Live on the Margin eBook Patrick Schulte Nick O'Kelly
Download As PDF : Live on the Margin eBook Patrick Schulte Nick O'Kelly 
What would you do if money were no longer a concern? Surf the best breaks, sail oceans, climb mountains, build schools in third-world countries, write a book, raise Peruvian fainting goats? What would you do if you didn’t have to show up for work tomorrow morning?
Making that dream happen—stepping into an unknowable future for a life of adventure takes courage, decisiveness, an unwavering belief in yourself, and the willingness to take 100% responsibility for the outcome. Those happen to be the very same traits that define the successful trader. The skills you learn in pursuing your dream—through trading—might just remove money from the list of reasons you think that you can’t fulfill it.
This book is about more than trading and personal finance strategies—we propose an entirely new way to evaluate risk, in life as well as in finances. By taking the right risks and ignoring the imagined ones, you’ll be paid with the one priceless commodity that is truly limited in your life—time.
Live on the Margin eBook Patrick Schulte Nick O'Kelly
I really do love the way this book is written. Easy to read, funny, inspiring and informative. However, it seems as though the book is targeted towards more beginning traders, and they are encouraging you to quit your job, hit the road on an RV or sail away on a boat, and support your lifestyle by trading stocks. They present you with some trading strategies, setups and whatnot, but do they really think the average joe beginning trader can do what they did? First, both were highly successful in their careers before they embarked on their journeys to "live on the margin." They never tell you how much they had to start out with, but the impression they give you is that they had quite a bit to start out with given how successful both were early on in their careers. One author was a local celebrity and the other was a freakin pit trader for gods sake, so he already had an in-depth understanding of how the markets work.So, while I'm not saying what they propose is impossible and that their isn't some valuable and inspiring information in this book. There is! What I think is missing here is, if they truly are recommending that you do as they did, more specific information, resources, how tos, etc are needed. What charting program should the reader use? How should they set it up? If the reader has a job, how is he/she supposed to practice intraday trading? While they are at work? Or should they just go out and buy their sailboat and figure it out on the water?
Anyways, I did enjoy reading the book. I really couldn't put it down. I will probably read it again. But I just can't help thinking that they wrote the book as another way to support their lifestyles. I'm sure they have been asked many times over the years about how they do it, then thought, "hey, let's write a book and all these people asking us how we did it will buy it, and we'll have even more passive income to support our lifestyles."
At the end of the day though, it is an inspiring book, sort of like one you read about a famous celebrity who tells you their secret to success and you think to yourself, "maybe I could do that." But the devil is in the details, and the authors mainly stick to the big picture in this book.
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Live on the Margin eBook Patrick Schulte Nick O'Kelly Reviews
I am a full time cruiser, retired and traveling with my wife and cat on a small pension on a small sailboat. I've followed Patrick Schulte's blogs over time and enjoy his easy forthright style. The authors make a fine case for "Living YOUR Dream," and how to pay for it. The first half of the book talks about doing it NOW, as an early; temporary; or occasional retirement. I found the trading part enlightening, even though I have studied and invested most of my adult life. As a Blue Chip Buy and Hold investor, I am leery of the technical side of trading with its chart parsing minutia. This book has lifted some of the cloudy veil that surrounds this part of the investment market. I find that I look at charts and data in a whole new light. Whether I jump in to what the authors remind us is a gamble remains to be seen. They recommend practicing the method with paper "Bets" before laying hard cash on the line. Coming out ahead is a skill that can be developed and with practice the odds can lie in your favor.
I do have one gripe about the book (kindle version,) the illustrations of the charts and graphs are awful to the extent as to be worthless. . For a topic which relies so heavily on graphics and is somewhat obtuse to begin with, I find this defect to be glaring.
