|Mr J ||Mar 26, 2011 3:16am | Post# 61 |
I believe that he should aquire skills for a "traditional" job first so that he has something to rely on if trading doesn't work out, and that's just very likely.
Trading is surely the second oldest profession and has been prevalent throughout recorded history. It doesn't get much more traditional than that.
Normally, you go to medical school, become a doctor and do this fo the rest of your life...or you learn to cut hair and become a hair dresser, whatever...I have not heard that 95% of hair dressers fail at running a barber's shop or that 90% of doctors go broke in the long run.
Most of those doctors and hairdressers aren't running their own business. Small business has a high rate of failure.
Trading skills cannot be used outside trading ( " look, I drew a resistance line, oh look, the MACD just topped").
Who could take such a comment seriously?
What's wrong with studying the markets in the evenings, weekends, using playback to sim trade first. Then, if he wants to get seious, he can trade the Asian/European markets in the evenings/ during the night.
It may be severely restrictive.
As for trading skills being transferable...I don't believe it one minute. Most failed traders/layed off traders will be happy to drive a taxi or get a job in a bar.
Perhaps these failed traders never developed much skill, if any at all, which is why they failed
. They had no skill to transfer!
I must admit I’ve been so focused on succeeding in this goal for so long
Not as long as you think - you're only 21. You may not realise it now, but in a decade you will realise how young you were, and how little you knew.