What can an 18 year old do?

Warpclaw

Newbie
6 0
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?
 

Giovan

Active member
163 7
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?

Son, welcome to the financial markets hype. At the moment, you haven't really faced any challenges yet. Believe me lad, you better have a back up career. Go for your bio major while you take time to learn. Once you have your med qualification, make the decision then.
 

NVP

Legendary member
37,586 2,008
Hey there

your interest in finance and investment will always serve you well but dont hang your hat on it regarding a career in trading at this point

and you have been lucky in your trading (combined with perhaps good market conditions) to date so dont get to excited as it is not always like this

Decide your career path based on a combination of what you are good at and will pay a good salary over your lifetime .....

the trading/investment can be done alongside what you chose and using the (spare) funds generated

N
 

Liam M.

Newbie
6 0
Dude, keep studding biology. It is something that will always stay with you. Nobody can prevent you from trading Forex while being doctor, but if you concentrate on the finances only, you will never know how would your life turned out to be.
 

timsk

Legendary member
7,387 2,170
Decide your career path based on a combination of what you are good at and will pay a good salary over your lifetime .....
Hi Warpclaw,
Welcome to T2W.
I agree with most of the replies to your opening post: the quote above is what I recommend you keep in mind. I would add one other vital ingredient into the mix: do something you really enjoy and genuinely interests you. If medicine (or a health related career) doesn't float your boat - don't do it. Family and friends can think what they like - but it's your career and your life - not theirs!

You can always trade in your spare time as a serious hobby. You've got all the time in the world - there's no rush! If you're absolutely certain that you want to switch studies at some point and go down the trading / finance route, then this FAQ may help you: How Do I get a Job Trading?

In the meantime, I recommend you post your trades here and explain your reasoning behind them - so that members can offer their views and answer any questions you may have.
Tim.
 
L

Liquid validity

0 0
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, 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.

Stick to what you know and already have the greater time investment in.
From where I'm standing that is med school.
Throwing all that away for one month of trading a 30k account is way too risky.
Also medicine is a more stable career than trading.
 

Hate2Lose

Active member
155 3
Don't go for the money, do whatever you like to do. You can do tradings in your spare time as well. Most of the successful traders didn't start their career as a full time trader. You are still young and have no experience the real market. Market can goes up as well as down but most of the young traders just so enthusiastic that they missed it and result is unnecessary lost of capital. Practice make perfect. Wish you all the lucks in future (y). Hopefully following guides will help you to increase your knowledge.

http://www.amazon.co.uk/Visual-Elli...qid=1376907606&sr=8-1&keywords=trading+guides

http://www.amazon.co.uk/Beginners-G...qid=1376907606&sr=8-2&keywords=trading+guides


http://www.amazon.co.uk/Technical-A...qid=1376907606&sr=8-8&keywords=trading+guides

and you can claim some free guides:

High Performance Trading
Naked Trader
How To Trade The FTSE
 

neil

Legendary member
5,167 747
Don't go for the money, do whatever you like to do. You can do tradings in your spare time as well. Most of the successful traders didn't start their career as a full time trader. You are still young and have no experience the real market. Market can goes up as well as down but most of the young traders just so enthusiastic that they missed it and result is unnecessary lost of capital. Practice make perfect. Wish you all the lucks in future (y). Hopefully following guides will help you to increase your knowledge.

The Visual Guide to Elliott Wave Trading Bloomberg Financial: Amazon.co.uk: Robert R. Prechter Jr., Wayne Gorman, Jeffrey Kennedy: Books

A Beginner's Guide to Short-Term Trading: Maximize Your Profits in 3 Days to 3 Weeks Mommy Rescue Guide: Amazon.co.uk: Toni Turner: Books


Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications: Study Guide New York Institute of Finance: Amazon.co.uk: John J. Murphy: Books

and you can claim some free guides:

High Performance Trading
Naked Trader
How To Trade The FTSE

Stick to medicine - few people make it in trading and many of those that do burn out at an early age. Many hopefuls, like me, spend years on forums and sites such as this dreaming of success. I'd hazard a guess that the successful trader (if you can find them to ask) do not loiter for years on trading sites like T2W et al
 

