Hi folks, I was advised to get information from those in the business by the investment manager that has handled my families money for the last three decades. He refused to discuss the matter much beyond a very general overview. If anyone cares to respond, I would like to know what I need to pursue this endeavor, just the 'tools of the trade' as it were and the costs involved. Specifically, I know I will need some form of basic software, also I realize I will need some form of information service(s) for market data. I believe that I will also need a brokerage firm to execute my orders. Prehaps all of these are available in one 'package' I just don't know. What is a proper sum to pay each month/quarter for these services? I am certain there are other things I have not thought of or aware of so any advice along that line will be welcome and appreciated! Sorry if I am asking too much, but I have determined to pursue this as a possible career. I am blessed with ample funds, and bored to death of teaching overseas. Any and all assistance will be greatly appreciated!
I keep telling myself not to get involved but I have this Dudley-Do-Right complex. I would really like to help. The problem is that its like giving advice to a teenager about life. They are not going to pay any attention. The lure of trading is almost impossible to resist. You can make a lot of money sitting at home in your jammies. It would help if you could picture several million other people with the same dream, most of them just as intelligent as you are. Add to this several thousand people who are already doing it successfully and many thousand pros to whom you will pay the spread on most of your trades and your broker who will extract a few bucks for your ticket to play. Now you, with no experience, want to jump into this melee and just pull out a few hundred a day after a month or two of apprenticeship. Rots o ruck! If you are a reasonable person and realize that after several years of hard work and study and a few thousand dollars initiation fees there is a small chance you may succeed, then jump on in.
Exploring a career in 'Trading' Hello "Mr bored guy teaching overseas" There are no packaged educational materials that are going to be mailed out to you. Please use the Search feature to learn about this noble art of ours. After information overload jump into the market and pay your dues. Are you ready for the high drama that is trading? This I assure you is not a diversion from your presumed comfortable existence but please free to venture forth because we are in desperate need of some easy money.
Wolfen, it seems no one wants to answer you with relevant information, don't worry, from wht I see in this site it is probably better off that you not get any! I am going to send you more than you need to check out various things you will need to get started, and without the seemingly obligatory comments that you will fail. This is the Elite Trader place? I think not, most are ignorant beyond belief, and the few that may be getting by trading, are just toooooooooo arrogant. Hence I think most of this site, 95-99% is a bunch of losers and whiners.
Read Reminiscence of Stock Operator first. Reflect over it. Then subscribe to some cheap and simple charting programme like TC2000 or stockcharts.com Look at 1000 charts on daily, weekly and monthly time frame. Once you have done that then read a book on technical analysis and trading systems.
Thank you brokerj. I truly appreciate your response and look forward to getting the information. I guess you need my email address, I will send that along on the private message thing here on Elite Trader. Again thank you so much for your considerate attitude.
It is interesting that your family's investment advisor for three decades gave you the brush off. Could that be a sign that you haven't completed your education and he thinks you should? Just guessing. It is hard to give advice to a prospective trader if you don't know their educational and career accomplishments. Do you have an undergraduate degree in economics, a BBA, a MBA, a BComm ?? or do you plan on taking a 3-5 day course at a broker whose main goal is get his hand in your pocket? Well educated, shrewd, tough people with little experience can be excellent traders, I've met many. I've worked in NY, Chicago, and now in Europe, and my take is 80% of people who are well educated, shrewd and tough can make it. If you are missing one of those ingredients, then you can still make it, but you have a 5% chance. Which of course explains the hiring patterns of the big firms, they know what they are looking for. Best of luck.