Hey volkl23, You've posed a great question with many different and varied responses. That fact alone should tell you loads about the market, and whether you want to pursue this game fulltime or not! If indeed you do, it might help if you pull out a piece-o-paper and write down all of your Pros and Cons. It might look something like this: Pros 1. Supportive family (no matter what your mom might say, the fact that you paid her back her 20 large from your winnings in the market makes you look HUGE in her eyes, "son". 2. You are soo young, you have plenty of the one commodity that we cannot replace ... time. 3. You have the best education that a new trader could have. Yeah that's right, the game is about 15% technicals - as 1000 pointed out, you don't even need to know a lot of the details of how things work and you can still do very well ... (truce bro) - and 85% psychology (fear and greed baby, fear and greed). So you're way ahead of the game compared to most (and there is also the critical skills developed in college, discipline acquired to complete the degree, etc.) So your education serves you well just as it is. 4. You have no pressing commitments (wifey with her wants and needs, a baby or three, mortgage-monkey on your back). So once again, the time element is working FOR YOU, and that alone gives you a very good edge. (makes you think twice about investing all that time and money and energy and will and imagination into a career that you don't even want, huh?). 5. As you can see from the other posts, it takes all kinds, and if you get it right and figure out exactly how you want to play the markets and develop a system(s) with positive expectation, you most definitely can win ... consistently ... over time. Cheese made another excellent point (yeah, he beat me to it, and said it better than I could have). You can go with: (a) stocks, (b) financial futures, (c) commodity futures, (d) currencies, (e) options on any of the above etc., and learn how to hedge your position(s) so that a net loosing month is very unlikely (and would be due to the financial system malfunctioning rather than your trading system P.S. It can and does happen!). 6. So, get a nighttime job (restaurants LOVE well educated waiters and bartenders), hon and develop your skills during the day (keep a diary, run if-then scenarios until you know your setups by heart while they are happening, keep good financial records of every trade, etc.), and see what can happen in five years (my ex-roomie did it using that formula - and I'm one step behind'em - now he's literally living the life of Riley). Best of Luck, Jimmy P.S. Oh yeah, the Cons 1. It's a solitary game. 2. Most people won't understand you. 3. You'll need to develop and have a good circle of friends to help you "get away from the markets" when the day is done. 4. Whatever else you or anyone else can come up with. Ultimately it's gonna be up to you, you have to make all of your own decisions, take responsibility for them and live with the consequences of your actions, that's what I love about it.
Hi Kastro, An interesting perspective you present, that trading opens the doors to an entrepreneurial future for yourself. Perhaps this is the reason that you don't find excitment/contentment within it - you see it merely as a gateway? Similar to those in careers who are saving up in order to begin trading and how they find their jobs fairly dull. My situation is, in a way, opposite: I'm young, a mere 21 - however I've been self-employed/involved heavily in a specialist part of the the UK financial sector since I was 16 (took 2 out of 3 of the required exams to become a financial adviser when 19.. a joke how easy it is/was over here!) But, during the course of this I have unfortunately encountered many people I'd really rather not have to deal with - and this is one of the factors that drives me towards trading: That it can be a solitary game (which JimmyJam, in his great posted, listed a con). This appeals to me - I don't have to answer to anyone, no business partners, no-one else to impress - just myself! Great how a con to one person, is a pro to another. Of course, then I am not opposite: Being an entrepreneur when you have enough money in order that you never have to rely upon others in the same way - now that's a different scenario and I do have a few goals for my future Am enjoying all the posts here greatly, and the various perspectives presented. Wishing you good trading, BP
Hey BP, Not quite...It's simply an added bonus that trading opens doors for me. I love trading more than anything because it creates a sense of freedom and a way for me to expand my mind beyond the theory. I have taken up aerodynamics on my own time (Want to build my own model plane) which is something I could not do with a limited wage/time career. This is a great career, packed full of stress, insomnia, and the ability to live a life of my dreams. -Kastro
I know exactly what it means. A lot of burgers and a lot of zeros. Paris Hilton Carl's Jr. Ad (UNCUT) http://us.video.aol.com/video.index.adp?mode=2&pmmsid=1367209
Bite the Hand That Feeds http://www.krradio.com/MVOnDemand/vid89.php Some how I don't think so. Since I was born, there has been someone who takes it upon themself to take me out. I am still here.
Thanks for all the replies that gave me a slap of reality as well as those that gave me some glimmer of hope I really haven't done any research on this, but how marketable is a daytrader? Is it hard getting a job in some sort of financial capacity being a trader? I just am wondering if I do get bored with trading, in say 10 years, if I have any other job options that relates to trading in one form or another.
You already talking about getting board of trading and you haven't even started? ................. very.... very.... very strange. 10 years of no work experience trying to make it as a trader.... you better have made enough to retire or enjoy working at Home Depot.
Well, I disagree with you. So let's agree to disagree. Although after todays market action it definitely felt like a negative sum game to me!!
I am most definetely NOT bored with trading. All I am doing is asking the "what ifs" now in case there is a what if 10 years from now. Atleast I will have some idea of answer before it comes up.