Talk to the most successful traders you know. Try to follow the path they took. A lot of the best traders paid their dues.
OOPs....almost missed this GEM!!! You are unbelievable Nemsy.....how old are you anyway? 11 or 12? And yeah, I really believe you are entrusted with millions of dollars. Not even in Monopoly money!!!! Read my other posts here. I never ever said anything negative about anyone before. Not even those I disagreed with vehemently....but you? YOU ARE A MORON!!!!!!!!!
No need to get personal here, you can believe what you want, you gave your opinion on the subject, I gave mine, what more is there to say between us? Though I must admit, your response to my comments is rather "funny" to say the least. Question is: who is laughing the most here?
OK, let me explain something to you.....you are giving advice to a 17 year old who could possibly be misguided by your stupidity. You think it's funny? You really are pathetic. If you gave this rediculous advice to someone who was not at such an impressionable age, I wouldn' t have even responded. But I have a 17 year old son, and I would freak out on anyone who told him the things you told this kid. You are totally irresponsible, and worse, potentially dangerous!
What you are implying is that my "way" is wrong and yours is correct. That is a bit arrogant wouldn't you agree? And even though you don't know me, you are eager to express your value judgment about my way, proclaiming that I'm stupid is a long shot to say the least. Now, you have to read more carefully, I said I thought your comments were funny (insulting, screaming, starting with the age-argument, ...). It show's a definite lack of composure (a quality often found amongst the best of traders). Well, when I was seventeen years old I wasn't too impressionable, and really, most 17/18/.. year olds aren't that impressionable, you are exaggerating. I am (potentially) dangerous? To what? To whom? Maybe I am to you, I hold the exact opposite belief that you have, so I can see where you are coming from when you say you are "attacked", your values are "attacked". Calm down, and try to be "open minded" like you said in one of your posts, even though I think different. Tolerance would solve many problems in the world, yet there are so many who allege they are tolerant, but show at every moot point that they can't even stay polite. And it can't be a bad thing to share my view with Kastro, showing him all the possible ways is always a good thing.
Hahah thanx for all your comments. I like this little battle you too are having. But heres what my plans are. Im 17---Learning Day Trading for just over 1 year. Im done school as of last week, I just passed my personal trainer course, Cause i am a Canadian Teen bodybuilder, and i work at a gym. Im going to continue to work there for 3 years, untill i open an account up. Im also getting an agent in Vancouver, and the hollywood LCC, to get into anything they want me to be in, commercials,magazines,movies and extras. (Iv been doing that for a while) And besides everything else im training to enter more bodybuilding competitions. I dont plan on going to college, because of all the stuff i am going to be doing. Day Trading is just something i love, i dont know why, its just when i seen my friend day trade at his firm, i just loved what he was doing, and the stuff he knows. But thats wht i plan on doing, id go to college for the experience of it, and meeting new people and something new, but i dont see how it would bennifit me, for what im am going to be doing. Thanx for you help.
