Is anyone getting rich out there?

You guys must be so angry about drawing down on your pathetic $400 trading accounts everyday that it makes you feel good to trash an honest guy looking for some honest help. I have been hearing that there is so much dumb money for the taking out there. Now I am sure of it....this is going to be easier than I thought :D
 
Hey:

I have homework to do this evening, but this thread (and the one asking about floor trading) gave me a few laughs. So I thought I would say a few things. First, it is obvious that you are about as far away from trading success as a person can be. Thats no problem, we all have to start from some point of ignorance. You want to know if folks are making money. This is a world of its own. From the institutions, to the brokerages, and from the vendors to the traders, every part of the machine has its "big hitters". What they have in common is turf. They have a piece of the action carved out for themselves, by license, by experience, or membership in one or more "clubs" (the NYSE, CBOT, MERC, NASDAQ, etc). Its not different than being a plumber, an electrician, a lawyer, or a teacher. As for possibilities, well the sky's the limit, but then again, there are plenty of competitors, and unlike other businesses, this playing field is not level. If you are as new as you seem, you should know that it will take what seems like a long time to get anywhere, and you will have to find your own edge. Also there is a very real possibility that you are not cut out for it, and you may fail. So its like anything in life, you place your bet and you take your chance.

Good luck
Lefty

Edit:

I like confidence. It is important to have it. Confidence can carry you through the tough times. You may want to re-think the "its going to be easier than I thought" sentiment. From long and rather hard experience, I can tell you that it is likely to be somewhat "harder than you thought" to make a living in this arena. Again I wish you the best.
 
Lefty-

You are the first dude on here to actually write something that is worth reading and I thank you for your time. I bet you are one of the few guys on this site that actually makes money. I can just tell by your writing style. Again, thank you. Since you seem to be the only one taking me at all seriously, any thoughts on a recomendation for a brokerage firm as well as the shole seat ownership/leasing thing. Obviously, this is generally for guys that trade high volume, but I am here to learn and I am a sponge for knowledge. Yes, I could start a new username and thread, but these idiots don't scare me. I am 25 years-old and live in Miami. I have plenty of $$$$ and live the good life. That said, I want this bad and could use some advice/mentorship in getting started. Again, Hardware, software, broker, etc. Lefty, you are the man!
 
Cmon, give the guy a break! We should all remember when we started trading, we also had tons of questions which we wanted answered. Be a bit more considerate!
 
OK:
I appreciate the compliments misguided though they may be. Frankly I don't feel like "the man", although it would be nice if I could get my wife to say that at the right place and time :D

First, I am not in the mentoring business. I can offer a couple of suggestions. First, Slow Down. Second, use the search function and look for the "New Traders Thread" by steve46. Then continue to use the search function and read posts by other experienced traders. ET handles like Acrary, Steve46, NihabaAshi, Oldtrader, DBPhoenix, FuturesTrader71 and many others whose names I cannot remember. Your best use of time is to read as many posts as possible, then take a bit of time to think about what you have read. The worst thing you can do at this point is to trade (although you may want to try "simulated" trading). If your time permits, you should begin the process of learning the basics including all the details of the various markets. Based on your attitude I would guess that after about 3 months, you will not be able to restrain yourself, and you will look for a way to play. Although you are likely to lose whatever you start with, you will probably do best with a full service broker to begin with, and as you progress (if you have any of your $$$ left) you can graduate to a different game. Choice of brokers will depend on your style of trade and which market you want to participate in. That is why you need to wait until you know a little more about the business. Get started and after you have a little more background, get back to us here on the site.

Best Regards
Lefty
 
Quote from ftrade:

This was a serious question. I am perfectly willing to put in the years of hard work because I do LOVE the market, but really was just trying to manage my own expectations as to what the real upside could be....best case scenario if you will. I am not talking about get rich quick stuff, but merely was wondering from all of you on this board, who is making good money and how? It seems to me like many of you are just pissed off guys with no bankroll trying to eek out a living sitting at home in your bathrobe. So, again....who is making the real dough and how are they doing it? Hardware, Software, Indexes, Systems, Prop vs no Prop, I thought this was a forum for trading. So, who's making money out there and how are you doing it? This is not a joke. I am looking for answers and I am committed to this career. Thank you for honest replies. I do not mean to offend anyone here, but I am just looking for advice. Thanks
More...

I suggest you only enter this area if you have a passion for the markets. Only passion will give you the drive to continue through the many unprofitable years.

Also consider going prop....You may not make money but you will expose yourself to different styles and people. Much better then locking yourself in your bedroom with your monitors...

Nick
 
Quote from ftrade:

This is a great site and I am interested in starting to trade index futures for a living.
More...
.

I can't speak to futures trading as I have only recently (24 hours ago) decided to educate myself on the topic. However, I can tell you the effort and time I put in in order to transition from "no-nothing" student of the market to "no-nothing" full time trader of equities: 3 years. As to the effort, I work harder now (and put in more hours) than with any other job or career I have had. The difference for me stems from the fact that I truly enjoy trading for a living. I didn't enter this arena with a "desire to make millions." For me, my motivation developed from the opportunity to earn a living doing something I truly enjoyed.

The journey ahead of you remains one of great difficulty and challenge, but not one without significant reward (both financial and other less tangible assets). I strongly urge you to develop a keen understanding both of the market in which your chosen vehicle trades, and the vehicle itself. In addition, sound money and risk management practices prevent the mistakes experienced during your learning curve from becoming career ending decisions.

Without an understanding of your trading background or experience, I find it difficult to direct you to an area of educational opportunity that matches your needs. Nonetheless, I wish you tremendous success on your journey. May it exceed your expectations.

- Spydertrader
 
hmmmmm,

your 25 and you have a lot of money I would say stick to what your good at (whatever made you that $$$) why play with the markets if you have lots of money. First off, you have to lose the ego when it comes to trading. It's hard work plain and simple.

If I had a few million, I'm sure I wouldn't be spending the 12+ hours a day I spend now. I'd open a bar and tag all the hoochie mamas but that's just me.

ozzy

P.S I put in 90+ hour this week. Do you have the drive to put in ridiculous hours like that?
 
There are definately traders making 100k-400k. If you're looking for more than that anytime soon you'll have to be some kind of extreme exception or extremely well funded, or both. If you can even hit 100k without taking a ridiculous amout of risk you will already be in the top few % of all traders.

If you have made a lot of money in another business I would strongly suggest really ramping up that business to maximize it. Trading is a phenomenal business if you succeed, but the future income stream it creates doesn't come with any level of certainty, even after you've become "successful".
 
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