How did you go about becoming a trader and what is the best option for a self employe

[Jammymancan]

How and where can I learn to trade? I have books and I've watched videos but I'm still no better off.
Do I position trade, short-term swing trade or day trade? If anyone could go on Youtube and type in, 'Traders Millions by the minute' and tell me what method of trading they do in that documentary would be much appreciated.
Should I carry on to university and try to get a Business and Management degree to fall back on incase trading doesn't work out?
How did you go about education, did you go to college, university or get an apprenticeship? I just really need advice from people who are expericed traders to point me in the right direction.

 

[henlatourrette]

How and where can I learn to trade? I have books and I've watched videos but I'm still no better off.
Do I position trade, short-term swing trade or day trade? If anyone could go on Youtube and type in, 'Traders Millions by the minute' and tell me what method of trading they do in that documentary would be much appreciated.
Should I carry on to university and try to get a Business and Management degree to fall back on incase trading doesn't work out?
How did you go about education, did you go to college, university or get an apprenticeship? I just really need advice from people who are expericed traders to point me in the right direction.

In my case, I became a great fan of algo-trading to test out trading strategies. I still consider myself a newbie although I've been around for a few years.

I don't think you need a college degree for trading, but what I'd recommend is to paper trade with Demo practice accounts. Just my 2 cents!

In the end, there's no substitute for experience.

 

[The Blueprint]

How and where can I learn to trade? I have books and I've watched videos but I'm still no better off.
Do I position trade, short-term swing trade or day trade? If anyone could go on Youtube and type in, 'Traders Millions by the minute' and tell me what method of trading they do in that documentary would be much appreciated.
Should I carry on to university and try to get a Business and Management degree to fall back on incase trading doesn't work out?
How did you go about education, did you go to college, university or get an apprenticeship? I just really need advice from people who are expericed traders to point me in the right direction.

Anyone can learn to trade profitably but it takes time, practice and patience. Any of the types of trading that you mentioned can make you money; each of them will have a lot of profitable traders using that style. You need to find which one suits the way you want to work and your own psychology. The only way you can find this out really is by learning about them and practising (on a demo account first, until you are consistently making money). Find out which style sits comfortably with you, which one you can relate to and which one you actually are making money with - and that will be what you stick with.

A lot of people don't necessarily stick with one style, they might have their fingers in a few pies and doing a few different things at once. The best thing you can do is to start off with the basics, by reading and watching things as you have been doing. Try to apply what you learn in the markets and spend hours at the charts, writing down your observations, keeping a journal of things you see and learn, any trades you would have taken etc.

If you were already thinking of going to university, I would advise you still do that. Not wanting to sound negative here, but a lot of people don't make money from trading. It takes a lot of discipline, hard work, perseverance and an element of luck at times. You don't want to rely on all that without a fall-back plan. Having said that, if it's something you want to do and you're willing to put in the work, then you'll get there eventually.

I went to university and got a degree in Management and Strategy, I then went on to work in banking. Most of my trading knowledge was self-learned - in fact, the majority of it was stuff I developed myself from spending hours in front of the charts. My philosophy was that if such a large percentage of the market loses money, why on Earth will I learn the same methods that everyone else is discussing and teaching? I would rather rely on my own observations - and it worked. I quit banking to trade full time after a few years of working tirelessly in the evenings and nights after work. But I only traded full-time when I knew I had a consistent system, and I also had enough money in the bank to keep me going for a long time without worrying about running out.

Just keep doing what you're doing. Even the most experienced traders start off right at the basics in the beginning.

 

[forker]

How and where can I learn to trade? I have books and I've watched videos but I'm still no better off.
Do I position trade, short-term swing trade or day trade? If anyone could go on Youtube and type in, 'Traders Millions by the minute' and tell me what method of trading they do in that documentary would be much appreciated.
Should I carry on to university and try to get a Business and Management degree to fall back on incase trading doesn't work out?
How did you go about education, did you go to college, university or get an apprenticeship? I just really need advice from people who are expericed traders to point me in the right direction.

If trading was easy then everybody would be doing it. The truth is it is hard until you find something that works and then it becomes a case of optimisation. I believe the successful guy on traders by the millions uses a simple ma crossover strategy for trend and intraday. The process of trading is nothing special although being able to follow the process can be challenging. If you had a string of losers for example. Do you go and analyse what went wrong and try adapt or put it down as something that happens. Could it be a change in the dynamics of the markets which does happen or just a short term situation. These are the things that make trading difficult for everyone starting out. The truth is most don't ever find the balance required and blow up at some point from either self destruction or changing markets. I can tell you how I do things and another trader will tell you something different. Who do you listen to? Can you adapt to another traders process or do you need your own. There is no point telling you what is needed because nobody here knows where you are on your development. The only advice I can give that would be useful would tell to completely enslave yourself into thinking in terms of risk first and formost but also to work with realistic targets. Don't try take the largest slice of the cake but rather focus on the now

 

[Atilla]

How and where can I learn to trade? I have books and I've watched videos but I'm still no better off.
Do I position trade, short-term swing trade or day trade? If anyone could go on Youtube and type in, 'Traders Millions by the minute' and tell me what method of trading they do in that documentary would be much appreciated.
Should I carry on to university and try to get a Business and Management degree to fall back on incase trading doesn't work out?
How did you go about education, did you go to college, university or get an apprenticeship? I just really need advice from people who are expericed traders to point me in the right direction.

