I must be out of my mind!

Quote from cashmoney69:



-- I sit in front of my computer from the minute the market opens, to the minute it closes, give or take an hr. I dont have to because of my trading style...I choose to.

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If you think that sitting in front of the comp from market open to market close signifies work you got a hard lesson coming, this should be a given, who wouldnt do this?? Ive obsessed about trading from 2 hours before market open till atleast 2 hours after close every single day and im a half assed trader at best. This does not count the days I sit there from 6:30-10:30 just reading/studying.

Not trying to talk down to ya here but this exemplifies exactly ehat mike was saying about hard work and devotion, you see this as devotion when this is a half assed effort at best.

You really think that soros/buffet considered a 6.5 hour work day devotion? People at mcdonalds dont consider that a long day.
 
Quote from dwl603:

If you think that sitting in front of the comp from market open to market close signifies work you got a hard lesson coming, this should be a given, who wouldnt do this?? Ive obsessed about trading from 2 hours before market open till atleast 2 hours after close every single day and im a half assed trader at best. This does not count the days I sit there from 6:30-10:30 just reading/studying.

Not trying to talk down to ya here but this exemplifies exactly ehat mike was saying about hard work and devotion, you see this as devotion when this is a half assed effort at best.

You really think that soros/buffet considered a 6.5 hour work day devotion? People at mcdonalds dont consider that a long day.
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That was just an example. Do i have to list everything?
 
no, i just hope you dont consider this work, this was not a personal attack, just that ive seen a ton of people who come in from market open to market close and consider themselves "working" and wonder why they arent a millionare, sorry if this doesnt apply to you but by the way you responded it sounded like it did.
 
7:30-8:30 am - Watch CNBC, see what stocks are being mentioned and write them down, and add to watch list

8:30-11:30 - Monitor stocks, and read business news from cnn and yahoo

11:30 - 1:00 - lunch

1:00 - close - Keep watching positions or look for possible entry/exit points

I also watch Kudlow and Company, Mad Money, and On the Money, and add any stocks they talk about to my watch list.

Look over charts before going to bed.
 
The only info maria bartiromo will give you, in terms of stocks, is something that's already useless.

Lets not even talk about Jimmy Cramer.
 
Quote from cashmoney69:
I want to run my own Hedge fund by the time I'm 25. I currently dont have a College degree. Most the money would come from friends and family. :D
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Ambition is a fine thing :)
However, while undercapitalisation is the bane of the individual trader, after a certain point size makes life difficult. The bigger the fund, the harder it is to find good opportunities - be careful! I know a lot of HF guys who have said they never had as much fun as when they started off with seed capital of $10m or $25m. You're agile, it's an exciting time in the firm's development, you can invest in pretty much anything because liquidity isn't an issue etc.

Suss

PS this is leaving aside the question of whether realistically you will get even that much together, I suppose
 
Quote from Susukino:

Ambition is a fine thing :)
However, while undercapitalisation is the bane of the individual trader, after a certain point size makes life difficult.
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I really don't think undercapitalisation is a big issue as most people make out. If you have a positive expectancy and manage risk conservatively trading the appropriate vehicles a small account is neither here nor there.

Where most people run into trouble is not managing their risk appropriately in accordance with their account size or not having a positive expectancy.
 
Quote from LondonUSTrader:
Where most people run into trouble is not managing their risk appropriately in accordance with their account size or not having a positive expectancy.
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Sensible point. I think you'd still need, say, $50k per system to do make a reasonable fist of it though. Even then you'd be limited to stocks with share prices of $50 or less if you wanted to keep positions to 10% or less - and you may want 5% or 2%!

Suss
 
Anyone pick up "Trader monthly" this month?

On page 44, there is an article about a man named Tony Caine who specializes in writing naked options. Tony got a degree in Math and Economics from Carnegie Mellon University and got a job at Hewlett Packard. On the train to work he met some CBOE traders that got him interested in options. He then moves to Apple, where he was one of the founders of Spyglass.

He sold his stake in Spyglass, and hired a money manager to help him with his futures and options account.

pg 46

" I have all my analysis done by 7 am, take my dogs for a walk, execute my trades, and adjust my orders shortly after the open. If I'm working past 9:30, I'm having a bad day"

Now, It seems to me that he is like many traders, the only difference is that he makes a ton more money. The article fails to mention how long he's been trading options before making it big.

Anyway, I thought you guys might find this interesting.
 
Quote from cashmoney69:

I want to run my own Hedge fund by the time I'm 25. I currently dont have a College degree. Most the money would come from friends and family. :D
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Are you still in college? or you done called it quits? and how old?

I say its very much possible. One of my friends from college moved to NY after graduation, and started his as a 26 yr old.
 
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