Is anyone getting rich out there?

Quote from ftrade:

Hey guys-

............ Guys who can't even afford LCD monitors, guys that trade in some shitty room in what looks like some shitty apartment. So, seriously, is anyone anyone making real coin? And if so, what is the road you recommend? Thanks
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Don't be a trader? :confused:

( with your self-defeatist attitude, you'd lose anyway)
 
Thanks guys for your input. It seems like when I first posted this question, all of the abusive and stupid guys jumped in to get a laugh, but after that there was a lot of valuable information, so thank you to those that took the time. I do understand that this is a long journey and few are successful at it. The odds are against me, as with any career, this I know. Nevertheless, I do love the markets and could stare at the screen all day long.

That said, anyone want to suggest a cheap broker that could cater to my needs? Also, what about a trading platform? It seemd like there are so many out there and everyone seems to be touting a different one. Is there one that is considered the best by professionals. I need to get comfortable with something in the beginning, so why not start out with what the experiened guys say works.

Again, this thread was created to start a dialogue to help me manage my expectations and also get me started in this career.

This is a great site thanks to those that post honest and thoughtful replies. Those that simply insult others will quickly get on the ignored list.
 
Quote from ftrade:

That said, anyone want to suggest a cheap broker that could cater to my needs?
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Asking which broker with whom one could open a trading account or which platforms work the best before one has even learned how to trade parallels asking which surgical instruments work best for brain surgery before one has attended medical school. A great distance exists between having the desire to trade, and actually possessing the knowledge and skill required for a successful trading career.

Rather than requesting information on brokerage houses and trading platforms, I respectfully suggest you describe your current skill set and knowledge base with respect to trading and seek educational opportunities allowing you to pursue your trading education in earnest. next, Spend (lots of) time observing the market in which you plan to trade, as well as, the vehicle(s) you plan to use during your trading career. Develop a trading plan based on your observations, and test your theories. Use a simulator to develop a comfort level with your trading methodology. Familiarize yourself with money and risk management. If you make it this far, then seek a "cheap" broker, and fund an account.

Failure to properly educate yourself risks handing over your hard earned money to those individuals in the game more experienced than yourself.

Again, may both the journey and the destination exceed your expectations.

- Spydertrader
 
Appreciate the input. I have been following the futures markets for a long time and have a great feel for the gnereal direction and market moves. It is now time to start putting my strategies to the test...first with paper trades, then with small wagers. No trades will be made for at least 3 months. So, I understand what you are saying, but still want to get everything in place so I can begin the process. I won't know until I try, but yes, this will be aa very tentative and calculated process. I am not betting on red or black here. If I planned on gambling for a living I'd move to Vegas. It's much more fun and you don't have to pay taxes on your winnings. So, what do you suggest my next steps should be?
 
Read a few books and watch the markets. People made fun of you because you sounded like a fool. Learn that this game is all mental and stop looking for people to tell you how to do this. Just know you will be more wrong then right but if you can manage risk well you will make good money in the long run. Learn to be more humble because whatever money you think you have the markets can take from you in a second.
 
Yeah, reading books is great advice. You've got a real flare for the obvious. next you are going to tell me to papertrade for a while, right? You should write your own book with all that wisdom of yours. Find someone else to pick on....obviously your wife already left you
 
PM from the retard
ftrade wrote on 04-25-05 12:33 AM:
I would bet every dollar I've got that you've lost more than you've made trading. I may sound foolish to you, but your condescending attitude sounds even worse. Just because you have been on this site for 10 years losing money doesn't give you the right to be a dick to every new guy that asks a question or two, I can't wait to take your money away from you when I get into this. You've got the only job in the world where at the end of the working day you have less than when you started. Dummy
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I will take your bet. How much you have? I will mail out my statements. Lets get a lawyer in FL and put your money in escrow. You’re a jackass I gave you honest and real advice. I am a professional and make a normal living being a trader.
 
I think this lad should be given every encouragement. If he has lots of $$$$ (maybe a million or thereabouts?) and able to commit most of it to the market.

A good broker for beginners is IB. Why not open an account and start trading.
I trade mostly NASDAQ and listed stocks.
For someone with your confidence and wealth perhaps start with a few thousand shares of GOOG. Let us know when you begin.
 
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