I have always been very competitive, driven and ambitious. I started 2 business which both failed. One was a fitness content website which garnered over 700k visits over a 2 year period but didn't make any measurable revenue. (Age 17-20) The second was an import/export business which couldn't overcome the costs associated with the trade. (Age 20) I traded my own CFD account when I was (19-21) had 3 blow ups 300$ each until I started taking it seriously in September 2014. Had a 1k account and was compounding 10-20% per month until I reached 3k. But then I levered up heavily around an interest decision in hopes of making 4 times my money and lost 80% of it. I was chasing the feeling of having 5 figures so I bet big and lost. I did all these thing in an effort to take control of my future. I am currently studying finance and it will be another 3 years until i graduate then what ? a 9-9 investment banking job where I may make 6 figures in my late 20s provided I take orders and suck up to the right people. That seems like a big risk to me. Anyone else feel the same way ? resorting to trading/entrepreneurship to take control of your financial future, even though both are heavily influenced by randomness ? Im thinking about loading up my account with a decent stake and swinging for the fences 3 years straight (until I graduate) and taking my talents to a prop firm/bucket shop. I remember Jack Schwager saying that trading is extremely difficult to make a lot of money in but its the only game in town for some people. I have been very wealth conscious since about 17 and I really want to make it in this business and I am willing to do whatever it takes to succeed. Any pointers from guys who have made it as to how to become a great trader and make a name for yourself in the market ?
You have drive but I question if you have talent for trading, from the information you have provided. If you are a trader you are subject to the control of the market. Do not overestimate the influence of luck in trading success. Jim Simons is one of the few hedge fund billionaires that is honest about his wealth. He has publicly admitted his wealth has come about in large part due to luck. Statistically, I can say that you are not as smart as Jim Simons. Having been in the biz for almost 20 years I think the gig is up in terms of any reasonably easy money being made trading. If you have drive in an area outside of the markets then pursue that. My read is that you might have a chance of becoming a successful businessman. Better chance of success.
The mentality behind your first two quotes is going to kill Ya - dead Be sure to load your account heavily - few of us will take your money willingly RN
The good news is you've made some mistakes whilst still relatively young (so a chance to make it all back in the decades ahead), and the amounts involved are probably a small fraction of the amounts of money you could have been blowing if you had invested 20 years of life savings into trading at the age of 40 (which I've seen happen too many times). The bad news is that you seem to be in a repeating pattern of going into business ventures without a decent plan or much idea of what you are doing. If you keep doing this you will never be rich. More importantly you will probably be very unhappy and feel you're wasting your life (I've been there). This might be the time to break that cycle, educate yourself properly about trading (which will take a lot more work than posting a message on ET and reading the replies), and paper trade for a while. There is no hurry. GAT
"Swinging for the fences" is a bad idea. I suggest you concentrate on trading well and reasonable. Go for the steady consistent trades; don't try to "get rich quick".
You could well consider some other form of activity. Just getting rich isn't easy or fulfilling. How about furthering your career in a sport, like golf, filming or whatever gives you a buzz etc. When you are much older may be the right time to be in front of a computer many hours a day. Just depends how you are made but must do what you enjoy. Save the rain forests etc. offers wide scope
You're now in college and there's a part of your story that's missing...the parents that's supporting you through all of this and paying for college. Therefore, its possible that your ventures have been just a serious hobby or play money because you know subconsciously that if you fail...you can easily start over again and try a new venture until you hit it big. Go for it, stay in school, do an internship, get your degree, go to graduate school and then get that investment banking job you seek...keep saving your money and hopefully you'll learn enough about trading or investment from the inside to plan your next venture to be a trader, hedge fund manager, prop firm or whatever. Trading isn't the only game in town considering you obviously have already mentioned a few different things you could do yourself while in school, summer when there's no school or after you graduate. A lot of people start businesses while in college...very normal which is something you most likely know about considering you attempted two business startups prior to college. In fact, there's a few famous athletes that started business while in college or in high school prior to going to college but because they were earning a substantial income...the NCAA rules prohibited such even if you're business has nothing to do with sports (e.g. you play soccer and you own a corporate landscaping business). The student/athlete (business owner) is then given a choice to keep their business or forfeit their amateur status which would result in them no longer being allowed to play college sports although they were eligible to remain in school as a student only but not as a student/athlete. Ironically, the NCAA is allowed to profit off your image and likeness if you choose to be a student/athlete. I mention the above student/business owner/athlete situation just in case you're good in sports and you plan on playing sports in college.
" Trading So You Can Have Control Of Your Future ? " Agree, as it was often mentioned on ET, 95% traders will have fairly predictable future!