Quote from Bogie
"What do you all suggest?....I'm 27, self employed and I earn about $150k per year. I'm out in the West Coast and I have the time to trade from my work place. Is it realistic to think i can become a good profitable trader without a mentor or without knowing anyone who trades? Whatever i have learned has come from trial and error, books, seminars, TV, paper trading and real trading. I take notes and try to learn from my mistakes. I have a very strong desire to learn and the persistence to keep at it until i do. I am in my 3rd year since i began diligently working at learning how to trade stock and index options. I asked about the proprietary stuff because if I could make as a trader what i currently do by being self employed; I believe i would take trading in a heart beat but i don't know anything about how big banks and institutions work. Am I better off just trading my own account with my own money? What can I do to teach myself?"
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My suggestions:
1st If your self employed and making $150K at it! Dont give it up.
The fact that your ASKING means your not at that point in your tradeing where it's safe to give up $150K.
2nd. WORD!Carefully anaylze the tools (charts ect) you use to trade with to see if they are really helping you.Bad tools no matter how much you study them will only add to your demise!
Remember not all Charts ect are created equal!Dont assume that just because one tool cost money that it is actually better than another that is free!
3rd. While reading as much as you can get your hands on is good! Keep your reading to only authors that give you the facts (not a lot of their opinons) and allow you to form your own opinon about those facts! That way you find your own tradeing style based on facts.
4th.Since you have a good other income! Dont focus on worknig for someone else! Focus on building up your profits margin.
Because no matter if you work for yourself or someone else the name of the game is profits! Once you've done that and you still want to work for someone else!Atleast you'll have a track record to show them your good!But trust me on this one! The older you get the less you'll want to work for someone else!
5th.Work on being consistant with your monthly profits more than trying to go for very risky one time gains.Because you cant play the game if you get striked out!So work on keeping yourself in the game and gradually increaseing your monthly profits.
6th.LASTLY learn how to read charts like the back of your hand!
Nothing but nothing will increase your profit margin more than knowing how to read charts like the back of your hand.When you get to a point where you know what every chart pattern means it will show in your profits! When you bring in profits that meet or exceed your other $150K income! Than you know you can safely cut the other income loose if you want at that point!
"What do you all suggest?....I'm 27, self employed and I earn about $150k per year. I'm out in the West Coast and I have the time to trade from my work place. Is it realistic to think i can become a good profitable trader without a mentor or without knowing anyone who trades? Whatever i have learned has come from trial and error, books, seminars, TV, paper trading and real trading. I take notes and try to learn from my mistakes. I have a very strong desire to learn and the persistence to keep at it until i do. I am in my 3rd year since i began diligently working at learning how to trade stock and index options. I asked about the proprietary stuff because if I could make as a trader what i currently do by being self employed; I believe i would take trading in a heart beat but i don't know anything about how big banks and institutions work. Am I better off just trading my own account with my own money? What can I do to teach myself?"
__________________________________________________
My suggestions:
1st If your self employed and making $150K at it! Dont give it up.
The fact that your ASKING means your not at that point in your tradeing where it's safe to give up $150K.
2nd. WORD!Carefully anaylze the tools (charts ect) you use to trade with to see if they are really helping you.Bad tools no matter how much you study them will only add to your demise!
Remember not all Charts ect are created equal!Dont assume that just because one tool cost money that it is actually better than another that is free!
3rd. While reading as much as you can get your hands on is good! Keep your reading to only authors that give you the facts (not a lot of their opinons) and allow you to form your own opinon about those facts! That way you find your own tradeing style based on facts.
4th.Since you have a good other income! Dont focus on worknig for someone else! Focus on building up your profits margin.
Because no matter if you work for yourself or someone else the name of the game is profits! Once you've done that and you still want to work for someone else!Atleast you'll have a track record to show them your good!But trust me on this one! The older you get the less you'll want to work for someone else!
5th.Work on being consistant with your monthly profits more than trying to go for very risky one time gains.Because you cant play the game if you get striked out!So work on keeping yourself in the game and gradually increaseing your monthly profits.
6th.LASTLY learn how to read charts like the back of your hand!
Nothing but nothing will increase your profit margin more than knowing how to read charts like the back of your hand.When you get to a point where you know what every chart pattern means it will show in your profits! When you bring in profits that meet or exceed your other $150K income! Than you know you can safely cut the other income loose if you want at that point!
