my old boss probably had a 100mm when he was forced into retirement. He didn’t have the cache to get a prestige second career so he sits in his Greenwich house punting futures.
master or no for trading- career advice
- Thread starter edward22245
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my old boss probably had a 100mm when he was forced into retirement. He didn’t have the cache to get a prestige second career so he sits in his Greenwich house punting futures.
you mean this to be the trading account size to start with?
Well one should start with as small an account as feasible. Sometimes having limited resource to play with makes one smarter. If one loses that small capital, he needs to stop and revisit the methodology. Injecting fund from other savings without learning the lesson is not helpful.
And if a trader learns the power of compounding at a very early stage- that is tremendously beneficial.
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Exactly\the smaller+ less leverage the better to start with/the better.
MOST of US did the opposite + proved our main points/starting smaller is better
The Rich Dennis trading training took a week or2;
most take a decade or 2.The average of those periods would be 5 or 10 years.
Books+ private library/public library cards are good inVestment$
Compounding is actually the eighth wonder of the world. One who understands it, earns it, one who doesn’t, pays it.
Many traders just can’t afford investing a huge amount of capital but that doesn’t mean they should keep waiting. Delay in starting will cause delay in achieving your goals. However you can gradually grow your account and let the power of compounding do its work for you because the sooner, the better.
Many traders just can’t afford investing a huge amount of capital but that doesn’t mean they should keep waiting. Delay in starting will cause delay in achieving your goals. However you can gradually grow your account and let the power of compounding do its work for you because the sooner, the better.
Your goal should always be to find opportunity. It should not be something like: "I want to be a quant trader." Math and computer science are tools that apply to MANY parts of life. You are taking on way too much tunnel vision way too early.
Right...
These days with the micro futures and soon to be introduced nano instruments by CBOE, it should be even more easier for new traders to get into the game with a small account size.
Trading is a business.
Commission paid is one of the variable cost of buying and selling your inventory. It is a given, when you are small you don’t get wholesale rate.
And you need to work your way up to get to that level so that one does not go bust while learning the trade...
That is the advice I would give to someone looking to start in this field...
I believe the OP is young and the good thing he already has a goal. And asking for suggestions how that goal may be achieved. I will not term that as tunnel vision..
Once one learns new things he sees new opportunities in many fields he has not thought about earlier...
This is all very true. The best advice would then be to get a job and work on math, computer science and quantitative puzzles as a hobby. If you think you've hit on something then take it slow with small amounts of money. Test ideas and don't try to make it an income stream. If order executions are matching that killer strategy with success then slowly ramp it up and enjoy the ride.
Studying these concepts from the point of view of "Financial Computing" or some other trendy phrase tends to cause one to look for strategies in the same places everyone else has already looked. You see this repeated pattern in other fields of study too. The winners are often people who bring fresh ideas from one field of study into another.