***my First Post***

Quote from HolyGrail:

You say you've been trading for only a year and a half. So basically your only trading experience was in a bull market. There is an old saying "never confuse brains with a bull market". I think you might want to set some realistic goals or you will have major disappointments.

If you want to start your own business(including trading) you have to go to work for someone in that business to learn the ropes, or at least have a successful mentor that has learned the ropes.

Although I believe in the philosophy that "anything the mind can conceive and believe, it can achieve", the goal still has to be realistic at least from a timing standpoint.

I can come out with the goal that in 3 years I will find a cure for all cancer. Realistic? I don't think so. For one, I have no medical training, just as you have little trading experience.

I wish you success, but you really are on the wrong track. Confidence is great, but false confidence leads to disaster. Your goal should be to avoid disaster until you know what the hell you are doing, which believe it or not, you have no clue.


edit: one little piece of advice. You never set a secondary goal based on achieving your first goal UNTIL YOU ACTUALLY ACHIEVE THE FIRST GOAL.

You have set goals for 200,000 by 2008. Get there first and then worry about where you are going from there. Saying you will have a million by age 30 when you don't have a job, and you have not reached your 200,000 goal from trading is ludicrous. I won't even comment on the 10 million by age 40.

Goals are worthless until you have THE RIGHT PLANS to achieve them. You have a long way to go.

I'm officially done with this thread.
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You make some valid points and suggestions that can be of use to me in the future. I thank you for that. I'd like to give you a few more details regarding my trading history. I 've personally traded with real money for one and a half years. However I've been studying the markets way before I've decided to use my money to trade.

I became interested in the markets around 2000, around the time my father decided to invest in the market. He bought tech stocks. What a wrong move. Anyways, I got a job as a stockbroker when I was 20 years old. During that time, I've seen the dow drop 200 or more points, everyday. I've seen how bad the market can be. I've been a stockbroker for one and a half years and I've decided sales is not for me. So I went back to school and it's during this time I've discovered poker.

I was at first a losing poker player so I decided to buy books on poker to help improve my game. That was a great decision because after months of losing, I've turned it around and became a profitable player.

Fast forward to 2003. I have some cash after playing poker and I got interested in investing money in the stock market because the money market rates at that time was EXTREMELY low. I bought this one book, one I think, changed my life. It was called, How to Make Money in Stock by William O'neill. That book basically changed my approach to trading, although I never even traded with real money. It also showed what my father was doing wrong with his trading. He's not a rich guy, in fact his liquid net worth right now is equal my my liquid net worth currently. His net worth got cut in half by buying and HOLDING on the big blue chip tech stocks. After reading How to Make Money in Stocks, I realized what he was doing wrong. He was waiting for the stocks he bought to go back up to the price he bought it for!!!!

Fast forward to this year. By this time I read many books on trading. It's too many to name. Currently I'm reading
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John Murphy. HIGHLY recommended. Anyways there's a whole bunch of things I left out but I hope you got a gist of what I know about the market after reading this post.
 
Quote from MrPaul:

so do you see the stock market as the only avenue to becoming weathly? Or are you seeking alternative methods as well, such as sales or starting a business. Is trading a desire/passion or just a proxy to a fat bank account. Not trying to second guess you or anything, just asking out of honest curiosity.
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I believe trading is the best and fasted way for someone like me to become a millionaire. Leverage is a beautiful thing.
 
Quote from I Trade 4 Money:

I believe trading is the best and fasted way for someone like me to become a millionaire. Leverage is a beautiful thing.
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One piece of advice .... Use proper money management, don't let greed take you over.

Remember, leverage combined with emotions can work against you ten fold. It can wipe you out faster than you can say "Amaranth".
 
