law school opens u da door for a variety of jobs'n'career oppportunities that are tough to match...if i cude go back i wud certainly consider it, instead of wastin' me time studyin' latin'n'greek for ages for nothin'...soon after u get u master in law u sure have a guaranteed job'n'excellent prospects to build a solid career in in da future.
Kastro, My mom would do anything for me. She was initially against loaning me the money, but I think she wanted to satisfy my urge to try at the trade. I think thought that I was going to be out in a few months, but instead, I came out desiring to be a trader even more. As for actual trading, I just stick with stocks for now. Don't think I have the stomach or the know-how just yet to trade anything else. As for strategy.. I just generally look for stocks that move strongly up or down, pause, and set up when the price narrows in range. I also look for stocks that move strongly in one directon and reverse at support. I try to keep it simple since I'm still relatively new at the "game."
I'll be atleast $140k in the hole after law school. It doesn't help that there are too many damn lawyers out there right now. lol. I figure if I don't do try this now, I won't be able to try again for atleast 10 years.
Volk, I'm somewhat thinking the same question you asked ..... lost my job last month and doing day/swingtrading two weeks into April. I'm currently down 2K, and my family is dead against me going fulltime "gambling". It's exciting when you rake in profits (and fantasize the "projected earnings") and demoralizing when you have losing streaks. But then, holding a day job (or law school) and trading part-time can be distracting to both endeavors. You're still young (I'm 38) and if you decide on fulltime trading, you will miss out on friends/classmates/colleagues which I'm beginning to feel after only two weeks out of job. As another thread mentioned, daytrading can be "monkish". Good Luck, bstay
Volk, I'm new to these forums, but would just like to give you my thoughts: Go for it! We are unfortunately only around on this planet for a comparatively short amount of time, and based upon the past: Neither the stock market nor Law School will be disappearing anytime soon. My position is very similar, I decided against a law degree here in the UK despite being told I would make an excellent lawyer and enjoying law. But which do I think I will enjoy more, which keeps me up late at night thinking about it? Trading.. I've been preparing for a long time, studying, paper-trading and working for a year to build up the capital. If I blow it all? I can easily go back to the position I was at before.. like you - I am aiming to trade "simply" to begin with. I won't take "risks", and I'm not going to gamble. If other people can do it.. so can you. Follow what you believe in and what you think you should be doing - honestly, what have you got to lose in the grand scheme of things? Good luck! I hope to be on these forums more, and will be looking out for your posts too. BP
Bstay, You couldn't have said it better. No matter what I say to mom about trading, she still thinks it's a form of gambling. I keep telling her it's not so much gambling if you have an edge. Eh, she doesn't understand the concept and still think I'm just lucky, because I did not have any formal training (I came out with a psychology and philosophy instead of a business degree). Maybe it is luck, but I won't know until I do it a bit longer. As for fantasizing "projected earnings," I must admit that I am guilty of this at times. I try to limit this as I usually am disappointed by my results, because they came no where close to my projections. This is when I have a good week (i.e. didn't lose money). You can imagine how I feel when I actually do have a losing week! I still have a lot to learn, but I think atleast I know what NOT to do. Following through is another story though. Bstay, I assume your finances are in decent shape taking this endeavor. I'm sure you are not the case, but I have known people to trade in desperation after losing a job as well. We all know what happenend to him Bstay, I wish you the best of luck and hope that in a few months, we can have good posts in the P and L threads. lol
I WILL be desperate soon if my losing streak continues for the 3rd week ..... need to cover $60K-$100K in equivalent income and such thoughts can kill your trading psychology even if you took the right stop/small losses.
Not to sound like a mommy, but are you sure it's the best time to trade given your situation? Do you have a plan-b in case your down streak continues?