Hi everybody, As you can see, this is my first post here on ET. I have been quite a lurker the past few years (undergraduate years) and have read numerous posts that I found interesting. Some posts have been helpful in my trading, most have not. I think it is finally time I make a contribution because I actually have something worthwhile to contribute. I just graduated college, and throughout the past 4 years I have not only been earning a finance degree, but also a trading education. I have gone from individual stock picking to penny stocks (that was a fun period....) to ETFs and recently I have found my center with forex trading. I would describe my overall performance as slightly negative. I would like to consider the "lost" money as my investment for simply a better life down the road. With forex trading I have seen much more success and everything is looking positive. My strategy has been in place and as time goes on I make minor tweaks to it. My overall philosophy has not changed. I have found the biggest roadblock for me is lack of capital. In my opinion, the amount of money in an account should not matter and should never change the strategic approach. For example, the amount invested per trade should be a % of total assets. Leverage should never change with total assets and neither should stops, etc. I am making money, but with such a small account I think there is a psychological barrier. You should know what I am talking about if you started with a small account. Anyway, my whole reason for trading is for a greater purpose. The world economy is sick, and most jobs out there can not adequately support a healthy style of living. There is no job security anymore. Pay is generally low (or high commission based) and benefits have been diminished. The only "good" jobs out there are always taken by people in power or who have connections because of their family relationships. Therefore, most of us average people are left out in the dark, forced to viciously compete over these, for lack of a better description, ridiculous jobs. I have been searching for months and I finally accepted a part time position that will barely cover necessities. I think it says something when recent graduates start off in a limbo state doing whatever for money and can not have the opportunity to gain any real substantial experience. I wonder how that will affect economic conditions down the road when the young people with knowledge are in high debt with limited experience. I went to college because I expected higher future earnings and a better career. Now I am left with student loan debt that will take years to pay off and a not so promising job. Before I place another trade, my question is, is trading worth it? My dream is to live off of my trading. That is it. I am sure we all share this dream to some degree. I do not want to be super rich, just earn some juicy cash flow. Then, I could travel, be my own boss and set my own standards. I could start a non profit business for the greater good. I would truly be free. Does anybody here DO this? To me, this is possible. I just feel even with the right skills and strategy, starting with a small account in this sick economy is very, very tough. Any thoughtful answers would be greatly appreciated. All ideas are welcome. Thanks.
d-rock1080: I will leave you with this thought: If you are like most people taking a wage/salary job (and I used to do that for over 20 years), you can calculate how much you would be making to the date of your retirement - assuming a steady salary increase and occassional promotion/job-change. To the exact penny almost. If you take trading, or likewise starting your own business, you are giving yourself a chance - but only a chance - to have unbound growth down the road. Your fate, well-being, is up to you. Do not let "being your own boss" be an appeal. It is harder than just having a real boss to boot you to perform!
You could look at it like this: if your money management says you only risk 1% of your trading capital per trade, and you need to risk $1000 to place a trade, then scrape up the $1000 and make the trade. Pretend like you also have the other $99k. Get a job and consider it future money that just isn't in the account yet; all you have to do is transfer your time into cash and then it's real. If you want to trade full time, then yeah you need to save up the whole $100k plus 2 years living expenses just like they tell you in the books. But if you have a job that throws off cash after you feed and house yourself, go for it!
Who are going to provide(work) for you, when you are free from such burdens, after moving fiat-money around?
Welcome to ET Yes you can make a fortune at trading and show off at ET. But to do this correctly you must find a broker who will accept vague open/close transaction orders in hindsight, for example, enter 3 days after the rally has begun but use the bottom as entry exit after resistance has crashed price by 10% but broker gives you exit exactly @ resistance. You will make a fortune. That's how all these mothers at ET got rich. Yes, you can too. Goodluck! God bless you.
are you Chinese? just like me. we have the same feeling and thinking. my plan is saving some money first by working, then go to risk,to the dream...
You want to go all into trading just as it is about to end (become Government controlled).You have my sympathies. www.theterroristswhodestroyedthemarkets.com