I'm ready to go full time day trading, but then I don't think my positions great.

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Terry913

Some backstory on myself:

I'm 18, graduated last year. I might be attending college in the fall, though I'd prefer to do day trading while running my business instead. I started trading back in March with $500 I turned it to $3k in a week, I lost it shortly and was back where I started. I then started learning to trade and slowly built my portfolio back up a week or two ago. I've been working a 9-6 job the whole time so all trading is done through my phone. I've been earning my days pay quickly. I've been trading penny stocks and low dollar stocks by the way without much capital. I feel like I'll be even more successful once I can trade on my own time. My only worry is only having about $2k I don't know of I'll be able to make enough to build capital while paying my expenses, which are about $300 month right now.
 
Grandluxe said:
Please stop gambling and go to college. There is no difference in what you are doing and buying a lottery ticket.
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With all due respect I disagree. The strategy I've developed with the help of some full time traders has poised consistent results since day one.
 
Think about this: Excluding sex work, what types of businesses can you start for $2000 or $3000? And if the barriers to entry for an under-capitalized day trading "business" are so low, there are going to be many people trying to do the exact same thing. Very few of them will succeed, and with a whole three months of part-time trading experience, you shouldn't even be entertaining the thought of full time day trading.

Keep working, save some money, and go to college. If college is not for you, then learn an in-demand skill or become certified in something.

Day-trading or other types of trading will always be there, but if you screw around now and don't get some kind of education or start building skills that employers want, you'll be closing a lot of doors to your future.
 
Brighton said:
Think about this: Excluding sex work, what types of businesses can you start for $2000 or $3000? And if the barriers to entry for an under-capitalized day trading "business" are so low, there are going to be many people trying to do the exact same thing. Very few of them will succeed, and with a whole three months of part-time trading experience, you shouldn't even be entertaining the thought of full time day trading.

Keep working, save some money, and go to college. If college is not for you, then learn an in-demand skill or become certified in something.

Day-trading or other types of trading will always be there, but if you screw around now and don't get some kind of education or start building skills that employers want, you'll be closing a lot of doors to your future.
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He's not going to listen to us and will probably end up broke, drunk and/or dead.:(
 
Brighton said:
Think about this: Excluding sex work, what types of businesses can you start for $2000 or $3000?
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Small time drug dealer!

For trading....

"give me your startup capital and let me kick you in the balls"

Or as I like to recommend, go to vegas because it's kind of fun there too.

If you are completely serious on devoting your professional life to trading then all the best on your journey. Oanda is somewhere you can size however big or small you want, size yourself so that the risk of ruin is near zero, don't overtrade, I recomend larger timeframes for beginners so you only have to check orders once or twice a day. (before or after your day job, keep the day job)
 
Terry913 said:
With all due respect I disagree. The strategy I've developed with the help of some full time traders has poised consistent results since day one.
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If you are so confident on success, WTF are you posting here? Just go do it.
 
Greetings T,

You appear to be a very ambitious young man and that in and of itself is admirable. But please don’t let your youthful exuberance blind you to the reality of things in the world of markets and trading. If you’re not going to pay serious attention to the excellent advice offered to you by Grandluxe and Brighton, then please closely examine the obvious contradiction in the logic of your last statements:

“My only worry is only having about $2k I don't know of I'll be able to make enough to build capital while paying my expenses, which are about $300 month right now.”

“With all due respect I disagree. The strategy I've developed with the help of some full time traders has posted consistent results since day one.”

I ask you; how can you be worried about only having $2K in trading funds, if what you’re now proposing to trade has posted consistent gains since day one? How difficult is it to find a place that will let you trade for $2k or even $500 bucks? With a $500 account, that still leaves you with 5 months of living expenses. Can you not see the inconsistency here?

I believe the truth of the matter is that you’re testing the ET waters to see if enough experienced traders will hop on your bandwagon to bolster your confidence, and cheer you on to victory. Obviously, it ain’t happening. Please reconsider. Go get a skill or trade and build yourself a viable economic baseline for your future. Then maybe a little down the road, consider trading. Trading will likely always be there as an option. However, right now the market’s are in a dramatic state of change. I’ve seen friends who have been trading for decades recently walk away from this business for good, because of these changes. Hell, if I wasn’t so stubborn and bullheaded, I might have walked away myself.

Thank God I had previously established a viable financial baseline, which did allow me the luxury of hanging around the screen to take the necessary time to learn how to successfully adapt. Don’t let your obvious youthful enthusiasm blind you. Listen to the wisdom that has been passed to you from those who know. For Christ Sakes Kid,…. what's the rush,.....you’re only 18! You have got an entire lifetime ahead of you. Don’t start by trying to build a foundation on sand! Go get a skill, a trade, or finish college. Build for yourself a viable economic baseline foundation for your future.

Yeah,....there are stories about people who “go for broke” and make it, but they are the exception to the rule. Because right now,.... the odds are solidly not in your favor for this move. You can't see it, but you're standing on the edge of a quicksand pit.

You have been warned.…Do not take that next step!

Hope....Pray.... this helps.

KDASFTG
 
You should pencil in a 2 year learning curve minimum. Meaning do not expect to make a dime for 2 years while you learn to trade. If you are serious about it, you'll continue to do what you are doing and hone your skills while you still continue to work your 9-6 job. If/when you are ready skill wise, then perhaps look to trade fulltime but until then, do not even think about earning money from the mkts as you are way more likely to go bust or, at best, breakeven over time while you are learning this game.

Please do not fool yourself into thinking you are ready to go fulltime. I don't mean to sound harsh but I would give this advice to any newbie. I've been doing this over 15 yrs and seen many come and go.

Good luck.


Terry913 said:
Some backstory on myself:

I'm 18, graduated last year. I might be attending college in the fall, though I'd prefer to do day trading while running my business instead. I started trading back in March with $500 I turned it to $3k in a week, I lost it shortly and was back where I started. I then started learning to trade and slowly built my portfolio back up a week or two ago. I've been working a 9-6 job the whole time so all trading is done through my phone. I've been earning my days pay quickly. I've been trading penny stocks and low dollar stocks by the way without much capital. I feel like I'll be even more successful once I can trade on my own time. My only worry is only having about $2k I don't know of I'll be able to make enough to build capital while paying my expenses, which are about $300 month right now.
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What better time to give it a shot without much to lose, 18 with 300 a month expenses....go deliver pizzas at night and take it seriously during the day. You can always go to college later....follow your passion.
 
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