Starting young is a good thing and maybe you can keep your mind from being altered by the monetary structure imposed on you while grow into adulthood. But, when I was 16 I didn't know sh-t about my true self (you'll know what I'm talking about later) and this is more critical than any trading strategy or system. Gotta learn what your weaknesses are. Learn how to embrace and understand them. How well do you handle pressure? How well do handle negative/positive emotion? Do you get frustrated easily? How confident are you, how much self-esteem do you have? Are you stubborn? I ask these things because these are all hard questions that you will find the answers to with time and practice. Things happen in the market that have no explanantion, accept this, move on and don't take it personally. Everything esle IMO is almost entirely useless, indicators, data feeds, newsletters, strategies, etc... These will account for maybe 5% of your success (if you have any). Anyhow, for now reading the tape and learning some basic TA will get you another step up the ladder. Mike
hey man, i really think you should read up on how to trade before you actually start doing it. do you have a time horizon in mind? you have to define that before you come up with a strategy. the best thing you can do is read.
mike is correct. you're 16 so it's absolutely great that you're starting early. however, make sure you build a strong foundation
Take that $2500 and get laid as much and as well as you can. That is at least 25 nights' worth of pussy, even more at the all-you-can-eat buffet. You can always learn to trade when you're old like me. But you will not always be able to get it off five times a night. Heed the voice of experience. At sixty I still get more pleasure from fucking fat girls than I ever get from trading, or ever will. I have NEVER made a trade that felt better than a good blowjob. Get your priorities straight, boy, not to mention your dick!
I started when I was 16 so I can relate bud. Trust me, there is no easy way to make money. Learning to become a profitable trader is no different than learning to become a lawyer or a doctor. Don't think of it as a way to get rich. Just think...You are 16 year's old and already have an interest for the financial world...Good for you. Take your time and enjoy life. I missed most of childhood because I raced Formula cars for Pavasi from Italy and Japan. But please take your time. Like I said, I started when I was 16 too, but im 20 now and have still not even thought about opening a trading account (Minus my Forex account I trade ). I have so much more to learn. All these guys on here busting your balls and giving you a hard time are really giving you the best advice anyone could give. Listen to them. -Kastro
i don't think one's youth is about getting laid or a drug habit. Thats just awful advice. Prestige is everything to the working everyman. Try and get some by associating yourself with the elite. For example, save that 2500 and get a little more. Find a course you enjoy at Harvard during their summer program...its relatively open entry. Take the money and get over there for the summer. Maybe your parents will give you a hand. Do well, get a recommendation, and you are setting yourself up for an easier time getting into great colleges/possibly transferring in the future. If you can't get there, do their distance option...columbia has one too. Some people might say the distance option is shit, but then again they've never tasted what its like to go to something other than a state school with their bs _____ department that newsweek ranked something absurd. Good academics is a good backup plan...it may not be the best life in the end, you know, but you'll make a lot more than the average daytrader. And in all honestly, if you're exceptional in a conventional/academic way, you'll make way more than any daytrader. Just look at some of the job postings for quant traders with Phd's. They have a salary thats 500k, and a year end bonus that can make their total compensation up to 1 mil. Daytrading will always be there, but that doesn't mean you can't just fuck around now. If you're parents will support your academic goals, then earn a little money, maybe open up a forex account and just screw around with it on the side. Some people take this to be a serious profession because its all they have left. You are young and flexible. Have some fun with it because daytrading shouldn't be some kind of life long aspiration....thats just ridiculous. If its happens, great. But don't spend 4-5 years of your life "preparing" for a loser's endeavor. Put your efforts to something that is at least respected on the street/your family/peers. Position yourself for a standard (yet possibly very lucrative and hard working) life, and if daytrading as a hobby turns into something more, than focus more on it. This should be a hobby for you, not the end all. And if some ass clown says he's gonna take your money, whatever. Just know that if you put the time into doing things well in academia (your back up plan) you'll be making a ton yourself. p.s. i'd advise against visiting this site, its most likely a waste of your time. Look up paul wilmott, go to his site, and you might learn something about getting a "proper" trading job. Whatever you do, for the love of god don't think that what you read here is the only kind of "Trading" that exists. The majority of people here are a form of trader. They are certainly not the only kind that exist. do things right, and do them better than your peers. You'll turn out better over the long run
First off your a minor using Scottrade? How did you pull that one off? You have to be at least 18 to open and account Also, if you searched before posting you would know there is a thread like this started everyday.
Trading with $2500 is pretty much for recreation. You might hit a big score, but more typically your $14 in commissions and lowsy fills with Scottrade will eat away any profit. Normally I'd say use a direct access firm, but then software would eat you up. Maybe forex would be a better fit?
You can trade several high liquidity futures for under five bucks roundtrip with that grubstake. But I stick by advice to have fun while you are young. Build up your liquid net worth, then trade so conservatively that there is little at stake.
Guess I have to give you guys some of my ideas. What would you say about Martha Stewarts stock. I intend on buying this stock and holding at least until her show starts. Now is this a good or bad idea. Also, my account is a sub-account under my mom's. However trading is just not her thing. She took me to a seminar for trading and I caught on quickly. I ended teaching her more about stocks.