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  1. Hi guys, thanks for all the advices I got not only from this post but also from all the other posts I put here on this forum. I just realized that I opened 5 topic around the theme daytrading. Something like How much stress is daytrading? http://www.traderslaboratory.com/forums/f30/how-much-stress-daytrading-8850.html Hidden or special risk when starting out? http://www.traderslaboratory.com/forums/f30/hidden-special-risk-when-starting-out-8851.html Bad things about beeing daytrader? http://www.traderslaboratory.com/forums/f30/bad-things-about-beeing-daytrader-8805.html How much math is involved in daytrading? http://www.traderslaboratory.com/forums/f30/how-much-math-involved-daytrading-8807.html all theese questions where about getting an Idea how it is to be a daytrader. What is required to be successfull. And I guess I got a pretty good picture about daytrading. My conclusion is: I gonna give it a try. Its a realistic approach. Basicly my concept is nowadays: - Jan. 2011 - moving to Barbados/Carribean to play prof. Poker again. - Beside Poker start reading theory about the market, daytrading and concepts. - Papertrading to understand all the different graphs, function etc. I can use as a daytrader. - After a while (I dont want to set myself a timelimit - its more about a feeling If Im ready to trade on the market) trade 4 real money. I prefer to start out doing what I used to do (Poker) to a. dont get stressed from the beginning If trading doesnt work out right from the beginning and Im not doing anything else. That I dont get sick of trading. b. to make enough money with poker that Im totally overrolled to trade. That I have the confidence to loose money and it doesnt bother me too much. I want to be able to trade for at least 2 years without worring about any amount of money. Barbados is from the timezone pretty awesome for Poker and trading US-market too and even for EU-market not too bad. (Im still not sure what kind trades I want to make longterm) I probably wont go to any seminars and probably just want to make papertrading to get used to the situation. That I do understand all the instruments I can use. You convinced me. Thanks for that. I already talked with 2 prof. traders. One would coach me but is kind of expensive. Around 10k he wants for 1 years coaching until I truely succeed. Any suggestions here? Would you recon to invest in some real and longterm coaching? He is doing both poker and trading and have a deeper understanding about how pokerplayer think and has been trading for 6 years now. Anyway if you have any further suggestions Im allways open. I would really appreciate your advice. Your Troy P.S - witst7le I would love to here more from you. Your post sounds really interesting aswell as all of yours too guys.
  2. Hey guys, this is another question I need to figure out when I jump in the cold water of the stoxmarket. Obv. the biggest risk when starting out is to loose all your money - which almost all people do if I should believe the few scientific researches around daytraders. But are there other maybe hidden risk or special risks Im not even able to think about because I dont have the horizon yet? E.g I can Imagine that its not only hard to loose all money but that you might not recover from it psychological and gonna suffer the rest of your life. Or you might not be able to go back having a "normal" job again. Basicly I do know its a huge risk for me like it is for everyone to go into daytrading. I can win - but I will never be sure. Im just trying to figure out what is the worst case. How much can I loose? How high is the risk to give it a shot? Thanks Troy
  3. Hey guys, I have 2 more questions to you where I get confusing answers on the internet. This threat is for the one question about stress. How much stress do you have on a daily basis? Are you constantly stressed? Or almost never? I hear/read both. Obv. it depends on the market and your strategy. That might be the reason why there are differences how people feel about stress in daytrading. But I get confused when people say "no stress at all" or "poker is more stress" (for me poker is no stress at all) and other say its pure stress. Cheers Troy
  4. Do you want to mindfuck me? Serious isnt it a totally wrong calculation????????? An expectation of 1.8 return. A ROI of 80%????? Where are you living? Your calculation might be right, but the terms are totally wrong. Tell me if im wrong.
