c verm, with all due respect, you can't go into this with a particular time frame in mind. Look at the market wizards, the best traders in the world probably. Some of them started out profitable from day one (in an era of easier trading) and some took 5 or more years. I personally have been trading for just about 3 years full time and only now have begun to be profitable. Also, forget the notion of daytrading or position trading or swing trading. Just be a trader. Take what the market gives you. My mentor (and other profitable traders I've observed) don't think in terms of these ridiculous labels. They have different strategies for different market conditions.
It all depends on your personality and intelligence. If you are " know it all" type, it will be very difficult. If you are willing to listen , try ideas and keep your mind open, your chances are much better. You can learn a lot from an absolute beginner who has a fresh view on trading. Try to find out which type of method you like to trade the most before paying for the mentor, you may not be compatible. Good luck, Walter
Agree. First you don't become a trader because you lost your job you become a trader because you don't want to do anything else. If your trading has been profitable stick to what you have been doing . Don't try to be a daytrader because you need to extract money from the markets everyday or because it's cool. It's not cool to be a losing daytrader which you will most likely be if you try to do what it's talked about here (daytrading eminis and forex). Also don't go out there looking for a mentor, especially if you have to pay him. Find the truth by yourself.
6 months to a year if one is extremely motivated and focused. I know of a firm who teaches training and traders are becoming profitable 6 months plus. Also attending a seminar might help try tradingscience.com
I agree completely... I remember an ad for the Marine Corps, where the DI was shouting at the Boot: "Boot, ya gotta love the Corps, 'cause if you just like it, ya won't get through the day!" It takes that kind of commitment over a long time to succeed.
I have been studying and totally devoted to daytrading for 3 and 3/4 years. I am just now getting the hang of it. I have always picked up things extremely fast and thought it would be the same with trading. Not so. The most difficult thing I have ever undertaken by far. Dont really know if your previous experience will help or not. Best wishes. edit: I should add that I have not had any mentors. I am pretty stubborn about doing things my way and it has probably cost me a lot of time.
I am not becomming a day trader just because I lost my job. Ever since I was a young boy I wanted to day trade. I have read a few books on daytrading and would like to apply my swing trading strategy to daytrading, just in a shorter time frame. I would like to thank everyone for their input as it have made me think about afew more things. About mentors, I do not know any day traders so how would I get mentoriing for free?? I think I will have to pay someone to get me comfortable with the speed, and how to set up everything on the Trading platform.
I have read many threads on ET about full time traders who are still trying to turn profitable and live off the money?? Why do so many traders start to do it full time when they arnt sure if they can even do it?? Woud you not get a job that you work nights, or weekends so you can make money while you figure out a profitable strategy??
I've been trading full time for about 3 1/2 years now. I started out as a stockbroker in 1987, right before the crash. While selling stocks, I've been trading mostly options on OEX up until 2000. Then I decided to try out day trading. My first experience was with Charles Schwab. I started out with about $20k and within about 1 week I lost about $60k on 1 position. Somehow Schwab let me buy about 8000 shares of a $45 stock. So I kept averaging down, until they sold me out. That was depressing to say the least. After that experience I decided to go learn daytrading from a daytrading firm in NYC. After 1 weeks course and making about $13k in one day (simulator account) I opened a new account with that company. In about 2 weeks I lost about $3k from that. Closed that account and decided to try another company (I was overcharged for commissions which were 21.95 per trade.) Opened another account with $10k to trade for $12.95 per trade. I was trading very scared, basically trying to buy on the bid, sell on the offer. Managed to stay afloat for about 2 months without loosing anymore money. Then I started reading books and articles about trading, trying to learn on my own, until 1 article described how a floor broker or somebody like that was trading his own account. His logic was that when he wanted to buy something he would hit the offer, sell something, hit the bid. Exactly the opposite of what I was doing. That changed everything. That advice along with advice from numerous trading books and articles turned the tide around. From that last account for $10k I have taken out about $500k, never keeping more than $200k in buying power. I only scalp, never ever taken a position overnight (too much of a chicken), only trade stocks (started with NASDAQ, graduated to NYSE in the last 12 months). I am thinking now of switching to prop side from IB to get more leverage. Still learning new techniques and strategies. My advice to anyone trying to get started in this business; learn from your own mistakes, find a style that will compliment your personality and always cut your losses no matter what. Even if 99 out of 100 times that stock will come back, you only need 1 trade to bury you. shneed