If you read my profile you'll see I am only 14 years old. I am very interested in learning how to day trade. My dad taught me everything he knows on the stock market he used to be a trader on the floor, but he hasnât been in the financial business for many years. If someone could just "take me under their wing" and get me up to par I would have to be appreciative. -Ed
ED Work hard at school. Try to get into university and acquire a good well paid job. Then learn about daytrading. If it doesn't work out, and many don't make it, you have a well paid profession or career to fall back on. Toby UK
don't give up on wanting to be a trader, it is one of the hardest things in the world to do successfully, ...however I fully believe anyone can do it. Keep doing what you are doing and look for a master to follow, this is the key, you want to find a teacher who is pooping out money consistantly day in and day out. Not just a trader who is on a streak. Use your youth to your advantage.
Ed, I became interested in the market when I was about your age and it was both a blessing and somewhat of a curse. A blessing because the markets are the only career I have ever wanted to have, but a curse because it gave me so much time to research and paper trade, that when it came time to play for real I thought I was very sharp. Unfortunatly most of what you read in the books is BS, and papertrading is not reliable to tell you what you will do trading for real. If I could do it over again, I might consider spending less time holed up in my room "learning" (but not really) about something that I wouldnt be able to use for 5 years, and more time with my friends. Whatever you are reading, I would focus more on psychology and the "good" books rather than the more recent trash. Market Wizards, Extraordinaryly Popular Delusions, Reminesances of a Stock Operator, Trader Vic, Street Smarts etc. Brandon
don't drop out of school, get an education...someday you may need it. As for books and 'studying', that may help but you can only experience it to know for sure. Even trading 100 share lots at a time to get the feel of actual trading. I know, you lack the funds to open an account. That is the only way to really find out. But go to school. I know a really bright guy who dropped out of first year college to trade. He did alright, but in the end he didn't really enjoy it at all. Too hard, i guess. He's back in school...either way have a back-up plan... Cheers Crazy Canuck
The best way to learn to trade before you are done with school, im my opinion and personal experience, is to play lots and lots of poker. Play poker with your friends in high school. When you're 18 go to the local card clubs. You may have to get a part-time job at first, but if you get good at poker, the psychological aspects of trading is much easier to grasp. In poker, as in trading, you learn how to press your advantage and play defense when you have the disadvantage. You learn about psychological high highs and low lows. Some days you can do no wrong, other days you can only lose. The laws of probability and money-management are very similar between the two. I played poker professionally (meaning that was how I made my living with no other form of income) for 6 years. I played live action and tournaments. When I hit my max income potential in the low six figure range, I figured I could make a living but not make a fortune. So I turned to trading part-time while I played. Then fulltime. That's my personal recommendation.
dottom, I followed a path somewhat similar to yours (sports betting, blackjack, poker) but would be hesitant to recommend it to a 14 year old boy. The advantages of an early introduction to probability theory and money management should be weighed against the dangers of an early introduction to unsavioury characters and negative expectation (non-poker) games.
Ed, Learn to play _TOURNAMENT_ Bridge, or even Chess. Many of the best traders I know are Bridge players. Some of the biggest names in finance are Bridge players. Poker or Blackjack may be "more" optimal, however, at your age, IMHO, I do not believe that this is the most important thing to concentrate on. The important thing at your age is to get involved in a fiercely competitive "brain game" environment that requires you to focus for hours. Apparently, although I have not met any, Marines or other highly disciplined military personel make good traders. The key is their high level of training, their discipline, and their tremendous composure during extreme pressure. Finally, _NO_ONE_CAN_EVER_TAKE_AWAY_YOUR_EDUCATION_ Believe me, if you are going or preparing to go to University so that you can come out getting a nice job, you will have missed the best time of your life to study the deepest things that some of the most imaginative humans beings have ever created. Go to school to _LEARN_ neat things... nitro
Learn the basics of money mangement via poker. Then teach your friends how to play poker without money management. Hell, while you're at it, take the killing you will rake in to get yourself an ID and spend it in the strip clubs...... Damn, I never heard anyone tell a 14 to learn to master poker. (What happened to Turok?) =)
Ed, for what it is worth, as you go through life you want to have options. For most people this will come through school and a good education. If you hate school, and at 14 I sure did, find a part time job and learn a skill. Learn to manage your money, one book I would highly recommend is "The Richest Man in Babylon" by George Clason. If you have cash in the bank you have options. The more skills you obtain, the more options you will have. As for the market, maybe your father will help you to open a brokerage account. With low commissions you could open an account for $500 and take some small positions. There are 100s of books that will help you learn, and find a method that works for you. Best of luck