Just a kid looking for advice

S

S.Cromwell1989

Hi all, hope everyone had a nice holiday. Anyway after reading through this forum for about 3 months now and finding tons of useful information I decide to register and ask a couple questions.

First off about me, I am 20 years old (will be 21 on the 30th) a recent graduate from St.Mary's University in Halifax, Nova Scotia with a BA in Math and I really would like to get into trading. Due to some family issues, I have choose to move back home with my parents to help them out in their business.

Because of that I am not able to move in order to work at Swift Trade, Title Trade etc. in order to get some training. So I am looking for a firm that allows remote trading. From all the post I have seen, I think I have a decent idea of what is a good deal for someone starting out, but if some of you guys could let me know what you think is good that would be great.

Also what advice would you have for someone starting out? I have about 15k in savings, I have no bills, kids etc. so I figured this will be the best time in my life to try trading.

Anyway any information you guys are willing to give would be greatly appreciated whether its a thread I should read, post or perhaps a firm I should check out the more info the better.

Thanks
 
I have to wonder why you would voluntarily hold yourself back. Your parents, if they are any kind of decent people, which I suspect they are, do not want you to give up the things you want in life for them.
 
Quote from S.Cromwell1989:

Hi all, hope everyone had a nice holiday. Anyway after reading through this forum for about 3 months now and finding tons of useful information I decide to register and ask a couple questions.

First off about me, I am 20 years old (will be 21 on the 30th) a recent graduate from St.Mary's University in Halifax, Nova Scotia with a BA in Math and I really would like to get into trading. Due to some family issues, I have choose to move back home with my parents to help them out in their business.

Because of that I am not able to move in order to work at Swift Trade, Title Trade etc. in order to get some training. So I am looking for a firm that allows remote trading. From all the post I have seen, I think I have a decent idea of what is a good deal for someone starting out, but if some of you guys could let me know what you think is good that would be great.

Also what advice would you have for someone starting out? I have about 15k in savings, I have no bills, kids etc. so I figured this will be the best time in my life to try trading.

Anyway any information you guys are willing to give would be greatly appreciated whether its a thread I should read, post or perhaps a firm I should check out the more info the better.

Thanks
More...

Take this opportunity to save up money. During this time keep studying. You aren't ready to risk real money yet.

During this time get something like Sierra Charts and Barchart (whomever) live data feed. This way you can SIM some day trading while not actually being held accountable for all mistakes. This will run you about 50 dollar a month. Well worth it. It will also include historical futures data, equities, etc.

After a few years at least of saving and researching I would reevaluate your situation. Just don't jump the gun and donate all your cash to your pals JPM and GS. At this current time the deck is heavily stacked against you - your chances are too slim. No offense.

Good Luck
 
Quote from Algo_Design_Kid:

Take this opportunity to save up money. During this time keep studying. You aren't ready to risk real money yet.

During this time get something like Sierra Charts and Barchart (whomever) live data feed. This way you can SIM some day trading while not actually being held accountable for all mistakes. This will run you about 50 dollar a month. Well worth it. It will also include historical futures data, equities, etc.

After a few years at least of saving and researching I would reevaluate your situation. Just don't jump the gun and donate all your cash to your pals JPM and GS. At this current time the deck is heavily stacked against you - your chances are too slim. No offense.

Good Luck
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Very good advice. Save as much as you can - read as much as you can.

One thing I regret is not having read a bunch of books on options pricing and general strategies. There are a lot of books out there on trading from very well known guys - take the time to read as much as you can and learn about their strategies - even if they no longer work it'll educate you about the markets which will be invaluble.
 
Quote from S.Cromwell1989:


I have no bills, kids etc. so I figured this will be the best time in my life to try trading.

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You have no bills and no kids? YES, this IS the best time in your life!:D

I'm extremely jealous!:D

(Just messing with ya. Kinda lol:D ) Do what others here have told you to do and keep studying, keep saving, and spending time in front of the screens. If you haven't found your edge (trading that fits YOUR personality), you'll burn up that 15k quickly, and that creates a whole new problem: emotions. Negative ones. Not a good thing in trading...
 
Quote from LEAPup:

you'll burn up that 15k quickly, and that creates a whole new problem: emotions. Negative ones. Not a good thing in trading... [/B]
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So true. Forgot to add, during this time get real damn proficient at a programming language. Soon enough, my guess within the next 10 years, it will not be good enough to just solely come up with strategies. You will also have to be able to develop trading logic / have large participation in the development stages.

You really have to be the total package. There are plenty of abnormally smart people in this industry. You will be 100% left behind from the start if not preparing now. A lot of people in this industry are just "book smart". This can only take you half way.

If you enjoy having a glass ceiling of around $200k a year this is fine. But I am guessing you are not shooting for mediocrity. No one gives two shits about your GPA. The question is can you produce?
 
Wow. Thanks for all the advice guys. As of right now, I do have esignal which I watch throughout the day, I am decent with c# been programming since I was about 15 years old, as well as excel. So I have written a few things to keep track of intraday movements. I also have a sterling demo to watch the level two and trying to learn the "personality" of different stocks. But like you have said, I think I am going to focus on automating strategies (might be a bad idea for some one starting?).

Between this site and wilmott.com I have been doing a lot of reading trying to learn from peoples mistakes. Are there any specific books I can get on amazon that you would recommend reading? If it makes a difference I would like to focus on equities right now.

Thanks again guys for your comments, they are all appreciated.
 
Quote from drcha:

I have to wonder why you would voluntarily hold yourself back. Your parents, if they are any kind of decent people, which I suspect they are, do not want you to give up the things you want in life for them.
More...

My parents are great people. My dad broke his back and has had a few surgeries, so he is no shape for farm work. So it is only temporary and I don't mind helping them out since they put me through school and hell they are my parents, so I figure a little time out of my life to do something for them is not a big deal. Home cook meals, no rent and a couple hotties down the road isn't such a bad thing. :D
 
I have another question, what would you guys suggest for back testing software? I have been looking at AmiBroker as well as multicharts. The reviews on this site is good for both, but just hoping to get some additional feedback before I choose one.

I was going to use some of the software that I have from ward systems (Chaos Hunter and the AI Trilogy I used them for a project last year), but I don't want to dish out a couple grand for Neural shell day trader to back test. So I have even been thinking of getting trade station since I can import the formulas from CH into trade station.

Anyway once again thanks for all the advice.
 
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