It seems everyone on ET is killing it. So what is everyone doing that im not? Im 19 and im stuggling. Am i towards the bottom of the range for starting traders. Seems like most of these people i see post killer days, day after day started trading at 6 like tiger woods did with golf or something. I study the markets everynight and i bust my ass learning to trade. My life honestly consist of school, work, and studying the market. This is my first year in the futures market but its kind of hard to get your ass handed when you work so hard at something. I want to be a professional trader what is some advice for me to be doing so i can possibly trade professionally in the next 5 years? As of today i have stopped live trading and will go back to paper trading. Man i looking in the future and i dont know where i can get a job and get a decent salary to make a run at a professional career. Maybe im not the only one who thinks about this but its a concern of mine. Im trying to trade with small capital but its extremely hard. Most of the time im right about the direction but ill get whipped and have to close at a loss. Thats partially why i take trading with the upmost seriousness. I started trading and learning on the ES but honestly its to expensive for my blood. So i am going to paper trade the NQ for he next 6 mo. I do have a connection to a floor trader and i plan on soon buying a ticket to chicago to talk to him pick his brain and will stay up there for about a week. Im posting this to the ET community because im in a suburban neighborhood with zero traders and its really hard to try and learn by yourself. Any advice or comments are very appreciated. sorry for the long post guys.
All the people I've known on the floor and off, who've made a living trading had trading and only trading as a full-time job. Yes, many worked a second job during non-market hours for the first year or two, but they stood on the floor or were in front of the screen for the entire trading day. You've got yuorself spread pretty thin, and at 19, why not finish school with a decent GPA, and a real education? This gives you options for the future that a marginal GPA will not. Trading will always be there. This isn't what you want to hear, so most certainly this advice will be ignored, but it's going to be VERY difficult to succeed with the approach you're emplying now. Also, picking your friend's brain for a week will give you little help at this stage in my opinion. You'd have to stand where he does day in and day out for a lot longer than a week to have what he sees and does start working for you. Not trying to be harsh, but ET seems to stray further and further from reality.
First off, you are missing a primary ingredient to successful trading, especially at the age of 19. In all seriousness, pussy is necessary and you must allocate time for it. It keeps you sane. I used to be a floor trader on the COMEX/NYMEX. Everyone has their style, mine was born and taught from the floor traders I learned from, scalping. I pick up pennies at a time ALL DAY LONG, day in and day out. That works for me, I buy and QUICKLY cut it if it doesn't go my way, right away, immediately looking for the next trade. This is what makes sense to me, rather than playing for a nickle or ten cent move in a single trade. Every once in a while, you get in at the start of a larger move and can ride it for a little better.
I left the floor in 2000, saw electronic market coming and took a job at an energy company in Houston, wanted to beat a supply glut of traders. I really miss the floor though, was good times although I like Globex better, better on the voice too!
My advice is similar to what others said: your psychological state is HUGE. You must be stable financially and psyschologically. That means don't trade with your rent or your mortgage payment. Several years of study should give you a rough idea of what you like style wise. Read books on both fundamental and techical analysis and see what you gravitate toward. Track a few stocks "from cradle to the grave".
people who lose dont post losses...nothing to gloat about....I bet 85% of traders investors are getting killed.Even the billionaire big wig players are getting their asses handed to them like kirkorian,icahn etc. So dont feel bad. Also if u dont have large coin and are getting whipped out in futures you should switch to stocks were you dont have the margin/leverage issues etc... Personally,you should finish your college.At least you ll have a passport to a career down the road.Cant say the same for trading-you can end up with no cash and no degree/skill.If you want just buy some long term equities at these cheaper levels and walk away...cat,fcx,nov,x,c...
Man you are 19! 19....go and play. Seriously. The marekts wil lbe here in 10 years time you are only young once. Enjoy it. Don't get stresed out about marekts/money/busines yet. Plenty of time for that B*S* once you have bagged your slef a few trophy girl friends. ENJOY
Personally, I think developing a skill like trading, running your own business, freelancing, etc (pick your poision) is going to be far more stable and secure than getting good grades and a corporate job. It is important to get your education but staying away from corporate employment is the better path. Far too many MBAs and college graduates from top schools out of work with more minted every year. Find those that trade well in the P/L thread and silently observe their other posts. Read and learn. Stay away from the non-sense and attention seekers. If you have what it takes, the ability to quickly sort out the valuable information from the BS on these boards will come natural to you. Meanwhile, keep paper trading and learning. Don't give up and don't blow out. When you are more confident, stay small (say 1 YM contract) and trade that for months until it is boring, then do it for 3-6 more months. Then think about going for 2 contracts.