Hello, I am 33yrs old and have been in the insurance industry for 15yrs and have been seriously considering getting into trading as a part time job which will hopefully become a full-time job. I'm tired of working for someone else and this has been a passion for me for years and now I feel that I am psychologically ready to tackle the markets. I've had some success in the past trading stocks. My main question is that I have 5k in capital right now and would like to hear any suggestions as to how best to get started in increasing my wealth.
$5k is enough to start with in order to learn more about trading and increase your skills. It would obviously not be enough to quit your job and earn a living with, but it sounds like you aren't planning on doing that. Just my opinion, but I would recommend futures, where $5,000 can go much further due to leverage (can be lost faster, as well). Either way, it is highly possible to blow up your account while learning, so in that regard, $5k is better than blowing $50k.
Is $5,000 your total capital or just what you want to start with. If you cannot afford to loose it do not do it. If it is mad money go for it.
How can you have only $5000 and be 33 years old? This post is spam. Moderator please close thread. Thanks.
Ageed. If it was you passion and you were psychologicly readdy you would go get 2 or 3 more jobs and bust your ass for the next 5 years and save up a few hundred thousand. Delay your gratifaction till you do.
I agree. This is only a troll. how can it be "this has been a passion for me for years", and yet don't know if it can be done?
Hi Tigo If loosing your $5k would cause some pain, then yes. Most people might agree that using enough money to hurt yourself somewhat should be about enough to teach you respect for the market. That's when most will learn how by acting in a way that will not end up hurting. Loosers hurt. Winners do not hurt. If you agree loosing your $5k would hurt, go ahead and try it for a while. But be ready to quit if need be. agpilot