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Follower ○○

I want to start working as a trader!

Hi, everybody! Being at home during quarantine I started thinking more and more about remote work. Due to stock fluctuations, I thought to learn more about the profession of a trader. Starting to understand, I saw a huge number of trading platforms. Can you please tell your friends what platform to start from? I found some positive feedback about IQ Option online. They say it's the best platform for beginners...

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Participant ○○○

Re: I want to start working as a trader!

Unsolicited advice, but don't.  Trading is addictive like gambling and cocaine, and many, maybe most day traders have lost money they could not afford to lose.  Odds are, you will lose money.

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Frequent Contributor

Re: I want to start working as a trader!

As investors in the stock market time is our greatest ally. With time the stock market will make you money. If you trade in and out all the time you lose time as an ally. Just my two cents.

Capital
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Contributor ○○○

Re: I want to start working as a trader!

Good luck. Hope you have brass balls and deep pockets. 

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Explorer ○○

Re: I want to start working as a trader!

When I read this, I thought you were talking about being a professional trader (i.e. Wall Street/CBOE/etc.).

Reason pros can make a living is that they are using HOUSE (i.e. client) money to trade.  I wouldn't use my own, except maybe as part of a trading club where folks are working together, doing paper trades first, learning, trying out ideas, etc.  Check out the Institute of Trading.

I would also think seriously about MARCH.  Ask if you would have the grit to survive a liquidity crisis.  Smart traders were in CASH during that time, because prices were unknowable and VIX was at 80+ mispricing all kinds of securities.

I will do weekly trades in options, usually covered calls or selling vertical put spreads, which are less risky.  I know enough not to be greedy.  Had a short put in Tesla days before the crash that spent literally days unwinding to avoid a stupid costly mistake.  I haven't sold a short put since, not in this climate.  Maybe when the VIX is back in the teens for a period of time.

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Contributor ○○○

Re: I want to start working as a trader!

Remote work is not a reason to change jobs. 

Try it while keeping your original job, you will find plenty of cons to dissuade you soon enough.  

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Contributor ○○

Re: I want to start working as a trader!

Heartbreaking story of rookie trader

I also personally know the story of a trader who ended up working as a minimum wage worker in a chain store. This happened back in early 2000.

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Frequent Contributor

Re: I want to start working as a trader!

Starting to see a trend.  Never saw anything like the original OP before on these Forums.  Now I am seeing this topic discussed multiple times on CNBC.  I haven't listened too closely but seems to be related to people at home now and getting Gov't money as working capital.  I just ran into a guy at my local golf club who said he is day trading.  That was a first for me.  Yesterday my niece told me her husband had bought Hertz and travel and leisure companies and auto companies and turned a profit.  This is all crazy.  I think if people want to feed a gambling itch, they would be better off with sports gambling using entertainment money instead of stock market gambling with retirement investment money.  

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Frequent Contributor

Re: I want to start working as a trader!

The quickest way to get to $1m dollars is to inherit $5m and become a stock trader.

Capital
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Contributor ○○○

Re: I want to start working as a trader!

Sounds like the Rockefeller and shoe shine boy stock tip story. Hmmmmm….must be a market top. ;-)


@PaulR888 wrote:

Starting to see a trend.  Never saw anything like the original OP before on these Forums.  Now I am seeing this topic discussed multiple times on CNBC.  I haven't listened too closely but seems to be related to people at home now and getting Gov't money as working capital.  I just ran into a guy at my local golf club who said he is day trading.  That was a first for me.  Yesterday my niece told me her husband had bought Hertz and travel and leisure companies and auto companies and turned a profit.  This is all crazy.  I think if people want to feed a gambling itch, they would be better off with sports gambling using entertainment money instead of stock market gambling with retirement investment money.  


 

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Contributor ○○

Re: I want to start working as a trader!

Paul,

Speaking of Hertz, there is a story on Hertz in Yahoo Finance.

Hertz Warns Stock Buyers Will Need Miracle to Avoid Wipeout.

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Participant ○○

Re: I want to start working as a trader!

Algo trading makes up approx. 70% - 80% of US daily volume.  Its you vs. the machines. 

Best of luck to you.

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Frequent Contributor

Re: I want to start working as a trader!

lol Capital.  Reminds me of way to make a small fortune at the race track.  You start with a large fortune.  

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Participant ○○○

Re: I want to start working as a trader!

As a passive index investors we want more traders not less.

Someone needs to clear our path and keep the markets honest.

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