Took out a loan to transition to full-time trading. Now 27 years old.
- Thread starter wabu27
- Start date
That's been intimated to him already. I realize he's a day trader, but maybe he could just try a long swing on, say, the July contract? It will give the trade time to breathe if it wishes to peek down below it's multi-year lows before getting back into a normalized range area.
We should refrain from giving away the secrets, and let him pick them up on his own if he ever trades again. Every method that is exposed gets diluted and eventually faded. Why risk it?
I sincerely hope that you do end up prospering, paying off all loans and become a successful trader who can make a good living trading for a living
Now that being said...
While its certainly not impossible to achieve financial freedom through trading-- it does seem like perhaps the best way to make a living off of trading (or even get rich) is to start a business that provides something to traders that makes traders at least feel like they have paid for something that should give them an "edge"
1) Indicators
2) Algos
3) Software
4) Daily Trade Alert Services --people are generally lazy and would prefer to have someone (who seems to at least appear to know what they are doing) tell them what to buy and what to sell on a daily basis and of course put up a chart or 2 to at least appear to know something in depth about markets
5) Trading Chat Room - same as #4 except live chat room all trading day--people on Twitter and StockTwits looking for chat rooms and people to “lead them and give them a plan to follow (i.e. copy trade) each day” as well as a “list of stocks to follow for the day and pay attention to" - most people dont even seem to care if the main trader(s) running the chat room is a real trader (who posts all trading statements from all accounts they trade out of with real money) or are simply someone who just pretends to trade and uses fake money TD Ameritrade simulator accounts to make monster profits at will with no risk (i.e hello StockTwits and Twitter Fake Gurus) --you know the guys online who seemingly never have losses and post monster trading profits daily while sitting in their new Lamborghini or Ferrari they rented for the promo photo shoot and directing you to their website to sign up for their chat room and training at a "special price" so you can learn how to make $100,000 or more a week---every week-- like they do
6) Trading Education - Video courses, seminars, etc - (usually also has a chat room to sell as well)--education about really any specific trading style or specific market or trading vehicle - be it stocks, futures, forex, options. Just look at online trading academy who has made hundreds of millions of dollars selling trading education. Of course there are no shortage of trading education firms out there but in today's world of Twitter and StockTwits it doesnt take that much money to "promote"
7) Firms that sell Virtual Currency tryouts and resets (and upsell you on 1 on 1 coaching as well as training that you can pay for as well) for the "chance" at finally passing and getting a funded account.
and that is just 7 ways - there are plenty more - the list goes on and on
Yeah--there are some people that actually do make a killing trading live accounts (meaning individual traders...not institutional traders that work for Goldman Sachs or hedge funds--etc)--but dont kid yourself as less than 1% of individual people that try to either daytrade for a living or swing trade for a living--(after you factor in all costs, fees and expenses) are able to make a good living at it (consistently year in and year out), about 4% or so make very little money or breakeven and the remaining 95% lose money and quite a few lose alot of money and of course some people lose all of their money doubling and tripling and quadrupling down chasing the trading dream
But there are quite a few people that make ALOT of money selling "the dream" to would be traders---you know--the 95+% of all traders who ---despite trying everything and buying everything to help them trade better----just cant ever get good enough to make enough money trading on a consistent basis to support themselves full time financially by trading only. And no matter what indicator they buy or what course they take or whatever path they throw money at---will never be consistently profitable trading with real money much less trade real money with strict risk management....and when its all said and done they simply breakeven at best —-or more than likely lose money— and in addition. end up spending alot of money on education, software, data, indicators, news, info--etc.
Of course there are people that fail at starting businesses to sell traders something as well--no doubt--but the demand is huge and traders are desperate for someone to sell them something that will be "the answer" and the holy grail to finally achieve the dream of financial freedom and time freedom through consistently profitable trading
Now that being said...
While its certainly not impossible to achieve financial freedom through trading-- it does seem like perhaps the best way to make a living off of trading (or even get rich) is to start a business that provides something to traders that makes traders at least feel like they have paid for something that should give them an "edge"
1) Indicators
2) Algos
3) Software
4) Daily Trade Alert Services --people are generally lazy and would prefer to have someone (who seems to at least appear to know what they are doing) tell them what to buy and what to sell on a daily basis and of course put up a chart or 2 to at least appear to know something in depth about markets
5) Trading Chat Room - same as #4 except live chat room all trading day--people on Twitter and StockTwits looking for chat rooms and people to “lead them and give them a plan to follow (i.e. copy trade) each day” as well as a “list of stocks to follow for the day and pay attention to" - most people dont even seem to care if the main trader(s) running the chat room is a real trader (who posts all trading statements from all accounts they trade out of with real money) or are simply someone who just pretends to trade and uses fake money TD Ameritrade simulator accounts to make monster profits at will with no risk (i.e hello StockTwits and Twitter Fake Gurus) --you know the guys online who seemingly never have losses and post monster trading profits daily while sitting in their new Lamborghini or Ferrari they rented for the promo photo shoot and directing you to their website to sign up for their chat room and training at a "special price" so you can learn how to make $100,000 or more a week---every week-- like they do
6) Trading Education - Video courses, seminars, etc - (usually also has a chat room to sell as well)--education about really any specific trading style or specific market or trading vehicle - be it stocks, futures, forex, options. Just look at online trading academy who has made hundreds of millions of dollars selling trading education. Of course there are no shortage of trading education firms out there but in today's world of Twitter and StockTwits it doesnt take that much money to "promote"
7) Firms that sell Virtual Currency tryouts and resets (and upsell you on 1 on 1 coaching as well as training that you can pay for as well) for the "chance" at finally passing and getting a funded account.
