Iâve got a better idea, instead of spending loads of time playing games of cards get yourself loads and loads of historical charts and a program to run them on (must have line studies) and go through them learning the patterns that you see before big moves and reversals as yourself what happened on the chart before Cisco tanked or why did Intel take of. When you become good at understanding the patterns that reoccur before reversals and strong moves you may apply them to any time frame.
Gee if I had a chance to do it all over again I would do something similar to what your father did except I would probably try to become a specialist. I would use your fathers connections to fullest ability I could to be able to trade on the floor become a specialist buy a seat and in 20 years lease the seat out and live off the income ( over $300,000 per year) while you daytrade.
watson's post is right on the $$$, I would add this... (I believe this is Tony Oz's idea), after you believe you have a feel for the price movement, cover the charts completely then slowly expose it a little at a time while predicting the next movement. See how well you perform. Great practice as well as objective evaluation of your skills.
Go and become a trader on the sell side in an I-Bank etc and prove yourself to be god then leave take some major clients with you and start up a hedge fund when you are about 35 or 40 then you will see joy! Most important though the poster who said nobody can ever take away your education it is quit true there are enjoyable things to be learnt that I stress are not finance related go and get a degree.
Chances are that being 14 you will change course several times before finding yourself and your individual strengths. Most important thing - Learn how to learn. Then any skill is within your reach. Also, learn how to fly airplanes. No other skill will teach you more about discipline, risk management, prioritization, concentration, and consequences of the actions you take. If most traders applied their trading techniques to the cockpit they would have a very short life. Learn how to think critically and to control risk.
Being 18, and a Junior, I am beginning to looking to apply to colleges like Princeton and others. I am looking for a career in economics or physics. I am looking for advice how to start day trading. I am just wondering what materials/tools should I read to help me on my road of investing. If anyone would like to help me out, I would greatly appreciate it, and you may email me at rwong@pennington.org . Robert aka Maddog898
"ProveUwrong Junior Member Registered: Jan 2002 Posts: 2 01-11-02 10:10 AM Beginner who needs direction 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 " All of you really believe his story?
"All of you really believe his story?" No. Absolutely not without independent confirmation. The post was so well worded that it seemed very unlikely the person on the other side of the CRT or flat panel was that young.
Who cares? The question is a valid one, and stands on its own. If it was posted as a hypothetical question for debate, I think it would have gotten a similar number of replies. nitro
"All of you believe this story" Don't see any harm in believing it. Why not? I think it's cool that he's interested and looking ahead. Way to go kid. Also remember, yor dad will give you the best advice of all.