I am 57 years old, I’ve had a somewhat successful career running my own businesses for over 20 years. However, I am ready to move on to new adventures, in a new chapter of life. I am looking around for a sustainable means of income that gives me flexibility of local, and a way to stay Intellectually engaged. I’m considering trading, as I have capital, believe I have the intellectual acumen, and the emotional profile for trading, but I unsure if it is viable, or not. All the popular literature says Day traders are typically losers. Any insight into this is appreciated.
Who were your teachers/mentors?
- Thread starter Liberty Market Investment
- Start date
Trading is a selfish endeavor where less than 10% of us make it. Maybe consider mentoring young entrepreneurs and investing in them with your experience.
heres the issue and give me a good answer.
1. i am a successful trader
2. it cost me years of lost income and over 100k in real dollars to get here.
3. teaching someone else does nothing for me and you can take what i taught you and sell it or become my competition.
4. why would anyone mentor someone for free unless you were doing somerhing for them
5. internships unpaid at least the company gets some work done or tax incentive
6. its like having a secret recipe n sharing it for free.
being honest with you. you need to learn it. easier now than ever with everything online
1. i am a successful trader
2. it cost me years of lost income and over 100k in real dollars to get here.
3. teaching someone else does nothing for me and you can take what i taught you and sell it or become my competition.
4. why would anyone mentor someone for free unless you were doing somerhing for them
5. internships unpaid at least the company gets some work done or tax incentive
6. its like having a secret recipe n sharing it for free.
being honest with you. you need to learn it. easier now than ever with everything online
"teaching someone else does nothing for me and you can take what i taught you and sell it or become my competition." - This 100%. People should be prepared to PAY to know how to get unlimited earning potential for the rest of their lives.
Very true.
The cost of the amount of time is staggering, not mentioning the money paid to go to seminars and learn stuff which has almost zero value.
Don't do anything with your capital until you have developed a solid strategy and tested it on a demo platform. If you cannot be profitable on demo you don't stand a chance in real time.
Take what you read on these forums with a grain of salt.
If you find a strategy that you think will fit your personality, spend some time trying to prove it doesn't work. If you can't prove it doesn't work, then possibly it might. Test it in demo, then try it with small size.
I recommend you put your strategy on paper. Write it down, seems simple enough but you'll find it take a while.
Successes in other businesses do not usually translate into successes in trading, just like Michael Jordan couldn't make it playing baseball, or golf.
You do have one thing going for you: Capital. Since you are well capitalized, you don't need your trading profit to put food on the table and it is much easier to succeed if you don't have money pressure. For you it comes down to how passionate are you about trading as a new career.
I was in your shoes a few years back. So, it can be done. It is hard work, 24/7 hard.
Hard work? Can you describe what this means?Successes in other businesses do not usually translate into successes in trading, just like Michael Jordan couldn't make it playing baseball, or golf.
You do have one thing going for you: Capital. Since you are well capitalized, you don't need your trading profit to put food on the table and it is much easier to succeed if you don't have money pressure. For you it comes down to how passionate are you about trading as a new career.
I was in your shoes a few years back. So, it can be done. It is hard work, 24/7 hard.
How is it hard?
If one attempts to paint a house with a 1" paint brush, yes, that's difficult.
To paint the same house with the know how and tools, that's easier.
Me thinks, many traders on ET are attempting a job by approaching it the wrong way, like an ET poster commenting a while back.... "I wanted to trade Fx because it's difficult and I wanted to beat it".
I trade stocks and nothing else because in my opinion it is simple, relatively speaking.
However, my trading is unconventional because I don't get involved with mainstream stupid TA.
IMO, TA is the undoing of the majority.
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I trade stocks and nothing else because in my opinion it is simple, relatively speaking.
However, my trading is unconventional because I don't get involved with mainstream stupid Fundamentals.
IMO, relying on fundamentals is the undoing of the majority.
A slight difference of opinion yet we both seem to be able to make a living.
That's the story morning glory!
As long as trading is not difficult and it's enjoyable and succesful that's all that matters.
But struggling traders need imo to re evaluate what they are doing wrong, the problem isn't so much the market, it's themselves.