I still think this is a terrible job.
Day-trading your own account might or might not work for you, it doesn't for most people. But at least you'd avoid all the BS of a horrible job.
Is it too late to become a daytrader at 30?
- Thread starter Traderwen
- Start date
I still think this is a terrible job.
Day-trading your own account might or might not work for you, it doesn't for most people. But at least you'd avoid all the BS of a horrible job.
You were going to give it a try no matter what advice you were given here.
Yes, you're right.
IMO, it's possible but highly unlikely.
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Traderwen, I started in my 40's and here I am 2 decades later and still placing trades every morning.
This is my best piece of advice for you so don't go through the horendous learning curve I did, blowing out account after account and having to keep re-funding those accounts:
Whatever style of trading you decide on:
1: First get a great broker with the cheapest commissions and great live real time features
like Interactive Brokers. Why? I have had accounts with most major brokerages and in my opinion nobody has anything close to the many technical features that I.B. offers.
2: You need to win trades on a Market Simulator and that Simulator needs to have the ability to create complex automated orders like Bracket orders and OCA (One Cancels All). Their Simulator is a replica of their Trader Work Station. You can have a free trial without funding an account. There is a few limitations with the Sim.,read about it on the link below:
https://www.interactivebrokers.com/search/gss.php?q=simulator&oe=utf8&ie=utf8&site=llc_en
3: Why am I pushing thing Simulator thing?
A: While your learning various trading techniques, "you want to lose the cash in the Simulated Account, "not your own real money account!"
B: Why blow through your own money while your learning? So you can refund your account a few months later? That's crazyness!
C: There is very little difference between winning or losing trades on the Simulator versus
a real cash account.
D: I have trained at least a half dozen family and friends and the first thing I insist on is:
they must place their first 3 months of trades on the I.B. Simulator!
When they can duplicate (within + or - 5%) what I am doing for 3 months with strict discipline and accuracy, they can then go live with their cash accounts. (I monitor their Simulators until they can duplicate what I am doing in my cash account.)
Traderwen, as someone who only wants to help others now that I am rounding the bend in the circle of life, I truly suggest you try the Simulator first, win at least 2 out of 3 trades and show
positive gains month after month for at least 3 months before you go with a live cash account.
That depends...is he like "most people"?
If you have enough perseverance, grit, determination and humility (to admit when you need to change course) it is highly likely you will succeed.
A simulator is good but one needs to keep it real. I know a guy trading sim for years and he will hold a losing futures position for weeks, adding to the loser in order to average down the losses. Trading sim like this is futile.
If you can add fear to your sim trading, this will help immensely.
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I totally agree with you. You cannot let losing trades flounder around in the wind.
You have to enter every trade with a pre-determined Buy Limit, Sell Limit & Stop, and preferably all 3 contained in a semi-automated bracket order.
