I Know Absolutely Nothing About Day Trading...Where Should I Start?

Your odds of success are probably far better in starting some other type of business. Trading is a shrinking field, especially as the short-term movements of securities become more efficient owing to computerized competition. And it's not as if the computers are now earning "all the profits" -- much of the profit is simply gone, unless you've got a captive audience to trade against (e.g., your own clients, if you're a broker/dealer and can internalize or cut PFOF deals).

If you do decide to trade, I'd suggest never paying for anyone else's system/advice/training/anything. Unless you can get a "prestigious" job at a top firm (think Goldman Sachs or well-backed hedge funds), you are basically on your own in this business.

There's still opportunities here, but I don't see it getting any easier going forward.
 
"Where Should I Start?"

You should start by giving me $1000 dollars and then let me kick you in the balls.

That is what it will feel like at first.

Blood sweat and tears required.

Welcome :)
 
Quote from Zr1Trader:

"Where Should I Start?"

You should start by giving me $1000 dollars and then let me kick you in the balls.

That is what it will feel like at first.


Welcome:)
More...

It feels the same at the middle and the end too:(
 
In all seriousness, you should start by never starting, unless it's the only thing you've ever wanted to do in life. If you're getting into the business because you're unemployed, retired, bored, whatever....your chances of success are very remote.

I wanted to trade in the pits from the time I was a young boy. By the time I actually made it to the CBOT pit traders were dinosaurs so aside from a brief stint in the pits all of my experience is on a screen.

I've been trading for more than 20 years and I have the grey hair, bad eyes, messed up back, and hemorrhoids to prove it. It's a grueling, stressful, roller coaster of a grind-type business.

You also have to consider the competition you're up against. I have an MS is Quantitative Finance from a pretty good school and I've met many people who have PhD's in this field. They have access to tools you could only dream of having. Then there's all the illegal crap that goes on.

Then there's the FACT that the market is random (not 100%) and the only strategy that really works is one that analyzes randomness -- that's coming from a guy who trades the market from a statistical standpoint -- I'm sure others would disagree. The market is nothing more than data. If you have the knowlege to trade it from that standpoint you're much better off, imo. If not then you are competing against the cream of the crop with an inferior strategy.

I strongly believe successful trading is a talent that can't be learned. I know a guy who couldn't even tell you what his strategy is because he doesn't know what it is. He uses certain tools, of course, but for the most part he trades from the hip. The primary ingredient to success in this business is to either be able to analyze or read price action better than anyone else. It truly requires a 6th sense. You either have it or you don't.
 
For you, not likely. Anyone who comes into the game, without knowing anything, and starts discussing "millionaire status" is already at a big psychological disadvantage.

Quote from clclark007:

Hey guys, I know absolutely nothing about day trading and i'm trying to find a vehicle to reaching millionaire status. I'm tired of my 9-5.

I just have a few questions:

Is Day Trading worth it?
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Quote from Zr1Trader:

"Where Should I Start?"

You should start by giving me $1000 dollars and then let me kick you in the balls.
More...

grease traders are just plain nasty..........:)

s
 
The correct way for you to do this is to pursue another career and study trading on the side.

After a few years of hard studying and testing ideas, you may be starting to get an idea of how to make money. Then, you can start trading on the side and grow (hopefully) your equity while maintaining your other career. If you suceed and actually make money (not likely), you can consider quitting your 9-5.

Anything else is a dream. :)
 
Quote from Roark:

There are are two posters at this site that you should heed closely.

(1) Jack Hershey and

(2) bwolinsky

Look up all their posts and study what they have to say about trading. That will put you way ahead.
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3) you missed grandsupercycler.......:)

s

:cool:
 
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