Because it's deceptively easy. Many jobs have become a lot of easier with minimal effort required. Trading appears to be in this category, decide-click-earn. People who want to earn from their bedroom with minimal effort should do Youtube videos, compilations or whatever you can do without your own content.
Finally closing this dead end.
- Thread starter Risepoint1879
- Start date
Because it's deceptively easy. Many jobs have become a lot of easier with minimal effort required. Trading appears to be in this category, decide-click-earn. People who want to earn from their bedroom with minimal effort should do Youtube videos, compilations or whatever you can do without your own content.
Not if you need every $ you make to live.
OP said he was doing this instead of finding regular job. I'm fairly certain no one on this earth has enough edge to make a living trading 1 share.
If OP was trading then you have to assume he had an edge, or at least thought he had an edge. Trading without an edge isn't trading it's gambling.
Usually happens when the market blows out all the highly levered people.
Yes, it's gambling. Head over to reddit.com/r/wallstreetbets where people take out HELOCs to bet on weekly options. It's truly a sad thing.
hey at least you give it a try and know trading ain't for you. in life you gotta take risk to get big reward. trading is like a business. everyone wants to be their own boss w/ the lure of financial freedom but most don't realize that you have to work twice as hard compare to someone who has a normal job. and even then, it doesn't guaranteed success. most ain't cut out to be an entrepreneur or be their own boss. most people don't like risk. and in trading you have to take risk. that's why most have a job and are working for someone. nothing is wrong with that. that just who you are.
one thing i would recommend for all newbie traders is to get educated from a successful mentor w/ a provable track record. you need someone who show you the ropes (the ins and out) of running a successful business. learn the fundamental of trading and then go out and develop your own strategy. most newbies think by reading a couple of books or watching some random youtube video is enough. most fail because they do a few hit or miss strategy, don't have a clear strategy, don't have enough screen time, don't know how to manage risk, don't know why they buy or sell, don't have enough capital, over-leverage, don't really understand option, etc. that's why most business fail just like most traders that try to trade.
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Yeah right, like they have anything to gain by that.
The way I see it, you either get a job in the industry (good chance you will never see a trading floor) or join a prop firm(good chance you will never learn anything worthwhile).
Amusing story. Always had a dream to work on Wall Street. I'm being interviewed for a programming position at large brokerage firm/investment bank - my first job out of college. The final interview with the top dog ... I ask him - Have you had any programmers switch to become a trader? He says - No, but we had a few that switched to programming
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Yeah right, like they have anything to gain by that.
The way I see it, you either get a job in the industry (good chance you will never see a trading floor) or join a prop firm(good chance you will never learn anything worthwhile).
Amusing story. Always had a dream to work on Wall Street. I'm being interviewed for a programming position at large brokerage firm/investment bank - my first job out of college. The final interview with the top dog ... I ask him - Have you had any programmers switch to become a trader? He says - No, but we had a few that switched to programming
get educated in trading: a clear strategy (a trading plan), learn about risk management and position sizing. you either learn that from a mentor or on your own. but preferably if you lucky, from a successful mentor. then go out practice and do at least 10,000 hours of screen time with some money on the line. yeah trading is hard.
A mentor can help shortcut the time to learn those basics of risk management and not stock chasing. But that's just the foundation to not blow your money in two days. It doesn't teach a profitable edge.
There's a guy on youtube, Adam Khoo. He has great videos on risk/reward, and making sure it adds up to a positive expectancy. But it's all a pointless smokescreen, and meaningless without the most crucial and elusive element: a system with a consistent edge. Everyone comments on the video "oh, that's all I need to do, set my risk at 1R and profit at 2R." Nope.
Even mentors with a consistent edge may not be able to teach it. There are people like Andrew Aziz who clearly have an edge, but the parameters to that edge can't be taught. They are completely hidden in the intuition of his mind and how he sees price action.
He teaches about risk management, and basic ABCD consolidation patterns. But those patterns aren't even what he uses on a daily basis to trade successfully.
Traders have as much chance learning his personal system as they do learning how to make hit songs from Taylor Swift. The inspiration comes from her mind, there is no equation a+b=c.
yep I dug deep....12 years of misery, derision from everyone 100 000 usd vaporized....but today I am close to living my dream....be the best trader who has ever walked this world.