[Dr. Howard]

You need some sort of base/steady pay to keep a roof over your head while you try all of this other stuff. Dishwasher was a bad choice as its an active job, you can't read or do anything else while you are at it. You at least need a job that has you sitting at a computer where you can read on the internet or on your phone when its slow.

Jamaciabound on here has/had a good setup of a regular job that had alot of idle time that he could use to work on his own business.

[Dr. Howard]

(06-27-2014 05:14 PM)scorpion Wrote:  

For anyone else reading this thread, take this guy as an example of what NOT to do. He's nearly broke, has no skills, doesn't even have a fucking driver's license, blows all his money on scam courses to become a day trader, and ignores all the good advice he got in this thread about developing real skills instead.

If by some miracle this guy does manage to get himself back on his feet and make money trading, he's guaranteed to lose it all again. Why? Because he's not capable of recognizing his limitations. He has no self-awareness and thinks he knows better than everyone else. This is very common among the ignorant and the unskilled.

Do not end up like him.

True, but we were all young and unrealistically ambitious at some point in time (I hope the OP is young and not 50). When I was young I ran for municipal office "how hard can it be!" and got slaughtered. I had menial jobs and mouthed off to people instead of realizing how important relationships, politics, power dynamics and saving face are. I got my ass kicked alot before figuring it out in my early 20s.

[Fighting888]

(06-27-2014 05:14 PM)scorpion Wrote:  

For anyone else reading this thread, take this guy as an example of what NOT to do. He's nearly broke, has no skills, doesn't even have a fucking driver's license, blows all his money on scam courses to become a day trader, and ignores all the good advice he got in this thread about developing real skills instead.

If by some miracle this guy does manage to get himself back on his feet and make money trading, he's guaranteed to lose it all again. Why? Because he's not capable of recognizing his limitations. He has no self-awareness and thinks he knows better than everyone else. This is very common among the ignorant and the unskilled.

Do not end up like him.

I really don't believe in day trading. It's just far too risky for most people to succeed in. I think he's better off doing a 2-year course in something practical in healthcare or manfacturing/technician work.

Start from a solid base and build up from there.

The most successful trader are those who work for the big Wall Street firms, both the traditional and algorithmic traders. They make money by screwing over small time day traders.

[scorpion]

Yes, day trading is pretty much a scam. A very small number of guys have made money with it, but it's not realistic for most. Especially not unemployed dish washers who can't even afford a driver's license. This guy clearly has neither the mental aptitude nor the self-discipline to make it as a trader.

OP, if you're reading this you probably think I'm being a hater, but you need to hear this. It's cold, hard truth. Stop fucking around with this trading nonsense, and learn a real skill. Get your life together. You aren't going to turn into a millionaire within a few years of trading, you're just going to blow all your money and never get anywhere. You need to find any sort of work that pays decently and start saving up to get your driver's license and a car. Then start looking into trade schools. You are probably eligible for federal grants to help offset the cost. You could learn something like HVAC and be making $40k within a year.

Ignore this advice at your peril.

[Quintus Curtius]

(06-27-2014 06:09 PM)scorpion Wrote:  

Yes, day trading is pretty much a scam. A very small number of guys have made money with it, but it's not realistic for most. Especially not unemployed dish washers who can't even afford a driver's license. This guy clearly has neither the mental aptitude nor the self-discipline to make it as a trader.

OP, if you're reading this you probably think I'm being a hater, but you need to hear this. It's cold, hard truth. Stop fucking around with this trading nonsense, and learn a real skill. Get your life together. You aren't going to turn into a millionaire within a few years of trading, you're just going to blow all your money and never get anywhere. You need to find any sort of work that pays decently and start saving up to get your driver's license and a car. Then start looking into trade schools. You are probably eligible for federal grants to help offset the cost. You could learn something like HVAC and be making $40k within a year.

Ignore this advice at your peril.

This is about as honest as it gets. And it's all true.

[ash093]

When I get back on my laptop I will respond to this idiocy that has been posted on my thread here

[OneIdea]

I'm 46 years old, I have a net worth in the high seven figures, my nut is about $12K a month and my after-tax income is around $450K a year.

