i do agree with that. when i was in my teens I was slaughtered in so many transactions.
the litmus test for maturity of impulse: you know you're ready to trade when you can walk away from a 'happy ending'.
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- Thread starter trekracer
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i do agree with that. when i was in my teens I was slaughtered in so many transactions.
the litmus test for maturity of impulse: you know you're ready to trade when you can walk away from a 'happy ending'.
few thoughts,
1) use the 1k to buy as many books on the market and study them like you study your girlfriends breasts. ( except i would'nt reccomend licking a book)
2) mutual fund. some only require a 1k deposit.
3) trade small, if you are negative on the market, you could buy the QID which i believe is a reverse of the nasdaq100 ( i think i m not sure, maybe someone who knows more can say).
4) trade mini contracts on commodities.
5) have a plan before you place a trade. and write every trade down and why you took it and got out.
6) don't feel bad if you blow the account. its part of learning, richard dennis said "when you start off you ought to be the worst trader you can possibly be because your mistakes are cheaper", (something along those lines).
7) stay away from options until you get more knowledge,, yes it offers more leverage but it is a lot harder to play.
best wishes
1) use the 1k to buy as many books on the market and study them like you study your girlfriends breasts. ( except i would'nt reccomend licking a book)
2) mutual fund. some only require a 1k deposit.
3) trade small, if you are negative on the market, you could buy the QID which i believe is a reverse of the nasdaq100 ( i think i m not sure, maybe someone who knows more can say).
4) trade mini contracts on commodities.
5) have a plan before you place a trade. and write every trade down and why you took it and got out.
6) don't feel bad if you blow the account. its part of learning, richard dennis said "when you start off you ought to be the worst trader you can possibly be because your mistakes are cheaper", (something along those lines).
7) stay away from options until you get more knowledge,, yes it offers more leverage but it is a lot harder to play.
best wishes
Jake, if you're still in High School - clearly you should study especially in math and finance, get into a good college and study there. Trade your own acct if you like, but never put up more than you can confortably afford to lose.
Then go for a job with one of the big Wall St. firms.
If you're more the entrepeneur type - then after you learn everything they have to teach you, go out on you're own in some capacity, and use other people's money. That's the best move for someone young enough who still has those options open to them.
Then go for a job with one of the big Wall St. firms.
If you're more the entrepeneur type - then after you learn everything they have to teach you, go out on you're own in some capacity, and use other people's money. That's the best move for someone young enough who still has those options open to them.
Jake - take that grand you have and if you are serious about wanting to trade eventually, get some education materials - books, videos, etc. The market will take that $1000 before you can blink and it's simply not enough to really trade and learn something. All you willl learn is 'ouch, that hurt'.
Spend time at www.cme.com and www.cbot.com - there is some great FREE stuff there.
Just get to studying the markets, there's plenty of books out there.
Spend time at www.cme.com and www.cbot.com - there is some great FREE stuff there.
Just get to studying the markets, there's plenty of books out there.
Quote from trekracer:
Hi Guys,
First off, I am new here, and Im not quite sure how the forum works, but I tried posting this thread earlier and I dont think it worked, but if it does come up soon, ignore this one. Anyway, I am interested in getting started very actively trading. I currently have a stock account for long term gains, but it would be good to have one that mabye grows a little faster, and I think trading would make a good hobby(obsession
Thanks,
Jake
Jake,
If you read through these forums very often, you'll notice a lot of big egos (most for no reason) who love to try to shoot down new traders and laugh at them. That makes them feel bigger, I guess.
Real advice is to read books, like one poster said, as many as you can. Watch the markets as much as you can. Save up money to open an account and get started as soon as you can. The sooner you start, the sooner you'll be a great trader if you work hard. Trade through simulators first and then risk very little money. It can be done if you want it to be done. True Story.
Best of luck...
That made me laugh out loud. Thanks.
I have to share a story...sorry.