  5. Hey guys I tried to figure out in the last couple of weeks how it could work for me to get into daytrading. Im 24 and I do have a background as prof. Pokerplayer and studying currently Psychology in Zürich. I don’t have any economical background. So basicly what Im saying why Im qualified to be a succesfull daytrader is, that I can handle losses better then other people, do have a discipline-mindset and do have the EV(expected value)-thinking-process (at least in Poker). Here is what my first plan could looks like based on my research on the last couple of week. Timetable 1. 6-12 month. -Selfstudying about the market. Studying all kind of books about daytrading, markets, economics etc. Get a deeper insight in what is possible and what direction I want to trade -Learning some systems to understand the concepts behind and upon these develop my own tradesystem. -This also include a couple of seminars all around the world. -Start out to daytrade on playmoney. The challenge here is, I guess, to take it seriously even thought Im not playing for real money. -Start out getting the professional programs and equipment to buy and understand 2. 6 – 18 month After half to 1 ½ years trying to find a system with works for me. Playing with so little money (e.g 10.000USD) that it’s not dangerous for my overall bankroll. The goal is to find an edge, not to make huge profit in the beginning. In fact im talking about 2years (+/1 1 years) where I won’t make any huge money at all. Just to learn and understand the system and how it works. I expect to lose 50.000USD in these 2 years because of expense on rent, living cost, travelling, seminars etc. My Stop-Loss is after around these 2 years. If I can’t make any trading system to work in this time period, it’s not worth it and I failed. It means my “education” to learn this job takes around 2 years and cost me 50.000USD. Now the clue about day trading why I don’t understand you guys doing it: Let’s assume I’m able to invest 100 grants. As I do understand from my research 30% revenue is a good year for a day trader. 30% from 100 grants is around 30k. Well 30.000 USD a year is what my mum earns! She is teacher. 30k is the living expenses for me having a decent life. Because of that I cant trade for much more money and It wont be that easy for me to put more volume into trading. What is wrong with this calculation? How do you guys make much more than 100 grants a year? As a very good poker player you can assume to make 6digit $. At least 100k a year if you are working hard. If this calculation is right it’s not worth to even try to be day trader. Motivation behind - Learning and controlling my psychology. Serious this is one of my biggest motivations behind to be daytrader. To learn much more about myself by learning how to handle huge losses and wins and to survive as one of the fittest persons in the world. - Competition. The imagination about being able to beat one of the hardest competition in the world with high risk, high reward and to achieve it is a high motivation - Money. Obvious as the benefit to succeed in the competition. - Some inner Power/strength with make me feel I can even compete on one of the highest competitions in the world. The feeling of that studying is wasting of time if it is about making money. - fascination and passion about the stoxmarket Benefits -Freedom. With money getting the freedom to create my own world and reality. -Success. -Be your own boss. -Life where you want -Open-end income (compared to Poker) as long as you do have an edge. Negative sites: as I read and do know from my Poker-background - Boring dailyday. - Nothing “usefull”. You are not creating something or helping other people or the world - Starring at x screens everyday - Social Isolation. You need to be able to meet people outsite your home or else you get isolated - The feeling of the world is going crazy around you while you are just sitting and starring bored infront of your screens. How does this sound for you? Im interested to get any advice you have. I also mentioned my motivation behind it if you feel like these are “good” motivation with can bring me to where I want to be. Do you like my motivation? And also benefits and negative sites I want to discuss with you and get some advices. I’m not putting any cent into this business if Im not clear about what to expect and get. I have a huge reason why I shouldn’t do it. I have a decent life and lifestyle here in Zürich as a new student. My goal is to make at least 100.000USD a year in a medium-term amount of time (e.g in 5 years). Everything less I can work as a teacher or Pokerplayer. Thanks for your advice. Troy
  6. Hey guys, Im new to this topic and trying to figure out how important math is in daytrading. can someone of you tell me how nessesary it is to be awesome in math? As I can read on the internet a lot is about disciplin, menthal strength and having a plan for every single detail. But HOW IMPORTANT IS MATH? Can any noob from highschool with no good mathskill but tons of passion be successfull in daytrading? Cheers Troy
  7. Hey Guys, Im new to this topic and Im trying to figure out how and If it will work for me out, to be a daytrader. I do have a background as professional Pokerplayer and I see a lot of similarities between the Poker-mindset and the Daygame-Mindset. Im trying to figure out what might be the difference between playing Poker and trading. Whenever I try to figure out how the lifestyle as a Daytrader is, more than often I get to hear this bullshit "how to be a succesfull trader"-advice webpages. What Im really trying to figure out: WHAT ARE THE DOWN SIDES OF BEEING A DAYTRADER? Cheers Troy
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