Quote from PhilC:
I am at the end, with my six pack that is. Looking for any insight from guys who have the experience. What direction would you go in? I am entrepreneurial; would like to use my brain as opposed to my mouth to make money; truly passionate about the markets, need more experience before I start up as a CTA (trade commodities/FX). But again, I need more experience before the latter. Getting up there in age. I need to make a move sooner than later. From the recommendations given to me, the floor is a no go. Thanks for wasting your time reading my queries. Any insight would be appreciated.
Just a few observations.
First, at the age of 29 you are hardly at the end of your life, or even within sight of it. By the way, I think I'm particularly qualified to make this observation: I'll be 61 in a few weeks.
I mention this because one of the problems you appear to have right now is that you are letting for feeling of "age" drive some of your conclusions. I'd get that out of your mind....I recall reading a book when I was around your age with interviews of wealthy individuals, one of whom recommended that young men take some time off, travel the world, experiment, because life really doesn't even START until you're in your 30's.
Next, you need to shift your focus from "money", Porshes, etc. A focus on these types of things causes you to seek out all the fast money, easy money types of avenues, rather than what you really ought to do. What you ought to be doing, coming back to the advice I mentioned above, is thinking about what you truly WANT to do, but you truly DESIRE to do. That has nothing to do with money. And if you don't really know, then perhaps some vocational/psychological tests would be in order. They are widely available, and cheap.
Don't take either of the two observations above lightly. I think these two are the beginning of what you need to do.
What my Dad counselled me to do when I was young I think was excellent advice. He suggested what I should do is figure out EXACTLY what I want to do, and then find people who are doing it, then go to work for one of them.
This doesn't mean by the way that you need to go to work for Paul Tudor Jones, or the top hedge fund in the country. You just need to get somewhere where you can begin to learn something about what you DESIRE/LOVE to do.
You have a LONG life ahead of you, plenty of time later to obtain and enjoy some of those possessions that you think are so critical. It doesn't need to begin tomorrow.
You know, back when I was getting started I started working at a brokerage firm, as a broker. Not really exactly what I wanted to do....I was a glorified salesman. But I was around the things I was interested in. Over time, I got into different positions, trading for the firm, trading on the floor, managing money, etc. This all gave me a breadth of experience. But I have to say that I find it hard now to think back about WHO exactly was my "mentor". What I remember alot of is guys protecting their own turf. Maybe it was just me. In any case, I found that my knowledge has largely come from EXPERIENCE, and self-taught. Part of what I'm getting at here is that Paul Tudor Jones is not going to be telling you any "secrets". In fact, my guess is that Paul Tudor Jones would say he doesn't have any "secrets". Rather, the chances are he is an extremely talents individual who is doing what he loves.
In the end, you don't have to be the biggest muckety muck around. What would be ideal is do something that you love, that you have some talent for.
And again, remember, at 29 you're just getting started, just at the beginning.
OldTrader
? Price of crude oil spurring additional investment into alternative energy resources? Producers exiting the business after years of low prices? I am sure a combination. My point or question is for the TA pundits, what analysis are you using to predict price levels in this environment? Gold for example, $635, has little resistance towards the $800 level (in my opinion technically speaking). Hypothetically speaking, after consolidation, Gold makes a beeline towards $800 with increased fund buying and speculation. For arguments sake, the move was precipitated by an event that led it to break from consolidation. Technically speaking, it broke out, breaks the psychological level of $800 towards the record level price of $850. Tests the level, ultimately breaking $850. Question, what analysis does the technician use at this point? As a technician only, what resistance price level do you use in your valuation? Psychological levels? Factor in the adjusted inflationary price? The question relates similarly to 90s dotcom stocks. In addition, for fundamentalists out there, what analysis could you use to evaluate the future price? This is more academic then practical considering Gold has âsafe havenâ demand, but all things being equal, what steps do you take in your valuation method?