The Money Situation

Quote from rgilbert93:

Hello everyone,

I've had a lot of unexpected expenses (as well as my parents- I'm 17) lately.
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Kid, if you're just starting out then this is the reality you're facing:

how long did it take you before you "got it"?
http://www.elitetrader.com/vb/showthread.php?s=&threadid=210645
How much money have you lost before figuring it out???
http://www.elitetrader.com/vb/showthread.php?s=&threadid=209385

A lot of people there were eager just like you are. But don't let it discourage you. Just know that trading is not an easy business to be in. In fact I think it's cut-throat. Just know what you're getting into before making the jump. Good luck.
 
Quote from piezoe:

Kid, you're showing some maturity beyond your years. It's only 500 bucks for god's sake. Do what you want with it. I like your idea of using itm options (you have enough to go a couple strikes itm on some options. (There are some with dollar strikes.) You are essentially using options to leverage your $500 on either a long or short position. And you can consider spreads as well. I'd be cautious of really cheap stocks, and I'd stick too very liquid ones, i.e., big open interest. Best of luck to you, and let us know how you did. Even if you quickly lose it all, you're bound to learn something in the process. I have a feeling you have a bright future ahead of you. (Oh, one other bit of advice -- which I think you have already figured out on your own-- don't try for home runs, reward and risk are linked. Steady small gains mean a big gain over time. And be a good loser. When you're wrong, take your lumps and live to fight another day.)
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I really appreciate your advice, even if it's just because its good to hear some compliments :D. I feel like everyone else has attacked me for suggesting to try it with such little money.

I love spreads, but TradeKing wouldn't approve my account for them (I have level 2, not 3). Once I get more I'll definitely use them.

Good advice on the small, steady gains though. I know they can definitely add up.
 
Quote from jinxu:

Kid, if you're just starting out then this is the reality you're facing:

how long did it take you before you "got it"?
http://www.elitetrader.com/vb/showthread.php?s=&threadid=210645
How much money have you lost before figuring it out???
http://www.elitetrader.com/vb/showthread.php?s=&threadid=209385

A lot of people there were eager just like you are. But don't let it discourage you. Just know that trading is not an easy business to be in. In fact I think it's cut-throat. Just know what you're getting into before making the jump. Good luck.
More...

I've been trading for a little less than two years, but in the big scheme of things, I am a beginner. I can't say with certainty that I "got it" or have "figured it out", but the closest thing I've had to an epiphany is last spring.

I bought NBG puts, calls for ford and citi, and some other stuff. Some options expired worthless. I sold others because I was down too much. (only lost around 700-800 bucks). But then I realized some of my problems and ended up bringing 2010 to a 20 something profit for this year.Then, after the summer, some things needed to be bought (Car Insurance, etc.) and there went my money.

Thanks for the link on the threads, I'll definitely check them out.
 
Well, rats.

My TradeKing account just got closed. Apparently it's not very hard to match someone's age with their SS #.

I don't want a custodial account. Gah.
 
elitetrader has a lot of mean rude people. Traders Laboratory forum is a lot better. They are much more serious over there...

Quote from rgilbert93:

I really appreciate your advice, even if it's just because its good to hear some compliments :D. I feel like everyone else has attacked me for suggesting to try it with such little money.

I love spreads, but TradeKing wouldn't approve my account for them (I have level 2, not 3). Once I get more I'll definitely use them.

Good advice on the small, steady gains though. I know they can definitely add up.
More...
 
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