Hello one and all, i've been browsing these forums for a week or so and am starting to get passionate about trading. I'm planning on dropping out of my business degree right now, just because i spend all my classtime reading up on markets so i figure school will always be there if this doesn't pan out. I've been taking in as much info as i can for the past few months i've read through a bunch of books and have been reading through financial periodicals and checking up on the market daily. I'm thinking that this is something i'd really like to get into. Now i have about 40k i'd be able to use and would like to delve into trading full time. From what i've read getting into a prop firm and learning the ropes is one of the best ways to do things. If anyone has any advice on how/where to get started i'd greatly appreciate it. I'm currently in Edmonton Alberta Canada but have no problem relocating if there's a good firm around this Country. Eventually i'd like to trade futures and options just because of the high profits that are available. At the moment i'm open to any kind of trading just to gain experience. Any thoughts?
Stay in school, open an IB account and start trading small. If you are profitable or manage to break even then give it a shot with a prop firm after graduating and if it doesn't work out you have your degree to fall back on. Going the prop route you will pay for training, which is of questionable quality at best. Do you really want to put down a 5k deposit and pay a couple thousand for training? Just start small and start teaching yourself.
stay in school anf=d get a job. trade on the side. you will know in about a year or two if full time trading is the right choice.
Get your priorities straight. College degree first, prop trading second not vice versa. Don't screw up your life.
No matter what all you guys say, the OP will continue with his plans about trading. He has been infected and there is no cure. Thats how it all starts. I'll advise to start very very small (and stay away from prop firms, learn it by yourself).
:| yeah i might've caught the bug I figure school will always be there if this doesn't pan out.... but if you advise against the prop firms i'm just wondering where a good place to learn would be... i've been delving through books and forums and still dont really know where to start.... with the current market volatility i'm having alot of trouble picking up anything right now I figure just keep an eye on things and keep filling my head until something stands out.
We have some mkt gurus here..... have you tried learning from them yet? Jack Hershey has lots of posts you might find interesting.
Do both. Call it a double major. Take classes on MWF and watch the market on TT. If you are in school now don't drop out mid term. Watch, learn, and wait till things settle out before you offer up your money. It takes a lot more time and effort than a few months and a few books. And as you have already stated "current market volatility" is NOT a good time for jumping in green with both feet. This amounts to a RX for failure. Education is about more than a degree. While I appreciate your passion, if you don't have the discipline to keep the market out of school I doubt you will have the discipline needed to be market successful. Finish school, that way if the trading fails you will still have the degree. Losing your money, "if this doesn't pan out" and having no degree won't get you anywhere real fast.
STAY IN SCHOOL Trading is a very tough gig and you need a foundation to fall back on. It will take you 3-5 years and probably as much money in loses as a law degree before you figure it out. SCHOOL is a guarantee paycheck TRADING is a gamble
Stay in school. Absolutely. Get your degree. During this time your best investment for trading would be a good backtesting package to work on developing strategies. Because everything you learn in backtesting and developing systems will help you later when you put money on the line. Many backtesting packages also have 'playback' modes so you can watch prices in realtime after the market has closed. Another great learning tool, and you can get your kicks without throwing away your capital. This will all help you toward a trading career, while at the same time finishing your degree. You can do both at the same time. Check out InvestorRt at www.linnsoft.com. My favorite for backtesting and ease of use.