Go on to university and get your degree without a doubt.

You are far too young and not ready for the possibility of either making money too easily too quickly or more likely losing it and trying to win it back - becoming a gambling addict in the end...

As said - most lose so the odds are stacked against you.

Don't waste your time or life in years. Live your life and learn the art.

University is a fantastic place where you'll meet people and gain skills that'll last you a life time.

 

[Fugazsy]

Consider a good 10 years to get there: learning, unlearning, going deep, accepting, surrendering, adapting......then create your own method that will relate to your personality or to what you discovered about yourself.

 

[jeffre4]

just sit back and wait very soon there will be someone on this thread who will tell you exactly how to be a successful trader if you are very lucky he will invite you to read his thread.

 

[mikeeg]

How and where can I learn to trade? I have books and I've watched videos but I'm still no better off.
Do I position trade, short-term swing trade or day trade? If anyone could go on Youtube and type in, 'Traders Millions by the minute' and tell me what method of trading they do in that documentary would be much appreciated.
Should I carry on to university and try to get a Business and Management degree to fall back on incase trading doesn't work out?
How did you go about education, did you go to college, university or get an apprenticeship? I just really need advice from people who are expericed traders to point me in the right direction.

Can only echo what others have said. Takes time, patience and discipline. you should also research your market and know what your up against. Many black boxes and algos operating these days. Yes, odds are against you but if you can find an edge you'll be in the minority 10% of being consistent and profitable. As for education, there's no exam to teach you to become a master trader. Screen time and demo accounts will be the best education initially, but only real money at stake will test ur emotional skillset and risk management.

 

[VeerTrade]

How and where can I learn to trade? I have books and I've watched videos but I'm still no better off.
Do I position trade, short-term swing trade or day trade? If anyone could go on Youtube and type in, 'Traders Millions by the minute' and tell me what method of trading they do in that documentary would be much appreciated.
Should I carry on to university and try to get a Business and Management degree to fall back on incase trading doesn't work out?
How did you go about education, did you go to college, university or get an apprenticeship? I just really need advice from people who are expericed traders to point me in the right direction.

My best advice to you would be to invest in yourself by way of your education. Get the very best degree you can ideally Economics, Business, Maths related and apply for summer Internships to the likes of JP Morgan, Goldman Sachs, Barclays etc.

 

[jamesuk]

Why not doing both ? Go to university gain the knowledge live the experience and at the same time use trading as a "part time job", this way you will have a win win situation, with a degree on the hand and the experience of trading to build on !!

 

[Fred Titmus]

I basically started with free bonus and it went well so I am sticking to this!

 

[NVP]

Why not doing both ? Go to university gain the knowledge live the experience and at the same time use trading as a "part time job", this way you will have a win win situation, with a degree on the hand and the experience of trading to build on !!

good advice ................I qualified as an accountant back in the 1980's and have also been trading p/t since the 1980's...(more seriously since 2000's with forex) .......and at 56 am only now ready to go pro if my latest consultancy contract turns sour

you can never have enough practice time.......now I just need another 10 years to warm up in the tunnel ....

N

 

[alexaherself]

Do I position trade, short-term swing trade or day trade?

That's a decision you make for yourself, according to how much time you want to spend analysing and attending to your trading, among other factors, after you've learned - more generally - "how to trade".

If anyone could go on Youtube and type in, 'Traders Millions by the minute' and tell me what method of trading they do in that documentary ...

Not I, with apologies: I have an aversion to anything with words like "Millions", "Cash" and "Secrets" in its title; that's been quite a helpful time-saver to me, overall, I think.

Should I carry on to university

Yes, definitely, if you can.

How did you go about education, did you go to college, university or get an apprenticeship?

To university. I studied an academic subject, rather than a vocational one, and found the intellectual discipline and skills I acquired from it enormously valuable. I couldn't run my business without them. Education isn't about "the stuff you learn"; it's about what remains with you long after all that's been forgotten (and I'm saying that having graduated only 4 years ago).

People are often quick to point to others like Bill Gates and Mark Zuckerberg, who became mega-successful in spite of not having graduated, but they're not quite so quick to tell you that those are two people who, because of their educational backgrounds, had no difficulty getting into Harvard in the first place.

It's precisely because people like that are such rare exceptions that we all hear so much about the fact that they didn't graduate.

Graduates earn a fortune more than non-graduates over the course of their careers and that's been so in every country where it's been measured, decade by decade, for nearly a century, now. And that applies to the self-employed as well as to employees. And there are reasons for that: it isn't just a coincidence.

I just really need advice from people who are expericed traders to point me in the right direction.

The right direction is university/college, if you can get in.

Not just because it's something to fall back on (though there is that, too) but because what you'll acquire from it will make you better at being self-employed, and a better trader, too.

 

[jamesuk]

good advice ................I qualified as an accountant back in the 1980's and have also been trading p/t since the 1980's...(more seriously since 2000's with forex) .......and at 56 am only now ready to go pro if my latest consultancy contract turns sour

you can never have enough practice time.......now I just need another 10 years to warm up in the tunnel ....

N

I only wish to had such experience as you, i have only discovered forex after the end of my studies which i think i would easily doing my practice during that time