Who has started out with nothing, learned how to trade on their own, and now makes $?

B

BulkCity

I'm 24 and starting out trading US equities. Right now I'm reading everything I can and watching the markets during the day. Been doing this for about 6 months straight.

If you started out with little help, learned the markets on your own (no mentor or job to teach you), and are now making $$$ trading, please share your story.

List stuff like, age, how you learned how to trade, how long it took, what made it finally "click" where you started making a decent profit, and any future plans you have for your trading.


Could use some inspiration!

Thanks all!!
 
This is the best advice you will receive: Study price action. Period. You may not listen to me now, chances are you won't but if you do actually keep at it (statistically not likely) you will take this advice eventually. Save some time. Learn, study, and LIVE price action.
 
I started out trading stocks at age in 2006, at age 35. Went through all the usual newbie learning phases: elation/over-confidence, crash & burn, learn humility.

In early '07 I went to trading e-minis, specifically the YM, mainly because of the pattern day trader rule. Same types of rules apply as trading equities, only it's a lot faster moving, more liquid, and a higher degree of randomness. Very, very easy to lose money.

Same thing again: I can do this -> uh oh -> maybe I can't do this. So I set about designing and building a mechanical automated trading system to take the emotion out of the situation.

This was making money until the market got out of hand in September. Since then, I've had to adjust the algorithm to get back to profitability.

As for books, I am completely self-taught, apart from reading Mark Douglas' "Trading in the Zone". This is excellent, and should be mandatory reading for all traders.
 
im 22 and have been trading equities for about a year through Etrade and now Harmon. They are a "prop" firm but not really. They just provide 4 to 1 leverage and a loophole to the pattern day trading rule. I have good weeks and bad but overall I'm not profitable yet. I read everything i can, but have not found my "edge" just yet. I'm really bad about risking too much on one trade so my account has big swings, up and down, and it honestly effects me more then it should but i just want to make it that bad. Anyway I hope this helps a little.
 
Although it's still work-in-progress, you can find a quick rundown of my trading system: Unholy Grail to Success

There's one caveat to pitching my own trading system. I wrote it as clear and easy as possible for anyone and everyone to understand, regardless of whether you're an aspiring newbie or a market wizard. But, regretfully, the overall concepts are skewed in favor towards those who have been in the market for a while. However, if you give yourself enough time analyzing them, you shouldn't have much problem.

Good luck!
 
Read about geopolitics, state of supplies around the world...

Not only the market players are passionate enough to influence market prices.
 
Started out extensive research almost 6 years ago (now 24), first systems were heavily based on others ideas (mean reversion), later on developed my own systems which were with a better risk/reward ratio. Currently only one is very loosely based on an idea I got from a blog (Brett Steenbarger's excellent traderfeed.blogspot.com). After studying every possible indicator and every available system, building relatively complicated systems (very detailed oscillator divergence) I've found the KISS is the only way to go, you need system robustness going forward in time - a lot of trades, smooth curve.
Never had a mentor or a job in the field of any kind - only public websites, books. I don't believe any trader who makes good profits would mentor anyone, why would they? You can probably get an average trader who turns a profit to mentor you but it makes much more sense to go at it alone (I'm guessing 20% annually isn't your goal).
The future looks uncertain, can it be any other way (specially with trading)?
 
My question is...........how do you support yourself financially through the learning curve?

It is easy to say dont start trading without $50,000, but I do not have that.

Trading to pay the bills is a virtual impossibility in the beginning.
 
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