How to day trade for a living?
- Thread starter JoshLowe005
- Start date
Well I like to do it all haha, the hours work well together being in CA so I'm able too....You gotta slow down...you can't be Great at everything.-- Be a Master of one, not a jack of all trades.
Don't get me wrong I completely understand, I am lucky enough to have big "ins" with the other businesses to keep me busy and I will work harder and smarter than anybody else. I just want to learn day trading as well because it's early morning hours in CA and I want to eventually become a fully time investor(real estate and stocks). For now I'm to start working good money for construction and hopefully start selling homes(10k plus commissions easy in my area to build up and income before I bring in day trading. It will take a while to master it all, but I have nothing but time and dedication to put forth.
The thing is, there are people who works even harder than you and never make it. Some people on this site will tell you that all you need to do is study Al Brooks or Wyckoff and then you'll become a millionaire trader as long as you put in the effort and create a solid plan.
That's a lie and it's a cruel thing to lead people on like that.
The truth is you're not likely to make it. You're not a special snowflake.
I'd say the hardest part with learning how to trade is that you don't even know where to begin. There's no laid out curriculum you can follow like in school. Maybe you'll spend years studying something you eventually realize was a dead end.
I won't give you any advice on what you should study in trading, but I suggest some realism and that you consider the fact that you may never make it. The reason for this is that I want you to have a plan where not everything depends on making it as a trader and where you're also building other skills. If, however, you are to proceed, I suggest the following:
1) Pursue something else as your main goal while continuing to work on trading at the side. Don't focus on trading for a living. Focus on learning how the markets work. It will take you a long time. Have a long-term focus. 5 years is a good approximation.
2) Consider a degree in finance or computer science and try to become a professional trader. I don't know how easy that is in the U.S., so perhaps someone else can help you.
Good luck!
I suggest the following:
1) Pursue something else as your main goal while continuing to work on trading at the side. Don't focus on trading for a living. Focus on learning how the markets work. It will take you a long time. Have a long-term focus. 5 years is a good approximation.
2) Consider a degree in finance or computer science and try to become a professional trader. I don't know how easy that is in the U.S., so perhaps someone else can help you.
Good luck!
good advice imo.
I appreciate the truthful answer, I think it would be wise for me to stick with my real estate career and learn trading on the side and invest what in willing to lose once I have enough capital saved. Then maybe after a few years of studying the market and trading if I'm making really good money I may stick with it, if not I may keep it part time, but it's not smart to solely rely on day trading.The thing is, there are people who works even harder than you and never make it. Some people on this site will tell you that all you need to do is study Al Brooks or Wyckoff and then you'll become a millionaire trader as long as you put in the effort and create a solid plan.
That's a lie and it's a cruel thing to lead people on like that.
The truth is you're not likely to make it. You're not a special snowflake.
I'd say the hardest part with learning how to trade is that you don't even know where to begin. There's no laid out curriculum you can follow like in school. Maybe you'll spend years studying something you eventually realize was a dead end.
I won't give you any advice on what you should study in trading, but I suggest some realism and that you consider the fact that you may never make it. The reason for this is that I want you to have a plan where not everything depends on making it as a trader and where you're also building other skills. If, however, you are to proceed, I suggest the following:
1) Pursue something else as your main goal while continuing to work on trading at the side. Don't focus on trading for a living. Focus on learning how the markets work. It will take you a long time. Have a long-term focus. 5 years is a good approximation.
2) Consider a degree in finance or computer science and try to become a professional trader. I don't know how easy that is in the U.S., so perhaps someone else can help you.
Good luck!
I'm only too happy if you were to actually follow my advice.
The truth is that the failure rate is VERY high in this business, but somehow everyone thinks they're special (I know I did) and that they will work harder than everyone else and thus be able to make it. Perhaps they discover technical analysis or something else that seems impressive and they think they have some special knowledge others don't.
Even if you had a mentor who could lay out a very clear path for you to follow, this would take you a lot of time.
I think the most sensible thing to do is to quit your job or whatever you're doing the day you're making so good money from trading that you no longer need to work. Most people never get there anyway, but it doesn't hurt to try as long as you know what you're up against.
That's how we all start, thinking that trading can be a part-time thing because "hey, it's just buying and selling, right?", wrong.
Underneath the simplicity is quite a complex world and for many niches in trading you need to spend years to learn the details. I'd say the 5 years suggest by LF is just enough to find an edge, if you're lucky, another 3 years will be spent honing it so it's actually worthwhile. This requires full-time concentration.
Underneath the simplicity is quite a complex world and for many niches in trading you need to spend years to learn the details. I'd say the 5 years suggest by LF is just enough to find an edge, if you're lucky, another 3 years will be spent honing it so it's actually worthwhile. This requires full-time concentration.
My advice, you probably won't listen, but here it is anyway.
Forget about daytrading - your goal should be to make money trading, not pursuing something because you "like it".
Learn how to swing and position trade, for that is where the big money is - and the odds of you succeeding are far greater if you follow the big money. You can also do that very easily with your current income stream.
Capital - get a family member/s to loan you some money and make sure you sign an agreement to keep everything above board. 30K dollars should be adequate.
Leveraged products - forget about it. You might think you know something about the markets, but do not be a fool and get sucked in like most do. What you know, will have no real bearing on what you make - what you do will - if you don't know the difference then it shows that you only think you know about the markets and are just one of the many lining up to hand over your hard earned cash to the bastards who will gladly take it and laugh at you.
J_S
Forget about daytrading - your goal should be to make money trading, not pursuing something because you "like it".
Learn how to swing and position trade, for that is where the big money is - and the odds of you succeeding are far greater if you follow the big money. You can also do that very easily with your current income stream.
Capital - get a family member/s to loan you some money and make sure you sign an agreement to keep everything above board. 30K dollars should be adequate.
Leveraged products - forget about it. You might think you know something about the markets, but do not be a fool and get sucked in like most do. What you know, will have no real bearing on what you make - what you do will - if you don't know the difference then it shows that you only think you know about the markets and are just one of the many lining up to hand over your hard earned cash to the bastards who will gladly take it and laugh at you.
J_S