Just noting this for myself now, so that I can return to it later.
16 year old new to trading
- Thread starter Rsoxs19
- Start date
I recognize some nuggets of truth here, though this is a slightly more pessimistic view of things than I could wholeheartedly endorse.
At 16 and having those big dreams, I guess you should receive a pat on the back. Many of your age are only looking at what their parents have to offer them as inheritance, and not what they really should do to get their lives straight. Anyway, the best advice I can give you is to read read and read. Associate with like minded people and maintain your networks
The post by Xela is amazing, damn I miss her.
If you were a broker or anyone on the sell side of the financial industry you wouldn't be able to endorse what I said, not publicly anyway. And privately, were you a wise and experienced old hand, my remarks should be quite troubling.* On the other hand, were you a new Goldman recruit, you might be outraged. Nevertheless, after years of trading/investing, it's the best advice I can offer.
*Former SEC Chair Arthur Levitt's book, "Take on the Street," would be worthwhile reading, as well as Soros. But Soros is too hard to read for someone brand new to Wall Street's ways. Levitt is an easy read.
Welcome to the world of great minds, I can see you are also future-focused. That's good for you and your future career in the finance sector. To be a successful trader, ensure you read a lot and work on your analysis skills so that you don't misread stock charts. If getting a mentor could help, then fine
I've only read one book on the financial markets: Trading Binary Options by Abe Cofnas, which is what transitioned me from trading stocks to trading Forex. Oh, and I did recently read a couple of books on cryptocurrencies, because the information available online is too scattered to make researching the topic electronically anything close to being thorough and efficient. But generally speaking, I opted not to go this route for reasons I will keep to myself.
But it has been interesting to go back and visit the strategies I studied along the way, approaches taught by folks like Scott Barkley, Melissa Armo, Anne-Marie Baiynd, AJ Monte, Jarratt Davis, Stephen Whiteside, Nick McDonald, and Harry Boxer. Except that rather than clarify what was once cryptic, what the exercise primarily did (with the exception of Harry Boxer) was give me a better appreciation for having developed my own system, which I think worked out better for me than if I had spent all this time trying to master what any of these individuals are doing. (I would actually give Harry Boxer a second look if I were still trading stocks.)
That's not a dig. I respect most of the above named individuals quite a bit and still listen to AJ's Market Report every week. I just personally found that picking up grains of knowledge here and there by skimming through this book or that (purchased at the $1 book store), or availing myself of free trials offered by Scott, Anne-Marie, AJ, Jarratt, or Nick, etc., seemed (to me) to be a better way to spend my time, personally, rather than read whole books.
But this is NOT my advice to anyone else. I think people should do whatever fits them best and is most fruitful for them, all things being considered. If that means devouring all kinds of books on trading, more power to them!
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Him.