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24 single looking to go full time into day trading
- Thread starter contro
- Start date
imho:
get vision.
don't get the cart before the horse...
start at the end,
and work back to today.
say your blessed with a full life,
so what do you think will matter most in those last few days?
(in light of the potential for today to be your last)
you mentioned time,
i once read a survey of top CEO's that revealed
they value time more than $$$,
and that always stuck.
as for the youthful college years,
they are a once in a lifetime opportunity.
regardless of your decision,
dump that sorry etrade account,
and research direct access brokers.
get vision.
don't get the cart before the horse...
start at the end,
and work back to today.
say your blessed with a full life,
so what do you think will matter most in those last few days?
(in light of the potential for today to be your last)
you mentioned time,
i once read a survey of top CEO's that revealed
they value time more than $$$,
and that always stuck.
as for the youthful college years,
they are a once in a lifetime opportunity.
regardless of your decision,
dump that sorry etrade account,
and research direct access brokers.
QUOTE]
"get vision."
I have contacts.JK I know what you mean
"don't get the cart before the horse..."
Agreed it looks like I am chasing the cart right now.
"say your blessed with a full life,
so what do you think will matter most in those last few days?
(in light of the potential for today to be your last)"
Making sure my family is well off. If I decide to have one.
"start at the end,
and work back to today."
I don't like this but if I must I will
"you mentioned time,
i once read a survey of top CEO's that revealed
they value time more than $$$,
and that always stuck."
My opinion what good is money if you don't have good health to spend it and to enjoy life. But you need money to do things like travel, marriage, kids, etc.
"as for the youthful college years,
they are a once in a lifetime opportunity."
I didn't get to enjoy my high school years as much as I should have, are the college years that fun?
"regardless of your decision,
dump that sorry etrade account,
and research direct access brokers."
Is there someplace I can go to save my money before I hit those big time broker accounts, I am currently enrolled in some drip accounts in e*trade I have like less than $2000 in their but I am almost completely out of debt so I will be able to save more money.
"get vision."
I have contacts.JK I know what you mean
"don't get the cart before the horse..."
Agreed it looks like I am chasing the cart right now.
"say your blessed with a full life,
so what do you think will matter most in those last few days?
(in light of the potential for today to be your last)"
Making sure my family is well off. If I decide to have one.
"start at the end,
and work back to today."
I don't like this but if I must I will
"you mentioned time,
i once read a survey of top CEO's that revealed
they value time more than $$$,
and that always stuck."
My opinion what good is money if you don't have good health to spend it and to enjoy life. But you need money to do things like travel, marriage, kids, etc.
"as for the youthful college years,
they are a once in a lifetime opportunity."
I didn't get to enjoy my high school years as much as I should have, are the college years that fun?
"regardless of your decision,
dump that sorry etrade account,
and research direct access brokers."
Is there someplace I can go to save my money before I hit those big time broker accounts, I am currently enrolled in some drip accounts in e*trade I have like less than $2000 in their but I am almost completely out of debt so I will be able to save more money.
Subscribe.Quote from OffTilt: Sounds like you have a business owner mindset. Are you going to be able to sit in school for 4 years looking forward to a ~$70k salary and a $50k debt load? ET usually paints the picture this way. Trading: You'll lose all your money and kill yourself School: Wonderful successes Look at the flipside... Trading: 30 yo multimillionaire School: ~70k salary at a job you hate, $50k debt....bullshit marriage. All you look forward to is coming home to a couple beers and Monday Night Football and 2 weeks of vacation where you visit your wifes parents at their Lakeland, FL trailer home. This probably what happens statistically isn't it? Might be a little overboard, but just be aware of all of the positive and negative consequences of each choice and never take advice from someone you don't aspire to be....they can only help you get to their level. If you choose not to go to school you should build up more savings before trading in my opinion, or gain the skills to take your business to the next level.