How did I achieve what I have now? By spending 5-8 years (depending how you measure it) acquiring a marketable skill, then another 3 years breaking into the market for my skill.

You cannot get rich quick. In my own profession, when I finally "broke in", I suddenly earned a $1.2 million payday over the course of three months—but it took 11 YEARS to get to those magical three months. From what other successful people I know have told me, something similar happened to them: A decade of slogging, and then suddenly "overnight success".

The OP seems to want the "overnight success" part without the 10 years of slogging. Day trading? That's like being a "professional roulette player"—a born-to-lose scheme. Working as a welder? Forget health, welding is a tough job, requiring real skill that takes YEARS to master.

In hospital emergency rooms, the first thing they do to the patient is stabilize him. That's what the OP should do: STABILIZE. That means, get a dish washing job or any other basic job that's steady and reliable, no matter how humble. Then get a small, cheap place near the job. Get a driver's license, get a car—then sit tight and slog it out for at least a year. Get his head on straight, STABILIZE.

Once stabilized, THEN start looking for opportunities.

Just my 2¢.

[ash093]

Upon further realization I thought about something.....I've been told what I can't do, won't be, is impossible, etc all my life. So why the hell am I gonna waste my time arguing back and forth with some "elitists" on an internet forum? Instead, I'm just going to ignore all you haters and continue down my path of success, so when I do succeed, you'll all look like retards.

For all my lurkers, especially those with ambitious dreams of your own... I leave you with this video. There's a reason that clip alone has almost 1,000,000 views and it's not the only copy.

P.S. If our society wasn't so full of sadistic fucks who get a kick out of knocking people when they're down and trying to limit their beliefs, this world would be a much better place to live in.....

[Simeon_Strangelight]

I see that OP was banned, though he is likely young and you are absolutely right, that he should first get a stable job, a small appartment and earn some cash before attempting Trading.

It is possible to make a living in Trading, but it usually takes years of study, work and discipline. I have met those guys and no - it is not like gambling - it only appears to be so, unless you use proper disciplined money management and correct trading style for your individual personality. That is why successful traders never talk what they do individually, because they know that they would not be able to replicate each others' trades even if they tried.

The OP sounds a bit off-balanced, but not completely hopeless as far as trading perception goes. If you are reading this @ ash - relax, get a financial foundation and build your trading skills via virtual and then miniscule trading slowly. Only very few succeed - in my estimate 1:100.000. Read the books I linked in a previous post and you will have a better understanding.

Guys - I understand what you are saying here, because Trading is a bit of a Black Box to most, but it is not - it is like High-level Poker or even Professional Sports Betting - it can be learnt, it adheres to certain rules and there are people who are making millions off it. But with all those 3 fields 999 of 1000 will fail and only 1:100.000 will be getting rich from it. That is the difference between a marketable valuable skill you learn - there close to 100% succeed who learn it, while in Trading even if you do your best your chances of success are not nearly as high, but it is not impossible.

[polar]

(06-27-2014 08:20 PM)ash093 Wrote:  

Upon further realization I thought about something.....I've been told what I can't do, won't be, is impossible, etc all my life. So why the hell am I gonna waste my time arguing back and forth with some "elitists" on an internet forum? Instead, I'm just going to ignore all you haters and continue down my path of success, so when I do succeed, you'll all look like retards.

For all my lurkers, especially those with ambitious dreams of your own... I leave you with this video. There's a reason that clip alone has almost 1,000,000 views and it's not the only copy.

P.S. If our society wasn't so full of sadistic fucks who get a kick out of knocking people when they're down and trying to limit their beliefs, this world would be a much better place to live in.....

Since he wasn't open-minded to follow something new, clearly he hasn't hit rock bottom yet.

To the lurkers reading this thread: motivational speeches are good. However, you can drink the Kool-Aid of get-rich-quick scheme marketers, or realize that anyone promising 1000% returns overnight has a bridge to sell you. This has already been rehashed - in most cases, amateurs trading binary options are akin to gamblers betting on red. You have no idea of what exposures you're getting into and how to hedge them. Luck is not an investment strategy. You might double your capital in a casino, but the guys who lost their shirt won't sell ebooks about it online.

