Before I started trading I did a business plan as any other small business might do. I also did a "What if I totally Screw Up" write-up so that I had some backup plan (go back to old profession, find another entrepreneurial opportunity). I sense many "hope" trading will be an easy road to riches. Back in the late 90's when the market was heading straight up all kinds of people ventured into trading expecting it was a non-stop ATM machine. The rude awakening they got in early 2000 I still remember so well. They quit showing up at the office to trade. They refused to sell losers. Many knew one way to trade -- go long. I sense that's still true here of the wanna be traders, they don't play the short side as much as they should. Kind of like a football team only passing (and not running the ball) or vice versa. You have to use ALL your options to maximize your chances of winning.
Very noble of you and well done. so you only trade half a day? OK I guess that's "doable" as sitting in front of a screen all day would drive me mad. --------------------------------------------------------------------------------- with the free time trading allows you can use it in many ways. One way which is very rewarding is to give back somehow in your community. I spend up to 3 afternoons per week tutoring poor kids in an after school setting at their school. The pay is $0 -- but the feeling of satisfaction is beyond what any dollar amount.
You are guarenteed to fail in everything if you NEVER try. If there was a dream I wanted to follow, had the chance to and never did, living with that regret would be worse than failure.
Oh yeah...I remember the dot come trading days and those day trading TV commercials. They sucked in even the grandma's and grandpa's looking to get in on the action. In contrast, take a look at one of the new types of trading/investing commercials but they're more funny and entertaining than the commercials of the 90's. http://www.youtube.com/watch?v=U8Ev5HgGACg P.S. Anyone has a link to a few videos of those day trading commercials of the 90's ? Mark
commissions for this environment are too high. I suspect that 1/10 cent a share all in would be a fair price for scalping. 1 cent round turn (add another cent or more for taking liquidity) is a ripoff.
Your right. Day trading is the starting point in learning to trade. however long term you will switch to swing trading so that you won't be a slave to the computer.
And what jobs are such life changing career paths then? Unless you are saving kids in Africa from diseases, saving the whales from the harpoons or some other stuff like that, everyone has a job. Very few have a job that changes other lives by the day. So if you aren't about to go save the whales or kids in Africa, what's the next best thing? Sitting in the comfort if your home or office where you are compensated based on your performance to the degree that very few could even think of achieving. And then you donate some of that and now your job just became as rewarding as the guy in Africa giving shots to kids but you don't have to live in a 3rd world country where you may catch the very thing you are trying to prevent from spreading. So I'd say we have it pretty good.