My story........ Well wasn't really interested in becoming a trader at first. My father offered to train me but I was clueless about the market and that didn't sound like any fun. Later on realized who my father was and what he was known for . I realized what the high end of traders can make and know I can work really hard to soon be at the top...... I start by reading "Market Wizards" by Jack Schwager. THis is how I realized what my father is. (he's the last chapter) I loved reading about traders and saw that they had a consistent edge. It convinced me that it is possible to trade and not gamble. I ask my father than what to do......... He suggested starting with the core of his work I than did his Peak Performance Course. Which consists of 5 books and 4 cassette tapes. It usually takes over 3 months to do. http://www.iitm.com/course/peak_performance_crse.htm The benefits of this course were they get you to work on your internal issues. What you believe is what you trade. I started to see some of the common mistakes most traders/investors make. There are over 400 exercises in this course that get you to work on yourself. The key is to NEVER SKIP ANY OF THEM. The ones you want to skip are what you need to work on the most. I than hopped onto a plane and got myself onto the floor of the CBOT. I started in the 30 year Bond Options Pit learning everything I can. I made a commitment to myself that someday I'll be at a level where Jack Schwager would want to interview me for a book such as "Market Wizards" I took a course in something called Photo reading. Which is a modified course in speed reading. I learned of an individual who used this process to read his entire library at his college and when he graduated knew more than his professors. Wasn't sure if it worked or not but I try to always have an open mind. Decided to take a challenge and read EVERY single book in the CBOT library. I would sit dowsn every day after the close and photo read 3 or 4 books that I would grab off the shelf each day. I think I finished the CBOT financial library in about 6 months. I didn't do the process in photo reading known as activation though I just assumed the info was in my head. I made arrangements with my firm that I'd like to attend De Paul's university trading program and have them pay for everything. They loved my enthusiasm but hated idea of that cost (a few grand). I argued and argued and during Christmas got a great bonus that payed for all the programs. So while reading all these books I used to walk in the dead of Winter a few blocks to the Chicago Mercantile Exchange for their classes (college credit is offered for them). So I'm a graduate of the De Paul University Master Trading Program (can't really recommend it though..........) but I am always willing to learn and have an open mind. While this was going on I made arrangements with my firm to let me off early on Friday's once a month as I would hop onto a plane to fly to North Carolina and visit one of IITM's seminars about trading. Peak Performance Position Sizing Wealth Options Intuition Photoread Intuition Part 2 A Stock Market Course and a few others....... It took me over 2 years but I am now a graduate of IITM's master trader program. www.iitm.com One of the great benefits of these seminars was that I was able to network with some absolutely incredible traders. Guys who have had extremely high and consistent returns. The networking definitely helped me out as other traders would give me new ideas which I'd use all the time. OK now after a few months of being in the 30 Yr Option Pit. I could do option figures in my head like nothing. I understood Strangles, Straddles, Butterflys, Christmas Trees, Put Spreads, Call Spreads, What it takes to become delta neutral and what it takes to have an edge in options. I had this gut feeling that options don't really fit me and that the real money is off the floor. I got really interested in the outright contract and decided to move into the huge 30 YR T-Bond pit that holds over 500 traders. I hooked up with a trader with the badge RRP. He had been in the pits for over 12 years and was well known in the pits. It seems he got really emotional about his trades at times and even though he was slightly successful his emotions were holding him back. I lent him my father's Peak Performance Course and watched him change right before my eyes. He went from a trader who would cuss and scream at everyone to someone who was very calm and controlled. He was one of the most amazing pit traders I've ever witnessed to date once he got in control of his emotions.. (wondering how long I can go into a post right now) hitting reply as I start on Part 2 and Part 3 and Part 4 now...... Robert Tharp
Part 2 Well Ray was a pit trader and majority of the traders were scalpers. Buy the bid and sell the offer over and over and over and over and over and over again.........you get the picture. He realized that didn't really work for him. When he got the bid/or offer it was either for a 1 lot or the broker knew there was 1000 lot sitting in his hand and when RRP took a position it would go heavily against him. He realized his true edge was the noise and being in the middle of the action. WHat he would do is wait till the noise in the pit got to incredible levels. When the levels were at these noise levels of deafing tones this is RRP's moment. He learned this is where he will really shine. He used to bitch and whine about not being able to be filled when the momentum was really strong. Well his attitude soon after that course was F- That. I'm complaining about a few cents when I can make points Now when that pit gets loud and it's at 110.16 big and 110.18 offer Well RRP is in the pit going 111. 04 bid SO far above the offer that some of the scalpers want that edge so bad and give it to him. Within seconds of him getting filled with size(he learned to increase during these periods) He was heavily profitable. RRP used to cover really fast..............which doesn't work He learned to put his hands in his pockets and wait for the noise level to change Louder (opposing orders) softer (we are running out of paper) than it's time to get out and again give up the spread heavily so that when you want out you can get out. So RRP taught me how to read the noise in the pit Well now all of the books I read I think were starting to take effect. I used to see all these patterns in the T-Bond pit and joke with RRP about where market is going. He realized I was right a lot more often than not and immediately offered to back me as well as another 30 different traders. I knew Chicago winters weren't for me though. as I'm CA born and raised. I also learned that it's dead in middle of day by being in those pits and that sometimes the best trade is not to trade. Hand signals are easy for me still and I've got some really flashy jackets OK I need a few minute break and onto part 3 Robert