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College Grad Looking to Make as a Trader

  • #41
  • Mar 14, 2011 6:19am Mar 14, 2011 6:19am
Quoting javapips
i think i just read my story...
i have situation almost like you..and to be honest mine is much more terrible,, i'm not gonna tell my story, but hey i still survive.. atleast till now.. (i graduate from November last year ),
i believe to myself and i want to make my dream come true..so...LETS MOVE !!!



ps: if you get pressure from family or friends just close your ears open your eyes and keep moving forward. i believe you could pass all of this..
That's the attitude!
What is the point of life if you are not following your dreams,right?
Good luck!

P.S. but to get there you do need to be strategic and thoughtfull not to crazy optimistic...IMHO
  • #42
  • Mar 14, 2011 6:41am Mar 14, 2011 6:41am
Quoting Mr J
Except in this case, the glacier contains uncountable pots of gold, and few skilled guides would care to lead anyone there but themselves.
well said
To Live is the rarest thing in the world , Most people exist , that is all
  • #43
  • Mar 14, 2011 9:11am Mar 14, 2011 9:11am
And it probably is.

But IMHO as a "yet to become pro" the only way to achieve top 5 in this OR ANY OTHER FIELD as an extreme commitment to achieve excellence, and a willingness to never back down no matter what.

Yep, sounds corny. But its all in the mind.

What do "retail" pros have that new aspiring traders dont? Skills.

But they must be developed in the proper manner and it takes a hella lot of time.

Why is Michael Jordan who he is? Because he was "good" from the get go?

Does anyone here seriously believe that M.Jordan would be flippin burgers if he had failed at NBA?

How about Richard Branson?

It takes balls to achieve success in any field.

It takes HUGE balls to stand out and become the best in your field.

Whatever the lad/lass decides to do, give it your upmost in any field.

Yes yes it sounds like new age mumbo jumbo.

But the fact of the matter is that ANYONE who "fails" in any venture is simply not commited and mentally strong enough to take it in the chin over and over again.

rant over.
  • #44
  • Mar 14, 2011 11:30am Mar 14, 2011 11:30am
Ian, if your parents are OK with your decision to move home and try your hand at full-time trading, then I say why not.

If after two years you are not at the level you wanted to be at and you have to get a 'real' job, big deal. You are two years behind your peers because you chose to actually go on a limb and pursue your passion while you were still young and had an ideal situation (have funds, little to no bills and obligations)-- this is a good and smart thing. You are lucky to be in the situation you are in, most graduates these days are laden with debt and depressed wages, and move home because they have to, not want to.

Considering that if you do fail, you'd still be looking into entry-level financial positions, probably in the back office, I'd rather hire you over other random applicants. You've shown drive, commitment, and lest we forget a keen interest in the financial markets. This shouldn't be understated.

Quote
I also tend to agree with you. I don't know how it is in the US, but in europe you need to get REAL skills, which companies need, except you want to become a low paid worker, which shouldn't be the aim for most.

For most entry-level finance jobs, there's really not that much in terms of skills that you need. I'd say at least 95% of the skills required for many of these jobs are going to be learned on the job, not in school (apart from the basic expectations of course).

Regards
  • #45
  • Mar 14, 2011 11:57am Mar 14, 2011 11:57am
I don't have much new to offer. Here are a few things:

1) Make your total forex risk 10k. Do not take it any further than that. Start off with 1000 accounts, risking MAX $1 pip per 1,000 in your account. Do not risk more!! Notice I said "accounts" because you will blow several. Maybe after you have blown 4 or 5 1k accounts, the light will start to come on.

2) Do not try to day trade. Swing trade for 4hr, daily, or weekly charts.

3) For now, never, ever, ever add to a losing trade.

4) It can be done.

All of these things will help keep you in the game and not blow all of your money in the short term. You need at least 2 or 3 years to figure your trading out and get long term profitable. You may never get there. And, for the love of all things holy, do not blow your 30k on forex trading!!!! I blew 50k when I started, and it has taken me years to recover.

Regards,
  • #46
  • Mar 14, 2011 3:14pm Mar 14, 2011 3:14pm
Thanks to all who have given their thoughts, encouragement, admonishments, etc. I am genuinely grateful that there is a place in which I can get so many viewpoints on the topic of my future. I’ve noticed a few themes in the responses, many of which contradict each other, though I suppose that comes as no real surprise.

