what should I do?? (another n00b question)...

Slow down .....you have the rest of your life. You are going to be in this for years. There will be points in your day trading career that you do not trade at all for long periods of time. I know you do not want to hear this.......We have all been there.

This is kinda' a fever you have.....and you are going to need to control your emotions and fight that gambling mentality. Approach this decision of yours conservatively and methodically.

Remember when you start to trade...... keep a Trade Log and write everything down. Review your log. As the first page in your log....copy your opening post and come back and read it after the a time.

There are many talented traders in here that can guide you...I suggest to use the search function on this site and you will be surprised at what you can find.

If you are going to be a trader.....there are some "like traits" we all have even though we are unique in the ways we approach the market. Your observation skills are important to develop.

You are a young man entering into an unforgiving playing field. This requires maturity and life experience. There are a very small percentage of traders that can consistently "pull money" out of the market. There is no magic formula to follow....no holy grail to discover.....and no easy way to pull money out of the market consistently and make a living full time from it.

Your tenacity and research abilities will carry you through this quest. Your courage to make a post like you did...and lay it out on the table can be good or it can be bad......TIME will tell.

If you think you need to start trading to get your feet wet.....well go ahead.......but you will make mistakes and your ability to survive will be what you are risking.

I want to prove a point......HOW MANY TRADERS OUT THERE HAVE STARTED TO TRADE AND FROM DAY ONE NEVER LOST ANY MONEY. You will see your ability to survive is how you manage risk. This is tantamount to your success. For years I have heard.... "limit your losses" while fishing for the trend, breakout or reversal. This is true.

You will lose money and how you handle it is key to your continuation into your career. You must understand that this is a boring data entry job.....and posts like yours make my day more interesting. So please continue to post and share your discoveries, achievements and experiences along your path ....so that we may all learn.

Michael B.
 
You may decide that trading is your chosen career path or it may prove to be a pipe dream. You'll never know until you try.

I will make one very important suggestion. There are very few lateral moves one can make from a prop firm, or trading your own account. You should either go to business school part-time or get your CFA. Then, if it doesn't work out trading, at least you'll be able to use your experience trading and find a quality job in the industry. There are hundreds of prop traders that are pinning their hopes that they'll make it as a trader. The reality is that a very small percentage of people succeed in the trading industry and the last thing you want to do is pigeon-hole yourself. Always leave yourself options.
 
Quote from proptr8r:

Then, if it doesn't work out trading, at least you'll be able to use your experience trading and find a quality job in the industry. There are hundreds of prop traders that are pinning their hopes that they'll make it as a trader.
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thanks for your post proptr8r.

I don't intend to fail, therefore I don't need a "quality job in the industry". Having a back up plan for me or for anyone else is an unintended tilt towards failure.
 
Quote from funky:



going to a prop firm will not prevent you from wiping out extremely fast. i don't know you, but i can tell you that you're gonna have to slow down. the anxiousness is not uncommon, we all had it when we decided to become a trader. what you MUST realize is that you will need to learn how to channel this energy into positive actions. whatever you do, start out trading SMALL. or papertrade to confirm that your strategy will work in the first place.

trust me, you aren't gonna become a profitable trader right away. so if you aren't profitable, then you're losing money. if you're losing money, then you better have enough of it to live off and trade until you DO become profitable. and it doesn't happen in a week, or even a month. its hard to think this way when you start, but if you can manage to listen to what I am saying, then you MIGHT realize your dream.

good luck!
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again... thank you funky for your post, I really appreciate it.

I do understand that if I don't make any profits, that I will be losing money. But I want to get started now or within 6 months or so is because the market is about surge back up and I know that that chances for me to succeed are greater because of it.

So, what should I do?

Save money and wait for a bear market or should I jump in at a Prop firm and ride the bull?
 
Your Welcome.

I was once young and could not die. I was going to take over the world.

Thank you for your energy and your motivation......tread carefully....panning to fail....and handling failure are 2 separate issues.

Please do not take my post negatively.......I wish you all the success.....But try to always look at the long term and do not get into the trap of current condition verses perspective.

You must learn to be analytical, logical, and reactive to what you know and have learned. Keep on track while exploring. Remember to always be on the right side of the trade and quickly determine the probabilities.

May I suggest as part of your introduction to trading....that you take on a statistical study of the Dow. Notice when it drops by a certain percentage how reactive is it to a reversal. or try to study....gap open.......or MAE and MFE from a certain time of the day.

I know I am lecturing so good luck if there is such a thing. Maybe I should say may the odds be probable to be positive with your strategy.

Michael B.
 
Try to get a job, (as a runner) on one of the stock or commodity exchanges. Tell them you will work for free for the first 3 months. Work hard...out work the other workers...they will not want to let you go.

You will get trading experience and you will become familiar with the business from the grass roots level. It will give you a great foundation and then take it from there.

Your in a great sitiuation...enjoy it...and learn from it.

Just do your thing and GO FOR IT!!!
 
Quote from ElectricSavant:



Your tenacity and research abilities will carry you through this quest. Your courage to make a post like you did...and lay it out on the table can be good or it can be bad......TIME will tell.

Michael B.
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ElectricSavant,

Where you telling me that I am exposing myself too much that I am making myself vulnerable ? or that,

I sound so naive and stupid that you know my impatience is gonna lead me into utter self destruction?
 
Quote from ElectricSavant:



I want to prove a point......HOW MANY TRADERS OUT THERE HAVE STARTED TO TRADE AND FROM DAY ONE NEVER LOST ANY MONEY. You will see your ability to survive is how you manage risk. This is tantamount to your success. For years I have heard.... "limit your losses" while fishing for the trend, breakout or reversal. This is true.

You will lose money and how you handle it is key to your continuation into your career. You must understand that this is a boring data entry job.....and posts like yours make my day more interesting. So please continue to post and share your discoveries, achievements and experiences along your path ....so that we may all learn.

Michael B.
More...


I know that I will be losing money, and like everything else in life you have to pay a hefty price to pursue your dream.

If I go at it alone with my own saved up capital etc, I would hope that I would be successful in a year but I will prepare myself so that I could handle 2 or more years of fruitlessness.
 
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