Read Nassim Taleb books, start with Black Swan and then come back and message me. And read it tonight.
Young guy wanting to start trading
- Thread starter muenster
- Start date
Hey, i’d like to disagree here a bit as i feel that if you are a drop out from college so you probably were not happy studying .
Plus you are 22 already and must start earning soon. However , you need to keep in mind to not take things lightly now.
Spend some time searching what interests you most .So, If trading is something you are keen to learn about, you can start in the following ways:
1. Watch how demand and supply effects the prices of stocks.
2. Try analylsing the market trends and direction of prices and why they are so.
3. Read a lot of content and articles on trading terminologies, tips ,strategies on how to start trading.
4. You should also take the help of your friend working in HTR.
5. Stay calm and patient always as trading is not something you’ll learn very soon , it will take time.
6. Do not be greedy and practice trading through demo accounts to gain familiarity with the trading world.
Apart from the above mentioned tips , i’d like to suggest you to never lose hope as there will be times when your losses will be greater than profits. So the best thing you can do is stay calm and never give up.
so true! or worst when your young you have some winning streaks along the way that keep you addicted to chasing the edge.
What do you want to trade? (stocks, futures, options, forex, ETFs, yadda yadda) What is your funding source and how much can you get your hands on? Do you want to day trade or swing trade? Do you want to trade for yourself with your own account, or be a professional working for a firm? Are you in the U.S.?
Once you narrow things down a bit, maybe someone can give you a short reading list.
If it was easy, everyone would be doing it. It isn't, and the failure/dropout rate is incredibly high. For every trader who looks at trading as a job and applies himself diligently, there are probably ten other traders or wannabe traders who are drawn by the thrill or by visions of a quick and easy path to wealth. Most of the latter category lose everything they got or drop out of the game.
What are the honest reasons you dropped out of school? Too difficult? Not challenging enough? No funding and no apparent means of getting it? Failing courses? Be honest with yourself. No need to tell us. But it makes a big difference, and you need to think about it and how the underlying reasons might work for or against you.
You are 22 years old. Old enough to have held a job regularly for about 6 years or more. Have you saved or invested anything? To trade your own money, you need to own money. If you can't SOMEHOW get and save/invest money on a regular basis, you will never have money to trade. It is a dream that will never become reality. Learn how to manage your money first, with practical experience and not just youtube videos. Until you can manage money you cannot trade successfully, no matter what. If Mommy and Daddy give you money, you will lose it. Funny how that works. If you had to endure hardship and toil to get it, it has a higher value and you take better care of it than if it just fell into your lap. So that leaves working for it and holding on to it and investing it.
Once you narrow things down a bit, maybe someone can give you a short reading list.
If it was easy, everyone would be doing it. It isn't, and the failure/dropout rate is incredibly high. For every trader who looks at trading as a job and applies himself diligently, there are probably ten other traders or wannabe traders who are drawn by the thrill or by visions of a quick and easy path to wealth. Most of the latter category lose everything they got or drop out of the game.
What are the honest reasons you dropped out of school? Too difficult? Not challenging enough? No funding and no apparent means of getting it? Failing courses? Be honest with yourself. No need to tell us. But it makes a big difference, and you need to think about it and how the underlying reasons might work for or against you.
You are 22 years old. Old enough to have held a job regularly for about 6 years or more. Have you saved or invested anything? To trade your own money, you need to own money. If you can't SOMEHOW get and save/invest money on a regular basis, you will never have money to trade. It is a dream that will never become reality. Learn how to manage your money first, with practical experience and not just youtube videos. Until you can manage money you cannot trade successfully, no matter what. If Mommy and Daddy give you money, you will lose it. Funny how that works. If you had to endure hardship and toil to get it, it has a higher value and you take better care of it than if it just fell into your lap. So that leaves working for it and holding on to it and investing it.
Yep. If OP is willing to work hard and doesn't want to go the traditional route, he's much more likely to be successful selling things on Amazon, doing digital marketing for other businesses, real estate, even building a profitable YouTube channel. None of those things are easy either--like trading, they're hyped as "quick riches" by some hucksters--but A LOT more people are successful at them than they are at trading (including many people I know).
Trading attracts many (including myself at one point) because you don't have to put yourself out there, don't have to sell anything, can do it in the privacy of your own home (or Starbucks) with no one else knowing or being involved. Don't believe it.
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I'm assuming you mean the multi-million dollar yachts.
You're 100% confident that you'll earn a yacht doing something else? If yes, go for it. Most people in most professions never even come close to owning a yacht. There are a few on ET who can afford a yacht actually, not that they own one necessarily.
But on principle I agree, trading is one of the hardest ways to make money. With a similar effort you can make many many times more starting a business or even becoming a professional.
And of the 10% or less you'd consider "diligent," only a small number make it. You can be serious; spend hours in front of screens; build solid, robust systems that are backtested with walk-forward periods; etc. and still fail. It's a lie from the trading coach/psychology industry that being disciplined, non-emotional, etc. are all it takes. Those traits may almost guarantee success in many endeavors, but not necessarily trading.
Exactly. You can become a pilot, doctor, programmer etc. by being diligent, determined and focused. You're almost guaranteed success if you stay on course. With trading, that will give you better odds than Joe-blow trading weed stocks on the weekend but nowhere even close to a guarantee or even high likelihood of success.
I'm sure you know this, but others may not be familiar, including the OP.
"Where Are All the Customer's Yachts"
The title refers to a story about a visitor to New York who admired theyachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers.
https://www.google.com/search?rlz=1...wiz.......0i71j33i160j33i22i29i30.hFxhGaHW-LI