Full-time Trading Advice for a 22 Year Old

[murray t turtle]

Start by buying rental houses and using weekly bars in stocks and hedge them, Buy stocks with good dividends. Put down 15-20% on 3Br/1-2car garages in lower middle income areas, let renters end up paying other 80-85%, try to buy 1-2 houses a year, you get to learn repairing yourself saves money, in mean time go to school get a degree and get good paying job and keep learning. Day trading futures is becoming you against automation. Learn how to trade chop in stocks, when not chop, it is trending. On weeklies, learn what most stocks do at extremes, then don't take signals, wait for confirmed trend.

Don't let people who have failed at their dreams to stop you from yours, but be smart about it.

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Good points H123; unless he has no personality for rentals Best, wise advice includes dont use leverage until you learn to trade-invest-why leverage ignorance?? Ta 47; your rather detailed question, which is good- shows you dont really know how to be profitable yet. But you could be profitable , not likely with any derivatives , until you learn to trade invest.....

 

[TradeCat]

The advice given to young people on this forum sounds like something out of the memoirs of self-made billionaires. I'll join in on the fun.

Ok so Tank47. You should start by borrowing money from family and friends, especially the old and the stupid. Then use that to get a loan from a credit union. Then start by buying a Subway franchise. Buy a new retail store every year until you can buy a hotel or casino. In ten years, take all your savings and gamble on ES futures and come back to this forum to brag about your special system. Don't forget to mention that you paid a million dollars for data going back to the rule of Julius Caesar. And obviously you've back tested all of this. I mean why wouldn't you. It's not like you're a gambler. Oh and don't forget to lease some seats on exchanges in three different countries.

Good luck!

 

[Baron]

Do whatever you want but know that full time "traders" self-funding are nothing more than gamblers who eventually lose it all.

If that's your perspective on trading, then why are you here?

 

[eurusdzn]

If that's your perspective on trading, then why are you here?

"Because he, most and I can't do it . But, most , and I , know that a few can. He doesn't."

Did Yogi Bera say that?

 

[victorycountry]

Hello all,

I have read other posts like this one I am about to post and so far I have not seen what I am looking for; So I want to get this from the start: I am looking for actionable, forward-moving steps.

I have been trading in the world of stocks since I was 19. I made a good bit of money and as the prophecies of stock trading go, lost it to confirm the long term 50/50 balance.

Recently, I have been paper trading options and doing far better than I had ever previously done with stocks. About three weeks in, over 20 trades and I've only had 1-2 negative trades. All said and done, the paper trading account is up about 10k. This to me is very promising. Yes, I know that psychologically, I am walking into paper trading a lot more lenient than I would with my own money; but even still, these results are very promising in my opinion.

That being said, I plan to continue to paper trade for the next few months and begin live trading early next year. Given my losses in the stock market, I will be funding my account with around $3k (yes, I know, that is very small, but I don't care).

I want to be a full time trader more than anything. It's what I wanted for quite some time and I'm very passionate about it.

I know the risks, I've experienced huge negative losses, I understand the environment I'm getting into.

For those of you who are full time traders: What steps, strategies, advice, etc. would you recommend to me for attaining this goal?

I sincerely thank any one who can provide me with good, solid advice.

Thank you.

I don't know much about the option market but I think the option market is relatively less riskier than other markets because you only lose the option premium in the worst scenario.
There are option experts around ET, they come here everyday, sharing their fundamental view about certain stocks. I am also trying to expand to trading in option market too.

Instead of asking for directions, I suggest you to pay attention to their threads.
Babies learn by observing what others do. Same concept here in trading - Pay attention to what they're saying and learn

 

[Redneck]

Hello all,

looking for actionable, forward-moving steps.

Okay

I have been trading in the world of stocks since I was 19. I.

3 yrs - all in a bull mkt

I made a good bit of money and as the prophecies of stock trading go, lost it to confirm the long term 50/50 balance.

No discipline..., no trade risk management skills

As to the 50/50 balance - two sided (diametrically opposed) responses

1.) it not necessary - and one should still be able to successfully trade
2.) otoh - nothing father from what can (and should) be

Need to figure out what I mean with both

Recently, I have been paper trading options and doing far better than I had ever previously done with stocks.

About three weeks in, over 20 trades and I've only had 1-2 negative trades.

That you frame losing trades this way - means you do not view them correctly

Also means ultimately they will eat your lunch

I only had seven losing trades today - still made money

All said and done, the paper trading account is up about 10k.

That being said, I plan to continue to paper trade for the next few months and begin live trading early next year.

Triple it - at a minimum - using proper trading skills

Yes, I know that psychologically, I am walking into paper trading a lot more lenient than I would with my own money; but even still, these results are very promising in my opinion.

1.) Opinions do not matter in the trading world

2.) Again..., no discipline

Given my losses in the stock market, I will be funding my account with around $3k (yes, I know, that is very small, but I don't care

Starting off underfunded

You may not care now..., guaranteed you will after you've lost it

Then you'll be back here crying in your beer; bitching about how trading can't be done / you can't cut losers / you have no discipline / no one can trade

I want to be a full time trader more than anything. It's what I wanted for quite some time and I'm very passionate about it.

What you should want (and need) - is a trader's mindset

I know the risks,
I've experienced huge negative losses,
I understand the environment I'm getting into.

Please..., stop already

For those of you who are full time traders: What steps, strategies, advice, etc. would you recommend to me for attaining this goal?

I have..., take none of it personal - it ain't

I sincerely thank any one who can provide me with good, solid advice.

Thank you.

You're Welcome Sir

Now..., go back to square one..., and develop YOU

There's a thread hereabouts on how one knows when they are ready to go full time

I posted a laundry list..., use it as a check off (admit it is not 100% complete.., but it is adequate enough)

=============

The other alternative; keep plodding headlong; to wit..., I..., and my colleagues..., will end up with your 3K


Tis always a choice

RN

 

[drcha]

I don't buy anything; calls or puts. My primary strategy is to either sell calls or puts, collect premium and (in most cases), let time decay work for me. Because of this, I'm usually not incredibly directional. So long as the underlying stays above or below whatever I sold at, time decay brings down the ask column price and that's where I've been making money.

Tank, I don't mean to sound like a jerk, and I hope you will take this the right way and that you will succeed in your trading.

But, here goes: in the long haul, you will not make money in the way you describe. You'll have more winners than losers, but on balance over time, your losers will be bigger than your winners. To make money, you'll need an edge. You'll need to be able to predict either direction or volatility, using some method better than chance. Theta is not an edge, though it can look like it for a long time.

 

[Kwai Chang Caine]

Both Bullish bias. Anyhow, don't do it. The covered calls seem safe, but in the end you may collect a lot of premiums but probably will be left with an inventory of very poorly performing stocks with significant capital losses dwarfing the premiums collected. Same with selling naked puts, except a lot more risk.

 

[lindq]

I don't know much about the option market but I think the option market is relatively less riskier than other markets because you only lose the option premium in the worst scenario.

Oh Lord help any who stray here, there is so much ignorance on this board.

The OP explained that he was selling calls and puts.

In that case he can - and he will - lose far more than the premium.

 

[Kwai Chang Caine]

On my. If you are selling naked calls, then bearish but you are risking a lot! In general, would not recommend selling risk. Anyhow gotta go.