Great advice.
Advice - I want to Day Trade / Career
- Thread starter Philosophicide
- Start date
I am looking for some advice from others from have been down this road already. Should I stick to a University Bcom. or attend a Day-Trading School? (Part of me says Bcom. and studying stocks part time, the other half of me says do this full force with 100% focus.)
And are there any really good/solid resources you could recommend to me? (I see a lot of "chat rooms" and "courses" and sites, and it's hard to differentiate between what is sketchy and what is trustworthy.)
[A bit about me]:
I'm 22 and a second year accounting student, however I've decided accounting is not quite for me. Now I am debating whether I should stick to my undergraduate Bcom., but maybe switch from Accounting to Finance? Or if I would be better off finding a "good" traders school and doing a course on day-trading there?
I've always been a "numbers guy", so I was a bit stoned-walled when I was realize accounting wasn't for me (I thought it was the right career choice in h.s.). I've done other entrepreneurial ventures in my teens, some failed, some successful, but I've always had an interested in the 'stock market'.
[What I've currently been doing]:
Since I do not have a huge capital to work with, I was considering starting out in Penny Stocks. I've been watching a lot of youtube videos (Tim Grittani, Tim Sykes, Ricky Guiterrez, Adam Khoo). Watching Dvds, Tim Sykes Dvds (Penny Stocking + P.S. Part Deux, 6+ Hours). And Books, Japanese Candlesticking, Technical Analysis of Financial Markets, Pring Investing Psychology Explained, An American Hedge Fund. Since I've started studying these sources, I am like so addicted to learning more about it.
I do not plan to use any real money until I have had some success paper trading.
Thanks!
I have had neurosurgeon and plastic surgeons through the years to mentor who said day trading and scalping is far harder than their fields, I no longer mentor either. Gone on to even more difficult areas of trading. Listen kid, why waste you time teaching others for a few thousand bucks when you can build automation to do for you, what you can charge a classful of dreamers, you can make in one trade, screw that, then spend more time figuring out how to keep drawdowns under 3%. Anyone who says they can trade and teach for thousands in few days, have them show you monthly statements for three years. Learning to day trade is tougher than getting a degree from Brown or Harvard. Make sure you get a degree in finance and do that Intern like another poster recommended. Getting tougher to do manually as humans can't ever be as fast as computers. When you do have an edge at home is learning charting, many quants lack charting skills. And the BIG money is long term is different way, you buy stocks to hedge your options.
Another house had used penny stock certs to wallpaper a room as constant reminder of what not to trade.
Neurosurgeons and plastic surgeons are looking to quit their field and day trade??!!! They make AT LEAST high six figures a year!!! OMG!! No wonder the hospital wait time is so long cuz everybody is daytrading. Very soon nobody will be working to make stuff or provide service anymore and everybody is daytrading. LOL
That's in Canada. York University is one of the top universities in Canada and their Economics and Schulich School of Business (named after this guy Schulich who gave York a s*** load of money) are kick-ass! You graduate from those programs and you can get REALLY posh jobs in the financial industry of Canada ESPECIALLY if you plan your path of studies right.
If it was me, I would pursue a Financial & Business Economics Program NOT a regular Econ. degree (that degree is way too much theory and not enough practical knowledge in my opinion) with concentration in either Computer Science (REALLY useful given that all trading is done electronically now) or Accounting. It's too bad that you don't like Accounting but that concentration pretty much guarantees you an internship spot with all of the Big Four Accounting firms once you finish all of the Auditing courses. There is a HUGE demand for Chartered Accountants right now in Canada because all of the baby-boomers are retiring, so provided you don't f*** up during your internship, once you finish, you are pretty much guaranteed a job in those accounting firms. To me, those are the two best concentration to pursue. Alternatively you can also pursue the concentration of Financial Analysis where you will learn about the financial market in-depth and will prepare you really well for the Chartered Financial Analyst (CFA) designation, THE accepted-all-around-the-world required designation to have for mutual fund portfolio managers. You have this designation, you can get a job in financial industry anywhere around the world, trading with other people's people (It's LOT LESS stressful trading with other people's money). To me, this program is the best in that you get a solid foundation in Economics knowledge (TRUST ME it will prove useful even when you daytrade) and at the same all the practical business knowledge for you to get day jobs that will provide you the capital you need to daytrade.
Schulich School of Business is also really good in that they have very nice internship opportunities if you are really into business management and you actually take many of the same courses in the Economics department.
If you haven't started, don't bother pursue your B. Comm. degree. To me, that's a light version of everything and you end up not really learning anything practical. In today's world, practicality and applicability of what you learn at school to the real world is what counts.
Good luck!
Trading is pretty easy, it does not have to be overly complicated - in fact simplicity seems to work better anyway. You could teach a 6th grader how to trend trade and they could do as good as most with a little training. I meet a guy at my surf spot that is a plastic surgeon - he can get a call at 02:00 a.m. to rebuild a persons severely disfigured face after a bad car accident with whatever tissues could be recovered from the wreckage. He may have to work under a microscope for 16 hours straight non-stop. I don't see a 6th grader ever pulling that off.
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Dont' say that!!!!
Near the surf shack?
How about I got to know a dude through a common sport, on a beautiful beach on Maui, where meeting people, including plenty of gorgeous, happy, surfy girls in bikinis is routine, like the friendly girl from Brazil that was chatty while sharing the shower the other day or the many people, including men that I have gotten to know that show up in fall from all over the globe to ride the fall/winter waves. If that makes someone homophobic that's their issue - not mine.
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Homophobes are usually homos
I could be wrong but I think it was a marketsmurfer reference, not a gay bash.