Hi, I'm new so please let me know if I'm doing anything wrong. But I have been learning as much as I can about day trading the last year. The last 6 months I have been trading with a tiny 500$ account and have been battling between my winners and losers. After 6 months I haven't made much, so I was looking into lessons, and prop firms in particular since they provide a good amount of capital that I do not have a ton of. I've talked to multiple "prop firms" but so far all the reviews I have read say they're scams.. I'm 18 and I have a passion for day trading, and a burning desire to be financially free without a 9-5 job. I know I can do this I just need help pointed in the right direction. So I'll sum it up by asking for any recommendations on prop firms, lessons, or anything else to help me achieve this dream. I'm willing to put in the work, just need to head in the right direction. Thanks.
Welcome to the forum. You have no need, at the moment, to be asking about prop firms, in my opinion. They might, of course, become a legitimate interest after you have plenty of proven success (or at least success capability, proven on a demo account). I'm nearly 50% older than you, and started my first real-money account when I was your age. If it helps at all, this post explains how I learned, and this post lists the stuff I found helpful.
This is the simplicity of it, the more perfect your setup and environment the more you make. 0. Keep a day job a) treat trading as a hobby to save then b) buy institutional services bypassing 1 2 & 3 1. Find a mentor who a) keeps 85% of net profits or b) marry in to HNW both bypassing 2 & 3 2. Work like an idiot in a trading firm and build your own private system using their knowledge 3. Go through the 7-10yr+ lose to win method where <1% make it through with their sanity These forums will give you 3); with 0a) 1b) 2) you're on your own; 0b) and 1a) unlikely depending on who you are and why should they trust you. You can mix and match but it will confuse you senseless as you won't have a clue which one is actually providing the knowledge. Anything thing else and/or any different timeline and they want your capital by whatever means comes naturally to them, and you can bet they will be more efficient at extracting it than you are at keeping it. Simple.
I was looking more at prior firms that provide training and provide you with capital, I have no problem providing a little money up front if the education and the capital will be worth it.
Might sound old school or uneducated but, I believe if anyone is already doing something why can't you to? So bassically based off my work ethic, willingness and ability to learn, passion and that I'll do what it takes to be successful. I know nothing is ever actually that simple, but what's the point of going into something you enjoy saying "eh I probably won't make it"
Thank you, I'll give those post a read. If you started about my age do you mind if I ask when you found consistent success
I was looking more for prop firms that provide education and capital. I don't have a problem putting a little money up front if the trading and capital will be worth it. And if not a prop firm, where would be some good places to learn or good people to learn from.
I actually started earlier ... and opened my first real-money account at 18, after a lot of practice on demo before that. After about another 3 years. (Sorry - maybe not what you wanted to hear?! ). Good luck!
Women and Europeans are much more conservative and reserved than Americans. Most American males would probably just jump right in into the market, and lose their shirts in the process I lost 40% of my shirt, before stopping -- and studying the market for years and years...before finally turning the tide and being profitable. I jumped into the market during the crazy/exciting Fall 2008, Spring 2009 days.....I wanted a piece of that action...where major equities were making huge moves daily.