to tell you that. If you feel bad about yourself, but you're like, yeah, I trade for living. Oh, man. You're on top of the world. That's why they call themselves, these hedge fund guys, they call themselves masters of the universe. Because he is a key man. You got your chest stuck out like, I trade for a living! It's like if you're at a party, people come up to you and say, hey, how are you doing? What do you do? And you're like, I, trade for a living! I go into the markets and I bend them to my will to do my bidding, with just my wits and my brains. I make money from thin air. Ha, ha, ha, ha. Well, I mean, you probably don't want to do it with the evil laugh at the end. But I mean that's the way most people look at it. Unfortunately, most people have, even traders, have a misconception about trading for a living because they normally think of day traders who by definition have to trade for a living because that's their job. That's what they do. If they don't trade, they don't eat. If they have a trade on, they have to go to the bathroom, they can't. They have to wait until the trade is over. They can either pee their pants or if they leave, then they might lose money on the trades and they can't do that. But most professional traders are not like that. They let their assets or their money work for them. They let the markets come to them and they only trade when they feel they have an advantage. This advantage, it doesn't come every day or multiple times a day. I mean, you take for example, Jesse Livermore. Now he's not famous anymore, but back in the day in the 1920s and '30's, this guy was the major trader. Everybody knew his name. He made millions back then and this is in 1920 dollars. He actually wrote a book about it called Reminiscences. I don't even know how to say this word. Reminiscences of a Stock Operator. He used a pseudonym as the author of that book, but there's another book specifically about him called Jesse Livermore, World's Greatest Stock Trader. Now I would urge you, if you're interested in s...
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