Advice? PhilC,...are you real? There are people out there who take the p*ss, you are one of them. Don't act all innocent, it don't work right. Think about this thread? You are probably a clever guy,...but not so clever. Why? You over did it, so you are not so clever. Next time try acting like a real thicko.
gosh .... for a young kid your sights are very high will you be able to live with yourself if later on in life you do not reach those lofty goals A: be humble ... B: control risk C: save as much money as you can and figure out how to make that money grow without too much risk while using a small portion of it to spec trade. perhaps you can apply to their summer internship program ( the logical trader people ) good luck ...
>PhilC I have been trading in the market for 35 years and it has been my sole source of income for the last 27 years. While what I do may not suit or satisfy you I'll tell what I and many others believe. The market moves according to supply and demand. You do not need to know what causes supply and demand. If you have the ability to analyse supply and demand, you will have the edge and can make money. You can analyse supply and demand using technical analysis. There are many forms of TA. The vast majority are too distant from the basics to be effective tools.The majority of those who do not support TA have failed after using these so called TA tools or have not studied the basics to the extent required to use TA effectively. And, of course, there are those who are not suited for this type of analysis. If you are not turned off by TA, you might consider spending 1 or 2 years at your present job while studying the true basics of TA which starts with the Dow theory. However, you sound as though you are a quite emotional man. Remember, if you cannot control your emotions in the market, you will fail, no matter what form of analysis you use. And do not neglect learning the art of saving money. Live within your means, and save all you can while your earning power is the greatest. All the best, gaijin
Just a few observations. First, at the age of 29 you are hardly at the end of your life, or even within sight of it. By the way, I think I'm particularly qualified to make this observation: I'll be 61 in a few weeks. I mention this because one of the problems you appear to have right now is that you are letting for feeling of "age" drive some of your conclusions. I'd get that out of your mind....I recall reading a book when I was around your age with interviews of wealthy individuals, one of whom recommended that young men take some time off, travel the world, experiment, because life really doesn't even START until you're in your 30's. Next, you need to shift your focus from "money", Porshes, etc. A focus on these types of things causes you to seek out all the fast money, easy money types of avenues, rather than what you really ought to do. What you ought to be doing, coming back to the advice I mentioned above, is thinking about what you truly WANT to do, but you truly DESIRE to do. That has nothing to do with money. And if you don't really know, then perhaps some vocational/psychological tests would be in order. They are widely available, and cheap. Don't take either of the two observations above lightly. I think these two are the beginning of what you need to do. What my Dad counselled me to do when I was young I think was excellent advice. He suggested what I should do is figure out EXACTLY what I want to do, and then find people who are doing it, then go to work for one of them. This doesn't mean by the way that you need to go to work for Paul Tudor Jones, or the top hedge fund in the country. You just need to get somewhere where you can begin to learn something about what you DESIRE/LOVE to do. You have a LONG life ahead of you, plenty of time later to obtain and enjoy some of those possessions that you think are so critical. It doesn't need to begin tomorrow. You know, back when I was getting started I started working at a brokerage firm, as a broker. Not really exactly what I wanted to do....I was a glorified salesman. But I was around the things I was interested in. Over time, I got into different positions, trading for the firm, trading on the floor, managing money, etc. This all gave me a breadth of experience. But I have to say that I find it hard now to think back about WHO exactly was my "mentor". What I remember alot of is guys protecting their own turf. Maybe it was just me. In any case, I found that my knowledge has largely come from EXPERIENCE, and self-taught. Part of what I'm getting at here is that Paul Tudor Jones is not going to be telling you any "secrets". In fact, my guess is that Paul Tudor Jones would say he doesn't have any "secrets". Rather, the chances are he is an extremely talents individual who is doing what he loves. In the end, you don't have to be the biggest muckety muck around. What would be ideal is do something that you love, that you have some talent for. And again, remember, at 29 you're just getting started, just at the beginning. OldTrader
You figured me out. I am pretending to be someone I am not for the attention. Sorry for wasting your time.
OldTRader: Hopefully, I will find my niche somewhere. More importantly, as you said, I need to have the desire and passion for whatever I do. Life will be a lot easier. Thank you again for your response.
SethArb: The question you asked me above is one that I ask myself often. Will I be happy if I do not meet my own expectations? I am not sure I will. I am not materialistic, but at the same time, we only live once. This conversation goes beyond the scope of my career. I appreciate your thoughts.
Maybe you guys can help me 2, I am 17 and was SWING trading for 2 years now....What should I do?? Please help..... oooo Im going to college this fall.......finally got my first job..............Im getting to old guys please help I dont know what to do, how to make $$$$$$, also I promised to buy my dad a house in 10 years,somewhere in Hawaii, b/c we live in NYC now. I cannot dissapoint him. SO what should I do?????? PLEASE HELP. PS I am not trying to be a sarcastic prick, everything is true stated above, I am really 17 and thats my pic lol Nah thats really me, I am not retarded either, well whenever I party I am .
Hey Rat .... Not to worry, bro. Go here,ok. I bet this guy really wants to help ya. http://www.mrmarketishuge.com/
Gaijin: Thank you for your response. Clearly, youâre more schooled than I am using TA, and trading for that matter. Iâve read a little bit on Charles Dow. His theory relates more towards equities than commodities or FX. For me, I use TA to determine my entry and exit points, confirmation of the trade using various indicators and short term trading. Do you trade or have experience trading commodities? I spend a great deal of time studying a supply/demand relationship for the market I am trading. For those who focus on fundamentals I would be intrerested in your opinion. What factors do you use to determine the price? Is it quantifiable? Why did Sugar triple in value over last few years? Ethanol demand? Jim Rodgers book ? Price of crude oil spurring additional investment into alternative energy resources? Producers exiting the business after years of low prices? I am sure a combination. My point or question is for the TA pundits, what analysis are you using to predict price levels in this environment? Gold for example, $635, has little resistance towards the $800 level (in my opinion technically speaking). Hypothetically speaking, after consolidation, Gold makes a beeline towards $800 with increased fund buying and speculation. For arguments sake, the move was precipitated by an event that led it to break from consolidation. Technically speaking, it broke out, breaks the psychological level of $800 towards the record level price of $850. Tests the level, ultimately breaking $850. Question, what analysis does the technician use at this point? As a technician only, what resistance price level do you use in your valuation? Psychological levels? Factor in the adjusted inflationary price? The question relates similarly to 90s dotcom stocks. In addition, for fundamentalists out there, what analysis could you use to evaluate the future price? This is more academic then practical considering Gold has âsafe havenâ demand, but all things being equal, what steps do you take in your valuation method? How can TA exhibit all the dynamics of an instrument? For those who trade commodities and thoroughly evaluates S/D relationship, I would like to know what considerations they use for their given model. Can you deduce a quantifiable price based on your inputs?