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Quitting my job for trading!!

post #1 of 65
5/12/10 at 11:37pm
Thread Starter 
Quitting my job for trading!!


Yup that’s right am 18yr old and my last day of class is this Friday!!!, I have decided to quit my summer job and trade full time or only work once a week…

I will hopefully have about 10k to trade with and will only be looking for 2-2.5% weekly, which would be great for me since I make 10$ a hour working a crappy job.

I have found that when I stick to my game plan or don’t run into plays without any plan everything works great. I have a pretty good knowledge of TA and will base most of my trades on it.

Remember I will not be Day trading, I’ve done that and been destroyed doing it….
I will try to focus on swing trading and short term flipping. I’m currently holding KLA, LMA, FVR, but am taking a beating on KLA here…need those results

Funny thing is I know my mistakes before I do them but am quite stubborn. A message to all new traders out there that are just starting out; all I can say is DO NOT start in the pennies or sub pennies and try paper trading before jumping into the real thing.

If anyone one has any suggestions or comments please fell free to post!

Thank you
Apostolos
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post #2 of 65
5/12/10 at 11:46pm
Good luck!
Some days when I am not working, I watch the market all day and end up making more money than if I had been working that day.
Then other times I get into the red and remember why I still have a regular job.
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post #3 of 65
5/12/10 at 11:52pm
this may not be what you want to hear but you should really look into furthering your education. your young, go out and get a solid education in business, no one says you cant trade along the way
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post #4 of 65
5/12/10 at 11:54pm
im 21 . doing the same thing as well . well not quitting, just not getting a job this summer. going to be day trading full time everyday
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post #5 of 65
5/12/10 at 11:57pm
Quote:
Originally Posted by apo99 View Post
Quitting my job for trading!!


Yup that’s right am 18yr old and my last day of class is this Friday!!!, I have decided to quit my summer job and trade full time or only work once a week…

I will hopefully have about 10k to trade with and will only be looking for 2-2.5% weekly, which would be great for me since I make 10$ a hour working a crappy job.

I have found that when I stick to my game plan or don’t run into plays without any plan everything works great. I have a pretty good knowledge of TA and will base most of my trades on it.

Remember I will not be Day trading, I’ve done that and been destroyed doing it….
I will try to focus on swing trading and short term flipping. I’m currently holding KLA, LMA, FVR, but am taking a beating on KLA here…need those results

Funny thing is I know my mistakes before I do them but am quite stubborn. A message to all new traders out there that are just starting out; all I can say is DO NOT start in the pennies or sub pennies and try paper trading before jumping into the real thing.

If anyone one has any suggestions or comments please fell free to post!

Thank you
Apostolos
I would like to try to persuade you not to do this, but how i can see
its done, so i wish you luck.
I have done that 10 years ago, started with 15K made 50 then risk all and lost all. Now i know better and would like to have the youth (and the money ) back and i will be good. But i am what i am. Full of experience and empty of money..
That you realized the NO pennys thing makes me sure that you arent
fresh meat for MMs so like a said good luck and you have chances..
And put some money in some longterms. Like Fitb. They still climb after i bought them for 1 $ and sold for 4 $.

Esi elinas ? Katalaveno ligo elaniko?
Have a lot of greek friends here
and love greek language. And greek woman..
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post #6 of 65
5/13/10 at 12:03am
Thread Starter 
nai imai elinas lol!!

im thinking that 100-150$ a week is not hard to get with 10-12k just have to keep my losses tight, ive learned that money management is very important if not just as important as your picks.

Thank you guys for the feed back i rly appreciate it, if the first 3 weeks are not profitable i will slowly just add work days into my schedual..

Thank youu
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post #7 of 65
5/13/10 at 12:04am
i love how ppl always use these threads to throw a plug on their fav stocks

"always keep a little FITB long"

wtf
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post #8 of 65
5/13/10 at 12:05am
Quote:
Originally Posted by Z-OldEurope View Post
I would like to try to persuade you not to do this, but how i can see
its done, so i wish you luck.
I have done that 10 years ago, started with 15K made 50 then risk all and lost all. Now i know better and would like to have the youth (and the money ) back and i will be good. But i am what i am. Full of experience and empty of money..
That you realized the NO pennys thing makes me sure that you arent
fresh meat for MMs so like a said good luck and you have chances..
And put some money in some longterms. Like Fitb. They still climb after i bought them for 1 $ and sold for 4 $.

