Hi everybody, it's great to be here. I'm attending college in California right now, studying business administration and law in the bay area. I'm here because I need the kind of training I just can't get in school, where all of our knowledge is obtained from proven theories or decade-old laws. Essentially, I would like to find a mentor --somebody who would be willing to teach a new player how to play the trading game. I come from a very poor family, and at 19, don't have any connections to experienced and profitable traders willing to show me the ropes. I opened an account with e-Trade today and deposited all of the money I could spare after this months rent, a mere one hundred dollars, into an external trading account. I need to find a way to turn that 100 into 500 within 60 days in order to keep my account active. I know that the services that I'm requesting are normally unspeakably valuable and that it may seem arrogant for some college student with literally no experience or resources to ask for such a generous partnership. But I would like to, somehow, be able to reimburse whoever is willing to take on an apprentice, someday. Essentially, I'm looking for someone who's strategies I can mold my own after and trade alongside until I am able to handle the burden myself. While young, I am dedicated, friendly, humble, a fast learner, an excellent communicator, and willing to give my 110% to meet success. Would anybody be interested in helping me out?
lol. How come so many newbies these days that are dirt broke want to get into trading. Come back when you have $50k.
I believe that you are on the right track but your issue with your account is holding you back from properly trading with a chosen strategy. I did start with a relatively low amount using Scottrade, I found it to be almost child's play as my returns where based on the relatively volatile securities that I was playing with. Now trading with an account of over 4,000$ and a senior in college, I find that I can hedge investments and operate a portfolio that has a conducive strategy. A strategy that I can say that I follow and practice with relative discipline. I'm not saying that you cant trade with under 1000$, but I will say that it would be very difficult to practice any modern portfolio theory with such limited resources. Any Thoughts?
Hi, I would suggest a few things that I think may help. I would shut down the etrade account. really no need for it at this time. Firstly a new trader with $100 that needs to turn it into $500 would have better odds taking a trip to reno and betting it all on blackjack three times in a row and winning then what your trying to get done. I don't mean this in a rude way just letting you know what the odds are. I have been trading for years and I have profitable strategies and I have made huge amounts of money and lost huge amounts and can run circles around you in trading and if I needed to take all my capital and make it five times bigger I think I would seriously consider vegas myself or maybe options but that is a whole different level all together. give up the idea of making money trading for now much like you would give up the idea of being a doctor and making money without learning what your doing. Once you get the "i need to make money" part out of your head you can focus on the "i need to learn and improve" focus and that is what will help you long term. This summer when school is over I have someone who is going to enter in my trades for me on the trading computer and help me backtest ideas so that they can learn how to trade and see it first hand. The only thing I am going to do is buy them lunch once in a while in return and let them ask questions. If for what ever reason that person does not work out and you want to pay your own way to wisconsin and get a cheap place to stay and work in a small hot (13 monitors and six computers kick off a lot of heat) office and be a part of learning how a small trader does what he does let me know. During the down time between trades you can read the different books I have and we can talk about the pros and cons of setups etc... If you put a huge amount of effort into learning all you can you should be able to go back to the bay area at the end of summer with at least one or two nice setups that will work well for you and then all you will need is some working capital to execute with. What I will get is someone to run backtests (which is something you need to learn how to do anyway) and someone who can enter in trades correctly saving me from causing more harm to my wrist from the damn mouse. So I am not charging anything but I am also not promising anything beyond you will learn what it takes to have a chance to make money PM me if interested and if not no worries I will wish you the best of luck. Also I would recommend getting a sim account to work with. No point in trying to trade $100 when you could use the time more productively learning how to trade and system building. Best Robert
Thank you all for your generous feedback. I look forward to reviewing your additional responses and appreciate your time and attention.
I couldn't agree with Robert more. There is A LOT to learn before you're ready to start trading. I've been a relatively successful trader for years and still spend hours and hours a week studying and learning new things. Just like you wouldn't fly in an airplane with someone who isn't a licensed pilot (or try to fly a plane yourself if you're not a pilot), you shouldn't be opening a trading account with no idea of what it takes to be a successful trader. Becoming even a mediocre trader who doesn't lose a lot of money can take a few years, just like a good college education for any profession... and just like many professions it requires an ongoing education to stay at the top of the game in the future. Also, putting pressure on yourself to increase your account by 500% in a such a short time is impossible even for the best trader... a complete novice with no experience doesn't stand a chance of any increase, let alone 500%. If you need that money then close the account before you lose it, because you will. If you really want to "trade" while you're learning there are brokers who offer "demo" accounts that you can use to trade virtual money while learning. While you won't encounter all of the emotional conflict that trading a real money account will provide, you also are nowhere near ready to go down that road. Here's what to do if you're really interested in learning to trade; take that $100 out of your trading account and use it to pick up a few books about trading... and not the ones with titles like "You CAN Time the Market and Make Millions"... but ones that teach you about fundamental and technical analysis. In fact if you're not too proud you can start with some "For Dummies" books, like "Trading For Dummies" and "Technical Analysis For Dummies". From there you need to learn the ins and outs of the market(s) you're interested in trading, the mechanics of charting and entering/exiting your orders... oh yeah, and studying the psychology of trading and mastering money/risk management... these last two are what will really give you the chance to become an elite trader. And this is just the tip of the iceberg... you still have to learn to put into practice what you learn... and believe me it takes extreme discipline to do it... that's why there are so few traders who can stay around for the long run.
PM me in 6 months. I live in San Francisco and trade Forex. You sound like your into stocks right now but more into trading so that offer could be on the table with FX. I MAY have time in 6 months to take on a new "apprentice" so that's my offer. Until then, I suggest you read and watch the markets. No more, no less. Regards, Cambist
Here is a sure fire way to turn 100 into 500. Find a casino with a craps table. Wait for a woman to be rolling the dice; It has to be a woman and preferably one who doesnât understand the game. I have no idea why; itâs just the way it works. If and when she rolls a 6 or an 8 bet $5 on the hard ways. Youâre betting she will roll a pair before she hits her number or before a 7 comes up. If you win you will be paid $45. Parlay the bet, that is leave all you money on the table. If you win again you will have your $500. Like trading you need patience and discipline. With $100 you have 20 opportunities. This will work. I usually parlay the $500 just to see the reaction of everybody at the table. I donât win very often but the entertainment value I get out of the initial $5 is priceless. You certainly get the attention of the pit boss.
Stick to your schooling ! You have no business trying to learn something that may not pan out for you. More than 90% of traders lose most or all of their money. Get your degree in business or law, get a real job, then once you are situated career wise, you can in your spare time learn about trading. Concentrate on getting a college degree first !! Its the best insurance you can have...
I will and only be a mentor for someone who at has at the least the following -$250k in bp (prop account is fine) -pays less then .005 per share -has time pre and post market to go over trading -understands the basics (bid, ask, some basic charting, news, TA) -legal contract between myself and the student