17 year old Beginner

Quote from sammybea:

My best advice is to run from this forum as fast as possible. There are numerous daytrading shops that will try get you as a customer since you are fresh blood. What you need to understand is that the odds are hugely against independent traders to make any money at all. And most give up their profits in the form of commisions to daytrading shops..

For instance, follow this thread.. read every response.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=18665&highlight=bright+internship

Don't give anyway your tuition money just because someone offers you an "alternative." For gods sake, don't fall into the trap of these people.
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Even though I myself work for a broker/dealer, Sammybea make some good sense, this might not be the best place to get a trading education.

Whatever you do though, I admire your enthusiasm as I share it with you about the markets, I only wish I had opened my eyes at your age instead of making some "not so good" decisions back then.

Good luck to you.

rttrader1 -
 
To become a good trader, you need to spend at least 3 or 4 years to practice and to learn from the MARKETS. The books can only teach you the basic knowledges, they can't give you the skills. Just like the doctors, they can't just read the books and then become a good doctor. They also need to practice for many years. They also experienced many failures, just like many traders. Fortunately, you are only 17, you still have plenty of time to try.
 
Quote from lilboy716:


you would be better off getting a real education as an undergrad. ie. engineering, math, stats. no bull SH****T majors(includes business/finance), and learn about the markets while in school. take as many economics, finance, accounting courses as possible. sit in them if they dont let you add the classes(which is what im doing)

if trading doesnt work out for you, you will still have something to fall back on.
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I understand your suggestion about a sound backup plan, and i have one (Cisco CCNA in a few months), but I believe it introduces the notion of failing into the mind of oneself from the very beginning. Not to sound monotonous of this board, but I believe I will make it to be that 1% of traders. Why not put ones whole heart into something, accepting nothing other that success? And yes, easier said than done when 99% of traders ultimately fail while they feel the same as i do. I just don't believe in stressing a fallback plan so dearly. It imposes mental restrictions, if you will. Just a thought :)

Everyone else, I thank you for your time and hospitality in offering advice.

William
 
Education is not worthless as many of these people think. The truth is you do greatly increase your chances of running or managing a large amount of funds, and you do greatly increase your chances of doing well at it.

Look up jobs at hedge funds and see what they require.

1. Quantitative Analyst
Strong Fixed Income product knowledge Demonstrated track record of implementing trading models. Strong mathematical/numerical background. Solid Excel/VBA/C++ skills. PhD level educated. Good communication skills. Strong problem solving skills. In return this fund is offering an unrivalled pay structure based upon fund and individual performance.

2. Researcher - Computational Methods in Finance
To be considered it is a prerequisite that candidates have an exceptional academic background to PhD/MSc level in a Maths/Physics/Statistics/ Engineering content as well as having straight A's at A-level (Inclusive of Maths). As well as the above we need the individual to be able to program preferably using C/C++.

3. Fund of fund junior research analyst
The successful candidate will take initiatives and possess strong writing and general communication skills and be able to provide a thorough critical assessment of the hedge funds under research. The successful candidate will have 1 - 3 years of financial or investment analysis experience (not necessarily hedge funds) and those originating from the graduate programs of the leading investment banks will be well regarded. Those holding the CFA charter, or those advancing through the program will also be preferred.

4. Technical Analyst
The ideal candidate will be about 30 years of age, with a masters degree (or equivalent) in Finance and at least 3 years of experience in financial markets in the role of trader, traders assistant, broker, sales or analyst.

Experience in institutional sales would be an advantage.

Being a self-starter in terms of motivation and organization and a team player should allow the ideal candidate to integrate and evolve quickly in our rapidly growing Group.

You speak English fluently and have a good level in French.

This post offers an attractive re-numeration package according to your profile : Base salary + variable
 
1) Learn to program.
2) Learn to program.
3) Learn to program.
4) Model every idea you come up with.
If you cant at least get it to break even mechanically, dont trade it.
5) Ignore 99% of the bullshit in books and on this site.
6) Learn to spot the bullshit :D


peace

axeman
 
I think finding a mentor will raise your odds of success by a great deal. It's an odds game, so look for what improves your chances of survival. I think you are off to a good start and there are some good suggestions here for you. I would say the comments about introspection and self-diagnostics are perhaps the most important things that are nearly impossible to learn from a book. Once you are fighting within yourself for profitability and you know your method in and of itself can be profitable, you'll know you've made it =).

Don't let anyone discourage you from your dream, but keep in mind that the sacrafices that may be required to be in that top 1% can be significant.

Be positive and mainly focus on staying in the game above all else.

Goodluck,
 
That's perhaps true, but the institutions are the ones that know how to make a LOT of money, not just a good living, so I have patterned myself mostly after them, and not the average prop trader.

As such, you still need similar skills.
 
What is your plan to get enough trading capital to make it?

Your gonna need 250G's to give yourself a real shot without
having to take on so much risk that you blow out.

peace

axeman


Quote from iLLywiLLy:

I understand your suggestion about a sound backup plan, and i have one (Cisco CCNA in a few months), but I believe it introduces the notion of failing into the mind of oneself from the very beginning. Not to sound monotonous of this board, but I believe I will make it to be that 1% of traders. Why not put ones whole heart into something, accepting nothing other that success? And yes, easier said than done when 99% of traders ultimately fail while they feel the same as i do. I just don't believe in stressing a fallback plan so dearly. It imposes mental restrictions, if you will. Just a thought :)

Everyone else, I thank you for your time and hospitality in offering advice.

William
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