Otherwise it's a little disturbing. Shouldn't you be in bed, BTW? Unless you are a currency trader who thinks it's Friday morning, then it's ok
I am working on a new thread below about Horse Racing for the OP of this thread! http://www.elitetrader.com/et/index.php?threads/trading-and-betting-the-horses.298147/#post-4251590
I had been 5 years studing some of your goals. Cryptocurrency: is a high smashed bussiness. There is also a hugh risk when you have mined (with a proper hardware), some currecy money that your currecy sell price is 0 couse the currenct dies. In addition to this, usually electricity wasted is higher than the benefit even with the proper hardware. Even the most famouse cryptocurrency "bitcoins" was hacked ago and the value becomes from 400 to 1 extremly fast. there are also cryptofarms, wich means there is a probability that if you rent a miner, or maybe into a pool is possible (depending on the pool) that you receibe a little piece of money. (but remember even in this case maybe you dont have profit) Making money trading from a capital: what I know right now is, if you have no clients, is extremely difficult to make money unless you have a hugh capital.
Sounds like you have some academic backround. Drop ideas about day trading, currencies, etc. Those ideas aren't grounded in academics and aren't "evidence based". Many markets are expensive places to experiment with the "randomness" of short term movements. And does day trading give one purpose in life ? Starting a business may give you some life experience. Real estate yields about 2 -4% per year, depending on domicile, after all of the costs and work involved are taken into account ( be prepared to do alot of driving ). On the equities side: Open and fund a ROTH IRA ( if you are a U.S. citizen ) in a discount brokerage. Invest small amounts, amounts that you can afford in small cap value stock universe ( small cap value stocks have produced the highest alpha premium of all universes over 90 years https://docs.google.com/document/d/1kToqLWLISRk4n4YnSzv1hT5kBN54l5CvhwGgDwJKPJI/edit?usp=sharing http://www.etf.com/sections/index-investor-corner/swedroe-small-caps-still-outperforming ) There are ETFs that reflect the small cap universe. Additional value, geometric compounding, and risk management can be had through the use of "tactical" allocation using small cap value, long bonds, and cash https://docs.google.com/presentation/d/1pQuBfbPd18ca0G-KiZc5FIWNMx0pNa87INgsLjEwuzY/edit?usp=sharing
MoneyKing, no one in here can tell you what is best for you. That is a discovery you have to find for yourself. What works for Trader A may not work for Trader B and vice versa.
OP Follow your heart...., fore to succeed at trading (or anything) - it must be ingrained into one's heart..., and soul No greater personal challenge I can think of than trading Nor the self reliance..., and assurance it affords If one makes it ============= Flip side is; if one doesn't - no greater hell than knowing that you failed yourself..., and the what could have been RN
Not to disagree, but I'd say failing at your own business might be worse, because of not only failing yourself, forfeiting substantial money and opportunities ("your shot at making it"), but also failing others and your creativity. A business will go boom or bust within a short period, while the idea of trading can be kept on hold indefinately. Trading doesn't have to be day trading and if you do it sensibly, you don't put too much money or time on the table, until you're ready. Be prepared it might take 5-10 years to become ready for trading any meaningful account sizes. Learning trading is best done on the side, since you will need input and time to progress anyways, and what you learn can have synergies both ways. Having a period of intense focus on just trading may be beneficial also, if only to go deep enough to discard all the chaff knowledge out there.
Trading is a business, would you not put in all your money into a different business or would you"do it sensibly, you don't put too much money or time on the table, until you're ready." This is another one of the many reasons people fail at trading as they don't consider it a business. I own businesses that I have started, eventually do well and others fail, I don't know how to give any of them less that all I have in me. Same was for trading, did take me years and a great deal of heartache before learning it not the systems but controlling the demons who I am within. Starting a business is much easier and percentages are much higher than learning how to trade but they both wear on your spirit when not doing well. But if you had a family business, now that's real hell whether you do well or not.
Dear "Money king" Have you considered investing in the stock market? Twitter is now in it's lowest low of all times, the stock is worth less than $20... this is crazy and it looks like someone is trying to get Jack Dorsey and he is not doing a bad job... But, of course, Twitter (i believe) and especially Jack, will not let that happen. I am buying Twitter's stock like crazy, i think it will jump like a Christian running from ISIS in a few months! Let me know what u think! .S.
Not necessarily bad to buy Twitter at these levels, but it's a big gamble with alot of odds stacked against you at this point. Know that you're buying severely prolonged and trending weakness. So if you buy, buy into strength only and with very tight SL. If you keep doubling down, you could get stuck with a bad position for a long time. I don't wish that kind of pain for anyone. Nothing crazy about $20. There's always a possibility it can go all the way to $0. Don't trade your hopes and superstition. From what can be read of your post, sounds like a classic rookie mistake. Watch ADX on the daily. A new trend might form soon, or after some consolidation. Volume doesn't suggest anything but continuation at this point (disregarding OBV). Handle123: Yes, trading is a business. One should minimize waste in any business venture.