rs7, I have to disagree with most your advice (at least concerning college/education)
Kastro_316: Here's my advice and my comments about rs7's opinion, I must admit "my way" of doing things is not necessarily good for you.
Originally posted by rs7
I know there are guys here that say they virtually never lose.....don't believe them. I lose frequently.
So because you lose frequently everyone loses frequently?
(Of course everyone loses from time to time)
"negative attitudes=negative results" as you so wisely put it.
Originally posted by rs7
I have a lot of losing days overall. But at the end of the year, I make a very respectable living. I have mentioned this before....I average maybe 1/10th of 1% per day. This means I have a high percentage of losing days. You will read on this site about the guys that make 3,4, 5% a day every day. or at least average that. ....it doesn't work that way. Why am I entrusted to trade millions of dollars and they are not if they are that much better than me? Does it make sense to you?
Please don't generalize, sometimes it does work that way, and who says I'm "not entrusted to trade millions of dollars"?
Originally posted by Kastro_316
What did u take in college that helped you in day trading.
Don't trap in the all too common fallacy that you need a degree of some sort to make you a better trader (this has been discussed on these boards in the past, maybe you should do a search for "education", "degree" ...)
Originally posted by Kastro_316
Do most of day traders go to college as a back up incase you fail as a day trader.????
I think most people here went to college and only afterwards discovered day trading.
But as a general approach to almost everything in life you can say that if you are confident (and you should be) in your -future- abilities as a trader, that you shouldn't go through all the hassle of pursuing a higher education, because if you "know" you will be successful as a trader, then you are right. You shouldn't spend time on a backup plan if you don't intend to use it, only the self doubting will eventually have to use such a plan, but if you are doubting your abilities already, then you most likely will fail as a trader.
Self fulfilling prophecy plays a key role in the whole psychological makeup of a successful person/trader.
Originally posted by rs7
Go to school NOT thinking about day trading. Get an education. If you are so focused on being a trader, then major in economics. Who knows if day trading will even be a viable profession in 3 years.
If you decide to go to school, always keep daytrading in your head, or you might, just might, lose the desire to trade, and that would most likely be detrimental (in my opinion).
Donât worry if daytrading is viable in three years, if it is now, chances are it will be in the future too. Take that chance, take the risk.
Originally posted by rs7
I don't really believe that many 17 year olds end up doing what they thought they wanted to do at that age. 3 or 4 years is an eternity
True, that's because most teenagers don't have a clue about their future life.
But you, Kastro_316, seem to have a certain yearning towards trading. You should pursue this at all costs, instead of wasting your precious time in a classroom.
Originally posted by rs7
I never took courses in college that had anything to do with day trading or anything related. It isn't something that I think you can really learn about in school.
Exactly, so why go to school if you believe in your own abilities?
Originally posted by rs7
Save your money, and leave your options open. Just get as good an education as you can
Save your money, and put it in your trading account instead of an education.
Don't believe the common held belief that degree equals intelligence/smartness, education is highly overvalued. On a sidenote, Wilde once said: "nothing that is worth knowing can be taught"
Originally posted by rs7
Keep an open mind. Maybe you will end up an astronaut, or a doctor, or an opera singer. The future is wide open. The possibilities are endless.
Yes, and do you want to be a loser that drifts towards a life that wasn't the life he had in mind? If you want to be a trader, do everything you can to make it a reality! Move in the direction of you dreams, else you'll end up being a slave of the system (governed by slaves with a higher hierarchical position).
Originally posted by rs7
If daytrading is still your interest after college, give it a try. But leave yourself choices.
Good luck, and HAVE FUN!!!!
If daytrading is your interest now, why waste your time in college where all sort of people will try to steer you away from your dream, pursue daytrading with all your heart and mind now, instead of exposing yourself to the chance of letting your fire extinguish.
Kastro_316: follow your own way, your own opinion.
And as a general trading advice: "keep it simple" is probably the soundest advice there is.
One more thing: you must remember that, just like in trading, in life it's all about the odds: one must constantly try to shift oneself from the side of the majority to the ever so small side of the successful minority, it's the struggle between a mediocre existence and the live you had envisioned.
In fact, you can choose to stay on the side of the majority, but you should ask yourself if this is what you strive for.
I wish you the best on this journey.