Quote from I Trade 4 Money:

Sure. Playing poker AND trading at the same time. With internet poker becoming possibly illegal due to new legislation being passed through congress and most likely being signed by president, I've decided to focus all my efforts towards trading. I've also understand switching from poker to trading will be a smooth transition due to the fact that similar psychological traits used from poker can be transferred to trading. For example, you might have 80% to win a hand and still lose. I understand that in the long run if you keep on being an 80% favorite you'll win. I know how it feels to be in a LONG LOSING streak as well. I also learned many things in poker that can help me in life. For example, money management, cutting your losses, etc. etc.
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are you TexasLimitKing from fulltilt? :)

<img src="http://pic16.picturetrail.com/VOL648/2542213/10830031/195233170.jpg">:D
 
Quote from I Trade 4 Money:

You make some valid points and suggestions that can be of use to me in the future. I thank you for that. I'd like to give you a few more details regarding my trading history. I 've personally traded with real money for one and a half years. However I've been studying the markets way before I've decided to use my money to trade.

I became interested in the markets around 2000, around the time my father decided to invest in the market. He bought tech stocks. What a wrong move. Anyways, I got a job as a stockbroker when I was 20 years old. During that time, I've seen the dow drop 200 or more points, everyday. I've seen how bad the market can be. I've been a stockbroker for one and a half years and I've decided sales is not for me. So I went back to school and it's during this time I've discovered poker.

I was at first a losing poker player so I decided to buy books on poker to help improve my game. That was a great decision because after months of losing, I've turned it around and became a profitable player.

Fast forward to 2003. I have some cash after playing poker and I got interested in investing money in the stock market because the money market rates at that time was EXTREMELY low. I bought this one book, one I think, changed my life. It was called, How to Make Money in Stock by William O'neill. That book basically changed my approach to trading, although I never even traded with real money. It also showed what my father was doing wrong with his trading. He's not a rich guy, in fact his liquid net worth right now is equal my my liquid net worth currently. His net worth got cut in half by buying and HOLDING on the big blue chip tech stocks. After reading How to Make Money in Stocks, I realized what he was doing wrong. He was waiting for the stocks he bought to go back up to the price he bought it for!!!!

Fast forward to this year. By this time I read many books on trading. It's too many to name. Currently I'm reading
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John Murphy. HIGHLY recommended. Anyways there's a whole bunch of things I left out but I hope you got a gist of what I know about the market after reading this post.
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oh my ! you mean you were a stockbroker for one and a half year, and you have never read O'Neal during all that time ???
 
Hey, you might get lucky. It happens.

bt

Quote from I Trade 4 Money:

Hello. I would like to take this time to introduce myself. I want a lot of money. I'm 24 and I want to be a millionaire by the time I'm 30 and over 10 million by the time I'm 40. I have no debt. I currently trade with the 23,000 that I have in my Scottrade account. Just 2000 more and I get 4:1 leverage. I could use the 6000 I have in my bank account to get that stupid 4:1 SEC rule requirement, but if I can't make 2000 with 23,000 with 2:1, quite frankly, I don't deserve that 4:1 leverage. At this point in my life, I would consider myself a "loser" for a lack of a better word. I still live with my parents (lame excuse #1: Want to save every bit of money I have so my trade account get's bigger and bigger). I have no car (lame excuse#2: Same as lame excuse #1). I have no girlfriend (lame excuse #3: Same as lame excuse#2). My first goal is to turn from a loser to a winner. In order to do this my first target goal is to have at LEAST 200,000 in my account by the end of 2008. You may ask yourself, how in the hell I'm going to make that kind of cash in that short of a time period. One word my friends: LEVERAGE. As soon as I increase my 23,000 account to 30,000, I'm going to get a loan for 30,000. Since I have good credit, I can get a loan for less than 8%. Put that 30,000 with my other 30,000 and now I have 60,000 in my account. With 2:1 leverage that's 120,000. If have enough experience to scalp by then, I might decide to use the 4:1 leverage. By that time, I obviously need to find a better platform than Scottrade, one that has low transaction costs for high volume traders. You guy's got any suggestions for any good platforms? Anyways, that's my plan for the time being. I'll give updates from time to time. Thanks for reading.:D
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Quote from Tums:

oh my ! you mean you were a stockbroker for one and a half year, and you have never read O'Neal during all that time ???
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Yup. I was selling on fundamentals and my firm's recommendations
 
No offense, but I find it very difficult to believe that you were a stock broker, yet you knew nothing of prop firms, and you seem to have just discovered the concept of leverage. It just doesn't make any sense.
 
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