Young trader, looking for advice regarding future

Quote from Aew:

Also, if you're curious to know HOW I trade, I will obviously not divulge that information in any specific manner.

I use Technical Analysis. I do not trade fundamentals, nor do I trade news. I simply trade the market's reaction to news, and stay out of the market during high impact news.

I trade what I see on the charts. Price action. I do not use any indicators, as they are all lagging. I trade purely on what the market is telling me. This is where staring a the charts for so long has been beneficial.

This is has all been said in the original post, on the first page.
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As does every abject loser on this forum. Don't believe me? Read the journal entries here.
 
Quote from drownpruf:

As does every abject loser on this forum. Don't believe me? Read the journal entries here.
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That's fine.

But their strategies are not the same as mine.

I said I trade price action and use technical analysis. That encompasses an endless possibility of strategies.

If they are losing, then they are either lacking an edge, or lacking in the psychological component. It is just that simple.


Like I said, I am NOT here to try to boast my results, or discuss other people's failures. That is not the objective of this thread.
 
Quote from Aew:

That's fine.

But their strategies are not the same as mine.

I said I trade price action and use technical analysis. That encompasses an endless possibility of strategies.

If they are losing, then they are either lacking an edge, or lacking in the psychological component. It is just that simple.
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That, coming from a child, is too ridiculous to entertain. I am done with your sorry ass.
 
Quote from Aew:

Hello EliteTrader members,


I made a thread on another trading forum, and was advised by a member to post here, as this site may prove to possess more qualified people within the profession.

One area people seem to be concerned about, is my lack of formal education. I was under the impression, that this profession (trading and hedge fund management) was more about performance and providing results, rather than having a piece of paper.

I am a profitable trader, who is in the process of building a portfolio of live statements as proof of my results. Statistically, these results are an average of 15% ROI per month, risking 1% of capital per trade. I thought this is what mattered in the industry, and is what would dictate my success, but people seem to think otherwise.

To put everything in context, I will attach my full post from this trading forum. I thoroughly appreciate any advice you could take the time to pass onto me. Thank you.


" I am 18 years of age. I became immersed in the world of trading/financial markets a couple of years ago. I instantly fell in love with it.

Ever since, I have had a burning desire to become the best, and excel beyond all others in this field.

Some may call what I have an obsession, but what they think is irrelevant. People can call it what they want. I have a passion for this and I plan to pursue it to the fullest.


The further I went down the rabbit hole, the more I discovered my passion for this profession, and my insatiable thirst to succeed within it.

I dropped out of High school, and decided to devote all of my time to becoming the best.



Ever since, I have been studying (whether it be literature or the charts) for over 15 hours a day, without exception. In fact, some days I'd lose track of time and forget to sleep.


Mind you, I live in Australia, and hence, London/US open is later in the day for me (London open 5PM, NY open 10PM).


Where do I see myself ? I will open a Hedge Fund and I will win ( Do not confuse this statement with a destructive EGO, as undoubtedly, some of you may point out).


I have discovered, tested, and fine-tuned a profitable system to suit my personality, and have begun building 6 months (Or however long it may take) worth of live statements to prove my reliability and profitability, to potential investors. This will then lead to the acquisition of investor funds, and the beginning of building my business.



My question is to those of you who have experience in this profession or in this field. What do you suggest I do, in terms of specifics, to ensure I get to the top? I will do anything that is required of me to achieve this level of success.

My strengths are in Technical Analysis, but I have very little Fundamental Analysis knowledge. Perhaps this would be a field to study in order to enhance my results?

The reason I have little to no Fundamental Analysis knowledge, is due to the fact that I do not trade the news (I trade the reaction to the news). But I make no judgement upon Fundamental Analysis. I am not wise, nor experienced enough to know its potential benefits, which is another reason I am making this thread.


As I have said, I am willing to work as hard as it takes. 15+ hours a day of study is a given for me. If you tell me that I need to go days without sleep, then I will do it without question. This is thoroughly enjoyable for me, and I do not see it as work.


