time for some practical advice....
"it depends" may seem like a cop out, but it really does. If you are definate you want to be a trader, then I'll throw my 2 pence into the ring. Near in mind, though, that you're only 19 - I dont mean to sound patronising, but accept that what you want for yourself may change, and it'd be a shame not to have the same 100k available in 3 years...
... also, I guess you have taken uni off the table completely. In that case, I might suggest you take your 5k, buy a good quality rucksack and **** off around the world. Just as much an education in life as University, but a hell of a lot more exciting and interesting. Even if you do it for just a year, I doubt it is something you will regret. And there will come a point - far sooner than you think - when "taking a year out and travelling around the world" comes after "paying off the mortgage".
(not trying to get all "new age california" on you, but I do kinda believe in that stuff... it's make you a stronger person, put you in difficult circmstances and generally enhance your life skills... all of which might make you a better trader upon you're return. The markets will always be here, opportunities like this will not).
Having said all that, some practical and trading relevant advice....
I would:
Use the 5k to get access to a simulator for a market that is popular with prop firms. I dont believe equities is that popular with them here (I'm sure there are a few, and many many more in the US), but futures are definately up their street. So, find a simulator for Bund futures, spoos futures, all sorts. Anything that will be liquid in the time you have... if you are working in a Bar, 7am starts might be a little ambitions, so consider US futures as well. You will have to pay for the data + systems, but at 19, you will probably spend more money on text messages.
Then, once you've got a feel for the products you like (i.e. consistently profitable on the sim), move to trading 1 lot with the 5k. When you've turned the 5k onto 2k, don't panic,
just keep your discipline and build up your capital. Turn the 2 into 5 again, then build up your profits. Record your PnL.
Once you have proven to be a profitable trader, approach a prop firm with PnL in hand. Bash out a deal for yourself (a fully backed deal) and find a position. Clear out the 5k+profits account and use it to survive while you learn to adjust to bigger size in the prop firm. Once you are comfortable trading larger amounts, start introducing some of your own capital into the mix (and get it leveraged if you can). Trade bigger size, wait until your comfortable, add more of your own capital etc.... Keep doing this until your trading the most you feel comfortable with, and it's all your capital. Save profits. Retire.
Briefly explaining why I suggest this.....
@19, with a roof over your head and a bar job on the side, you are ideally placed to take your time and dip your finger into many pies. Take the time to look carefully at all the options out there. I do believe you should trade your own money first, to learn all the of lessons that doing it with someone else's won't teach you (the 5k stage)... it'd be a shame to lose 5 grand, but a total disaster if you threw over 80k behind yourself and went pop!
with 80k waiting in the wings, this should be enough to trade and make a living off. My point to you is that it would be better to get yourself in a prop firm and use their capital, rather than your own, to see if you can make the adjustment to trading with size. If you can, great, you've got your own wedge waiting. If you cant, your prop firm are going to let you know pretty sharpish, and save everyone alot of money.
