I’m twenty years aged as well as have been investing given I was 17. I’m operative towards my financial grade though I unequivocally do not wish to work the unchanging pursuit as well as retire when I’m 95. Is it picturesque for me to sometime have the career out of day trading? Does any one out there do this?
I do assimilate how unsure of the commercial operation this is as well as how most fitness is involved. Just seeking for a little gifted people in the field.
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You will have to assemble a lot of cash to be able to live off of it, whether “day trading” or any form of investing.
Not very realistic or profitable. Most of the day traders of the 90s are long gone.
Yeah, I day traded 7 years ago and worked part time. It was great. I would have 6 trades in a row that would make me gains. Then the 7th trade would wipe out all my gains. One week I made $30,000 on a $10,000 investment. Then after that I bought a car. The markets then turned downward in early 2000’s and I lost money and I barely could pay the $9500 in taxes for gains during that time. Then I had like a thousand left.
So the lesson now is to not gamble and invest instead. I let Buffett do all my homework and then I buy what he buys. SO far it has been great.
Really, if you make good investing decisions now and choose a great career that you like, you won’t have to retire at 95. My mother is great with investing and she retired by INVESTING at 41.
Likelihood of
many people do it……but you need large amounts of capital…..as they say, it takes money to make money. It’s getting that first real chunk of money that’s hard.
I too have these aspirations, but have a relatively small balance. Even if I earn 10% this year, I still can’t quit my day job.
Yes you can, I know because I do. The real problem with most day traders are they are just gambling without having to go to a casino. You need a lot of self discipline. I have a set amount I look to make each day. Knowing when to fold is the hardest part. I don’t let anything go south long … it is gone. I don’t wait for it to start back.
I had a buddy who recently took a bath in CROC Bought one day for 70 (?) it opened down about thirty points the next day. If it had been me I would have sold at market as soon as it happened… cause it won’t get much better and it hasn’t.
It is in the selling not the buying that will make you money. If you try to hit the highest price or buy at the lowest you will go broke.
Limit your positions to two or three. So you can act quickly if you need to.
Since you’re so young you have plenty of time to make mistakes investing… what I’d recommend is to build up money into a regular 401k and then when you switch jobs transfer it into an regular IRA. Try investing that money and see how you fare with money that it won’t hurt you to lose.
You’ll eventually need a spouse who has a good job with benefits cause good health insurance is a killer to afford as an investor.
pipedream.
Your getting a finance degree…come on guy, you should know day trading is only a descent idea if youve got millions stacked in your portfolio…you can retire by age 45 if you have a good plan set…ask your professors or talk to a Morgan Stanley Financial Advisor!
No.
Many try.
I have yet to meet one person who can prove they have done it profitably for more than a few months without some big start up money (A couple hundred K).
Of all the “King Day Traders” who yakked on and on through 2001, I know of none who continue to be successful today. Yeah, maybe I missed one…but I’ll bet you a $1 there is something important he won’t tell you about his “success.”
Bottom line: clients, commissions, and financial backers are the linchpin of success in the financial marketplace…don’t leave home without all of them.
Ergo — it is unrealistic to think you can make a career out of it.
It is realistic to trade for a living – as long as you are willing to put the time and effort into it.
I find swing trading as profitable but less risky and stressful.