Esi elinas ? Katalaveno ligo elaniko?
Have a lot of greek friends here
with age comes wisdom

there is allot more than money a trader can loose, allot of times its your confidence and taking a loss can really hurt your ego. ive seen people become depressed and really loose themselves.

remember - every trader pays tuition, there is no set amount. the main difference between the 2 different types of traders is 1 trader pays tuition and calls it quits he leaves the markets and never wants to see or hear about the markets again, the other pays tuition and becomes even more intrigued with trading
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post #9 of 65
5/13/10 at 12:07am
Thread Starter 
Quote:
Originally Posted by pennypoorgirl View Post
im 21 . doing the same thing as well . well not quitting, just not getting a job this summer. going to be day trading full time everyday

I did ok at the beginning when I started day trading and I thought I was pro….needless to say I broke open the piggy bank again to refund my account.

Have a good strategy and a plan! And good luck.
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post #10 of 65
5/13/10 at 12:09am
i have been trading for 3 yrs . i def got the hang of things and im excited to put all my attention into stocks
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post #11 of 65
5/13/10 at 12:09am
Thread Starter 
Quote:
Originally Posted by geneequities View Post
with age comes wisdom

there is allot more than money a trader can loose, allot of times its your confidence and taking a loss can really hurt your ego. ive seen people become depressed and really loose themselves.

remember - every trader pays tuition, there is no set amount. the main difference between the 2 different types of traders is 1 trader pays tuition and calls it quits he leaves the markets and never wants to see or hear about the markets again, the other pays tuition and becomes even more intrigued with trading


thanks man, a bad loss or bad day rly shuts my mood down for the week and its taking a toll on me.. but i wont quit!! not yet! i just have to get better might just use a smaller amount of capital at the beggining.
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post #12 of 65
5/13/10 at 12:10am
Quote:
Originally Posted by pennypoorgirl View Post
i love how ppl always use these threads to throw a plug on their fav stocks

"always keep a little FITB long"

wtf
that was the first time i have done this in 320 posts.
and it was sure, someone have to point that out!!
I LOVE Fibt, they was my secret find and they quadrupled my initial amount when i started trading last year again after years of watching the market
and seeing my coats swimming away. (german phrase)
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post #13 of 65
5/13/10 at 12:11am
Quote:
Originally Posted by pennypoorgirl View Post
im 21 . doing the same thing as well . well not quitting, just not getting a job this summer. going to be day trading full time everyday
by the way i think you already know this but you need 25k to day trade, and summer isnt the best time to day trade hence - sell in may and go away. but good luck
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post #14 of 65
5/13/10 at 12:14am
Thread Starter 
might also have some long term plays set aside too
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post #15 of 65
5/13/10 at 12:15am
Quote:
Originally Posted by apo99 View Post
thanks man, a bad loss or bad day rly shuts my mood down for the week and its taking a toll on me.. but i wont quit!! not yet! i just have to get better might just use a smaller amount of capital at the beggining.
learn to love to loose

i noticed when i make money, i never learn anything. its very easy to develop bad habits when you make money that eventually lead to loosing big. its only when you loose do you reevaluate your strategy
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post #16 of 65
5/13/10 at 12:17am
now the thread speeds up..
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post #17 of 65
5/13/10 at 12:17am
by the way goodluck apo99
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post #18 of 65
5/13/10 at 12:18am
Thread Starter 
Quote:
Originally Posted by geneequities View Post
by the way goodluck apo99
thanks alot buddy il need it!!
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post #19 of 65
5/13/10 at 12:21am
Quote:
Originally Posted by geneequities View Post
by the way i think you already know this but you need 25k to day trade, and summer isnt the best time to day trade hence - sell in may and go away. but good luck
you do not need 25k to daytrade . you need 25k to daytrade an unlimited amount with a margin acct

i have a cash acct, and i can daytrade 100 times in one day(or 10 or 1million or any amount), as long as i am using settled funds.
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post #20 of 65
5/13/10 at 12:24am
Quote:
Originally Posted by pennypoorgirl View Post
you do not need 25k to daytrade . you need 25k to daytrade an unlimited amount with a margin acct

i have a cash acct, and i can daytrade 100 times in one day(or 10 or 1million or any amount), as long as i am using settled funds.


so im guessing your playing penny stocks then, hopefully your strategy isnt to play the newsletters
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