Jonathan Morgan demonstrated that trading for a living is a highly promising pursuit, despite the lengthy process he went through. His inspiring story can be found below.
Indeed, trading is often associated with generating a large amount of money. This can be proven by the fact that many traders have successfully made trading their primary source of income, allowing them to earn a living from it.
Successful traders who rely on trading for their livelihood are typically capable of generating consistent profits every month. The profits they make from trading can be considered a salary sufficient to cover their living expenses.
Jonathan Morgan is among the many successful traders who rely solely on the profits they make from trading. This resident of Michigan in the United States can even support his small family and purchase a car for his beloved wife with his earnings. The following article discusses Jonathan Morgan's inspiring story of trading for a living.
The True Meaning of Trading for a Living
Jonathan Morgan is a full-time trader in Grand Rapids, Michigan, United States. He completed his education in music at the University of South Dakota almost two decades ago, precisely in 2001-2005.
Since 2014, he has worked actively as a day trader at Shield Wall Trading, LLC. He has also been a forex specialist at Exchange Rates UK (2018-2022) and a news reporter at FXStreet Spain (2020-2022). He works as a writer at Stockwits, a social media platform containing trading-related information. His articles about forex, stocks, crypto, and futures on Quora.com are still "Most Viewed" today.
As a trader, Morgan admits that his trading income is sufficient to meet his daily needs. He once revealed his income from trading, "just the minimum wage of a manager," he said.
It is worth noting that in America, the minimum wage is approximately $2,000-3,000 per month, while a manager's salary is around $15,000 per month. Jonathan Morgan consistently earns this amount every month.
While this amount may be considered undersized for an institutional trader, Morgan believes it is sufficient for his daily needs, such as paying off his mortgage, financing his Toyota Tundra installments, and gifting his wife an Audi Q6. Although his income may not be enormous, it is enough for Morgan.
Behind Every Successful Man, There Stands a Woman
Before he could trade for a living as he does now, Morgan's life was not easy. Many traders who successfully make a profit for a living experiences disturbances such as severe mood swings, quick getting emotional, panic attacks, and other psychological disorders. Why? Many traders risk borrowing money from selling their house, savings, and so on as trading capital to make a profit.
As soon as the market changes direction, the looming shadow of debt haunts traders, leading many to experience psychological breakdowns. However, Jonathan Morgan chose a different approach, avoiding the risks of using borrowed funds and trading with just enough capital to make a living. Consequently, he never felt the heavy financial strain on his trading activities.
In addition, numerous traders acknowledge that trading for a living disturbs their personal lives. While they may not utilize borrowed or illegitimate money to fund their trading activities, the intense emotions brought about by trading lead to losing their spouses, children, families, and even their sanity.
Out of the multiple stories of traders, only Jonathan Morgan has maintained a good relationship with his wife and family and remains mentally stable. His wife even becomes his consultant.
Although Morgan has experienced the extreme psychological games of the market, his wife has never succumbed to panic, anxiety, or fear. Fortunately, she also has a job, so she can support their family if the market moves against Morgan's analysis while he is still pioneering his trading for a living.
Despite admitting to spending large amounts of money from two of his accounts, Morgan's wife has continued to support him, knowing that he is talented and only needs more practice.
The Secrets of Trading for a Living by Jonathan Morgan
Jonathan Morgan's trading technique for a living is not particularly special. However, he knows the system and indicators most suitable for him. Here are the trading techniques for a living by Jonathan Morgan:
- Gann trading: patterns, prices, and time. Morgan reveals that timing is very important.
- Learn the Ichimoku Kinko Hyo system. Two accounts worth hundreds of thousands of dollars he lost were successfully recovered after he became acquainted with the Ichimoku Kinko Hyo system. You can learn this system in trading books by David Linton, Manesh Patel, Nicole Elliot, and Karen Pelioulle.
- Only use RSI and Composite Index indicators. You can learn about these indicators from books by Constance Brown, the creator of the Composite Index. According to Morgan, Brown is the best analyst and trader because his profits are always consistent.
- Don't use time frames of 5 minutes, 1 minute, or even a Tick Chart.
- For candlesticks, use Renko or Point & Figure charts.
Tips for Trading for Living from Jonathan Morgan
Based on his long and challenging journey, Jonathan Morgan has some tips for traders who want to achieve trading for a living quickly:
- Continuously learn and practice, but always pay attention to your mental health. Don't let the market's mental games affect you. Control your emotions and talk to your loved ones, such as family members. This way, you will remain sane.
- If your family cannot keep you sane, go to a psychologist.
- There is no need for daily targets. The important thing is to make as much profit as possible. For example, you may only make a profit of $10 today, but tomorrow you could make $1,000. Remember, a small profit is not a problem. Not losing is the priority.
Conclusion
Jonathan Morgan's inspiring story teaches us that achieving trading for a living is not a quick and easy process. It involves a long and often frustrating journey of losses and setbacks until you finally discover your best trading system. Maintaining good mental health during trading is also crucial, as you must stay level-headed even when the market is volatile. The support of family and loved ones is invaluable in this pursuit.
For many traders, practicing trading for a living is the dream. But, the reality is far from what most traders would expect. Luckily, there are many books to read about trading for a living. What are they?