Hey. I've just posted this looking for an insight on what to do. For over a year now, I have wanted to seriously pursue the idea of being a full-time trader. From the few trades i have done, I know that I would enjoy it. I also like the idea of being my own boss and using my intelligence and not my hours to make money. Though i understand all the basics and have read several books, I don't know where to go from here. How do I begin to develop a strategy? How long until I begin to see consistent profit? What do you guys think about trading on the market's reaction to news? Would it be a realistic idea to closely follow financial and political news events and trade off of that? If so, what news service would you all recommend? thanks for your time. Roman
Roman if that's your name, I like your name, so old and rustic if you are very smart fella 2-3 years it will take you to start making consistent money if you are somewhat smart, it will take you 5-8 years if you are of average intelligence you will never succeed in this business don't waste time on ET or on Books, open a small account and trade one share until you get it but like all new people you won't take my advice, such is the way of life
yeah that's my name So, I'm 16 years old and, not to sound arrogant, I think i have a high enough intelligence for this. So far I have opened accounts with Tradeking, Ameritrade, Tradestation, and IB. However, I never really made any money other than a lucky $100 from google stock. It just seems like I'm at a block in my progress right now...I don't know where to continue.
I remember reading (I think it was "The Market Wizards") that there is a rather weak correlation between intelligence and success in trading.
the markets produce huge volumes of news everyday. How are you going to know which ones to act on, and further more, how are you going to know how its going to impact the markets? I wouldt do it.
I guess that's just going to require experience. How is it possible to trade without watching the news? It would just be ignoring a big part of why priced move.
if you already have a good job or profession why bother with doing this full time. you could make money doing this part time on while still working full time in your real job. if you are unemployed than give this gig a shot.
Your (self-percieved) intelligence is irrelevant, perhaps a handicap. Start here: http://www.tilsonfunds.com/superinvestors.pdf
if knew what i new how easy it's to make money, i wouldn't have wasted time reading those stupid books on trading. i can teach someone to make easy moneyconsistently in days.