Some info about me: I'm a 21 years old Singaporean male and I'm planning to trade full-time. I failed my Pre-University exams as I had no interest in sciences(compulsory to take) and and the education system was just rote learning/memorization of essays/explanations which I felt was useless. In Singapore, to get into a local University course like Business, the grades that are required are nearly straight A's. My lack of interest for studies lead to me scoring badly and so I have no roads to go now with no degree. Since young, I've always had a keen interest in Business and investing. I often discuss about investing with my father and I've read a lot about investing as well, so I figured I might as well work on my passion. I've thought a lot about taking the academic path but I feel schooling is just not for me. My current plan is to first work full-time at some jobs that don't require a degree like retail for a few years(and maybe get promoted eventually) and accumulate savings (a few 10ks) and during my free days read up intensively on investing and the news and find some really good stocks to buy. My current savings is 20k earned from previous jobs as well as some deposited by my parents. I hope to gradually build up my cash stack through a combination of saving/investing/trading and eventually get rich enough to live a middle-income life. Eventually once I have about 100k I will trade full-time. (assuming my trading is successful) I would be happy to hear any advice from the experienced traders here as well as people who dropped out of school to trade full-time. Thanks.
hello Zenon It sounds Good. But you need to be very careful as Trading is a very risky business. don't go by emotions. Use the Logic and act accordingly. you said your current savings is 20k so your first priority should be to safeguard this hard earned money from the trading risks. So first learn more, practice, gain confidence and go live. All the best.!!
You can do it, no doubt. But remember, your competition are the smartest most educated people on earth. Perhaps you are cleverer, i dont know. Onlyyoucan make it happen. surf
But it doesn't bode well if you significantly impaired your earnings potential because you "chose" not to study for the science exams because of the Singaporean education system.
saving, investing and trading are three totally different things, understanding one doens't mean you'll get the others right ... overall seems like a pretty stupid idea from a young guy with too much hormones involved behind it instead of braincells ... investing: an average person can do it if he can control his emotions somewhat intradaytrading: you're only chance seems to be if you work for someone else if you want to stay in this long term, the succes rate (meaning ovecoming opportunity costs of a 'real job' and living off this) over five years of people doing this on their own is probably around the 1% ...
Being honest with yourself is the first step of sound career planning. Looks to me like you are; maybe even a bit too negative on yourself. The second step is correct information on all your available options. Therefore, keep reading about trading/ investing. Try to learn from books when you cannot stand formal schooling. Make a list of high-paying jobs for non-graduates in Spore. Drawback for going trading full-time in a country with expensive and escalating property prices like Singapore is, in my opinion, lack of access to mortgages - even if you are profitable. Something you might not think about now but might regret in 10 years time.
Try and get as much knowledge as possible while flipping burgers etc. as an income because you are unlikely to start earning just yet. In fact to reduce losses to zero use a demo account from a freebie platform like MT4. Trade this until you are consistently profitable before opening one with real money.
Your plan is extremely flawed because you have a lack of interest to do the work (study). Simply, the market and trading/investing will be much more stressful and require more study than had you gone to school. Thus, you must become a student of the market that will require learning, memorization and self-explanations...more than any school will require. Yet, only one way for you to find out that I'm telling the truth.