Contro, if I was you I will go to this "corporation"path but don't devote to much for it; and instead, alocate some time for trading. And I hope that you will pay attention to what I'm gonna to say now, because i went to this learning process for several years and I know how hard and how many sacrifices a trader should make to finaly say to him self "I'm a trader!" . First of all, FORGET about day trading. In the LONG term, it doesn't worth the damage to your health. And now because you don't know very much about trading, you think that day trading is much better... you can stay all day long in front of your computer and make money, well, it's NOT true. You will see that after a few years you want to stay as much as posible away from your trading computer. And this is because the trading will become to you JUST a job. So you will want to spend less and less time in front of you computer. I went trough this, and now I trade medium-long term. It's much better than day trading and... in my opinion the "big money" are made in the "long time style". I mean, if you use a trend approach and catch some nice trends and you pozitionate on the trend with a proper trading plan then you will make a very nice profit. And also if you chose the 'corporate path' and trading in the same time then you don't have time for day trading so... the longer terms is a better ideea!
You said:
"I am not looking at trading for making it rich I am looking at it for the free time and happiness with the free time I that I can possibly get."
I think that you must to get used to ideea that in the first years when you go through the "learning curve" you will step away very very much from this "free time" because it will consume you. But after you get it... well, then yes you can have more free time and be relax and happy but only if you respect your trading plan, because if you won't respect it then you will make mistakes and continue to face this no free time mood.
Bottom line: Do what you think is better but listen to others opinions and think if is good or bad. If you have question write here and if I have time I will help you and I also think that the other members from this forum will help you.
regards
i think education is a great idea too.
but bottom line: small business, trading, college grad/get a job - its all hard work. there are always a million people clawing eachothers eyes out in every business and only a few make it big, some make a living and lots fail and jump around from thing to thing.
i think the key is finding something you are passionate about and sticking with it. not always following my advice on this but if you are going to grind it out (which is your only option unless you move to a commune and grow your own food) it might as well be at something you enjoy. plus your chances of sticking with it are greater.
if you have no idea what you want school is good because it opens more options to you . and to repeat - there is always a market and you can always participate in some capacity...
but bottom line: small business, trading, college grad/get a job - its all hard work. there are always a million people clawing eachothers eyes out in every business and only a few make it big, some make a living and lots fail and jump around from thing to thing.
i think the key is finding something you are passionate about and sticking with it. not always following my advice on this but if you are going to grind it out (which is your only option unless you move to a commune and grow your own food) it might as well be at something you enjoy. plus your chances of sticking with it are greater.
if you have no idea what you want school is good because it opens more options to you . and to repeat - there is always a market and you can always participate in some capacity...
I think the question really is "Is this poster qualified to quit life and become a wealthy day trader?" And the answer, based on his stated experience and holdings, is no.
It's unfortunate all of his holdings are worth less then he paid. But those are the times for the buy and hold crowd.
My advice is to have a career path mapped out and do trading as a hobby. It sure beats putting $200-$300 up your nose every two weeks. Hopefully in 5-10 years he can have a profitable plan working for him. It's not going to happen overnight.
It's unfortunate all of his holdings are worth less then he paid. But those are the times for the buy and hold crowd.
My advice is to have a career path mapped out and do trading as a hobby. It sure beats putting $200-$300 up your nose every two weeks. Hopefully in 5-10 years he can have a profitable plan working for him. It's not going to happen overnight.
Get an education first. Trading is a job just like any other. You will not find that you have all the free time in the world, it is a tough business with lots of ups and downs and twists and turns. You will want to quit and question yourself and your decisions over and over again. You can be on top of the world one day and totally crushed the next. Think about if you can handle that. You will not make money trading with Etrade, either go pro or if you have enough cash use IB or other dependable direct access broker. You need a plan, just like starting any other business. You don't just decide to trade and go do it.
I think part of my problem is not having a solid plan, I know I said the college thing IMO leads to a 9 to 5 job that I will not like but there are doors that will be opened if I do go to colloge and that would be one of the reasons why I would go to college, I also think it could help me with the day trading or long to med term trading understanding..
Quote from niceneasy:
if you have no idea what you want school is good because it opens more options to you . and to repeat - there is always a market and you can always participate in some capacity... [/B]
how true, niceneasy,
wealth can be measured in options,
the more options from which to choose,
the wealthier the individual...
also, i concur with the other post,
like the 'vanity fair' in pilgrim's progress.
the market will always be there...