Don't be discouraged but it's better to be concious of that and asking yourself what edge do I have ?
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Advice to a beginner
- Thread starter NoviceTrader
- Start date
NoviceTrader:
It's always good to have a dream. Keep it and make it your ultimate goal. But I can tell you without knowing much more that you aren't ready for it. Some points:
1) You don't have the money. You need to be working and making an income while learning to trade. This way, you use money that you aren't depending on living on and the pressure is off of you. It's impossible to learn to trade when bills are piling up.
2) You *probably* aren't mature enough yet. You may take offense to this and I probably would when I was 24, but emotional maturity and discipline come with age. I'm 41 now, and I have only recently felt that I have the correct emotional state to trade successfully (and has been reflected in my account).
3) Do you like to go to Las Vegas and gamble? Are you involved in football betting pools? Do you go to dog and horse tracks? If so, then maybe your desire to trade is for the "gambling" thrill. If this is you, then stay away from the markets! Your money will last longer at a blackjack table, plus you get free sandwiches and drinks. You will blow out unless you treat it like a business, understand risk, and act in a totally businesslike manner.
My recommendation is to finish school, echoing what others have said. You will prepare yourself to make a decent living, get some practice in discipline (just finishing college is an exercise in discipline itself). Maybe change your major to business or finance to give yourself a good background for your future as a trader. I graduated with a computer science degree, and my experience as an analyst has helped me in my trading tremendously.
Good luck!
It's always good to have a dream. Keep it and make it your ultimate goal. But I can tell you without knowing much more that you aren't ready for it. Some points:
1) You don't have the money. You need to be working and making an income while learning to trade. This way, you use money that you aren't depending on living on and the pressure is off of you. It's impossible to learn to trade when bills are piling up.
2) You *probably* aren't mature enough yet. You may take offense to this and I probably would when I was 24, but emotional maturity and discipline come with age. I'm 41 now, and I have only recently felt that I have the correct emotional state to trade successfully (and has been reflected in my account).
3) Do you like to go to Las Vegas and gamble? Are you involved in football betting pools? Do you go to dog and horse tracks? If so, then maybe your desire to trade is for the "gambling" thrill. If this is you, then stay away from the markets! Your money will last longer at a blackjack table, plus you get free sandwiches and drinks. You will blow out unless you treat it like a business, understand risk, and act in a totally businesslike manner.
My recommendation is to finish school, echoing what others have said. You will prepare yourself to make a decent living, get some practice in discipline (just finishing college is an exercise in discipline itself). Maybe change your major to business or finance to give yourself a good background for your future as a trader. I graduated with a computer science degree, and my experience as an analyst has helped me in my trading tremendously.
Good luck!
Thanks for the advice guys. I'm just going to proceed with my plan and continue to phase it in gradually. I do have the luxury of returning to school when I wish. I will graduate. I have been studying and preparing to trade for a few years now. I don't see a lot of value in this forum. I'm a bit disappointed actually. Thanks to those who had encouraging words. And I agree that I should finish College and I will. But not yet. Right now I'm going for the dream. If I stay afloat for a few months hopefully I'll get better. The market is always right boys. Don't try and outsmart it. If it goes against you exit your positions. Live long and trade. That and Don't trade the Grinder it will eat you alive. Even the Pro's have to eat.
Novice:
Why are you dissapointed? Because we didn't pat you on the back and say "go for it"? Trading is an odd-ball kind of business not suitable for most people. Many of us have "paid our tuition" in trading school and have years of experience. Perhaps you should listen to those who offer words of caution. It might save you a bundle.
Logikos
Why are you dissapointed? Because we didn't pat you on the back and say "go for it"? Trading is an odd-ball kind of business not suitable for most people. Many of us have "paid our tuition" in trading school and have years of experience. Perhaps you should listen to those who offer words of caution. It might save you a bundle.
Logikos