***my First Post***

<i>"Even better, use that 25k, buy a car, get some good dating guides and pick up a girl. That is a much better way of spending 25k rather than gambling it, which is what ur proposing."</i>

When I was in my early 20s (a couple decades ago) I spent most of my cash on beer, fast cars and wild women. The rest I just wasted on everything else.
 
I Trade 4 Money,

Be very cautious and you will survive the crucial first few years.

Focus on making money, not borrowing money. Do not take out that loan at 8% nor at any rate. I wouldn't use that 4:1 leverage either. Ask yourself what if. What if the market dumps 25% with your $25k that you leveraged to $100k. You will have a net worth of $0k.

Diversify. I've had too many stocks take a 25-50% dive overnight. Trading some ETFs will help diversify.

Stop thinking about how much money you will have in the future. Think about how you are going to get there.
 
Good luck! I am rooting for you.

Think small, and you will be small.

While your goals seem impossible for many on this board to comprehend, the reality is that goals should not be easily achievable. The world is jammed full of people that only take "safe, small bets". You will almost never become great taking safe, small bets.

Everybody comes into the markets with dreams of making it big. But the reality is that most do not. Some make a good living taking small amounts out on a daily basis. That keeps them from having to work a job. Thats great if thats what you want.

Many come into the markets to make a killing, lose their money and get out. many of those scrape up more money and try it again. And again. And again. Some people just refuse to learn from their mistakes. Some do learn, fix their mistakes and go on to become reasonably profitable and successful.

Then there are the few that take huge risks. There are only a few end results for those types. They crash and burn, or end up fabulously wealthy. Or they continue to cycle between wealth and crash and burn cycles. Read ROASO, and you will see that cycle.

Analyze everything you do. I am not talking about getting stuck deciding on if you should take a trade or not, analysis paralysis will keep you from succeeding. I am talking about taking the trade, then analyzing what you did wrong and right after the fact. Learn from that and apply what you learn.

You are living with your parents. Do not have a girlfriend or a car. You are 24 and have saved up about 20-30 thousand dollars, so you appear to have some brains and discipline. if you crash and burn, living with mom and dad and not having a girlfriend will be a major plus. You can then use those brains and discipline to pay back any money you owe and start again more wisely the second time.

One final piece of advice is to think hard about any advice you get from an Internet trading site. if it makes sense, try it, but do not take anything you read for gospel, unless you can prove it for yourself. That includes my advice too. While I do take money at will from the market, I have never bet the ranch. yet.

Whatever you decide, good luck to you.
 
Quote from I Trade 4 Money:

Hello. I would like to take this time to introduce myself. I want a lot of money.
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Good luck, good trading and good LEARNING!
 
first - you lose money
second - you learn how not to lose money
third - you make money

the best advice you will get here has already been given
You are 24. You will ignore it. You will lose your shirt.

Then the second rule above will come into play...and from
then on : good luck !
 
Quote from jaronimo:

Think small, and you will be small.

While your goals seem impossible for many on this board to comprehend, the reality is that goals should not be easily achievable. The world is jammed full of people that only take "safe, small bets". You will almost never become great taking safe, small bets...

Everybody comes into the markets with dreams of making it big. But the reality is that most do not. Many come into the markets to make a killing, lose their money and get out. many of those scrape up more money and try it again. And again. And again. Some people just refuse to learn from their mistakes. .
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Okay...so you should set nearly impossible goals...then probably fail and quit...or try again...then probably fail...then... :confused:

Instead of learning by taking small bets, then slowly increasing size as you have profits?

Yep. Sounds like a great plan!

Hmmm, my plan and goal in life is to never fail. And I don't. Notice I didn't say "never try", I said never fail.

I set reasonable goals, achieve them, then move on to higher goals. I make lots of money and I don't blow out accounts.

Good luck to all! :)
 
1. NEVER USE BORROWED MONEY FOR TRADING

2. NEVER USE BORROWED MONEY FOR TRADING

3. NEVER USE BORROWED MONEY FOR TRADING
 
Quote from aus_SPIder:

oh god where do i start?


okay lets start with your goals:

assuming u have 50,000 in your trading account now. You want to turn that into 200,000 by the 2008. okayyyyy

By my calculations thats:

FV = PV(1+r)^n
Assuming n=2 so well give you a full 2 years to make it.
200,000 = 50,000 (1+r)^n
r = 1

so therefore you would need to make an annual rate of return of 100% compounded over 2yrs to give you your 200k. If we assume the benchmark S&P 500 index returns 20% pa over the same period your outperformance of the index will be 80% p.a i'd say 0.5% of ET traders here could match that and i for one couldnt. Most ETers would be happy with 1-2 standard deviations above the S&P or about 30% PA. Best hedge fund ever Renaissance technologies Medallion Fund returns 35%pa after fees or about 60% before. Therefore you who have had no/very little trading experience are trying to mix it with the very best in the game most of whom have taken 10 or more years to get to that level. What makes you special?

Look at yourself and your trading history, Do you really believe that given your current level of experience you can outperform the index by a massive 80%? Just from your post i can say your overconfident (like every chump who wants to be a milliionaire stock trader), undereducated(u obviously have done no work as to which method ull use to trade, ur even unsure as to whether ull be scalping) and lazy (u havent even used the search funciton on ET), a perfect combination to lose 100% pa, not make 100%pa. You make excuses for the fact that your a loser. Judging by that ull probably make excuses as to why u made losing trades instead of logically analyzing what went wrong. U will end up trading on emotion, the most fickle indicator every built. and by then ull bankrupt urself and ur 50,000

Seriously judging from the attitude in your post id recommend u jsut buy teh S&P index at 4:1 leverage and dont look at it for 2years. u might end up with mroe that way than u will by trading. Even better, use that 25k, buy a car, get some good dating guides and pick up a girl. That is a much better way of spending 25k rather than gambling it, which is what ur proposing.
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going from 50k to 200k in 2 yrs isn't too hard.....
 
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