Thanks for your suggestions and encouragement. I just like to briefly state my current trading philosophy. I hold no more than 5 stocks at a time. Don't fall in love with a stock... if the stock falls below 10% the purchase price... sell. Follow the trend. After 2 weeks of purchase, sell 2 stocks that are either moving sideways or trending downwards and replace them with stocks that are trending upwards. I'm going to refine my system as time goes on. I read books by O'neil and Murphy. I've been trading for almost an year and half. Just started trading after a 2 month break.
***my First Post***
- Thread starter I Trade 4 Money
- Start date
Nope, not for a second. It's got Romik calling card written all over it.
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.
Don't just trade because you want to make money. Trade because you love it. It needs be your passion. You have to wake up every morning and love what you do. Trying to trade to "get rich quick" is the absolute WRONG way to go about it.
Learn from books, learn from good traders on ET....maybe consider joining a respectable trading firm and get a mentor. Don't focus on making any money now....focus on not losing money!! Be patient, work hard and eventually you will get it.
-spxdes
You have a clearly defined goal. You are ahead of 90% of the people lurking here.
Not everybody has imagination; don't let them hold you back. Whatever the mind can conceive and believe, it can be achieved. (N. Hill)
What you need is to work out a step by step approach to achieve your goal. Some people here have already given you lots of help. Read their posts again (...and again).
go to this link and download Trump's audio lesson. You might find it useful.
http://www.whywewantyoutoberich.com/
I think you will make it. (but not with your current plan.)
Please do not waste your time with stock trading.
Instead, use Natural Gas Futures.
These babies give you the license to make $$$ really quickly.
Try to find a broker that gives you a $500 margin deal, so you can immediately start maxing out your account with 40-50 contract positions.
Instead, use Natural Gas Futures.
These babies give you the license to make $$$ really quickly.
Try to find a broker that gives you a $500 margin deal, so you can immediately start maxing out your account with 40-50 contract positions.
I would love to trade futures, because of the leverage. Unfortunately. I know nothing about futures trading. I understand the same technical indicators from stock trading can shift over to futures tradnig though.
I'm going to change my trading philosophy as soon as i graduate from college. Juust a litlle over two months to go.
Are you for real?