Can anyone be my trading mentor? (short term trading)

S

SURVIVOR

Hello, I am a 2024 high school graduate looking for ways to enhance my trading strategy, specifically in the short-term (swing trade/day trade) as I can take on greater risks. I have been analyzing the market for a year and a half, but my studies are far from reliable. My current knowledge is limited only to setting up resistance & supporting levels, identifying basic price patterns such as channels and head & shoulders, utilizing market profile/RSI to confirm the potential volume levels, and reading basic financial reports/statements (I took accounting in high school), and finding and comparing various financial ratios across sectors. However, I feel like this is still not enough as my goal is to make a living out of investment. Although I would attend a college that offers a great business program, I would rather advance faster to achieve my more ambitious goals. Right now, I am in a progression deadlock, without a clear path for further polishing my trading behaviors. I would like to know if anyone is interested in teaching me what I should do next and I would prefer to communicate on third-party application or website.

Many thanks to the people who read this,
Sincerely
 
SURVIVOR said:
I feel like this is still not enough as my goal is to make a living out of investment.
More...

Trading and investing are two distinct approaches to participating in the financial markets, each with its own strategies, goals, risks, and time horizons. Here's a detailed comparison:

Trading
1. Definition:
  • Trading involves buying and selling financial instruments such as stocks, commodities, currencies, or derivatives within short time frames to capitalize on price fluctuations.
2. Time Horizon:
  • Trades can last from seconds to months, but typically they are much shorter (minutes, hours, days, or weeks).
3. Objective:
  • The primary goal is to make quick profits from short-term price movements.
4. Strategies:
  • Common strategies include day trading, swing trading, and scalping.
  • Traders often use technical analysis, chart patterns, and market indicators to make decisions.
5. Risk and Reward:
  • Higher potential for quick gains, but also higher risk of substantial losses.
  • Requires constant monitoring of the markets and quick decision-making.
6. Tools and Techniques:
  • Technical analysis is predominant, focusing on price patterns, volume, and various indicators.
  • Use of trading platforms with real-time data and advanced order types.
7. Transaction Costs:
  • Higher due to frequent buying and selling, which can include commissions, spreads, and short-term capital gains taxes.
8. Psychological Factors:
  • Requires strong emotional control to handle the rapid pace and volatility of the markets.

Investing
1. Definition:
  • Investing involves allocating money to assets like stocks, bonds, mutual funds, or real estate with the expectation of generating income or capital appreciation over a longer period.
2. Time Horizon:
  • Investments are typically held for years or decades.
3. Objective:
  • The primary goal is to build wealth gradually over time through the appreciation of asset value and reinvestment of earnings.
4. Strategies:
  • Strategies include buy-and-hold, value investing, growth investing, and dividend investing.
  • Investors often use fundamental analysis, examining a company's financials, management, and industry position.
5. Risk and Reward:
  • Lower short-term risk compared to trading but subject to market fluctuations over the long term.
  • Potential for significant long-term gains through compounding.
6. Tools and Techniques:

  • Fundamental analysis is predominant, focusing on financial statements, earnings reports, and economic indicators.
  • Long-term financial planning and portfolio management.
7. Transaction Costs:
  • Lower due to less frequent trading, leading to lower commissions and long-term capital gains taxes.
8. Psychological Factors:
  • Requires patience and the ability to withstand market downturns without panic selling.
Key Differences
  • Time Commitment: Trading requires more time for research and monitoring the markets, while investing requires periodic reviews and adjustments.
  • Skill Set: Trading demands a high level of technical analysis skills, whereas investing focuses on fundamental analysis and long-term economic trends.
  • Financial Goals: Traders seek quick profits, while investors aim for wealth accumulation over time.
  • Risk Tolerance: Traders usually have a higher risk tolerance due to the volatility and short-term nature of trading, whereas investors may prefer lower risk with a focus on long-term stability.
Conclusion
Both trading and investing can be profitable but require different approaches and mindsets. Traders need to be more active and ready to react to market changes quickly, while investors benefit from a more passive and patient approach, relying on the growth of their investments over the long term. Your choice between trading and investing should align with your financial goals, risk tolerance, and time commitment.

gpt 4o
 
SURVIVOR said:
Hello, I am a 2024 high school graduate looking for ways to enhance my trading strategy, specifically in the short-term (swing trade/day trade) as I can take on greater risks. I have been analyzing the market for a year and a half, but my studies are far from reliable. My current knowledge is limited only to setting up resistance & supporting levels, identifying basic price patterns such as channels and head & shoulders, utilizing market profile/RSI to confirm the potential volume levels, and reading basic financial reports/statements (I took accounting in high school), and finding and comparing various financial ratios across sectors. However, I feel like this is still not enough as my goal is to make a living out of investment. Although I would attend a college that offers a great business program, I would rather advance faster to achieve my more ambitious goals. Right now, I am in a progression deadlock, without a clear path for further polishing my trading behaviors. I would like to know if anyone is interested in teaching me what I should do next and I would prefer to communicate on third-party application or website.

