his parents have houses in 4 countries??? he mustve blown out his whole trust fund trying to be a short term trader or something.....that really sucks man...sorry to hear it....well it can be worth it one day if you insist on learning as much as possible from it.....
I've found many of the posts here very enlightening & sobering about the realities of daytrading as a career but I would like to point out that the crowd that visits and posts here is a not a fair representation of the daytrading world. The fact that you are here reading and posting reflects upon you (although obviously different people have different reasons for being on this board). I'm not saying that most people who visit this board are losers (one O) but I'd say that many people here are searching for answers/insight (I know I am). Those that have already found their niche are less like to be spending time here. Sure there are successful people that post here, perhaps for the entertainment value or looking for new ideas but I'd bet that they are in the vast minority of the total ET population. If you could perform a real survey of daytraders at random (not just those at ET) the results might be something entirely different....just some food for thought.
I've found many of the posts here very enlightening & sobering about the realities of daytrading as a career but I would like to point out that the crowd that visits and posts here is a not a fair representation of the daytrading world. The fact that you are here reading and posting reflects upon you (although obviously different people have different reasons for being on this board). I'm not saying that most people who visit this board are losers (one O) but I'd say that many people here are searching for answers/insight (I know I am). Those that have already found their niche are less like to be spending time here. Sure there are successful people that post here, perhaps for the entertainment value or looking for new ideas but I'd bet that they are in the vast minority of the total ET population. If you could perform a real survey of daytraders at random (not just those at ET) the results might be something entirely different....just some food for thought.
lol, erm, actually I'm in high school and I will be attending the university of michigan in 2005 (or u of chicago, although will cost a lost more). i was merely being facetious, it was not meant as a retort or an attack, just trying to calm the attitude adding to the thread by said poster i have made money trading since the first day i got serious, when i lose i don't mind admitting it, in fact i'd rather admit a loss than a win (keeps you humble psychologically) i've had my draw downs and my losses, but i'm trading a total of under $10k right now so it's not that big of a deal. doesn't matter to me what you think or say regarding my trading, i'm trying to learn as much as i can so as to be able to live off of trading after college
that's awesome. i wish i was in your position 4 years ago. im 4 years older than you. damn i'm old! i am still struggling a little bit on admitting loses, i think i am able to control my emotions alot better now.
"Trading in the Zone" by Mark Douglas, if you haven't already. To me, every mental mistake we can make is covered in this book.
This is a real profession, like any other: 1. You feel that you have some talent in that direction and you work hard at preparing yourself - it takes a few years but there's plenty to choose from; 2. You try out a few trading approaches and then select a methodology or two to follow - having a good mentor here is invaluable, a real must; 3. You do your job, day in and day out: it is fascinating and also pays your bills. With a little luck, there's money left over. Where's the mystery? Does anyone think it's easier becoming a capable medical doctor? How about a good lawyer? A successful business person? Trading is a difficult and rewarding profession not unlike others. Of course, it goes without saying that not everybody is cut out for it and some people (eg, candidates) should accept that reality and focus elsewhere. The serious problem that I've seen is that there's this rumor that trading is easy, come and get it, become rich overnight. That's terribly wrong. I worked for a big company for 18 years and did well. But, I hated office politics and resulting relentless backstabbing -- not to mention the continuous bickering about everything. Then, in 1997, I quit and started trading on my own. I feel that my second career is easier, more interesting, and pays better. Perhaps, my mistake was going to work for others in the first place. But, hey, I was young (nice excuse, right?) Btw, I've always liked to write science fiction stories, just for fun; then I got more serious about it for a while. The fist one I sold to a magazine (in 1997) took me the equivalent of a full time month of hard work (but I was scraping time here and there because of my other responsibilities.) I was very happy getting the sale, ecstatic... my first publication. It paid $15. That's right, no zeros. Published author, at last... Sold a few other stories over the following year or so for more money, but not much more. Let me tell you, writing for a living REALLY sucks. On the other hand, now I can buy all the books I want