and that is just 7 ways - there are plenty more - the list goes on and on
Yeah--there are some people that actually do make a killing trading live accounts (meaning individual traders...not institutional traders that work for Goldman Sachs or hedge funds--etc)--but dont kid yourself as less than 1% of individual people that try to either daytrade for a living or swing trade for a living--(after you factor in all costs, fees and expenses) are able to make a good living at it (consistently year in and year out), about 4% or so make very little money or breakeven and the remaining 95% lose money and quite a few lose alot of money and of course some people lose all of their money doubling and tripling and quadrupling down chasing the trading dream
But there are quite a few people that make ALOT of money selling "the dream" to would be traders---you know--the 95+% of all traders who ---despite trying everything and buying everything to help them trade better----just cant ever get good enough to make enough money trading on a consistent basis to support themselves full time financially by trading only. And no matter what indicator they buy or what course they take or whatever path they throw money at---will never be consistently profitable trading with real money much less trade real money with strict risk management....and when its all said and done they simply breakeven at best —-or more than likely lose money— and in addition. end up spending alot of money on education, software, data, indicators, news, info--etc.
Of course there are people that fail at starting businesses to sell traders something as well--no doubt--but the demand is huge and traders are desperate for someone to sell them something that will be "the answer" and the holy grail to finally achieve the dream of financial freedom and time freedom through consistently profitable trading
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stay safe during this difficult time, boys. I will be back soon to trade some more. Don't be idiots going to gatherings. Not for yourself. You can die for all I care for being an idiot, but for your loved ones. Why risk their health? If they get sick, it's on you. That burden will kill you if corona doesn't. I hope everyone stays safe.
I still remember Feb 20th pretty well. Thursday when the gas report comes out. NG started lower than the previous open. It was itching up, than itched back down, making an arch shape. I forgot the reasoning behind why, but I was predicting NG to shoot up high after the report, and come back down to possibly the opening level. If my prediction was correct, I would have a good day of earnings. Report comes out - NG shoots up. I wait until the level I was waiting for, and when it hit, I short. It keeps going up. I short again. For me, it's a steal right now. It shoots higher, and I short my 3rd and final position, thinking this is overdone; a fake breakout and it's going to go down. Keep in mind this was me after having like 20 consecutive winning streak. I made 50% in 2 weeks. $2000 with my $4000 - not much value wise, yet percentage wise im making a killing. And as far as i was concerned, i wasnt gambling. I was using a method Ive always used and while not always in total control, I didnt feel like I was treading murky waters.
So with 3 shorts in position and losing tons of money, i keep on reviewing the chart. holy crap. is this one of those moments when it just keeps on going up? am i wrong? why?
maybe it was the losses of all my profits from the past 2 weeks. maybe it was me trying not to repeat my pattern of losing all of my money in 2-3 days after having multiple winning day streaks. i reanalyzed the chart and decided i was wrong and if ng shot this high up, not it's not bearish. this will go up even higher even though it's already damn high. and instead of just getting out and watching, i make a reversal and buy 6 contracts - maybe 5 because i dont have enough money now - and have opposite positions. Turns out i reversed near the very top and ng starts steadily but surely, going down. all the way. retraces all the breakouts. than hits todays starting level. and than goes even lower. wow. i was speachless. speachless of my position size, using 3 - all of my ammo - in such a risky trade. speachless of reversing with all my leftover strength. and speachless of how i entered; or reversed at the very worst point possible. how i analyzed and completely got balled out. i just failed so bad im not sure what i was thinking. after that i didnt really want to trade and was so frustrated, but seeing the NG chart i thought now is really the time NG hit bottom and it will reverse back up, and will go up really high. i was planning on not writing my updates because i wont really have anything to write... and just come back when NG brings my money back to previous levels. i was planning to wait it out 1-2 weeks. well this was the start of when oil and ng keeps on going down towards hell, and i keep on having losing days after losing days. My $5235 on Feb 19th, after maybe a week of two, became $868 and I was forced out of my position. Left alone. Hah. Speachless. Shameful.
I give up trying to become a millionaire. Life just isnt as easy as i thought it to be. I really thought i had skills to make it. Young and Rich. I was sure I would make it. I wasnt even going to use my millions for myself - i wanted to help those in need and live out my life doing positive work for the world. Help my poor mom. You know, just try to be a good person before I die. Well. Life just isnt as easy as I thought it to be.