If you don't have several months of living expenses in the bank, you shouldn't be trading. As Oneldea said above, first stabilize. You should do everything you can to build up a safety fund. Later on, you can look at what to do with your extra money. A good thread on the priorities of investing: http://wallstreetplayboys.com/investing-priorities/

Also, you can't get to success without putting in the hours of studying and sweat equity : http://www.rooshv.com/the-unit-of-man . It took me years to internalize this, but it's starting to pay off.

Plenty of guys dropped gold nuggets of advice. If you ask for it, be willing to take it.

Beggars can't be choosers.

[No Habit]

This guy definitely had the wrong mindset.

Quote:

...so when I do succeed, you'll all look like retards.

He is one of the guys who climbs the mountain to spit others on their heads.
I guess he wouldn't survive in the oildfield for long with this attitude.

Everybody can change, though. Good luck ash093.

[Slick Shimmer]

OP, if you are still reading, you have some options. Depending on your charisma, your quickest path to expendable income is to work at a bar or restaurant. You will have to outwork others to move up, but even bussing tables will net you untaxed income. You'll also be fed for free, and also won't feel bad for "missing out" on social events, since you'll always be where the parties are. Stabilize here, set goals, keep moving forward.

[Fighting888]

(06-27-2014 06:09 PM)scorpion Wrote:  

Yes, day trading is pretty much a scam. A very small number of guys have made money with it, but it's not realistic for most. Especially not unemployed dish washers who can't even afford a driver's license. This guy clearly has neither the mental aptitude nor the self-discipline to make it as a trader.

OP, if you're reading this you probably think I'm being a hater, but you need to hear this. It's cold, hard truth. Stop fucking around with this trading nonsense, and learn a real skill. Get your life together. You aren't going to turn into a millionaire within a few years of trading, you're just going to blow all your money and never get anywhere. You need to find any sort of work that pays decently and start saving up to get your driver's license and a car. Then start looking into trade schools. You are probably eligible for federal grants to help offset the cost. You could learn something like HVAC and be making $40k within a year.

Ignore this advice at your peril.

The traders who make the real money are at Wall Street firms. Those guys have strategies, algorithms, high speed computers, and insider information. You can't beat them. They will eat you. They make their money by trading against day traders who don't know what they're doing.

If you want a cool trading job, do an MBA from an Ivy League school and go to Goldman Sachs, Morgan Stanley, BOA, etc. Or perhaps a hedge fund. If you can't get into one of the elite firms, then trading is not for you.

Yes, there are successful day traders. Just as there are successful lotto players. Doesn't mean I'd advise you to blow your money on lotto tickets.

[The_CEO]

^^^^^^
Yes, and they are trading other people's $.

And re: your point about how the pro's fleece day traders...I read something recently that trading like that (against Wall Street) - it's like playing tennis against an invisible opponent, and your opponent turns out to be the Williams sisters.

[Fighting888]

Goldman Sachs makes the majority of revenue from sales and trading. Approximately $18.1 billion last year. It had 236 profitable days of
trading and 15 days of losses.

http://qz.com/58535/goldman-sachs-had-23...of-losses/

If Goldman and these other major firms are on the winning sides of their trades, who's on the losing side?

That's right - you are.

These guys have every tool to win, from insider information to high frequency computers to secret strategies known own by the most elite traders. These firms invest billions of dollars in building up their trading apparatus. Good luck winning against that when all you have is some $2000 course you took.

By the way, Goldman and the other major firms keep their trading strategies a secret. So others can't beat their trades. If you learn some trading strategies on the internet or some
workshop, then that information is publicly available and therefore you can be beaten at your own game quite easily.

That analogy of the Williams Sister is good.

[scorpion]

It would be easy to mock this guy, but really I just feel sorry for him. He's just another entitled Millennial who was raised in the self-esteem culture that tells everyone that they're special and destined for greatness. The idea of actually bettering yourself and learning skills is completely foreign to many of these guys. They all just seem to want to get rich as quickly with the least amount of effort possible. And for what? So he can look down on his haters and call them retards. And by "haters" he means, "people who tried to talk sense to me whom I ignored."

Some people just can't be helped, I guess.