Is trading only a hobby or job for the rich?
- Thread starter Wach80
- Start date
Are you a hacker? If so then you know the general principle: Find the weakness, exploit.
It can help a lot when learning about any business to know where you are coming from.
What are your strengths?
Do you have a profession?
What can you bring to the table, that's in demand?
Asking such questions is like asking if you can hack your way to being a rocket scientist. Sure, maybe you can fool them on the interview, but when the rocket explodes, it is still your fault.
It can help a lot when learning about any business to know where you are coming from.
What are your strengths?
Do you have a profession?
What can you bring to the table, that's in demand?
Asking such questions is like asking if you can hack your way to being a rocket scientist. Sure, maybe you can fool them on the interview, but when the rocket explodes, it is still your fault.
Yes, via a prop firm who will "loan" you the capital to trade with. As a retail trader without prop support? No, its not very probable.
Anybody can trade...few will do it profitably.
If you're missing pieces of the puzzle (e.g. not properly capitalized), you have stack the odds considerably against yourself. Best to just learn/study for a few years and get properly capitalized.
Reality, rules and regulations since the dot.com days of the 90's and expanding fees/costs...that alone will begin eliminating under-capitalized traders in the future. Heck, its already doing such since the 2008 - 2009 financial global economic fiasco.
To try to "hack" your way into it...its going to be a very expensive hack.
If you're missing pieces of the puzzle (e.g. not properly capitalized), you have stack the odds considerably against yourself. Best to just learn/study for a few years and get properly capitalized.
Reality, rules and regulations since the dot.com days of the 90's and expanding fees/costs...that alone will begin eliminating under-capitalized traders in the future. Heck, its already doing such since the 2008 - 2009 financial global economic fiasco.
To try to "hack" your way into it...its going to be a very expensive hack.
Yes, if one has a level of talent and is willing to work towards a long term goal vs. pursue immediate gratification. Think of a goal as a structure u need to build. If u don't build the base on solid footing, it never rises too high without collapsing. It takes time to do things right.
It's not free money. The thing about markets and trading is that it attracts many smart and talented people. If you are truly "generally poor", maybe the best approach is to angle for an analyst or assistant position within a trading firm and work your way up to trader from there.
In addition, good prop firms will teach you edges working now in the stock market. Avoid the rabbit hole of listening to anonymous on line gurus who preach things like "price action", "auction markets" and other reasonable sounding platitudes that mean nothing in real time decision making but will result in you developing the wrong and very financially damaging (not to mention psychologically damaging) mindset. In fact, it is the exact opposite of the way you should be thinking. good luck! surf
I know you said in the other thread that trading is going to be just a hobby and fun for you...also via free tools that's available.
That will eliminate most professional resources which is probably why you've started this thread and specifically used the word "hack". Also, you mentioned before in U.S. stocks. The commissions alone will doom you even if its just a hobby for you due to your small capital unless you're just wanting to put up a few trades per month on a few shares. Regardless to what markets you trade...its tough to succeed when you already enter the arena with most of your team members (e.g. proper capitalization) not there to support you.
Simply, treat it just as a hobby/fun as you stated is your goal and enjoy the experience but don't get upset about the results (not being profitable). You should also talk to your tax accountant to find out about tax deductions...all of this stuff you can easily find out about via the book I recommended to you earlier.
Another option for you is instead of looking at trading as a hobby...try looking at it as an academic perspective. Many universities today offer trading classes and you'll be learning from verified people that work in the industry...could be money well spent instead of losing it in the markets due to not having the resources to trade properly.
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most, if not all, people need money to support themselves (being rich helps) while learning many years how to trade (and most, even rich, will never learn)
forget about trading as a hobby
forget prop-shops as well: they know nothing and teach nothing
forget gurus, they usually know something, but in reality can do much-much less that they think they know
if and ever you will learn how to trade initial money is not a problem: they are under your feet, and you will pick them up us much as necessary
motto of a russian prison: don't hope, don't ask, don't wait - that's an attitude you should adapt
because in reality you are getting your self in the prisonwelcome !