Is trading only a hobby or job for the rich?

[Handle123]

is it possible to hack your way into the world of trading without being properly capitalized and generally poor?

NO, there is NO possible way, save what little money you have and get your butt into one of the top ten Financial schools in the nation and get a degree, in off time learn how to program and start reading Technical Analysis of Stock Trends by Edwards and Magee who first wrote it in 1948, learn to program Price Patterns. After you get degree, get good job in the industry and keep learning and testing. Always have a fall back, a job with money coming in allows you to pay bills and add to your account, that's stress off. Learn to trade longer term, options and if you day trade, few hours before you work day job. Be aware it be years before you can have a decent Trading Plan and it will be forever ongoing, you will always be adding or taking away. If you can't back up a rule with stats, less likelihood it will work. First 100k is the hardest, don't get greedy, don't bet the farm on one idea, stick to 2 % rules of loss, these are ways that I never thought were useful and paid price of money loss, lost years and emotional turmoil. Those who make it in few years are either genius of trading or got into a nuance which often ends in couple years. Really takes several years to understand enough to write proper Trading Plan.

Good luck.

 

[Wach80]

wach
may I ask, "why don't you start this "journey" by first giving thank's to all the replies ?"
a demo account not need one dollar spent, until u can b consistent there don't invest any real $
I may take some heat from this post but the previous replies deserve a mention .... not ?

Yes the replies have helped me therefore iam thankfull , i think this is obvious , the community is very good here.

I have already started trading , i dont have the money and time to invest in education , i currently trade forex at fxprimus with a demo account and im learning the chart/technical part , forex will be my first choice because its cheaper and allows for smaller capital investment , i like it a lot tbh and im successfull so far but i think i will have to give up some things in life and focus on it otherwise i wont be able to learn it , there is so much stuff to learn , i think its worth it though. The good thing is that i already have some of the basic skills like discipline , money management etc and variance understanding , i learned this stuff from poker.

 

[marketsurfer]

"You got a dream... You gotta protect it. People can't do somethin' themselves, they wanna tell you you can't do it. If you want somethin', go get it. Period." --Will Smith, The Pursuit of Happyness. 2006

He got a job---and excelled at it--- there's a huge difference between fantasy and reality. Dont mix them up. surf

 

[lawrence-lugar]

He got a job---and excelled at it--- there's a huge difference between fantasy and reality. Dont mix them up. surf

The same qualities that Will Smith had in that movie generally also applies to the poster's question.
Surf's up...ride that wave, or trend line -- the only friend you have in the market.
But don't get greedy -- or you might experience a wipeout.

 

[povstanets]

The good thing is that i already have some of the basic skills like discipline , money management etc and variance understanding , i learned this stuff from poker.

I have wondered myself if it would simply be easier to move to las vegas and pursue betting - rather than mastering trading. In the back of my mind I still am considering this option as the simplicity of betting really appeals to me. If your really good at poker I almost wonder if that would be an "easier" life route...

 

[Wach80]

I have wondered myself if it would simply be easier to move to las vegas and pursue betting - rather than mastering trading. In the back of my mind I still am considering this option as the simplicity of betting really appeals to me. If your really good at poker I almost wonder if that would be an "easier" life route...

Im obviously better at poker but if i had to choose i prefer trading easily , poker has the same *bad* things as trading but its much harder to endure them , i mean you must endure terrible swings , be disciplined and *play* your best game at both but its far harder to do that when you are grinding for hours , you cant get exhausted with trading which means its far easier to keep up the volume and generally endure any bad luck. Poker is really tough mentally and thats why i consider it a hobby for now , trading on the other hand is probably more complex in theory but if i manage to learn it , i think it will really worth it , i really like it so far.

 

[wrbtrader]

Yes the replies have helped me therefore iam thankfull , i think this is obvious , the community is very good here.

I have already started trading , i dont have the money and time to invest in education , i currently trade forex at fxprimus with a demo account and im learning the chart/technical part , forex will be my first choice because its cheaper and allows for smaller capital investment , i like it a lot tbh and im successfull so far but i think i will have to give up some things in life and focus on it otherwise i wont be able to learn it , there is so much stuff to learn , i think its worth it though. The good thing is that i already have some of the basic skills like discipline , money management etc and variance understanding , i learned this stuff from poker.

How the heck can you "start trading" if you just "started learning" ??? :eek:

You shouldn't even be on a "demo" or "simulator" until you have a complete trading plan...something that's going to take several months for you to develop and backtest.

 

[Wach80]

How the heck can you "start trading" if you just "started learning" ??? :eek:

You shouldn't even be on a "demo" or "simulator" until you have a complete trading plan...something that's going to take several months for you to develop and backtest.

I want to have a ground to apply the concepts i learn , im not only trading , i basically study only and trade once in a while , i cant start create trading plans when i dont evne know how to make a trade and how trading platforms operate , i want to get my hands dirty abit , hehe actually i have made some money on my trading account. I think i have a better feel for the charts now.

 

[dbphoenix]

Im obviously better at poker but if i had to choose i prefer trading easily , poker has the same *bad* things as trading but its much harder to endure them , i mean you must endure terrible swings , be disciplined and *play* your best game at both but its far harder to do that when you are grinding for hours , you cant get exhausted with trading which means its far easier to keep up the volume and generally endure any bad luck. Poker is really tough mentally and thats why i consider it a hobby for now , trading on the other hand is probably more complex in theory but if i manage to learn it , i think it will really worth it , i really like it so far.

Trading and poker.

 

[JTrades]

@wrbtrader's advice is reasonable, but...

I want to have a ground to apply the concepts i learn , im not only trading , i basically study only and trade once in a while , i cant start create trading plans when i dont evne know how to make a trade and how trading platforms operate , i want to get my hands dirty abit

this is also reasonable. Familiarizing yourself with your tools will aid you in developing your trading plan: one less unknown.

Nothing wrong with trading demo or a small live account in the first instance. Just don't let it financially or emotionally impact you in ways that could jeopardize your advancement as a trader in the future.

If your P&L becomes positive, put it down to random chance. If it becomes negative, put it down to random chance.