I will consider trading futures, options, or any other higher levered derivatives in the future. But for now I'll stick with the stock market.
***my First Post***
- Thread starter I Trade 4 Money
- Start date
I will consider trading futures, options, or any other higher levered derivatives in the future. But for now I'll stick with the stock market.
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.
You say you've been trading for only a year and a half. So bascially 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.
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.
Best of luck. The odds are against you as they are against anyone, but few people make it. By making it I mean at least upper 6 figures or lower 7 yearly income.
Leverage is a very powerful ally if you know how to use it. I still find it funny when people compare billion $ fund managers and their rates of return to traders. The reason why 20-30% is phenomenal for them is their size. We have the biggest advantage over them that is being able to be in and out of our positions with almost to repercussions.
Turning 100K into 1 mil within 1 year is difficult but possible. Turning 100mil to a billion is totally different.
Regards,
redduke
Leverage is a very powerful ally if you know how to use it. I still find it funny when people compare billion $ fund managers and their rates of return to traders. The reason why 20-30% is phenomenal for them is their size. We have the biggest advantage over them that is being able to be in and out of our positions with almost to repercussions.
Turning 100K into 1 mil within 1 year is difficult but possible. Turning 100mil to a billion is totally different.
Regards,
redduke
Why not open a Thread Journal of your trading venture in the Journals Forum?
I Trade 4 Money,
The most valuable and unforgettable lessons can often only be learned through experience and are almost impossible to be taught. With all respect, it appears that your arrogance far exceeds your knowledge of the subject. I only hope that once you truly are wise enough to realize what you need to do in order to succeed in this business, that you will have the courage to do so.
Best Regards,
shanoballs
The most valuable and unforgettable lessons can often only be learned through experience and are almost impossible to be taught. With all respect, it appears that your arrogance far exceeds your knowledge of the subject. I only hope that once you truly are wise enough to realize what you need to do in order to succeed in this business, that you will have the courage to do so.
Best Regards,
shanoballs
I second that, very good point.
To the OP: Finish school, get a job, make some money, then look at trading as a hobby. The fundamental assumptions you have of trading are false.
-Kastro
agree kastro,,,its very hard to be successfull with everything on the line...