Many thanks to the people who read this,
Sincerely
More...
You should go to wallstreetoasis and learn about the career track into the hedge fund world. :-)
 
If you're not going to a top US school or are not exceptionally bright I would go to school in a foreign country. Even if you don't graduate you stand out and probably learn/grow more. As far as what you wrote about support resistance RSI... I never saw that in the real world.
 
SURVIVOR said:
Hello, I am a 2024 high school graduate looking for ways to enhance my trading strategy, specifically in the short-term (swing trade/day trade) as I can take on greater risks. I have been analyzing the market for a year and a half, but my studies are far from reliable. My current knowledge is limited only to setting up resistance & supporting levels, identifying basic price patterns such as channels and head & shoulders, utilizing market profile/RSI to confirm the potential volume levels, and reading basic financial reports/statements (I took accounting in high school), and finding and comparing various financial ratios across sectors. However, I feel like this is still not enough as my goal is to make a living out of investment. Although I would attend a college that offers a great business program, I would rather advance faster to achieve my more ambitious goals. Right now, I am in a progression deadlock, without a clear path for further polishing my trading behaviors. I would like to know if anyone is interested in teaching me what I should do next and I would prefer to communicate on third-party application or website.

Many thanks to the people who read this,
Sincerely
More...

go to college. Do really well. Network hard. Get a job in high finance. Learn. Figure out your own strategy while building connections and earning a kitty. Perhaps you find a partner and start a fund. Or you go out on your own. Or you stay in high finance and clip a 7 figure coupon every year.
 
Based on this statement, I have to ask why you are so eager to take on greater risk at such a young age. Those that can take on greater risk either have an enormous edge of some kind, have substantial other income or a trust to fall back on. What is the rush?

SURVIVOR said:
as I can take on greater risks.
More...
 
SURVIVOR said:
Hello, I am a 2024 high school graduate looking for ways to enhance my trading strategy, specifically in the short-term (swing trade/day trade) as I can take on greater risks. I have been analyzing the market for a year and a half, but my studies are far from reliable. My current knowledge is limited only to setting up resistance & supporting levels, identifying basic price patterns such as channels and head & shoulders, utilizing market profile/RSI to confirm the potential volume levels, and reading basic financial reports/statements (I took accounting in high school), and finding and comparing various financial ratios across sectors. However, I feel like this is still not enough as my goal is to make a living out of investment. Although I would attend a college that offers a great business program, I would rather advance faster to achieve my more ambitious goals. Right now, I am in a progression deadlock, without a clear path for further polishing my trading behaviors. I would like to know if anyone is interested in teaching me what I should do next and I would prefer to communicate on third-party application or website.

Many thanks to the people who read this,
Sincerely
More...


You're going to blow out. S&R is meaningless. You're the weak hand in either situation. Contrary to popular opinion; blowing out isn't really a teaching moment. It's only too much risk if you're wrong. Character building, sure.

100% you will go bust.

Buy Bennett and Hull and read them twice and then trade equity vol.
 
Trading is seldom taught in schools, if professors knew how to trade well, would they teach?

Learn to program, 95% of trading for me are testing and STATS. Do it for the love of a challenge of being better than most than money, for money is a way to keep score.

When most say something can't be done, most have not overcome.

Numbers don't work out for long term or intraday, meaning indicators work when they work till they don't work. You don't need RSI Divergence when you can spot less volume but higher prices at highs or lower prices at lows.

I think Ninja has best commercial demo trading, backtesting and trading software till you have skills to write your own platform.

Entries are 1% of a system, risk management is 99%., so if you not losing much...

Been trading 46 years, only have 3 holy grails, all been flukes of trying to test for something else. They all have occasional losses, it is part of this game, get use to it.

Took me 7 years to develop profitable method to scalp, had half dozen of mentors along the way. Real good traders don't have the time and more importantly have trust issues of sharing their methods cause huge time invested and parts of life they given up to get good at this.

If you get down early in day, goal is to recover and stop for the day. Trading Great Britain hours are very often are more smooth than USA hours.

"Greater Risk" LOL , I also trade long term commodities and concentrate on reducing risk, greater risk is for those who most likely bust.

No such thing as "breakeven", someone has the pay commissions and at very least min wage for hours you are working, trading no different than starting any business, you have to pay yourself.

There is no safe market to trade even though stock market goes up 64% of the time. As your trade screaming up, reduce size if adding on. Trade small, let profits increase your size. Stats have to tell you stop loss, how long is too long to be in a trade.

Good studying to you.
 
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