I'm going to become a daytrader - looking for a trading group / network

Discussion in 'Trading' started by lordoftrades, Jan 30, 2014.

  1. You may be right, what was I thinking. lol
     
    #21     Jan 31, 2014
  2. #22     Jan 31, 2014
  3. bone

    bone

    Seriously, get another job or some other source of cash flow and work on developing your own strategy in a SIM environment over time. Your biggest metric is going to be your drawdown tolerance.

    I agree with many other posters about being completely new to this and deciding you are going to take all your capital and have a go about it. You will likely force trades to make money, and nothing good ever comes from forcing trades.

    I am not saying that you should deny yourself your dream and your passion - I'm saying that you should be smart about it and the way you approach it. It takes a tremendous amount of effort to be a consistently profitable trader. Almost every trader I have seen who made a lot of money in a hurry almost always gives it back and much worse because he didn't know any better to begin with.

    How much time and practice and effort does it take to become a very good neurologist, or aerospace engineer, or artist, or chef ? Think about it in those terms please. You will find that the trading profession attracts some very intelligent people, and that many of the market participants you will be betting against have learned how to survive and not be on the receiving end of the pain.
     
    #23     Jan 31, 2014
  4. Working is a positive (or at least a non-negative) sum activity.

    Trading on the other hand could be viewed as a zero to negative sum activity.

    Trading is therefore the toughest activity to pursue.

    In addition to being responsible for profits, you would also have to be responsible for consistency in delivering those profits per your reporting period (Month).

    You also need a lot of capital.

    Reaching out to random people could also be a source of problems, because you could get biased by the crowd. If you have capital and you were to seek further education and consulting, and if I were you, I would reach out someone whom I can pay from trading profits in exchange for his time and expertise under the understanding that if there are no profits there would be nothing to pay.
     
    #24     Jan 31, 2014