LOL.....1% get wealthy through Trading. Day trading I would say .001%. Right now, in ND, Texas, a person with a high school degree, working on oil rigs, makes about 110k a year. Not gona make you rich but will sure trumpt the odds of you making 110K a year with 5k deposit at some bucket shop. Day trading is a pip dream unless you are well capitalized. Except here on ET where every ass clown makes millions in their boxers, banging key boards and posting picture of their 8 screen trading stations. And keep in mind you said "RICH". I'm successful at trading but it isn't making me rich and I do not do it full time. SO, when a ET ass clown comes on and puts is lips around your ass hole and tells you, "YOU CAN DO ANYTHING YOU PUT YOUR MIND TO" because he is successful at trading also.......RED FLAG!!!! That means, he pulls in a profit at the end of the year but after commissions and "Desk Fees" persa ( all bucket shops and IB's have'm) he pulls in less than 6 figs net. That is a success but far from being "RICH". so in conclusion, yes you can be successful with the proper capitalization, proper discipline and training. Will you become rich...odds say no.
Yes, in fact, to become a medical doctor, you get your MD, not your PhD. My brother is a doctor and I have seen him go through the motions to get there, so please, don't talk about crap you know nothing of.
Yes, it is possible, but the average blue collar person can not expect to be successful in this business. It`s that simple. Anyone who tells you that it is easy, is only out to get your money one way or the other. Perhaps he got an excellent home study course or a trading system to sell you for a generous price. I`m willing to bet all my money that you will not find any consistently successful trader that is "average". EMG is certainly on to something, but he is flat out wrong if he states that it is the only way that it is possible to make it as a trader. So, the odds are against you and you should expect to put in just as much work as any other professional have to do to earn his degree. The difference is that after 5 years of studying, you still do not have any formal competence. That may or may not suck, depending on if you make it or not
In this profession, there are no barriers of entry except for time, effort and desire. Anyone of sound mind and stable emotions can be anything they are willing to work for until the end. Fact is, most who think they want to "try" trading and see how it goes have zero desire to see the entire process thru.
Yes he can. I did it. You can NOT compare trading to any other fucking business, where you must have gone to university just get a chance of a job. 1. Everybody have access to the financial markets. So everybody can do trading. 2. Everybody have (free + paid) access to charting softwares, and therefore, everybody can study and learn successfull trading. 3. BUT not everybody have the motivation and will to succeed through the long and suffering journey of learning. It will be the hardest time of your life (business life ??), bcuz, once you ve made it, you ve turned your life around. Then you be a free independent person with no more finacial sorrows. And thats true freedom. than you can do what you want. Then you be independent. The only SECRET to WIN is, "you must never give up" just try it once more, once more, thats the difference of a winner and a looser. The looser gave up. @Laissez Faire i m sorry again. I often think about you and i wish you the best. i know you will find your way... regards
Hi Longcat, Yes you can. And you can do it in one to two hours per day once you have your system pat. I'm sticking my neck out with a post that is easy to snipe at because a simple message like this set me on the right track years ago and I'm still grateful for it. Pass it on. Comparing it to becoming an MD is not that far off (I am an MD). You have to acquire knowledge, work hard, stay disciplined and keep learning. Fortunately you don't have to do exams And you don't need programmed trading etc either. Just common sense and the ability to make some basic calculations in a spreadsheet. One more thing, you have to really like trading, be fascinated by it or otherwise don't bother (I've tried teaching friends who want the money but aren't really interested). Is it that simple? Yes. It's working for me and many others. It will take you a few years to learn though. After that it is very feasible to average 20% gain per year. I'm sure you can find an online calculator. Starting with 100.000 will get you to 5 mill under 22 years at that rate. Starting with 50.000 will get you there in less than 26 years. That long? Yes. Greed will wipe you out, that's for sure. And personally I'm not aiming that high and still working in my profession which speeds up the capital gain. Having said that I will back it up by telling you what works for me. That's all I can do. After losing a lot of money in totally stupid buy and hold "investing" for 20 years, mostly on advice of my broker, I got fed up and bought a shelf of books and spent a zillion hours on the internet looking for good information. From there I decided on: No daytrading (It's very competitive, I love my my job and trade part-time, and sitting behind a set of screens looking at quotes all day is hard and confuses me). Use simple swing trading or trend following strategies (time frames of days to months) as can be found everywhere like in O'Neill's book (how to make money in stocks). Read Thomas Carr's book (trend trading for a living) to begin with; it's pretty recent, very straightforward and has most of the important components you need. There are plenty of other books just as good or better but this one is nice and simple to start with including some strategies you can use right off the bat. It got me on the right track. Of course read as many books as you can but just START TRADING with small amounts with one of the systems you find and finetune it to something you are comfortable with. It will take you a year or two to get your system together if you are disciplined. Some things that stand out for me: Be prepared to go long and short. Stay out of markets that don't trend or shorten your time frame and tighten your stop-loss. Don't worry about indicators as they are just what they are named. Price action is more important. Keep in mind that cutting your losses is key and the hardest bit to actually do. After a couple of years (I'm over 50 and had a higher capital to start with), I'm now working less because I double my income by trading (MD's in my country don't earn as much as in the US unfortunately). I worry less about money because I see my "nest egg" increasing faster than when I was working long hours. But then I don't count the hours trading as work because I enjoy it. Go for it and good luck to you! Jan
I agree that the chances in today's market are pretty low through trading, which has gotten much more competitive as well as technical. On the other hand, there's a nontrivial chance that such a person could do that well through investing, using risk prudently to select investments based on fundamentals. I don't think anyone can put a number on those odds, though. But why is someone cross-posting this anachronistic "article"? Comic relief? The floor is a ghost town, and that career path is all but dead.
How many traders are multi-millionaires anyway, from any educational or vocational background? Funny thing is, the smartest, most educated, and successful white-collar career people constantly struggle with and fail at trading; it is not easy for anybody. Seems like those whom know how to operate and persevere in an uncertain, competitive environment day after day are the most apt. Yes, athletes. Those that lose and lose and lose for years in a row, but still believe in themselves no matter what happens. After all the adversity, they know they can still be champions. Once again, I'm just talking about reaching consistent profitability, not owning a mansion in Bel Air.