To be honest, this is a generic number that's tossed around frequently. I'd estimate the long-term success rate for an independent daytrader is less than 1%
I've never heard of "University Bcom", "York", "Schulich", or "day-trading schools", either. OP, where are you that you've never heard that trading penny stocks is a bad idea? This is so dirty that discussing penny stocks is not even allowed at these forums.
agreed - in some of the studies they count a successful day trader as someone that can sustain themselves for a year or two, I would bet the majority of them don't make it past 5 years. So yea, 1% works for me.
It matters if you're considering daytrading in lieu of college like OP. It doesn't matter if you're a 65 year old male collecting a railroad pension check, piggybacked with a SS check.
1) Finish school or transfer to a university that also has trading rooms for business students 2) Stay away from penny stocks 3) Save your money for your starting capital 4) Do internships at a financial institution that has trading floors Hopefully, with a degree, internships, some job experience and money saved...you can then get started as a trader if there's no conflict with your job. Good luck
I'm not exactly your typical student... maybe I've spent way to much time listening to and being influenced by people like Dan Pena, Tai Lopez, Mj Demarco, Jay-Z, Sean Combs, Dame Dash, Malcolm Gladwell, Rhonda Byrne, so on and so forth. I have family that are doctors, and lawyers, and others who don't have a degree who make $100k+ per year on their own. (And I might get some hate for the following but...) I don't think the typical, go to school, get a job, work 9 to 5 and hopefully save enough to invest is the best way to live life. That's Not me saying don't work (or a degree is useless), at some point you need a job to support yourself, but I feel at some point you need to take that step and actually Do something. I do intend to complete my degree, just because an undergraduate is like the bare minimum in education these days, but I may switch streams from Accounting to Finance or Management. Comagnum - I thought that would be implied, being an inconsistent day-trader won't last long I reckon. I know it's extremely simple and extremely complicated (I can teach you how to play soccer, simple, but what if I throw you in the field with Ronaldo?, complicated.) And I'm basically more or less applying swing trading to the low cost and high volatility of penny stocks. Maybe I don't go penny stocks and end up going regular, mid-cap stocks, like warrior trading does? Either way I will be through testing out a system paper trading first. (On a side note, Is Warrior Trading legit, or is that just another "system to sell online"? Just curious.) Just21 - On A SINGLE trade? :O haha.. what happened to small consistent gains over time? Zdreg - no, I know how to spell that and have seen a few to many great people lose their lives. It's a play on words, and the philosopher was not available (a few people I know call me that lol) so it's sort of like being addicted to philosophy, but also the crave to learn with an open mind. Wrbtrader - I respect that answer and agree with everything except the one point which is not numbered; Why wait so long to start trading? Why not start with $1 to 2k now, if you lose it you can make it back again? (not saying that is my total cap.) And *hopefully* you learn a hole bunch while you do it, or that would be a big waste. And if it works out (because you studied hard prior and just because it worked out) all the better.