jmag4 wrote:As far as goals, I was hoping to make something out of this. I just graduated Uni with a finance degree and I'm completely lost in what I want to do with my life and really stressing out when it comes to finding a job. Is trading a viable option or would you say it's just a pipe dream? Clearly you and many members have had great success but am I being naive believing I can make it just trading at such a young age with very little experience trading?
Well, if You just graduated (btw I have MS in economics - triple high five to each other and unemployment) You gonna need a job.
Trading profitably is completely achiveable but there will be sacrifices.
There's A LOT of s**t in front of You and I mean A LOT.
What's more important it takes time.
This is very competitive business and we are compiting against guys with 20 - 30 years of experience and millions of *put_currency_here*.
So in order to get some money You need to be at least very good.
Like with any other skill - sports, playing instruments etc. - it may take years of practise to get to that level.
In my opinion money is the last thing that You should be thinking about.
So in conclusion You need to at least like watching markets and have some kind of income to support yourself through quite some time.
And probably resign from Your personal life for a while.
Be nice to MightyOne.
The legend says that on the first day of His trading He deposited $1000 and pyramided that s**t to 33 gazillions on single M1 candle.
So now He owns the markets and Your country and even Walmart. He can make quotes preferable for You (and give You a SWEET deal on instant mac and cheese mugs).
I didn't want to say that it usually takes 6 to 8 years to become a full time trader.
Here are a few things that he can do to knock off 4-5 years:
1) always place your stop at & trade from long term extremes.
2) don't move your stop loss to protect profit, that is what losers do.
If you want to protect your profit then TAKE A PROFIT!
3) Larger bodies show the way & small bodies shift attn to larger bodies.
4) Do not assume, when price bends backwards, that it is automatically a sign that you are wrong. Understand the need of the market to cancel profits; if you expect something like what you are seeing then that something is not problematic, even if it goes against basic technical analysis.
5) If you are not the god of day trading then you MUST increase your lot size whenever possible to negate your lack of skill; if the numbers work then it doesn't matter how crappy your skills are
6) as you gain experience you will want to complicate your trading...don't!
7) don't risk much more than 0.5% per 10 pips.
When you double your lots and halve your space your risk stays the same (is "normalized").
About my legend
Yes I started trading Futures as a teenager
Yes I made boatloads of cash from day one; but how could I not with prices at 30 year lows?
No I didn't acquire Walmart
Something happened to me when I made money too quickly...
I lost my desire to make more of it