I'm now going to go life into the military. At least I wont become homeless in military. I took asvab. Got 89%. Recruiter said after the pretest ill probably get 99% as pretest is harder, but nope the actual test was much more difficult. If I studied for it man i think i could have gotten above 95%. Most questions were just either you know this simple information or you just dont. I failed the mechanics and one other part, because I just didnt have any exposure to it in my life. Still cant stop trading. Trading is my life. It's my hobby. I love reading the charts and betting on it. A guy cant learn, I guess...
1200 trump check came in. my tax returns came in. I got my money to 4900. and i deposited 4800 into my IB account. I had 8 in there so starting money is 4808.
I traded yesterday, 4/17/2020, for the first time in 2 months. Very careful. Very scared. Trying to stay confident in my decisions and analysis of the charts so i dont get bullied by the market. +$346. Blessed. Very fortunate. Now am not going to trade like my millions is waiting for me at end of this year. Now going to trade just for chump change. Just going to try be consistent. I'm old now. and I'm late in my career. My two friends that started finance careers with my back in 2013-2014 are now making $98,000 + 25% bonus and $80,000 + commissions from work, and he made over $150,000 last year. And they were both earning less than me when we all first started out of college. I'm going to stop trying to become some kid wiz of trading. hahaha.. i graduated from "kid" a while ago. and I'm no wiz.
Check back from time to time and hit a like. It'll encourage me to keep on posting, knowing there are viewers out there who's interested. Not sure how long this run will go on this time, but hopefully it will be different. As my mindset and goal, I think, is different this time.
Peace and stay safe from Corona.
So with 3 shorts in position and losing tons of money, i keep on reviewing the chart. holy crap. is this one of those moments when it just keeps on going up? am i wrong? why?
maybe it was the losses of all my profits from the past 2 weeks. maybe it was me trying not to repeat my pattern of losing all of my money in 2-3 days after having multiple winning day streaks. i reanalyzed the chart and decided i was wrong and if ng shot this high up, not it's not bearish. this will go up even higher even though it's already damn high. and instead of just getting out and watching, i make a reversal and buy 6 contracts - maybe 5 because i dont have enough money now - and have opposite positions. Turns out i reversed near the very top and ng starts steadily but surely, going down. all the way. retraces all the breakouts. than hits todays starting level. and than goes even lower. wow. i was speachless. speachless of my position size, using 3 - all of my ammo - in such a risky trade. speachless of reversing with all my leftover strength. and speachless of how i entered; or reversed at the very worst point possible. how i analyzed and completely got balled out. i just failed so bad im not sure what i was thinking. after that i didnt really want to trade and was so frustrated, but seeing the NG chart i thought now is really the time NG hit bottom and it will reverse back up, and will go up really high. i was planning on not writing my updates because i wont really have anything to write... and just come back when NG brings my money back to previous levels. i was planning to wait it out 1-2 weeks. well this was the start of when oil and ng keeps on going down towards hell, and i keep on having losing days after losing days. My $5235 on Feb 19th, after maybe a week of two, became $868 and I was forced out of my position. Left alone. Hah. Speachless. Shameful.
I give up trying to become a millionaire. Life just isnt as easy as i thought it to be. I really thought i had skills to make it. Young and Rich. I was sure I would make it. I wasnt even going to use my millions for myself - i wanted to help those in need and live out my life doing positive work for the world. Help my poor mom. You know, just try to be a good person before I die. Well. Life just isnt as easy as I thought it to be.
I'm now going to go life into the military. At least I wont become homeless in military. I took asvab. Got 89%. Recruiter said after the pretest ill probably get 99% as pretest is harder, but nope the actual test was much more difficult. If I studied for it man i think i could have gotten above 95%. Most questions were just either you know this simple information or you just dont. I failed the mechanics and one other part, because I just didnt have any exposure to it in my life. Still cant stop trading. Trading is my life. It's my hobby. I love reading the charts and betting on it. A guy cant learn, I guess...
1200 trump check came in. my tax returns came in. I got my money to 4900. and i deposited 4800 into my IB account. I had 8 in there so starting money is 4808.
I traded yesterday, 4/17/2020, for the first time in 2 months. Very careful. Very scared. Trying to stay confident in my decisions and analysis of the charts so i dont get bullied by the market. +$346. Blessed. Very fortunate. Now am not going to trade like my millions is waiting for me at end of this year. Now going to trade just for chump change. Just going to try be consistent. I'm old now. and I'm late in my career. My two friends that started finance careers with my back in 2013-2014 are now making $98,000 + 25% bonus and $80,000 + commissions from work, and he made over $150,000 last year. And they were both earning less than me when we all first started out of college. I'm going to stop trying to become some kid wiz of trading. hahaha.. i graduated from "kid" a while ago. and I'm no wiz.
Check back from time to time and hit a like. It'll encourage me to keep on posting, knowing there are viewers out there who's interested. Not sure how long this run will go on this time, but hopefully it will be different. As my mindset and goal, I think, is different this time.
Peace and stay safe from Corona.
Be safe during your time there, and thank you for your service. Stay away from trading. It will still be here when you come back to civilian life.
This will be waiting for you when you come back from your time sacrificing yourself for our freedoms...