Day Trading Classes

[emon87]

Shoe,

In one word, tilt.

[DcifrThs]

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Plenty of real trading firms hire people with no finance background whatsoever. They are far more interested in how smart you are.

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I was more referring to specifically wanting people without a finance background (i.e. "prefer to hire clueless newbies"). I know lots of people get hired after having no experience. I just figured all else equal, you'd prefer experience.

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nope. my old firm was a case and point. my boss was a history major out of college 11 years ago w/ absolutely no financial experience.

other big wigs started out w/ no financial experience at all and have contributed greatly to designing, testing, and running the immense trading systems there.

nowadays, i think on average there tends to be a desire for experience...but in entry level roles among the best cutting edge firms, experience [in finance] may even be a drawback.

Barron

[Victor]

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These jobs exist but are extremely hard to land. You normally start off as assistant trader and within a year are trading your own book. I would highly recommend exploring this route before trying to daytrade, much easier to learn the business while on salary and learning from a senior trader.

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i know 2 kids that are day traders. one was a college dropout like 6 6imes. the other majored in mechanical engineering. i know another compsci major that turned down a daytrading job.

it seems if you are smart and show an interest its pretty easy to find a job.

[pig4bill]

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You don't want to invest a lot of cash starting out? Well, you're going to have to.

$25k is the minimum size account for daytrading. Add another $5k for minor losses right off the bat. You can probably take an actual course for $3500 or join a pay chatroom and hope to pick it up by osmosis. Oh, and there's that thing about losses while you're trying to learn - figure another $25k IF you are able to pick it up quickly and have natural talent.

Not to mention the quitting the job thing so you can actually watch the market. It's not like you can surf the web for 30 seconds every half hour and daytrade.

As for being sick of getting up every day at the same time, the market opens every day at the same time, 9:30 a.m. If you live on the west coast, that's 6:30, and you really should be up and scanning the morning market news two hours before that.

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I don't see any reason why anyone couldn't learn how to day-trade for free (with the exception being if you are buying/selling so much at once you are actually moving the market).

If you don't have a job, or are able to to take enough time off to in essence, "learn at the play money tables", I don't see why you can't sit at home with a pen and paper, open an account at scottrade, and use their streaming quotes to watch the market. Instead of trading with real money, write down when/what you would buy at what price, and when/what you would sell for what price. It might not be exact to the penny, but you should have a pretty good idea if your trades would be making money or not.

There is no reason to just say you are going to lose $25k no matter what. That just sounds outrageous to me and there is no way you could not educate yourself enough for free to greatly minimize the loss you would take.

The perfect analogy of course is learning to play poker. You don't have to start out at $30/$60 and lose $25k to learn how to play the game. It can be done for virtually free. Start out at the free tables, once you beat them try the penny tables.... keep working your way up until your a pro (or reach your limit).

Yes, you need $25k to open a daytrading account, but that in no way means you need to invest all $25k at once or even in a single stock. After you are confident from your "free trades" that you made on paper, start out with some smallish trades around $500 to $1,000 each to get comfortable with the market, and work your way up from there.

I also, would be willing to pay for an education or classes to speed up the process, but i would NEVER make a trade(s) with the expectation of losing money. That's not to say there won't be growing pains along the way, just I don't see why those growing pains can't be kept to a minimum with a proper approach.

The key of course would be keeping yourself honest. Write down every trade you would make on paper and don't omit anything. Buy at the ask price and sell at the bid price. Don't make any assumptions or omit any bad trades. Don't start tradign with real money until you can win on paper. Learn from each trade you make. What went right, what went wrong, and why?

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Uh huh. You know anybody that's done this? My post was based on being in several different market forums, pay chatrooms, and talking with successful traders and instructors over the years.

[gordongecko]

Invest 100 bucks into a few getting started books, and go from there. It's better to read a bunch about it, then decide if it's something you would like to drop a bunch of cash to learn how to do better. I also suggest you check out www.elitetrader.com . It's a pretty decent forum for trading in general, and they would be able to help you out alot more than most of us could.

BTW I would compare Technical Analysis trading to poker on almost every level. In fact my TA System is designed around a blackjack bankroll management theory.

[goodsamaritan]

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Plenty of real trading firms hire people with no finance background whatsoever. They are far more interested in how smart you are.

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I was more referring to specifically wanting people without a finance background (i.e. "prefer to hire clueless newbies"). I know lots of people get hired after having no experience. I just figured all else equal, you'd prefer experience.

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Evan, you have no idea what you're talking about. I went into a group interview the other day and the interviewer asked if anybody had a Series 7 and I told him I had a Series 7 and he told me to get the f.uck out.

[KennyBanya]

Noonan,

The biggest proprietary stock trading firm in the country is located in Vegas. It is called Bright Trading. I have just attended their 3 day introductory class and I am considering going with them as a full time trader.

You put up 25k and keep 100% of what you make.

The Bright brothers have some strong ties to the poker world as well. Bob Bright played 14 WSOP events this year with 2 cashes. Jesus Ferguson has an account. Some poker players were checking out the class on breaks from the WSOP.

A person could easily just trade the opening and still play tons of poker to learn the stock trading biz.

PM me if you want details of my 3 days of basic training experience.

Peace,

KennyBanya

[KennyBanya]

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i dont see why you would quit playing 3-6 NL for a job making 65k a year with benefits.

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Agreed. Join a prop firm, trade the opening only orders to get your feet wet, keep playing tons of 3/6.

This is my plan except for I am a lowly 2/4 NLH player.

Peace,

KennyBanya

[SteveOMS]

Kenny

Since your putting up all your own $$ whats the benifit to going with a place like bright trading instead of just funding with a discount broker online and trading from home?? (Well besides the 3 days class where I'm sure you can pick some good info up)

SteveOMS

[mal_noles]

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Since your putting up all your own $$ whats the benifit to going with a place like bright trading instead of just funding with a discount broker online and trading from home?? (Well besides the 3 days class where I'm sure you can pick some good info up)

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Access to huge intraday margin.