Hate2Lose

Active member
155 3
Stick to medicine - few people make it in trading and many of those that do burn out at an early age. Many hopefuls, like me, spend years on forums and sites such as this dreaming of success. I'd hazard a guess that the successful trader (if you can find them to ask) do not loiter for years on trading sites like T2W et al

Hi Neil,

I am not a full time trader but I enjoy trading. At the end of the month if I have some extra quids which is not too bad. I am new in this forum but old in trading. For me successful trader is Robbie Burns, who left the world of formal 9-5 work some years ago to take up life as a private trader, making his fortune in the process. Sick of his job, he decided to use his acquired skills to work the stock markets; he was so successful, he decided to write about his experiences as The Naked Trader. I hope, you get it right.

I'm not genius like her http://finance.yahoo.com/blogs/breakout/16-old-actress-turns-stock-day-trader-143823005.html
 
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L

Liquid validity

0 0
I am not a full time trader but I enjoy trading. At the end of the month if I have some extra quids which is not too bad. I am new in this forum but old in trading. For me successful trader is Robbie Burns, who left the world of formal 9-5 work some years ago to take up life as a private trader, making his fortune in the process. Sick of his job, he decided to use his acquired skills to work the stock markets; he was so successful, he decided to write about his experiences as The Naked Trader. I hope, you get it right.

How many failures are there to every RB?
I can see what you are saying, but its a sh1t or bust approach for the OP.
Key point is RB left work after building his stake.
He also presumably had living expenses covered for a few years,
and a way back into his old career I would guess.

The OP has a low stake of 30K, no mention of other expenses,
little experience, no career and no backup plan.
Even if he wants to pursue trading, he would be far better off using medicine
to fund his startup costs.

If it didn't work out, people are always going to need doctors...

Thats why I still think he is much better off following his original plan of med school.
 
Last edited:

neil

Legendary member
5,167 747
How many failures are there to every RB?
I can see what you are saying, but its a sh1t or bust approach for the OP.
Key point is RB left work after building his stake.
He also presumably had living expenses covered for a few years,
and a way back into his old career I would guess.

The OP has a low stake of 30K, no mention of other expenses,
little experience, no career and no backup plan.
Even if he wants to pursue trading, he would be far better off using medicine
to fund his startup costs.

If it didn't work out, people are always going to need doctors...

Thats why I still think he is much better off following his original plan of med school.

Well said - too many people forget that for every successful trader, football star etc the road to success is littered with many thousands of the failed aspirant
 

rsh01

Experienced member
1,184 299
As far as I know, I seem to be doing exceptionally well compared to the general remarks people make about new traders.

do you actually have a trading plan/strategy or have you just got lucky so far?
have you tested the strategy over longer time frame ie backtested it?

learn a profession which doesnt involve trading (cld be in finance if you enjoy it, or whatever), & trade in your spare time.
 

pehon

Newbie
4 0
There are propriety trading firms that you can pay to get an education / training, and possibly employment if you do well.

You can try it out. Mentorship in a real firm can shorten your learning curve
 

random12345

Established member
793 280
How many failures are there to every RB?
I can see what you are saying, but its a sh1t or bust approach for the OP.
Key point is RB left work after building his stake.
He also presumably had living expenses covered for a few years,
and a way back into his old career I would guess.

The OP has a low stake of 30K, no mention of other expenses,
little experience, no career and no backup plan.
Even if he wants to pursue trading, he would be far better off using medicine
to fund his startup costs.

If it didn't work out, people are always going to need doctors...

Thats why I still think he is much better off following his original plan of med school.

Someone told me that guy's sister has some serious real estate in West London? Any truth to that? Wonder where he got his stake cash from?

"Hi, uh, sis, I reckon I can be a trader right, what I do is buy low, sell high, bit of P/E, bit of OB OS sector reports, few open dial conference calls, bada bing! And I'll get my little tail out too and call myself the naked trader."

"Ok Rob, you fkin sink, you knitted scarf you, here's 200 grand, now fk off, I told mum I'd look after you, but fk off mate!"

Wow I'm quite proud of my little screenplay.
 
 
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