Advice - I want to Day Trade / Career

"I do intend to complete my degree, just because an undergraduate is like the bare minimum in education these days, but I may switch streams from Accounting to Finance or Management..."

Dear God man, don't cross the streams!


 
People like to pull numbers out of their ear..1%, 5% bla bla. The fact is no one knows what the rate of success is for day trading. The brokers have an idea but it is not in their interest to publish their guestimates. What we do know for certain is, the odds for success are low but the odds for success in many endeavors requiring heavy measures of effort, persistence, patience, focus, discipline and courage are low. What sets trading apart from the other difficult enterprises is a meager barrier to entry...fund an account (in many cases underfund an account) and you are in business.
 
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Philosophicide said:
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And I'm basically more or less applying swing trading to the low cost and high volatility of penny stocks. Maybe I don't go penny stocks and end up going regular, mid-cap stocks, like warrior trading does? Either way I will be through testing out a system paper trading first. (On a side note, Is Warrior Trading legit, or is that just another "system to sell online"? Just curious.)

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Go to tradingschools.org and type in whatever "trading course" you have heard of. This guy pulls no punches. Very Very Very few are legitimate. Tim Sykes and Warrior Trading do not show up well according to the reviewer.

Lots of scams out there.
 
Philosophicide said:
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! :)
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Stay in school. You need that money to trade. It's your choice but, the alternative to a 9-5 middle class life is McDonalds not day trading.
 
Philosophicide said:
I'm not exactly your typical student... maybe I've spent way to much time listening to and being influenced by people like Dan Pena, Tai Lopez, Mj Demarco, Jay-Z, Sean Combs, Dame Dash, Malcolm Gladwell, Rhonda Byrne, so on and so forth.

I have family that are doctors, and lawyers, and others who don't have a degree who make $100k+ per year on their own. (And I might get some hate for the following but...) I don't think the typical, go to school, get a job, work 9 to 5 and hopefully save enough to invest is the best way to live life. That's Not me saying don't work (or a degree is useless), at some point you need a job to support yourself, but I feel at some point you need to take that step and actually Do something.
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The naïveté of youth
 
Philosophicide said:
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.)
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Switch from Bcom to B. Computer Science or Engineering. There's an excess supply of business and commerce graduates, its practically worthless.

A trading career is high risk also so i'd focus on programming so if things dont work out at least you have attained a skill that you can continue your career with.
 
IF trading is really your life calling :

* finish your accounting degree. This will make your parents happy, and put them in favorable terms whatever you later decide to do, as in their eyes you will have shown "consistency". Also, you never know if down the line, they'll be the one bankrolling your trading in whatever way.

* trading: demo, demo, demo till there is no reasons why you should not go live ( trading approach sorted, psychology/"spirituality" sorted, lifestyle sorted, whatever else can be a barrier to success sorted).
 
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Philosophicide said:
Where are you that you've never heard of a Bcom.?
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I'd never heard of it either. Apparently it's a Europe thing.

As far as the "value of a degree" for trading.... likely no value at all unless it's mathematically related and perhaps you're intending to be a data mining quant.

While I'm convinced most any non-science college degree is basically useless for trading*, I get solicited all the time by something called, "Day Trading Academy"... presuming to teach one how to day trade? I haven't looked into it, but the concept might be worth exploring for something similar wherever you live.

* Exception for STEM. Science teaches how to observe, analyze, deduce and formulate a logical plan of action/risk taking... skills valuable in trading.
 
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