Young guy, looking for advice on where to go next.

[TheProdigy]

Hey guys,

Ok so I will give some background. I just turned 19, and am looking for where I should go with a degree to best supply me in the future. I play 2/4nl+ right now, and am getting better and making decent money. Let's assume I will make 6figs every year from poker(This is a very low estimate, I make like 40k in bonuses because I play a lot). Let's also assume I have 6 figures in cash/stocks. I don't invest much right now because I am lost in the stock market and am (probably incorrectly) trying to just learn some stuff first.

So knowing these things, what should I try to lean towards for my 4 year degree in college?

Some more notes:

*I am at a crappy college. It is called Morehead State University, it is in Kentucky. It is mainly known for education and music.
*I am on a full ride, so I have no expenses for the next 4 years, meaning I can save a looott of money by graduation.
*I would like to trade on the markets, and realize it takes a long time to learn this, but I want to put in the time to learn.
*I am currently in the Finance program. I have taken a couple Finance classes and a Business Mngt class. Next semester I will have more finance and some economics classes.
*I would eventually like to diversify my investments into parts of a business or real estate as well.


So where do I go now? What should I do for the time being? How can I learn more about the markets? I assume to be a successful trader I would have to basically finish all 4 years of college to get enough knowledge on the specific subject, if not more, so I should probably start learning more about them on my own. Is my degree what I want? I'm not sure if I want to play poker my whole life, but I want to be something with no boss and flexible hours, so I assume if I can save a lot of capital then playing poker sporadically + passive income from investments + maybe more income from real estate + income from day trading = good to go?


Thanks! Hopefully I can get some good advice!

[gordongecko]

Day trading is a full time job if you want to do it right, so if your thinking something more passive then look at real estate. You can put 20% down on a decent SFH in your area pretty easily, and have a property management company do all the work. College towns are always pretty stable for rental property, so that may be your best route.

[TheProdigy]

Well,

I could do day trading in the future as a full-time job, I wouldn't mind this.

I don't understand your real estate terminology, so I will look up some things on that and see if I can figure out what is going on there [img]/images/graemlins/smile.gif[/img]


For the college towns thing: I would rather rent in my hometown. I could do it in the college town obviously, but I would like to eventually return to my hometown. It is a small town but we just recently built a new highschool and we have a college within 12 miles or so, so I may consider there eventually. Obviously it looks like I will have to wait a while regardless so I can learn about real estate and how to invest/etc in it, as I don't know anything about it right now.


Also, what kind've long-term returns can one expect to see from investing on the markets? I would do a mixture between long-term and short-term investments in my profile, so not fully day trading but not just letting all of the money sit there. If I did this what kind've returns could I expect after a couple years of doing this? (I am planning on really getting into investing soon and then I will have 4 years of working on it so I am wondering what kind've returns I could look at getting once I got out of college and was 4 years deep into the markets)

[TheProdigy]

So no one else has any advice for what I may look at doing to improve my chances of really being set for life?

I am just looking for ideas on what I should do in my situation, I can look up all the details I am just wondering if anyone knows any good ideas for what I should study/research.

[chesterboy]

Real estate is the way to go. You are in a position to save large amounts of money. Just buy some property and grow your money. Use small amounts for riskier stuff like trading. It is really hard to make money trading for most people.

[pig4bill]

[ QUOTE ]
How can I learn more about the markets? I assume to be a successful trader I would have to basically finish all 4 years of college to get enough knowledge on the specific subject, if not more, so I should probably start learning more about them on my own.

[/ QUOTE ]

It's unlikely you will learn anything at all about trading in college.

[Ps3tn0NcYk]

Engineering or Science degree. With a specific focus on EFFICIENT data mining, genomics, or space travel.

As a 19 year old in a 3rd tier college "financial engineering" is probably too high of a goal.

Learn how to make something, or make something better, and you will be set for life. Or take the easy money and learn Arabic.

[TheProdigy]

pig4bill;


Next year I am really looking to expand my horizons. Real Estate and Stocks are a very big part of this.


Why do you say I won't learn anything in college? Do you have any recommendations for somewhere to learn? If this is something very important in my life(I think it is), I will pay almost any amount for the training needed.

[stephenNUTS]

[ QUOTE ]
pig4bill;


Next year I am really looking to expand my horizons. Real Estate and Stocks are a very big part of this.


Why do you say I won't learn anything in college? Do you have any recommendations for somewhere to learn? If this is something very important in my life(I think it is), I will pay almost any amount for the training needed.

[/ QUOTE ]

First of all Congrats Prodigy for making these goals at a young age( i feel like such an old man,...ugh).

