I've been trading for 10+ years and I've been very successful at it. There was a time I was considering going to medical school but I did a little too much partying in college and never really gave the MCAT a shot. Now, having let that opportunity slip through my fingers and having worked in this industry for more than 10 years what I'm going to tell you is very simple :<b>GO TO MEDICAL SCHOOL AND FORGET TRADING.</b> Trading is one of the most frustrating professions. No doubt you'll find that in medicine as well but not to the same degree. You have an opportunity MILLIONS of people can only dream about. DONT pass it up for trading. Just don't!
I don't understand why doctors are so well respected. Many doctors are some of the biggest scumbags you will ever meet. The amount of doctors out there who would rather keep you on expensive medicine and treatment vs. actually fixing the problem is obscene. There are honest doctors, but the fact remains that in many cases it is not in the best interests of the doctor to fix people's problems. Also, while doctors may make a lot, the excessively high cost of malpractice insurance owing to frivolous lawsuist and excessive settlements means that doctors do not make in terms of spending power what they used to. I recall about six months ago reading how many doctors were in serious debt trying to maintain the image of being wealthy; if you're a doctor driving a Honda Civic, people will look at you very oddly. While most doctors who become doctors for respect couldn't give less of a shit about my criteria for respectability, and I have utmost respect for honest doctors, the medical doctor profession as a whole I would go so far as to say has more scumbags than the legal profession. Daytrading is IMO one of the most honorable high-paying professions out there [though I see the flaw with classifying daytrading as high-paying, since the average profitable daytrader probably makes less than 50k/annum and lasts under two years].
This thread is interesting cause it has some parallels with my life. I have just finished law school this year. Trading has always interested me and during my time at university (5.5 years) I had to keep a balance between trading and studying. The last year at university I was learning 7 days a week, 10 hours a day and hadn't time and power to keep on trading. So I had to put trading beside and focus totally on my law books. It wasn't always easy. Later I have changed to swing/position trading which is optimal. Now with my degree in hands, I am really glad I focused on that. As another poster wrote, MARKETS WILL LAST FOREVER but you certainly won't start medical school at the age of 50! Go get your degree and try to find a strategy that fits your schedule of medical school. Trading is not a "degree" and I think you will regret if you didn't take this unique opportunity to go to medical school. D.
Thanks for all the input... I know in the end I'm going to make a leap of faith and try to do both. Although med school is extremely time consuming, I've talked to a lot of current students and they do have time for an hour of working out a day, or the like, usually (except during certain "blocks" like mircobio and anatomy). A bit of trading should suffice to hold me over during the first year at least, at which point I'll have more info and will be able to make a more informed decision as to my career path. Gotta say, trading is a cush lifestyle though. Just out of curiosity, for all you career traders, what do you do to fill up the remainder of your lives outside of trading? Do you guys worry about a back up plan?
1. Trading only an hour a day, not by your own choice either is not going to lead to a path of riches and wealth but frustration as you will be out of the loop with the market for 23 hours and expect to make it up and catch the one amazing hour. 2. Trading is not a cush lifestyle. If you talk to traders they are stressing and busting their ass every single day to make money and manage risks or increase their capital or deal with family and life while trading. Remainder of the day??? When the market is open I (and I am far from being on the same level as major professionals traders with milions and millions) am parked in front of the screen working. When the market is closed I am either reveiwing or analyzing or dealing with all the things I could not do during trading hours. Look, you either are in it all the way or you trade swing trades looking at daily charts. Do not expect to be successful daytrading with an hour a day trading and then doing no study, analysis, follow up the rest of the day. Med students working out for an hour is quite different from yuo trying to trade for just an hour a day. Do med school, then worry about trading if you have time.