That's a load of crap. I think I am a good example to the contrary. 1. My day job gives me access to proprietary macro economic data. 2. My day job gives me front line knowledge of how the world works. 3. I spend about 10-12 hours a day on economic theory, apply it to the market, and devise winning trades that have beaten the sp500 handily for the last 6 years. (I am 28) I have probably spent more time, and probably better quality time, than most professional traders. And my strategies aren't churning and burning high volume gambling trades hoping to get lucky or simply benefit from a generally rising market due to monetary policy. Anyway, if your day job is mcdonalds, then ya you aren't going to make it. But there are plenty of day jobs that can inspire someone to apply their insights, knowledge, and experience to profitable trades.
You wouldn't get on a rollercoaster while it was running would you? Wait for the rollercoaster to at least slow down... then get on. People on here don't seem to differentiate the fact that certain times in the Market offer an opportunity to build a career, get rich, etc... but they are rare. Its like Malcolm Gladwell's book - outliers.. he talks about how most professional hockey players and other pro athletes are born at certain times of the year more so than others because they have a slight developmental advantage which the structure of hockey rewards... those extra months of maturity equals extra oomph! in the beginning phase of jumping into pro sports... The same thing goes with the age of most internet billionaires... they got started and TIMING = circumstance was what made them fill their shoes with a big role. Good luck starting a website in 2011 compared to 1996... or a fast food restaurant compared to 1965.... trading is no different. You should put it in the back of your mind and prepare for some contingency, but NEVER think of it as always being there in the way that you would a real day to day job.
Definitely. I have a friend who was successful as an advisor, auditor, and analyst for 20+ years. He managed private accounts for people for a long time and has advised billionaires, uncovered ponzi schemes, etc. So naturally, he decided to start a mutual fund so he could make his ability available to the masses. Sounds like a good idea. Too bad for him, he started it in 2007. He has beaten the market, but if you look at his "since inception" and "3 year" numbers, they are dismal in absolute terms simply because the market tanked and he is required to keep no more than 5% cash. Timing is critical. It definitely can make or break careers in any industry, but careers associated with the stock market are particularly affected by timing. Someone started a financial career in 2006 or 2007 is statistically likely to have a much shittier career than someone who started in 08 or 09 based on track record alone.
What industry? Are you really good at math? Apply it (far beyond macd). Do you deal with some kind of process or commodity of particular macro impact that you can use to help gauge the economy or sector? Apply it. That is how you can have an advantage over a snarky financial guy who has little or no real world experience and take his money.
Mechanical Engineering. I'm good with math but haven't delved into the theory of it too much. I think what you're suggesting is more fundamental related whereas I'm looking to create a system (or number of systems) to trade the market indicator-based.
sneak are you doing the hand chart,here in the {a period was 7 30- 8 cst} 4th half hour d period it left a gap and so far is staying inside the opening range
f period lower high drops to d ledge as support,if you are doing this by hand the 3 or 4 patterns and the rotation become second nature,your hand will be waiting below if thats the next move ,or above,before it happens,, after this becomes old hat and you are easily scalping 3 or 4 (2-6 pt }winners a day,after you get comfortable with it,you can see the patterns in the larger multiday,week,month graphs
that rotation above d held til 2 pm,the lunch chop zone ,then broke and filled that small cleavage below d,and extended down to the opening range low ... again..learning this by hand will push your learning curve years ahead