Anybody out there day trade as a full time profession? If so, how long and how successful have you been?
Basically I’m a position trader, however I will not walk away from a day trade. – You never get hurt by taking a profit.
Like any other profession, you must educate in what you are doing. What you’ll really need is:
1- A written sound trading/investment plan with rules that will not only help you but more importantly protect you, mostly from yourself.
2 – Sufficient trading/investment capital. Use your own money, there’s no need to go into debt so that you trade/invest.
3 – A written money management program in place. Remember never invest 100% of your capital into any one security.
If all of the above is properly in place, you can come out of the gate, with never having a loosing year.
You don;t have to have 100% of the trades go in your favor, you can be right 60% of the time and make decent money, if your right greater that 65% your chances of making big money is very possible
There’s no time limit, it depends on how hard you work and how quick you are in understanding what you are studying.
Like any other profession, you get no where with hard work and a very stern commitment
TO RON BARU – day trading is not scalping, there is a big difference.
I need help trading NHL 14?
I bought NHL 14 to play the GM Mode, and like I always do, the first thing I tried doing was trading. Even on the “easy” trade setting, teams accept none of my trades, and I end up with “poor” relationships with other GM’s. Is there a way to tell how likely they are to accept a trade, or ways to make trading easier?
Every successful trade I’ve made, I’m usually giving up more then I’ll receive.
So if I want a particular player, I’ll have to put up top prospects, a good player, and even a 1st draft pick
Stock Trading Questions?
Right I’ve got a couple of questions before I pursue trading stocks which I require answers too before I progress any further.
The first question being is there a ‘limit’ to the amount of money needed to start off? By that a mean a minimum limit? Currently being a student money is tight so I haven’t got too much to begin with, so I was wondering if £100 (round about) would be enough to make a start?
Second question is there a minimum age limit to begin stock trading? As stupid as that sounds, being under 18 seems to restrict a lot, therefore I was wondering if trading too was one of these restrictions?
Finally, is online trading reccomended? I can’t really afford a broker, so I was wondering peoples opinions?
Traditionally, brokerages would require a minimum balance to open a brokerage account, that minimum balance used to be around $2,000 (probably around £1,500) but competition in the market place has the minimum amount dropping and you may find some small operations that will allow you to open an account with less. The minimum balance is more that you’re more likely to be successful trading if you start off with a larger balance then with a smaller one. People who just open with £100 will likely lose their money or become disenchanted with their inability to capitalize on opportunities. Of course a regular cash flow is worth a lot more than a lump sum, if you can afford £100 out of each paycheck then that’s something but £100 by itself is hardly worth anything at all.
The age requirement is more a matter of when you can be legally held responsible in a binding contract. You can invest at an age younger than 18 but an adult would have to sign off on a custodial account and take the responsibility for your actions.
Online trading is with a broker. You’re just communicating with the broker via the Internet rather than over a phone or in person. There is no such thing as trading direct over the Internet. The stocks are traded in public exchanges to which brokerage firms have memberships or seats and they funnel their customers orders through the floor traders who use the seats to gain access to the trade floor. Of course it’s mostly computerized now and may not actually involve an actual floor trader on the trade floor but in order for you to bypass a broker and trade on the exchanges directly, you would have to buy a seat on the exchange which could cost you millions. You can’t afford to not use a broker. Of course, some of the low cost online only brokers can offer you very low commissions but keep in mind that such brokers may only have one seat on an obscure exchange and may have very little in inventory. You’re better off with the big box discount brokers like Fidelity, Vanguard and Scwhabs because they have large inventories and many seats on several exchanges.
Was this a successful trade?
Near the end of April, I traded Josh Hamilton for Ervin Santana and Carlos Pena.
Who got the better end of this deal, and how will it continue to play out?
Let me clarify.
I TRADED AWAY HAMILTON.
I RECEIVED PENA AND SANTANA.
Depends on the league, but getting Hamilton is a win for sure.
Do you need to have social/networking skills to be successful in trading?
I like business…I really do because I have become greedy for money and it seems like easier work compared to other jobs.
I like finance because it seems like you are doing no work at all…it seems like you are smarter then the rest and are making money the smart way.
The reason I am discouraged from business is because I do not have good networking skills. I am also very short at 5’5. It is said and even statisticly proven that tall guys are better in business. Good looking guys as well as girls seem to also do well in business as they are generally likable people. It makes sense to me.
But when trading on the markets…does all this really matter? You are making strict deals on the market and it doesn’t matter who is on the other side right?
Though I am still learning about trading and finance, I do still notice that even people in the stock business host networking parties. Is this in order to get investors to give you money ?
It has nothing to do with any of that high school crap of how many friends you have or whether you have buck teeth. It all depends on your ability, aptitudes and attitude. Google “success principles.” It’s the same with trading but with a hitch. There is a psychological aspect that no newbie can see in the beginning. It’s the reason 80% of all new traders fail in the first year. “Intelligent” people tend to ignore this aspect of trading because they are used to being in control, and fail just like normal humans in disregard of it. Doctors and lawyers make some of the worst traders, for this reason.
It is a horribly difficult vocation that is almost impossible without the structure and help of an organized trading environment. It takes years to sort out what works for you, which time frame, risk level and methods are best for you.
There are plenty of good trading methods and strategies to employ, but best to learn investing first.
Five Minute Investing: How To Evaluate A Trading Strategy
You ask, “You are making strict deals on the market and it doesn’t matter who is on the other side right?” You will never know who is on the other side of your trades. There is no way to know who is on any side of any trade. That information is private. Since you can’t “know” anything about all other market participants, you can’t possibly “know” anything at all about future price, and neither can any “expert.” That would require us to be psychic.
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