Bigbadadam04 What is your trading style?. When I first started I was making good money too. I thought I had a natural talent for trading, and that my strategy was golden. However my lucky streak was gone after the first month or so. I've been trading sinse January of this year, and my only profitable month was in July when I made 7.01, lol. If you want to succeeded, you have to ask lots of questions. Over the months I've pestered just about everyone on this forum trying to squeeze the answers out of them . Sometimes it works, and people give good pointers, other times people laugh and make fun of you when you tell them things like you want to run your own Hedge Fund at age 25. But if you can learn the mistakes of others, then you're half way there.
Well you can't say that I have a trading style since I never placed a realtime trade before. But I guess I would define myself as a swing trader.
Here's what I think bigbadadam. You're a hungry young buck with big ideals and no experience and that's a good place to start. It's a good place to get taken to the cleaners too, but that's all part of the learning curve. I'd suggest you look at emini trading because it's fast and you'll learn lots in a short time. The Russell 2000 is a good technical instrument to trade. In my 20's I started in stocks, but I learned more and a lot faster in futures. Also be prepared to pay your dues in screen time. After you've watched the Russell for a few thousand hours it will start to make a lot of sense. And IB are great brokers to use as the data feed comes free. Enjoy, and I hope you make it, but I think your method will need a few years of tweeking!
At least you are doing something productive vs what most people are doing at 20. Why didn't start earlier? Stay in the market and get experience you will figure it out. Good luck! P.S. Don't forget about short term capital gain taxes at the end of the year.
Yeah, It'd rather pay 28% of a %100 gain, than try to eek out a 10% tax-savings and end up with only a 15% gain...
Take your 10k and buy and read all of these books before you even think about making a trade. http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=1596050713&itm=9 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0471592242&itm=2 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0132157578&itm=1 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0887309569&itm=10 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0887306675&itm=1 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0887306101&itm=2 http://search.barnesandnoble.com/booksearch/isbnInquiry.asp?userid=EK6b5E8CB3&isbn=0066620597&itm=3