First I will say that I am very lucky to have a mother who fully supports me in this. Of course I’m sure she would nag me to end if I came home and sat on my ass all day, and deservedly so. At the same time I'm also sure that she’ll let me try if it’s something I really want. There is a bit of a streak of entrepreneurship in my family which I think makes her sympathetic to my desire to make it on my own.

One thing which really struck me were the suggestions to get a job. I must admit I’ve been so focused on succeeding in this goal for so long that I haven’t fully thought out an exit strategy if I do fail. I hope I didn’t give too strong an impression that I think my philosophy degree is worthless. Coming from a liberal arts school I think my mindset is that it doesn’t matter all that much what you major in but what you learned through the experience. In a year of organic chemistry I learned how hard I can push myself. At the time it was unpleasant but I’m happy that I can look back and say I found the outer bounds of my intellectual capacity and motivation. I chose philosophy because I find it interesting and think it nurtures many different skills.

The major issue is that I don’t want a job involving philosophy. With some work I could take the MCAT and apply to med school, however, I don’t want that either. Ever since I caught the trading bug it’s all I can think about. Sure I think I could be happy as a ski bum or keeping my little landscaping company going but I wouldn’t feel fulfilled. Having said all that I think there is a great value to not putting the “make or break” pressure on myself as some of you have mentioned.

The books mentioned (Reminiscences of a Stock Operator, Trading In the Zone) are on my short list of things to read after graduation. I’m currently reading Methods of a Wall Street Master as well as browsing A Random Walk Down Wall Street and Popular Delusions (…). Any other recommendations for the reading list would be appreciated.

As for talk of a mentor it’s something I would obviously love to have. I know most people who are successful in this business don’t really like to share their secrets so I’m not holding my breath. If anyone wants to take a kid under their wing in the New England area…

Anyway, thanks again for putting some new ideas in my head and reinforcing some old (hopefully good) ones. I know that at the end of the day the choice is mine to make. The last thing I want to do is cripple my future going all in now, but can you really blame me for wanting to try?

PS I’d take the guide; I don’t know the first thing about avalanche safety (but that doesn’t mean I listen to financial gurus).

Ian
  • #47
  • Mar 14, 2011 4:20pm Mar 14, 2011 4:20pm
Hey IANMH,

I had the same plan as you have. However, the diference between us is that, at the age of 21, I started learning about forex. Of course, I had classes and chose to do 2 to 3 courses per semester so that I can concentrate better on forex. I am 23 right now and I have been practicing on forextester since last November. Yes, as a first timer to forex two years ago, I blew two accounts of $1000 each within my first year. That was when I started looking for mentors. I have been through 2 mentors to date and I have to say that they are a boon to have. Watching them do the trades and letting them tell you why they took this trade is quite mind-changing. I still have a lot to learn about forex. However, I can say that I clearly know the technical basics of trading. I am currently in my last year and I am still taking two to three courses per semester. I have finally decided to open another account this summer to test my skills live. IF it works, it works. IF it doesn't, well, I would have my accounting degree to depend on.

One thing that you must take to both your mind and heart is that you have to give it a serious attempt. Trying to learn forex whenever the time allows you is not going to help you. You must be committed to it so that even if you don't succeed, you can say that you actually gave it your everything and it was just not the career that fit your personality. Only then will you be able to move on from forex to other careers, that is, in case it doesnt work out.

On a final note, forex has taught me a lot about myself. That is why I will ask of you; please make sure that is what you want so that you can commit to it.
  • #48
  • Mar 14, 2011 4:24pm Mar 14, 2011 4:24pm
Get a mentor.

I was/am in the same position as you. Except I am 22 and have been trading for the past ~2 years. Both demo and live account. There are few who are self-taught and successful. I am finally getting to the point where I am making some money, but that came after getting some help from some pro's! Even then I know that in order to get to the level I want, I need to get under the wing of a professional at a firm or bank and learn from the best. Any other professional in any field learns from those who have the experience...trading is no different.

If I were you, I would go through this forum and find someone who looks like they know what they are doing and have some rep. Tell them your story and let them know of your willingness to learn and grow. Somebody will take you under their wing. Look at Medici...the fact that he responded to your thread tells you that he or somebody he knows may be able to help ya!

Even this does not guarantee success....but nothing is guaranteed in life and you have to make the best of the opportunities around you.