Making these goals with a REALISTIC outcome is the most important part of the equation IMO

I think what pig4bill was implying was...you are NOT going to learn much about trading in school,I belive he is is 100% correct

I dont exactly know the specific answer as to WHY.....but in my 20yrs of experience...most of the college grads that arrived on WS(whether it be a BA,Masters,Phd,JD or whatever)...had NO CLUE as to any of the in's and outs of WS finance,and depending on what firm they eventually worked for ...their implied sucessful learning curve was primarily based on WHO they worked WITH as a trader/mentor.

Out of a 100 graduates(all with the same schooling ,GPA,drive and motivation,etc)....from a PURE trading perspective,the ones that worked alongside or were mentored by the best/most suceessful traders...had the best chance of being a great trader themselves

The real-life experience gained from these individuals is unattainable at school,reading books,experimenting yourself,or the plain ole' "trail and error" method

Some of the best traders I knew had GED's(lol its true).....so the depth of your education wont mean chit 2 yrs down the road AFTER you get your job.Its only going to matter what you produce in profits from trading that count

Its basically going to be a "show me the money" trane of thought from the firms staking alot of money with you and your decisions on the line each day

Now ...this could also mean trading for a smaller prop house,where you have an equity financial risk at stake(you put up a percentage of your daily BP'er)....as compared to the big firms where your only as good as your LAST trade.

As to investing in Real Estate from monies earned from a job ,stock market investing,family money or even playing poker...this is a tried and true way of making you a wealthy man by retirement age,with MUCH less stress,non-split second decisions,and being invested in a leveraged instrument building a net worth that rivals little.You dont need a Phd,and can start off small...buying a 1 family house to live in renting out rooms,and working your way up to multi-family homes ,up to and including commercial buildings!

MOST wealthy real eastate entrepreneurs dont nessaceraly have a college degree.They have read alot of books,researched areas,foreclosures,listened/learned from friends or family members,and started off doing it their spare time.I believe they get EXACTLY as much out of it,as they put into it

I would venture to guess 90%+ of those that properly invest in real estate,dont OVERLEVERAGE themselves,do their homework,research well,build good credit(very important),......will be extremely pleased with their results/returns in 20+ yrs.

If some of these young bright HSNL poker minds....would invest the vast majority of their winnings in rental apts/houses/commercial strips on a yearly basis....not only are they taking monies that earn NOTHING and putting them to work,they are taking money off the poker table and lowering their chance of ROR as well.This is very stable and safe way to leverage your earnings to greater heights

Now if these same bright minds THINK they can invest in the stock market so easily....SLOW DOWN...there are MANY more factors/intricacies that come into play,that it can sometimes also co-incide with a gambling type mentality that I think many poker players are naive to when first touching the market.
Daytrading,dealing with options with little or NO experience,margin abuse,etc...can amount to huge losses if they think it is like playing hold em'....it is NOT

If we take it to the LAST step and say you want to "just be trader"...there are COUNTLESS variables.It takes alot of time,losses ,hard knocks,and no matter what anyone says.....experience is the ONLY way you will truly learn/and master this art.
It is a FULLTIME job...no if,ands or buts

When I first bought the Daytrading arm of my company.....I would literally have 100's of diff. prospective DT'ers sit RIGHT next to me at the trade desk,have the same info I did,I would tell them which stocks I was screening,looking to buy/short,and actually execute right in front of them,while they had the SAME software,computer set-ups,sqwawk to listen too....whatever.....and they COULDNT successfully do it.Be it speed,quick thinking,OVER thinking,balls,whatever...it just isnt meant for everybody,and only an EXTREME few even had a chance.They would show losses as I would show a profit on the SAME type trade...and I would scratch my head in frustration time after time

After several months of this pre-screening process "MAYBE" 10 guys of every 100 ....even had a CHANCE at being a successful trader year over year( i am not talking about ONE good trade..ONE good month...or ONE good year).I am talking about year after year after year.

When I would peruse the firms daily P+Ls...the same few guys made money day in and day out.It got to be where the most profitable trades were almost a given by these same talented few individuals

I actually came to believe that the split second decisions/hardcore mentality needed to become a great trader.....was HARDER for the math wiz types that got 800 on their SAT's,graduated from PENN with an MB,and was currently thinking about attaining his doctorate?

It is really an individual situation,with everybodies success being a case by case story

Good Luck
Stephen [img]/images/graemlins/cool.gif[/img]

***if you have any other questions ....feel free to just ask

[TheProdigy]

Thanks!

A lot of great insight there!