Need Advice on career change into trading
- Thread starter venturerider2
- Start date
hey cool web are you making millions
and what was your trading style when you first started
and what was your trading style when you first startedNo, I am not making millions.
I started swing trading when I started out
when I noticed my entries were not good enough to put on a big position,
Lets say you are looking to invest in a company
Lets say you have $500k
You wouldn't invest all the $500k because you find the risk of being stopped out (some people use 7% stops ) thats around $35k being stopped out
So why do people put 7% stops, its because they really don't know where the stock is going to test,
Since I had the same problem, I would be AFRAID of putting on a big position, so you put on small positions of
$50k , $30k ,
What is 100% of $30k going to do? Jack shit.
That is when I started daytrading stocks earlier this year then FUTURES to learn how to get myself into a position profitably immediately from the start.
If you know how to do this, all positions will become profitable the hour you put it on , the day you put it on, the week you put it on, the month you put it on.
If you can do this, you can swing a big dick.
If you can swing a big dick
$500k position into a long term position that will 10%, 30% , 50% , 100% , 200%
When you start to know that you have to put on your biggest size when you have the lowest risk.
That is where millions are made.
I started swing trading when I started out
when I noticed my entries were not good enough to put on a big position,
Lets say you are looking to invest in a company
Lets say you have $500k
You wouldn't invest all the $500k because you find the risk of being stopped out (some people use 7% stops ) thats around $35k being stopped out
So why do people put 7% stops, its because they really don't know where the stock is going to test,
Since I had the same problem, I would be AFRAID of putting on a big position, so you put on small positions of
$50k , $30k ,
What is 100% of $30k going to do? Jack shit.
That is when I started daytrading stocks earlier this year then FUTURES to learn how to get myself into a position profitably immediately from the start.
If you know how to do this, all positions will become profitable the hour you put it on , the day you put it on, the week you put it on, the month you put it on.
If you can do this, you can swing a big dick.
If you can swing a big dick
$500k position into a long term position that will 10%, 30% , 50% , 100% , 200%
When you start to know that you have to put on your biggest size when you have the lowest risk.
That is where millions are made.
im ready you tell me when and what to buy and im all in do you base your trades on doing research of the company or just all technical analysis i find trading based on just news risky i look for reversals price action confirmation but im just a day trader i wouldn't know what to invest in i would love to learn think you could start a thread cool web of what you do or maybe you have one thanks
do you base your trades on doing research of the company or just all technical analysis i find trading based on just news risky i look for reversals price action confirmation but im just a day trader i wouldn't know what to invest in i would love to learn think you could start a thread cool web of what you do or maybe you have one thankswrong ...
http://finance.yahoo.com/q/bc?s=TOL&t=5y
( I only wish I had done this trade / investment )
-What is 100% of $30k going to do? Jack shit.-
http://finance.yahoo.com/q/bc?s=TOL&t=5y
( I only wish I had done this trade / investment )
-What is 100% of $30k going to do? Jack shit.-
hydroblunt wrote the same thing I wrote to these question about 3 years ago. When the ("volitility killers) had a chance to start arbing away the major inefficiences in the market.
I think you have to ask yourself what is your target return on the money you plan to risk. If you have to make 100% returns year after year. You would be a market wizard. I think 20% returns are good nowadays.
By the way I took most of my money and put it in real estate. It is still riding in the hottest market in the country. Bradenton Florida. (and one in orlando). And I am concerned about how insanely leveraged I am. More so than when I was trading.
But I have back up plans of being able to return to being a 42 year old lawyer if necesary.
The very best advice I have is keep your job and position trade, until you are good. It is more scalable and it is how you would want to make your money after a few years of watching the screen all day long anyway.
I think you have to ask yourself what is your target return on the money you plan to risk. If you have to make 100% returns year after year. You would be a market wizard. I think 20% returns are good nowadays.
By the way I took most of my money and put it in real estate. It is still riding in the hottest market in the country. Bradenton Florida. (and one in orlando). And I am concerned about how insanely leveraged I am. More so than when I was trading.
But I have back up plans of being able to return to being a 42 year old lawyer if necesary.
The very best advice I have is keep your job and position trade, until you are good. It is more scalable and it is how you would want to make your money after a few years of watching the screen all day long anyway.
VentureRider2- I would think an important part of your decision is your current net worth, not just your compensation. If your net worth is high enough (say 10 million or more), you can invest most of this money fairly conservatively and produce close to your desired 7-figure annual income.
That would take the pressure off of your shorter term trading. If your net worth is low (say under 2 million), I think it would be too risky to give up your day job. You should first build up your net worth to a higher level.
If your net worth is somewhere in the middle (say 5 million) the decision might depend on whether you can reduce your living expenses and how much risk tolerance you have.
That would take the pressure off of your shorter term trading. If your net worth is low (say under 2 million), I think it would be too risky to give up your day job. You should first build up your net worth to a higher level.
If your net worth is somewhere in the middle (say 5 million) the decision might depend on whether you can reduce your living expenses and how much risk tolerance you have.
millions?!!
I read somewhere recently that the majority of americans couldn't scrap together $5000 in cash at a moments notice. Not surprising since the avg savings rate is 0% or less. If I had more than a million in liquid cash, I wouldnt even be trading. I'd literally live off the interest by stashing it somewhere with decent yield. And then I could afford to wait until there's blood on the Street.
here is another long term winner that most of us
short term traders prob did not have much of long term
http://finance.yahoo.com/q/bc?s=VLO&t=5y
short term traders prob did not have much of long term
http://finance.yahoo.com/q/bc?s=VLO&t=5y