Another option...take your 30k, your balls, and your heart and move to New York or Chicago. Use the money you have to sustain yourself until you find a suitable job in trading. It can be done! Persistence and desire can be put up against any resume!
  • #49
  • Mar 15, 2011 8:17am Mar 15, 2011 8:17am
I'm going to chime in since I graduated last year in May with my computer engineering degree and decided I'd give myself a year to try and become a full time trader. I started when I was 22 while going to school part-time and working on it as a hobby;

- After learning the platform trade a small of amount of money, about $100. You'll blow it, you'll probably blow the next 2 accounts as well.

- Don't get start system jumping. There is nothing wrong with looking at other systems but you should form you're own view of the market work from there. There are many ways to make money but you have to find your own personalized to edge to get there.

- Treat this as a business, work everyday at trading like a full time job constantly learning and absorbing information.

Currently I'm 24, living in my own place and living off my trading income. It's tough and there are certainly things that I didn't take into consideration working from home but overall I enjoy it. I definitely enjoy it more than the jobs I interviewed for last year.

I'm a little scatterbrained at the moment but I'll come back and add more to this post.
  • #50
  • Mar 15, 2011 8:37am Mar 15, 2011 8:37am
I think most young guys don't think very far ahead. Yeah, everybody dreams of sports cars and beach houses.
But get realistic, before you can pay for all that, you need to have enough money to cover social insurance, retirement money, a place to live, maybe a car...
If you can make more than in a normal job consistently, then this is no problem. But what happens if everything studdenly stops working and the income from your trading dries up. No insurance, no retirement money anymore, no place to live. Then you are a homeless begging for money on the street, cause nobody will employ a failed trader with no prior work experience.

I know, now there will be lots of posts against all my arguments. I know, all the young people think they are the gods of the universe. But seriously, life should not be taken lightly, especially since only few people will help you when you are down. So best is to have so many back up plans and skills that you will never get into the situation where you can lose everything.

It is funny, as traders we are essentially managing the downside, but apparently many people in real life don't care about the downside at all. Just about the $$$ in front of their eyes they could earn.

Look at the worst-case, not at the best-case scenario.
  • #51
  • Mar 15, 2011 8:49am Mar 15, 2011 8:49am
Quoting Custos
I think most young guys don't think very far ahead. Yeah, everybody dreams of sports cars and beach houses.
But get realistic, before you can pay for all that, you need to have enough money to cover social insurance, retirement money, a place to live, maybe a car...
If you can make more than in a normal job consistently, then this is no problem. But what happens if everything studdenly stops working and the income from your trading dries up. No insurance, no retirement money anymore, no place to live. Then you are a homeless begging for money on...
I agree,very good advice!
I am also in my twenties,and I almost buckle because of my high expectations without any kind of consideration of a downside. Well...the downside happend,but luckily I got away with it... I learned a valuble lesson...
  • #52
  • Mar 15, 2011 8:51am Mar 15, 2011 8:51am
Quoting Custos
well, you should think about the worst-case scenario, not the best-case scenario.
Let's assume in 3 to 4 years you are not profitable and lost all your money. Now you try getting a real job and have a big hole in your resume. How can you explain to companies what you did the last 4 years? If you say trading forex at home, then you have the same problem as with the finance companies - they will laugh at your face.

My advice. Get a real job and do trading on the side.
the best advice....that you should consider.Don't waste your collage degree...find a real job and at the same time do FX trading. I guess you haven't taste the real FX yet...it'll come sooner than you think...when you're not looking.....
  • #53
  • Mar 15, 2011 8:53am Mar 15, 2011 8:53am
Quoting Custos

Look at the worst-case, not at the best-case scenario.
or the other words for it is "RISK MANAGEMENT"....
  • #54
  • Mar 15, 2011 8:57am Mar 15, 2011 8:57am
Quoting Isladezile
On a final note, forex has taught me a lot about myself. That is why I will ask of you; please make sure that is what you want so that you can commit to it.
same here...only to know myself better and being a much more better person in life...appreciating life more
  • #55
  • Mar 15, 2011 12:16pm Mar 15, 2011 12:16pm
I completed my A-Levels and luckily got a job in a mutual fund back in Sept-07. Started watching charts in Apr-08, impressed by a TA while sitting alongside him.

The company shifted to another city and i had to shift too (with a pretty nice bonus and salary increase) but i chooses against it and left my job back in Sept-2010,.... cause i never moved out of my city except my village.

So there i was without a job, No proper education to get a decent one, 7-8 blown trading accounts in Forex and only had savings left for 3-4 months to sit at home and practice trading all day without a job.

So these were my choices,

Get a job that could only just manage to pay for rent, food, bills and internet so no savings at the end of the month and also my working hours would have spanned over London open to London close which would be disastrous to my trading methodologies.

