Hello everyone I have been position trading commodities for a little over a year now. I am currently a junior in high school. I tried day trading during the summer because I thought that in order for me to do this for a living someday I better be able to profit intra day and not just have positions for weeks or months. To put it simply I failed misserably!
So I went back to position trading and built up enough capital to try it again. Now that school is going on I was forced to trade the currencies from about 3:30-7:30am. I did ok at first but after about a month I blew up my account that I set aside stictly for intra day trading which amounted to about $5000 (I know its not much but to a 17 year old kid it adds up pretty fast).
To be honest im really starting to get irritated at the fact that I can profit consistantly position trading but am not worth a damn intra day. The reason I want to be so successful at intra day trading is because when you go work for a prop firm or for yourself at one of the exchanges you basically are trading intra day right? I mean there isn't any prop firms or many guys that can withstand the sometimes huge fluctuations of position trading and still be able to take home a few bucks at the end of the week for utilities, rent, car payment, etc right?
Or are there prop firms for longer term traders? I am not a very good student in school so going to a college like Harvard is not much more than a dream at this point. I will probably be going to a state school here in Iowa so I don't think I will have much luck trading for Goldman, Morgan, or any hedge fund when I don't have a degree from a high pedigree school. So I know I have to make it on my own if I want to succeed.
Maybe I should of put this in the career section but I know more people seem to post and look at this section so I figured I could get more opinions. Any help with this is greatly appreciated as I am kind of at a fork in the road as to where to focus my trading. Thanks Again
So I went back to position trading and built up enough capital to try it again. Now that school is going on I was forced to trade the currencies from about 3:30-7:30am. I did ok at first but after about a month I blew up my account that I set aside stictly for intra day trading which amounted to about $5000 (I know its not much but to a 17 year old kid it adds up pretty fast).
To be honest im really starting to get irritated at the fact that I can profit consistantly position trading but am not worth a damn intra day. The reason I want to be so successful at intra day trading is because when you go work for a prop firm or for yourself at one of the exchanges you basically are trading intra day right? I mean there isn't any prop firms or many guys that can withstand the sometimes huge fluctuations of position trading and still be able to take home a few bucks at the end of the week for utilities, rent, car payment, etc right?
Or are there prop firms for longer term traders? I am not a very good student in school so going to a college like Harvard is not much more than a dream at this point. I will probably be going to a state school here in Iowa so I don't think I will have much luck trading for Goldman, Morgan, or any hedge fund when I don't have a degree from a high pedigree school. So I know I have to make it on my own if I want to succeed.
Maybe I should of put this in the career section but I know more people seem to post and look at this section so I figured I could get more opinions. Any help with this is greatly appreciated as I am kind of at a fork in the road as to where to focus my trading. Thanks Again