Note: My focus is majorly in building my own business. Getting into investment banking, or working for someone else in a proprietary trading environment, is not the direction I want to take myself in. I want to focus all of my energy on my own business, so that I may compete against these firms/investment banks, not work with them. "
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I dont think so mate, get real
 
Quote from drownpruf:

I made $600k the following year and bought a H1 Hummer and a townhouse. So yeah, you tell me about my edge, I am all ears, Jr. IIRC I spent ~200k on my AMEX Platinum that year. 100% organic growth. The last asshole (one of the biggest earners here) that called BS on that statement lost that bet. I sent him the AMEX card. I was 22yo.

I am in disbelief how you you can be so completely egotistical and it be so utterly unfounded. I am speechless (well, now I am).
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I am not disputing your results. You are obviously very successful.

However, that trade where you lost 50% of your capital, was gambling. There was no edge, and if this is the same method you applied to other trades (50/50 probability), then your success was due to luck.


Like I said though, I am not here to discuss this.
 
Quote from Aew:

I have absolutely never heard of him before.
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OK, and I'm not trying to be a smart alec, but as an Australian you really should know that.

Sign up for a remedial high school history class or be sure to take one or more in college. Or watch Tora! Tora! Tora! - they're still showing it on late night TV here. :D

This is the kind of knowledge you might think you'll never use, but the absence of it might embarrass you and prevent you from moving ahead in a future social or business situation.
 
Quote from Brighton:

OK, and I'm not trying to be a smart alec, but as an Australian you really should know that.

Sign up for a remedial high school history class or be sure to take one or more in college. Or watch Tora! Tora! Tora! - they're still showing it on late night TV here. :D

This is the kind of knowledge you might think you'll never use, but the absence of it might embarrass you and prevent you from moving ahead in a future social or business situation.
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No, not at all.

I do agree, this kind of stuff could definitely be very useful in social interactions.

Thanks again.
 
Quote from Aew:

Every moment I study is a conscious effort. I enjoy what I do, and I want to do it. I like the fact that I can watch the charts, switch to any time frame, and analyse the probability of outcomes that could potentially lead to making profits.
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BS, no you can't. You don't use any fundamentals or news and have no idea what is going on, yet you can go to any timeframe and pick the odds of direction? Sounds like 100% gambling to me kid.

You just can't expect an 18yo high school dropout to take good advice... they have to learn the hard way.

Go to school or pickup a trade/skill... Trade on the side and see if you can work something out eventually but don't count on it. What are you going to do with a Finance degree and no edge? Ghostwrite for yahoo finance and throw your BS around on ET in your spare time?

Parenting is so important... or they turn out like this. Anyone backing this kid up for his "hard work" which you're taking at face value from a high school dropout should be ashamed of themselves.
 
Quote from contra:

BS, no you can't. You don't use any fundamentals or news and have no idea what is going on, yet you can go to any timeframe and pick the odds of direction? Sounds like 100% gambling to me kid.

You just can't expect an 18yo high school dropout to take good advice... they have to learn the hard way.

Go to school or pickup a trade/skill... Trade on the side and see if you can work something out eventually but don't count on it. What are you going to do with a Finance degree and no edge? Ghostwrite for yahoo finance and throw your BS around on ET in your spare time?

Parenting is so important... or they turn out like this. Anyone backing this kid up for his "hard work" which you're taking at face value from a high school dropout should be ashamed of themselves.
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I do not pretend to know anything about your trading strategy, so don't pretend you know anything about mine either.



I originally asked for advice, and many people generously gave it.


But it seems like now all there is are jealous, bitter old men, who are mad at the possibility of an 18 year old who is better at trading than them. And a high school drop out, nonetheless.

End of the day, when all is said and done, I still have my results, and you still have yours.

I am happy with mine, and you are obviously not with yours.

Nothing you say can change your results or mine.
 
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