I am a novice trader and I am seriously considering making day trading my full time profession. I've been a successful professional poker player for over two years in high stakes cash games. While I realize this does not fully prepare me for a career in day trading, I think there are some similarities. Most importantly, I know how to lose a lot of money in a short amount of time and stay emotionally stable. I have the $25K most people recommend to start day trading, and it is expendable. I also have strong earning power, and an extremely flexible work schedule. I'm only 24 with no dependants. I think I'm a prime candidate to learn, and perhaps one day prosper at day trading. I want to get off on the right foot though, and that means in-house training with a day trading firm. I already live in Manhattan and I was hoping some of you out there would have some suggestions as to how to find a firm that will let me learn the ropes with them. I tried searching the internet, but day trading firms don't seem apt to advertise themselves. If anyone could point me in the right direction, or has some phone numbers, I would really appreciate it. Thanks guys.
Manhattan Day Trading Firms
- Thread starter Trade001
- Start date
Just a quick note
I would not play up the ability to lose lots of money in a short time (stability or no). Thats probably not the best hand in this game.
If you have no experience in the market and no track record, you have basically nothing to work with. The poker thing is nice, but it has its limits.
I think your best bet is to hook up with a good trader and learn a market (pick a specific market).
You may not like the message, but take into account that I used to manage a fund (retired now), and over a period of about 10 years, never hired a single trader based on the ability to play poker.
Steve
I would not play up the ability to lose lots of money in a short time (stability or no). Thats probably not the best hand in this game.
If you have no experience in the market and no track record, you have basically nothing to work with. The poker thing is nice, but it has its limits.
I think your best bet is to hook up with a good trader and learn a market (pick a specific market).
You may not like the message, but take into account that I used to manage a fund (retired now), and over a period of about 10 years, never hired a single trader based on the ability to play poker.
Steve
Fair enough. But I do have the capital and the proper earning power to attempt to day trade. I suppose I could do it on my own, and lose a lot of money over the next 6 months, and that might somehow make me more qualified because I'll have 'experience'? And I do believe to be a consistent winner at the games I play at, have no other source of income, pay rent in Manhattan and still have $25K to lose and not let it effect my lifestyle does actually say something about my ability to take risks and succeed.
As long as you are prepared to make no money (most likely lose money) for 2 years
Just like college, there is a tuition to get your degree.
In college it is 4 years and $100k at an ivy or $20k at a community college,
In trading if you are fast learner its about 2-3 years and $20k + room and food.
Problem with trading tuition , some of the traders will never "get it", So you may go through 2 years, 4 years, 6 years and end up with nothing.
If thats a risk you want to take, sure hop on the gravy train!
My advice to you is to try it out. Since you are young, there's plenty of time for you to make $25k in another career if trading does not work out. I believe that in life you have to pursue your goal, and if you don't succeed once or twice, you can always do something else. Life is too short.
It will take you about a year or more to make money.
Good luck
It will take you about a year or more to make money.
Good luck
here's a good list to start your search:
http://www.traderdaily.com/career/companylist.html
good luck and keep us up to date.
http://www.traderdaily.com/career/companylist.html
good luck and keep us up to date.
I don't know much about Poker, I just played a bit. A good common point is money management. The difference I could find so far between Poker and Trading is Poker involves less emotions while Trading involves a lot of emotions.
In Poker, there aren't many reasons to justify your holding. If you don't have a good cards, you won't argue. In Trading, there are many reasons to justify your holding despite the trade is moving against you. More often than not, you tempt to argue.
In Poker, there aren't many reasons to justify your holding. If you don't have a good cards, you won't argue. In Trading, there are many reasons to justify your holding despite the trade is moving against you. More often than not, you tempt to argue.