Can the average blue-collar person w/ high school education get rich thru Trading?

Discussion in 'Professional Trading' started by Longcat1982, Sep 20, 2011.

  1. Just curious if anyone has been able to do this..

    Can a person with a blue-collar career and salary be expected to get "rich" in his lifetime through Trading stocks? Assume this person is very motivated to learn, might make mistakes but learns to correct them quickly, and lives below his means to save money used to Trade.

    Can this person reasonably expect to be "rich", making about 5 million (in today's $'s) in his lifetime?
  2. emg


    Wall Street is often glamorized as a fast-paced, exciting place to be in the financial industry. Because of this, many people dream about becoming professional traders at the New York Stock Exchange (NYSE). The process, however, often requires years of preparation, education and licensing. As a result, only those who follow a precise career path are able to join the ranks of this elite group of traders.


    Start out as a trainee at a brokerage firm, which is how many NYSE traders begin. While working at a brokerage firm, trainees learn about the financial industry, the nuances of different financial instruments, how to carry out trades for clients, and the regulations that govern the financial industry. Trainees become brokers after obtaining their series 7 and series 63 brokers licenses, which allows them to solicit trades and officially register with the Financial Industry Regulatory Authority (FINRA).


    Apply for membership in the NYSE or work for a person or firm that has a membership. The cost of buying a membership, or "seat," is based on supply and demand, and can range from a few thousand dollars to more than $1 million. According to the NYSE, as of 2010, the price for membership per year is $40,000. To obtain membership, a broker or firm must be a member of FINRA or a Self Regulatory Organization (SRO).


    Submit to a background check. Because of the sensitive nature of the day-to-day transactions that are carried out within the financial industry, applicants are required to submit to FBI fingerprinting and a general background check. Despite the fact that most trading is done electronically, the NYSE is still a relatively crowded environment. Because of this, traders that expect to be active on the NYSE trading floor also need to submit to a routine medical examination to ensure they are in good health before being approved for trading.


    Attend orientation. Applicants who are approved for membership must attend the NYSE's New Member Orientation Program. This includes traders who have reapplied after being inactive for more than six months. During the orientation, an exam is administered. The exam must be passed before a trader can become active on the NYSE. Exams are offered once a month.


    Receive your badge number. All NYSE traders must have a badge number before they can begin trading. Your badge number contains your floor location and must be visible at all times while on the trading floor.

    By the way, the college degrees the house is looking for:

    Bachelors (advanced degree preferred) in a quantitative discipline including Engineering, Computer Science, Physics, Mathematics, Statistics required.
    Exceptional quantitative skills including demonstrated coding experience in C/C++ or C#.

    Fail to meet the requirement will end up:

    More than 90% of small traders lose! They just lose!!!
  3. Dont listen to that fool, you can do anything you want to do. I quit high school and have had several extremely successful business's and am pretty successful at trading as well. Most of the people who post on this board have never traded with real money in their life. They are too negative to be successful.

    Dont listen to the BS, if you have confidence and a little common sense you can...Good Luck!
  4. emg


    Let me ask u this. Is it possible to become a medical doctor without going getting a PhD degree?

    Is it possible to become a Architectural engineer without getting a degree?

    Is it possible to become a school teacher without getting a degree?

    The only career professional that need not a degree is gamblers playing slot, poker, blackjack, etc etc. There is no barrier to entry to become a gambler
  5. Yes. Definitely.

    In my opinion, anyone who is willing to work long enough AND hard enough can learn to succeed... with one exception.

    That exception would be perennial losers such as emg who has no possible chance to succeed in this profession. But other than those outliers who are hopeless, trading is a learned skill profession that anyone can succeed at.

    The big stumbling blocks are greed, fear, haste and most of all the gambler's love for constant action as opposed to trading for profits with focus.
  6. zdreg


    " trading is a learned skill profession that anyone can succeed at."

    "anyone"- sounds like a wet dream on your part.
  7. Anyone can... but damn few will. Most fail because they simply aren't willing to climb that proverbial mountain in front of them.

    Most fail because they think this is some kind of gambler's nintendo game. Trading is not any of that :)
  8. In a lifetime? Maybe :D

    Depends on the ammount you start with,though...
  9. i would say, ONLY if

    1) you've paper traded a system that is consistently profitable

    2) you'll be in a situation where you can save up 100k+

    3) the money stays in the system, you don't take it out for expenses

    so yes, if you can start your account with 100k, it is very possible to turn it into 5million if your system is amazing and you give it 30 years, it's actually quite feasible

    the problem is everyone:

    1) wants to trade live immediately, always be in a trade, etc

    2) wants to get rich immediately, be able to fund a rich lifestyle through their trading

    3) does not have the capital, budgeting, risk tolerance, risk management, intelligence, patience, discipline, focus, etc etc etc required to succeed
  10. #10     Sep 21, 2011