Question to our more experienced members: What would you do if you were 25 years old now (or what would you do different? Just write down anything you can think of (and want to mention). I get the feeling we youngster underestimate the value of the experiences the "older" traders can teach us.
I'm 20 so can't really enlighten you with my wisdom. But, I trade part-time in the mornings while holding a pretty good full-time job in the IT field (software development). -FastTrader
If I had my druthers and could be 25 again, I would really want my almost twice as old brain and accumulated life wisdom, and to remember not to marry my first wife.
Yeah enlighten us youngsters please. Many of us have never had any role models or mentors, at least give us some advice. Iâm twenty-four by the way. Thanks gms, we'll approach marriage with extreme precaution.
Get a job with a major wall street firm, bank, or fund and chuck the prop houses and solo gigs. (Unless you are really good and are pulling in a good income) Go get a college degree if you haven't already. Most of the older guys (I'm 42 and would like to have my 25 year old body back) here come out of a different profession and were able to accumulate wealth and/or currently maintain a business that provides income. If you are 25 now how many years do you plan on sitting in front of a group of monitors watching every tick, either at home or a chop shop? And on marriage, it's a partnership, a spouse that can earn is one you should not spurn.
1.find and marry a good stable supportive woman. avoid the high maintaince beauty queens who know they are. think about this. when the lust wears off would you want to be around this person? 2. live below your means when you are young so you don't have to when you are older and can retire early. 3. never use debt to finance consumables. only use debt to finance appreciating assets. 4. don't abuse your body. drinking and smoking will take their toll on you. 5. don't neglect your parents. when they are gone you will regret the things you didn't do that you wish you had done. 6. learn the markets. they can make you rich but you must avoid big losses. it takes 50% gain to make up a 25% loss. that math is hard to overcome. 7. most people don't get rich working for someone else. starting you own business is the way to go.
What a fantastic post! Very wise and very moving! 1. Great point. I'd still like her to be reasonably beautiful and intelligent, though. It's all about better genes, when it comes down to it. It's not an easy combination to find. And why marry? Thanks for your feedback. 2. Nice. But what's the point in being completely frugal in your youth to have money when you can't enjoy it that much any more? I still enjoy driving a sportscar and having a good time... 3. Absolutely agree. I never use debt. I pay cash. Period. 4. Yep. I almost never drink, will never smoke. No other drugs, either. Besides, I must keep fit. 5. Wise words. I'll just give them a call... 6. Pure truth. I would never risk a 25% drawdown. Actually, 2.5% would be offensive to me. And I'm doing well - consistently. 7. Sadly, yes. You cannot get rich working for others. I started my own business with 18 (Jewellery Design, Manufacture & Retail), from essentially nothing, eventually took gains and slowly transitioned to my dream of having a trading business. My next dream might be an official trading fund to trade for others (even my parents), sharing my returns. However, I'm not sure yet since that might compromise my sense of freedom. Myself, I would like to add my primary belief that you must set goals in order to achieve something in life. It's crucial. Another one is I firmly believe that you must consistently seek growth of knowledge, even more so than capital. Money is just an idea, but knowledge is true wealth and power. I appreciate any further feedback on this issue. Myself, I am 21 years old now and I day-trade nasdaq stocks, emini-and full contract futures from home, mainly in The U.S, but also the Sydney Futures Exchange (local), the Eurex, DAX, CAC, HKFX, depending on what time of the day I feel like trading. I do not position trade or hold overnight. Besides I still have my Designer Business. I still spend several hours a day on study. Markets - everything. Yours Sincerely, ~The Scientist
Enjoy young women. At your age young women don't seem so stupid as they do when you get older. Listen to your dick when it talks, when you get old it just tells you lies if it decides to speak up at all.