like i tell all u young bucks.....you will live 10 lives homey...trade and follow ur passion and dont worry about losing it all...by then you will only still be 24 1/4 ..
Forget stocks and gappers. Stick w/ one instrmnt, like the es mini's, etc. Study it and learn it while you're still employed. Give yourself 6-12 mnths of study. Do replays as often as you can and keep it simple.
AAA post..... go for it! You don't want to be sittin in the old folks home in the future reflecting back over your life and wishing you 'shoulda'.... fortune favours the brave..
I completely agree with Cocaine. If you are truly passionate about trading, you can make it work. I say go for it!
$50K is enough for you at your age with no mortgage, etc. I started with $90K 11+ years ago but was older with more expenses than you likely have. Have you traded using your mentioned strategies (gappers and % winners/losers)? Have you made $$$ consistently with those approaches? I'd suggest you start with small size and try to build confidence by maximizing winning trades forgetting about the net profit early on. If your entries/exits produce winning trades gradually increase size. I'd also suggest you not put on too many trades simultaneously, at least as you get started. Expect to lose some $$$ -- it's part of the game. And be prepared for some bad years to go along with good years as no one, or very few, can produce great returns year in and year out. Last -- develop a business plan. Know what your living expenses will be and what you have to make to cover that. Next, also develop a "what if I fail" backup plan --- will you go back to banking? Success isn't guaranteed but from personal experience I know it can be achieved through hard work and perseverance.
Thanks guys. To respond to some of you. I have no interest in trading one instrument. I like seeing multiple charts throughout the day. I know that emotions are the hardest to control. That will be my biggest downfall, as I've played poker and sports bet during my college years to avoid a job. Emotions are TOUGH. Getting a second job to cover some expenses is definitely something that I'll most likely have to do at first. I can only work fulltime as I'm a banker and am responsible for selling bank products. 9-6pm in the northeast. I can daytrade at work, but if I get a customer I won't be able to follow my trades closely, which could get costly.
If you decide to trade. Trade 100 shares max. Why trade 1000 to start out with? Only size up when you become consistent, no need to waste money.
Great point. I will probably take your advice and trade this while at work for a while. See how good my entires are.
Go for broke junior. Your young and if you fuck or when you fuck up. Mommy's door is always open to you.
Over 57% of first marriages will not last beyond 7 years Over 70% of second marriages fail Over 80% of third marriages fail That doesn't keep most people from drifting into relationships trying to find "true love" ( whatever that may be) Over 95% of retail day traders will fail. That shouldn't keep you from aspiring to be in the 5% who do make it. Because when you do, life is really good.