Any form of trading can be the 'gateway' drug that leads to ever more risky and ever more impulsive trading as you try to dig out of a bigger and bigger hole. Even investing is not safe - 90% of investors fail to outperform the S&P 500. Even investing is gateway drug that leads to stock picking, and trying to outsmart the market which eventually leads to more active and risky trading. Real investing is buying an index fund at a reasonable valuation and never looking at the account until you retire - if that makes you uncomfortable then invest in bonds. Or you can invest in yourself by pursuing further education, more advanced job training, or starting a side business.
i got into construction(my own company). i learned the biz on my own. i asked tons of questions and am a very focused person. i hired a bunch of guys i saw working on a new home..i mainyl do exteriors..as far as me,i do all the sales,never pick up a hammer because i would'nt know how to use it..LOL That said, i know the biz like the back of my hand. as for trading,i was a technical guy and stopped myself out when the trade did'nt work out. hundred bucks here and a hundred bucks there..bamm!!! you are down 700 for the day. at least working in a factory you are net possitive every day, not trading. most,not all who are negative with my post are aspiring traders and not making money yet but me coming on here is kind of like splashing cold water on their dreams..so i accept the criticism. however, i need just one guy,young or old to listen and move on to something more possitive. i know for a fact,so many daytraders fall into depression due to financial problems. its an unhealthy way of life. that 1% that does make it..i tip my hat of to you and you have my respect. although, what other profession has odds of success that low? oh, i know, black jack and poker players.
What is your edge in construction? Local niche? How would you compare the barriers to entry in construction to trading?
It's an unhealthy life even if you're profitable. I've been doing this for 22 years -- not all profitable, of course -- and if I had a chance to turn back the clock and do something differenet I'd do it in a heartbeat. This business has ruined my eyes, my back, and my ass (I'm guessing I don't need to go into detail ). It's incredibly stressful, especially on the days when you're deep red. Oddly, I started out in construction and I do know how to use a hammer but I got an old man's back in a young man's body. I suppose I could do what you're doing but I'll be here for the opening bell tomorrow. Good luck Hood!
So you a salesman? You probably have some natural gift in this area. If i had to list which professions were most likely to succeed at trading, salesman would be low on my list. However i think you should have gone into trading educational sales, instead of trading itself, you would have made more of a guaranteed and steady income, or at least no losses, which is what you seem to want.
Barriers to entry are pretty much identical. If you got 5 grand and a few tools you're good to go. It's staying in the market that requires the craft. The niche in this business is doing high quality work you can hang your hat on. Put two carpenters on the same crown molding mitre and you'll get two completely different results -- just like trading.
I realize the dangers so I set myself up with the following: a) Retail acct for swing trading options and stocks that I keep at a certain dollar amount. Anything I make over and above that threshold goes into my retirement fund. I've made this money back a few times over so I would consider myself fairly successful there. b) My Retirement acct for nothing but good long term hold stocks and funds that generate solid yield. Nothing spectacular but is growing at a nice pace. c) My Futures acct that I opened with money from my options trading. I told myself I would only open this acct when I had made enough from options. I trade nat-gas (hedging) for a marketer so I have some experience (far from an expert though). Have booked some small profits there but if I were to blow this acct, I'm done with futures - no questions asked, I walk away for good. Also, I'm always furthering my education since this will hopefully be my continuous "edge" in the workplace. Thanks for looking out for me though - I make sure I read these types of threads specifically to keep myself in line
ANY career w/ the potential to pay you handsomely has risks, is not easy and many will fail at it. The cost of entry in trading is so tiny that anyone w/ a computer now can give it a go. Someone go find emg quickly so he can link back to this post.
Sorry to hear you blew up by not paying attention to risk management. I bet you do pay attention now in the construction biz. btw... casinos definitely let you gamble on margin I'm glad you are happier now. good luck