Sit back home with savings that could last for just 3-4 months and try to get things together in trading hope to start making money before i ran out of my savings.

Move in with my parents (back in my village). With no cost of living except the Internet bill. Watching the markets all day long with no pressure to hurry up and start making money soon. Though i would have to answer some difficult question to my parents regarding what i am thinking about my future EVERY DAY.

Well i choose the last option.

Now about the advise, I wont give any advise cause i am in the same position as you except u have better education on the other hand i have 3 years of trading experience on my side and have crossed most of the hurdles but yet to overcome a few. I will turn 24 in Aug. So we both have our strengths and weaknesses. So all i can say is that use your strengths to survive and work on your weaknesses to get stronger and better at the game of living .

Good luck Mate.
.
  • #56
  • Mar 15, 2011 1:52pm Mar 15, 2011 1:52pm
A website called www.meetup.com which is a social networking site for people that get together for meetups (social, business, health, knitting, etc).

I'm in Toronto, and met a fund manager through this forex group by doing a basic price action trading presentation. My meeting with this fund manager during last weekend was excellent. He offered me lots of help and advice without costing me a penny.
  • #57
  • Mar 15, 2011 10:57pm Mar 15, 2011 10:57pm
Quoting Custos
I think most young guys don't think very far ahead. Yeah, everybody dreams of sports cars and beach houses.
But get realistic, before you can pay for all that, you need to have enough money to cover social insurance, retirement money, a place to live, maybe a car...
If you can make more than in a normal job consistently, then this is no problem. But what happens if everything studdenly stops working and the income from your trading dries up. No insurance, no retirement money anymore, no place to live. Then you are a homeless begging for money...
this is typically a parent advise..my honor for you Sir..

there are many thing should be considered in this situation.., and my main subject is 'Focus' in everything that we choose (or doing).

one of my goals ('why i choose forex' ) is to make financial Freedom For me and others..,so if we want to be 'Safe' why not just make it easy being an Employees in one of big company, that easy..and safe...that if you want to be safe..

life is full of choices, there so many thing that we should consider before picking a thing to be a decision..especially in 'what we want to be' , it's common being hesitate in young ages just like me (well i'm still 25 ) or a fresh graduate...

but if i may lend some words from one of successful billionaire in my country, he said like this :

"if you choose to be an entrepreneur, don't to much thinking, too worries about this or those will make you going nowhere.. MOVE ON ! hit every obstacle in front of you Dazz Dazz Dazz...there would be so much pain and failure, but you will learn from it.."

-om BOB Sadino-


i don't know that advise right or not, i just believe in him,..well he already success..

btw it's back to each individual, there is nothing bad advise..all is good and have reasons..,so, now it's your turn, Make Some Action !!

.
I will be the number one Manager.
  • #58
  • Mar 16, 2011 12:00am Mar 16, 2011 12:00am
Congrats Ian for choosing to become a forex trader ! If that's what your heart desires -then just DO IT !

I took a forex course and am happy with the support given, lifetime membership and forex community support.
One of the traders started with USD $ 100 and in 20 hrs of trading gained $1080 , with no losses. Another trader started with usd $1 and gained $ 1000 in 24hrs. Success in forex is Achievable ! Focus ! Plan and trade your plan !
Wish you all the best Ian !
  • #59
  • Mar 16, 2011 1:24am Mar 16, 2011 1:24am
Quoting siti
Congrats Ian for choosing to become a forex trader ! If that's what your heart desires -then just DO IT !

I took a forex course and am happy with the support given, lifetime membership and forex community support.
One of the traders started with USD $ 100 and in 20 hrs of trading gained $1080 , with no losses. Another trader started with usd $1 and gained $ 1000 in 24hrs. Success in forex is Achievable ! Focus ! Plan and trade your plan !
Wish you all the best Ian !
hehhh...is this advertising ? ..,if they give 'Support' like an advise or emmm cheerleaders?? i think i don't need any..,
But - if they could give Money Support for a lifetime, maybe i'll consider that course..



Cheers,

Java.
.
I will be the number one Manager.
  • #60
  • Mar 18, 2011 6:01pm Mar 18, 2011 6:01pm
Thanks again for the thoughts everyone. There's a lot here for me to mull over. Unfortunately for now forex needs to take a bit of a backseat. On Sunday I leave for Turkey for a week then it's back to school to finish my senior year. Come May I should have a better idea of what my plan is. Good luck to all of you and I hope you'll hear from me again soon.

Ian
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