16 year old new to trading

wrbtrader said:
Go to a university that has a sponsor trading room (you can use google to find them...there's about +47 of them) and that's sponsor by a "big bank". Wouldn't be a bad thing to be at a university that enters yearly university trading tournaments all over the world.

Next, try to get an internship with a "big bank". You'll probably need to help from your guidance counselor.

Simply, be patient and meet other traders, quants, professors, sponsors at your own school.
More...
where were you when I was much younger...
 
The Trading Room at Florida Atlantic University's College of Business replicates a real-world trading experience and functions as a classroom and a laboratory.

The new financial trading room is a state of the art laboratory where students and faculty research business firms and security pricing trends, and develop investment portfolios. The trading room is part of Finance and Financial Services Programs and is found in the first floor lobby of ISU's (Illinois State University's) College of Business. The trading room and its operations are funded in part by the Minas Center for Investment and Financial Education and the Lilly Endowment, Inc.

The first university trading floor was opened by MIT in 1996. Since then, several colleges including Penn State, the University of Texas, University of Virginia, Cornell, University of Michigan, and the Miami University Farmer School of Business have followed. Multi-million-dollar trading rooms have become the norm at colleges seeking to attract motivated students and corporate involvement. Technology is empowering students to practice trading in a real-world environment. Clemson University’s trading room is equipped with the latest Bloomberg Financial Markets Technology, the industry’s leading market analytics tool.
 
Last edited:
destriero said:
I was also trading at your age ... (on demo, at first) ...

If it helps, this was how I learned ...

(a) By reading well-recommended, well-established, mainstream, orthodox trading textbooks, published by well-recommended, well-established, mainstream, orthodox publishers (i.e. "peer-reviewed" and "quality controlled") and avoiding internet "information";

(b) By getting in thousands of hours of screen-time after understanding all the basics of probability and statistics that any trader has to learn, to become profitable (so that my first 3 years' experience was genuinely 3 years' experience rather than the same one month's experience repeated 36 times over);

(c) By remaining aware, at all times, that in a field of endeavour with a huge turnover of participants very few of whom ever achieve profitability, most of the readily available "information", and especially the apparent consensuses of opinion, are always far more likely to be misguided than helpful;

(d) By having expert tuition available (from a successful family member in the trade);

(e) By NOT trading with real money until I'd proven, repeatedly and exhaustively and exhaustingly, on demo accounts, that I could avoid the five classic mistakes of aspiring traders, which are ...

  1. Not having a genuine edge (for which a common reason is reliance on inadequate, defective or mistaken "information": aspiring traders quite commonly seek short-cuts, imagining that if they just copy something that "works", they'll be able to bypass most of the actually-required education and experience phases);

    2. Confusing entry-methods with trading systems (for which a common reason is the deeply mistaken - but widely-held - impression that if one enters at a good time, everything else will somehow, magically "work out well" even without specifically considering trade-management subsequent to the entry- it won't);

    3. Under-capitalisation (for which a common reason is a misguided belief-set about what's typically achievable and over what time-frame: most people significantly overestimate what they can achieve quickly and easily, while significantly underestimating what they could achieve slowly and with difficulty);

    4. Excessive position-sizing (for which a common reason is just a general lack of statistical/probabilistic knowledge - most people aren't mathematically gifted, and it's really, really difficult to make a success of trading without some real understanding of the statistics and probabilities involved);

    5. Lack of patience, discipline and "psychological aspects" (on which I'm far too Aspergerish to be able or willing to comment further, myself, as I happen to have more patience and discipline than almost anyone else - and nearly pathologically so!).

Those five may also overlap, to some extent. I can't prove a word of it, needless to say, but I very strongly suspect that combinations of these five reasons, collectively, probably account for about 99% of all "aspiring trader failure".





These are the books that most helped me, and enabled me to trade profitably ...

Profitability & Systematic Trading (Michael Harris)

Trade Your Way to Financial Freedom (Van K. Tharp - an outstanding starting-point, especially the second half of the book)

Beyond Technical Analysis (Tushar S. Chande)

Understanding Price Action (Bob Volman)

The Mathematics of Money Management: Risk Analysis Techniques for Traders Ralph Vince (we all need some reliable understanding of what's in this book, although not necessarily from this specific source, before trading with real money)

Naked Forex: High-Probability Techniques for Trading Without Indicators (Alex Nekritin & Walter Peters - worth reading even if you don't intend to trade forex)

Daytrading (Joe Ross) (this is an updated re-issue of an earlier book - "Trading by the Minute", I think it was called)

Trading The Ross Hook (Joe Ross) (I keep coming back to this one again and again, because it's simple and logical and helpful, and the whole concept is based on one of the soundest principles of price action trading, namely "buy the dips in an uptrend and sell the rallies in a downtrend")

A Mathematician Plays The Market (John Allen Paulos)

Fooled By Randomness (Nassim Nicholas Taleb - very worthwhile!)

Why People Believe Weird Things (Michael Shermer) - this book and Taleb's, just above, are hugely helpful - albeit indirectly - for "understanding what's going on in forums"!

Trading Price Action Trends - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks)

Trading Price Action Trading Ranges - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks)

Trading Price Action Reversals - Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Al Brooks)

"Warning": Al Brooks' set of three textbooks is kind of badly written and very badly edited (especially considering who the publisher is), and pretty difficult to plough through, but their content's excellent and was super-helpful to me, so those are a kind of "mixed recommendation": I actually think his online video course is much, much better and more helpful and more approachable, but it's also more expensive ($250, I think - but that's still very good value, in my opinion, for about 37 hours of instructional videos).


======================================================

Sure, but actually (s)he was on warrior forums trying to break into affiliate marketing; trading "E6" and watching MT5 volume. lol you tools.
More...
One of the best posts on Elite since I started long ago. Dest just saved anyone with common sense a $5,000 trading camp tuition or BS $300 a month trading room.

This post exceeds anything I learned at Vegas or Florida Money Shows. Baron needs to archive it!
 
TrailerParkTed said:
One of the best posts on Elite since I started long ago. Dest just saved anyone with common sense a $5,000 trading camp tuition or BS $300 a month trading room.

This post exceeds anything I learned at Vegas or Florida Money Shows. Baron needs to archive it!
More...


But I didn't write it. Xela did.
 
zzzvc.jpg
 
You must log in or register to reply here.
Back
Top