Also for the record, Patrick and his family have just announced that they are moving
off the boat and on to dry land. FAIR WINDS BUMFUZZLE=====&====LIVE YOUR DREAM
About a year ago, while searching out blogs written by sailing adventurers, I discovered the Bumfuzzle blog. Much to my wife's chagrin, I spent the next 2 days reading the blog beginning to end... well, up until the disposition of their cruising catamaran. I'm interested in retiring and sailing around the world. I didn't have any interest in reading about driving from Alaska to Argentina in a VW mini-bus. That's just nuts! But throughout the read, one recurring thought would not go away... how were they paying for their travels? Rich parents with a trust fund? Did they win the real estate lottery in Chicago before the crash of 2007 and cash out big on their condo? Pat would drop hints here and there about market trading paying the tab for an engine failure, and a paragraph or 2 about leaving the Chicago commodities exchange behind, but nothing detailed or specific.
"Life on the Margin" is the answer... and a bit more. Once again I delved into the Bumfuzzle world... this time learning about the Bumfuzzle philosophy of life and finance.
This book is worth the read.
That said, I almost didn't make it a third of the way through. When I hit the part about "buy and hold is a crock of ****," I almost set it aside. I've seen this before. Financial "experts" marketing a trading system, that if it worked they would keep to themselves and be bazillionaires, but doesn't so instead they peddle it to the uninformed. It all starts with "saving money is for suckers" or some such non-sense. As a long term successful buy-and-hold investor of the Graham / Buffett style, I was not pleased.
The one thing that kept me reading was the knowledge that they were obviously successful enough to support their "margin" lifestyle. This is different from my experience. Every "day-trader" I knew treated the market like a casino... big talk at the water cooler, but press them for details and you find out that they are all flat broke, every one, no exceptions.
Without giving away the details, and despite that those who are living on the "margin" may find it a bit offensive, it turns out that what they do is not much different than what a value investor does. Become well informed about good quality stocks, and make a move when market sentiment (or other non-fundamental force) is moving a stock in the wrong direction. And, behind the graphs and the "greeks", understanding when the market is wrong is based on sound economic principles. Where the value investor wants to use the market error buy cheap and accumulate, the trader wants to use the market anomaly to profit in the short term and then move on. Simple to learn, difficult to master.
That said, the majority of this book is spent cheer-leading the idea of live on less and love how you spend your time, not your money. You don't own stuff, stuff owns you. Manage the risk of life, not just finance. I'll be the one in the front row of the choir singing "A-men!" However, someone looking for 20 different trading algorithms or some sort of guaranteed system to simply plug into with no effort, then sail off into the sunset, will be disappointed.
I've never had an interest in using options before, but after this I'm looking forward to laying out a bit of "mad money" to test their ideas. Nice work!
I really do love the way this book is written. Easy to read, funny, inspiring and informative. However, it seems as though the book is targeted towards more beginning traders, and they are encouraging you to quit your job, hit the road on an RV or sail away on a boat, and support your lifestyle by trading stocks. They present you with some trading strategies, setups and whatnot, but do they really think the average joe beginning trader can do what they did? First, both were highly successful in their careers before they embarked on their journeys to "live on the margin." They never tell you how much they had to start out with, but the impression they give you is that they had quite a bit to start out with given how successful both were early on in their careers. One author was a local celebrity and the other was a freakin pit trader for gods sake, so he already had an in-depth understanding of how the markets work.
So, while I'm not saying what they propose is impossible and that their isn't some valuable and inspiring information in this book. There is! What I think is missing here is, if they truly are recommending that you do as they did, more specific information, resources, how tos, etc are needed. What charting program should the reader use? How should they set it up? If the reader has a job, how is he/she supposed to practice intraday trading? While they are at work? Or should they just go out and buy their sailboat and figure it out on the water?
Anyways, I did enjoy reading the book. I really couldn't put it down. I will probably read it again. But I just can't help thinking that they wrote the book as another way to support their lifestyles. I'm sure they have been asked many times over the years about how they do it, then thought, "hey, let's write a book and all these people asking us how we did it will buy it, and we'll have even more passive income to support our lifestyles."
At the end of the day though, it is an inspiring book, sort of like one you read about a famous celebrity who tells you their secret to success and you think to yourself, "maybe I could do that." But the devil is in the details, and the authors mainly stick to the big picture in this book.
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