I was at Merrill Lynch (1999) and I don't know if somebody gave these guys my number or the phones were just getting so flooded with these calls that they were getting through to me. Anyway, I'll never forget these two calls I received in the same week:
The first one was a guy, about 19 I guess, and called and said he wanted to buy shares of Yahoo. I asked him why and he said because he wanted to buy a new car and if he bought Yahoo then in a few months he would be able to get his car. I told him if he really wanted to buy Yahoo, call Schwaab and buy it. He then said that he had no money and he asked if he could just put it on his credit card.
The second one was also a young guy, definitely in his teens. He said that he saved up a couple of thousand dollars and he wanted to start investing. I told him that I really didn't do that and with $2,000 he should call Schwaab (yes, I always referred them to Schwaab -- we were e-Trade haters at ML). But in this case, I took a lot of time with him explaining that it wasn't so easy, yada, yada. He actually got pissed off and assured me he knew what was going on. I asked him what he did for a living that made him so confident in his investment prowess, and -- I swear to GOD -- he said, "Well, I deliver pizzas." I am not making this up. He then explained that he had a mentor that was teaching him everything. I told him that it didn't matter, and he got more upset. He told me that he has been following everything the guy has been saying, and if he listened he would have been doing well already. I asked him what the other guy did for a living that made him a stock guru and mentor. And he said, "He delivers pizzas with me." I couldn't help myself. I put him on speaker phone and called others in to the office. I then had him repeat himself. You have to understand, this guy was pissed that I wouldn't invest his money. He was talking to me like I was a punk and he was a stock genius. I asked him who drove the pizza car, him or his buddy. It was his buddy, he said, because he didn't have his license yet. He then asked my name and then said he would sue me and Merrill Lynch if his picks went up and I refused his orders. After that I just hung up. We all looked at each other and said, "Holy Shit, either this market is going to crash and burn, or we better learn how to drive a pizza truck."
Jake, since I made you listen to my story here is some good advice:
Don't "trade" anything...invest. Learn, like the others said, but just continue to think long term until you build up enough to trade.
My opinion:
Take your $1,000 and have your parents call T. Rowe Price (I am not affiliated in any way). Invest in the Capital Aprreciation Fund. It's no-load, has a .73 expense ratio, managed by some brilliant guys (by the way, no down years, including the crash, though they missed the tech rally in 1998/9). Not bad for long only. Anyway, minimum investment is $2,500. However, for IRA's it's only $1,000. You can have you Mom or Dad open and Education IRA for you, drop a grand in there, and let it sit. Or, open up your own and keep investing in it, if you have earned income. In a few years or so you can either use the IRA to trade, because it should be bigger by then, or you can take the money out tax free for "education expenses" which could be your college, trading text books, college bar tab, etc. Of course, check with an accountant first.
Good Luck. The key is to delay your gratification in ways that I was never able to. Plow everything away into savings.
Wisdom is wasted on the aged.
Don't "trade" anything...invest. Learn, like the others said, but just continue to think long term until you build up enough to trade.
My opinion:
Take your $1,000 and have your parents call T. Rowe Price (I am not affiliated in any way). Invest in the Capital Aprreciation Fund. It's no-load, has a .73 expense ratio, managed by some brilliant guys (by the way, no down years, including the crash, though they missed the tech rally in 1998/9). Not bad for long only. Anyway, minimum investment is $2,500. However, for IRA's it's only $1,000. You can have you Mom or Dad open and Education IRA for you, drop a grand in there, and let it sit. Or, open up your own and keep investing in it, if you have earned income. In a few years or so you can either use the IRA to trade, because it should be bigger by then, or you can take the money out tax free for "education expenses" which could be your college, trading text books, college bar tab, etc. Of course, check with an accountant first.
Good Luck. The key is to delay your gratification in ways that I was never able to. Plow everything away into savings.
Wisdom is wasted on the aged.