What can an 18 year old do?

This is a discussion on What can an 18 year old do? within the First Steps forums, part of the Reception category; Originally Posted by ChattiFX Agree with this completely... One of the good things with trading is you can do it ...

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Old Aug 20, 2013, 6:06pm   #25
 
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Joined Jul 2013
Warpclaw started this thread
Quote:
Originally Posted by ChattiFX View Post
Agree with this completely...

One of the good things with trading is you can do it as a hobby out of study/work hours. There are plenty of resources available, books, forums etc... so I wouldn't necessarily say you need to be worried about going to college to learn more. You can EOD trade, day trade in a market that is in a different time zone, use some type of automation, so time for both studying and trading.

There is also a big difference between being interested and enjoying something as a hobby and trying to do it for a living. As an example, I love cooking, would I want to do it professionally if I was good enough... probably not as cooking at home and cooking for other people as a job is a different thing... The same as I enjoy sitting at home analysing charts and trying to make some extra cash but would working in "finance" be the same? again probably not.

Don't get me wrong, I'd love to fund my life completely from trading and that will probably always be my aim, but until then I have a "proper" job that I am also trying to be as successful as possible at, which has nothing to do with finance or trading but I enjoy equally as much.

Good luck with what ever you decide though.

CFX
Thanks for the great advice! I've always wondered how it would be working in finance, but my dad always pressured me into thinking things like finance is a very unsecure career: you may have a job today but lose it tomorrow, then it will be even harder to get another job. Also things like only the people from Ivy Leagues get jobs, etc. He has even once said that he will not support me if I decide to into business. Not once has he told me anything positive about business so I was always plagued into thinking that finance was corrupt and unsecure while medicine was the haven in terms of all careers. However, I have been watching tons of documentaries online about working in finance and it all seems so interesting to me, despite the apparent thoughts that my parents have put into my head. Biology is easy for me, not fun. Chemistry is hard for me and not fun at all. Physics is in the same boat as Biology.
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Old Aug 22, 2013, 2:08pm   #26
Joined Aug 2013
How about study for now? I don't think that Forex is something that is good for 18 y.o. I'm pretty sure, that you cannot afford the big account, and earning like 10 per month is not something to work for.
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Old Aug 22, 2013, 2:54pm   #27
 
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Go to a grocery store and ask 100 people if they are happy they went to college and if they would take the same road. I bet you would be surprised at the results. I would go with what you want to do now. I am a lot older then you and still don't know what I want to do with my life.
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Old Aug 22, 2013, 3:07pm   #28
Joined Jul 2010
trading is something you can do without a degree, so dont change your current course to one that may help you in your degree, as you can find all you need to on the net these days for free... and doing it as extra curricular will also show you how devoted you are to it, and not just over the summer holidays, but as a lifestyle choice... but i do also believe that you should follow the route that you most want to take...

and lets be honest, if you was a head of a billion pound company, would u hire a guy who went to oxford but was making a loss, or a guy who taught himself in his box room but was making consistent returns over an extended period of time.
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Old Aug 23, 2013, 5:36pm   #29
Joined Aug 2013
We're all saying the same !

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Originally Posted by Warpclaw View Post
Hey guys so a little about me:

I'm 18 years old and enjoying summer as much as I can before I move on to Drexel University for a major in.....Biology with hopes of med. However, I just recently (July 1st to be exact :P) sparked an interest in trading. Ever since July 1st, I have been spending hours researching as much as I can of the stock market and careers in finance. I really enjoy the stock market and am especially in love with the aspect of taking advantage of the volatility of the market to make cash, which is essentially the essence of a trade :P. As of July 16th (the first day I made a trade, demo of course) and today (August 19th, so just over a month), I have made $3,000 in stocks investing with $30,000 (10% return in the first month isn't too shabby) and a $30.00 profit + a current $26 open position in the forex market with a starting capital of just $2,000 using a measly .05 lots for all trades (haven't started live trading yet). As far as I know, I seem to be doing exceptionally well compared to the general remarks people make about new traders. HOWEVER, I know that 1 month is still wayyyy too early to make an assumption about how skillful I really am (or am not) and any further assumptions would simply be extrapolation but I feel like this month has just been a sign that I can really succeed as a trader or someone in a financial career. Unfortunately, by the time I realized that I wanted to do finance, there were no more seats to switch my major to Finance so now I am stuck with Biology for the first year and will hopefully switch to Finance my second year.

However, I do have some serious concerns. Since my original plan coming to Drexel was to major in Biology and head off to medical school, I did not really aspire to go a very prestigious school since medical school could really careless about how prestigious or not your undergraduate college was. But, I understand that a major aspect of being hired if I decided to go with Finance relies on how respectable and prestigious your undergraduate college (excluding amount of extracurricular activities) and employers are constantly searching to hire those who went to Ivy Leagues. I really don't think Drexel is considered to be a very prestigious school in eyes of employers so I don't know how far I am going to get with a Finance degree from Drexel (once again, assuming I did not have any extracurricular and focusing on the college reputation solely). My question is that if I decide to switch majors into Finance, should I also look to transfer schools after the first year to a more prestigious school or should I just stay at Drexel with a major in Finance and hope I can get into a good graduate/MBA program?

Also, I feel like I have not been exposed to the business side except for my exposure to the stock market and forex. But as an 18 year old who hasn't even started college yet, what is there for me to do that can give me something to write on a resume and provide me with a good sense of what a career finance and trading is? I feel like there isn't many options for an 18 year old at this point other than fiddling with the markets (which I am), learning and reading as much information and books related to finance and trading (which I am), and joining the economics club in university (which I did lol). However, aside from trading, I really haven't been exposed to what life in Finance really is considering all my relatives are primarily based in health field careers and urge me to do the same. I need some ideas on what I can do to continue to expose myself to the business world such as internships, which is hard for me considering once again my age and the fact that it hasn't even been 2 months since I desired to go into Finance, which basically means I have to write down that I have no prior experience if I decide to apply to an internship at this age. Thanks for your time if you read this lengthy story, any suggestions?
Looks like all us old farts are telling you the same thing ! you must be sick of it (please someone tell me what I WANT to hear!!)

My sons are 20 and 22 and I've always said do your degree, then if you want to learn trading/investing, maybe I'll teach you then. Apart from the fact that it's a more worthwhile pursuit saving lives, it's never going to go away (ask any Jewish or Asian mother, and they know what life's about - marry a doctor!).

Trading has always been and will always be here. I'd suggest you stop shilly-shallying and forget trading COMPLETELY. If you are maybe finance, maybe medicine, you'll do neither well. Put all your energy, belief and commitment into your degree or don't do it at all, and that would definitely involve stopping reading/thinking/acting upon trading COMPLETELY.

WHen you've finished your degree, then go on a trading course / work for an arcade / get a coach and see IF it's really as glam as you think it is.

Be warned : trading is as addictive as crack. If you're prepared to commit to 100% of your energy, time and life for 6-12 months, you MIGHT end up being one of the 5% who make it. But the odds say you won't.
Go save some lives and have the respect of us all and $250,000 year.

Good luck lil dude.
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