My advice to you. Loan 120K. Put it all in precious metals and precious metals stock. Live like a monk and work hard. When gold hits 3K and silver 80$, pay of the loan. Use the profit to live like a king in a 3th world country. Best of luck.
Ignorance- "So people who know more about a particular subject have the ability to predict the future. Interesting postulation. I think this has been covered in the Black Swan though. It is known as epistemic arrogance"
These are your statements that stood out to me. With $10k there are only really two ways you can viably trade for yourself - scalping, or making big all-in bets via options. Anything else you are hopelessly undercapitalised for. Secondly, you actually have a decent job for a wannabe trader - you earn an ok salary and work in the industry. So you can just follow the markets at work as part of your job, and learn on your employers dime. Effectively you get paid $50k a year to learn the markets. Your savings mean you should not quit. Your job means you should not quit. And your trading approach must be overnight & longer-term - again this means you should not quit. IMO your best option is stick with the job, save every dime that you can (should be easy living with your mother), and trade and invest medium/longer-term for your own account. Set aside say $5k a year in risk to speculate with (i.e. your losses in 12 months must not exceed $5k). Take copious notes on all your trades, mistakes made, lessons learned. Study the markets like a maniac. After 2-3 years of this, if you have any inherent trading talent, you should find that you are making progress. Just keep going with small size and limited risk until you become consistent. Once you have say 3 profitable years in a row, you should still not quit - rather you should show your firm what you have been doing, and ask about getting backing to set up a company account. Negotiate a profit split (e.g. 10% of profits) and then trade firm money - you would then be effectively a hedge fund manager on a salary, pretty sweet gig.
Your posts are just insulting, it's not productive advice. Just leave us all alone please and keep your anger to yourself, thanks.
I agree. This thread is done. Thank you kindly to the people who told me it's a bad idea in a CONSTRUCTIVE way. Some of you are really a bunch of losers.
I think it may depend on how you define "scalping." Apparently, there is a number of interpretations. However, it does seem that the underlying thread is one of fairly short trade duration, at least insofar as losing trades are concerned. Therefore, if you can develop a suitable method for the right instrument(s), you can intraday swing trade with "scalp-sized" protective stops. (Much easier said than done, but entirely possible.)
+1 Trader666 just made the transition to assisted living from his mom's place. Congratulations 666. Baby steps.
for potential new traders this bio is worth reading and comparing to you present path. An optimum path includes 0. recognizing being a full partner with the markets is required. 1. learning to learn. 2. knowiing how the mind works. 3. Doing purposeful tasks to build inference in the mind. (A foundation plus the building blocks) 4. Filling in, purposefully the pieces to allow for putting the pieces together to enjoy a full partnership with the market. Billy chose to have three dependencies. 1. edges. 2. someone else's software. 3. going back home. See attached bio.