I have $25K sitting in a checking account that only earns about 4% a month that I would like to start trading with at some point in the future. I am new to all kinds of trading and need to learn everything. Here's a bit of info on me that maybe would help in what direction you should think I should go toward: 1. I have a lot of time on my hands as I am in real estate in which I only need to dedicate about 10 hours a week. 2. My wife and I each have Roth IRAs that we contribute the max each year that have been doing 20+% in international funds. 3. I have a degree in statistics and minor in mathematics. There seem to be a few/some knowledgable traders who make a living around here from what I have read so far, and I would be interested in any advice on the best way to get my feet wet. Do I go toward options and read McMillan & Natenberg, do I find a mentor for daytrading stocks, futures?????? I am open to all constructive ideas and thoughts.......
I started by paper trading. I'm trading live now, and there are significant differences between the two, as I expected, but I'd suggest at least being profitable on paper first! Start with that. Make a trading journel, and keep learning from there.
That's too bad you are only getting 4% a month on your money. I say, ADD MORE to it!, and forget about trading.
If you can find a mentor, that would be an awsome way for you to start a trading career. If your gonna just trade your self, don't commit 25k, if you do than your asking for losses. Practice on a simulator with good quality data feeds, make sure you manage your risk.
I'm sure he meant per year . at 4% a month, thats 60% a year compounded annually, I'd quit trading and sit on my ass all day sippin on martinis.
1) spend a few months reading all the major trading books. 2) trying to decide what product(s) and what time frame you want to trade. 3) find the best trader from number 2 above and beg him/her to mentor you, even if it requires paying for the mentorship.
Your best bet is if you are willing to teach a trader how you earn a living working 10 hours per week in real-estate, or some other such skillset that produces a steady revenue stream or results in a new career, you might be able to strike a reciprocal arrangement.
Yes, 4% a year (about $100 a month). I'm not even sure who to beg (as a mentor) as being new to trading - my guesses on who is good may not even be right. I believe I ultimately want to position trade, not day trade. Any suggestions on a mentor to beg. You can PM me if need be.