Day Trading Classes

NNNNOOOOONAN · #1 07-10-2007, 10:10 PM

My situation:

Just turned 21 and retired from poker. I graduated H.S. at 16 and started college right away, then quickly dropped out to play poker. I've played NL600 6-max and 30/60 LHE for the last 3 years and just recently quit and took a job in insurance consulting.

The job is good and i'm making ~65k + benefits for the first couple years. It's sort of boring though and i'm wondering what else there is out there.

I've always wondered what it is that day traders do, and know absolutely nothing about trading at all. I'm wondering if there is such a thing as a Day Trading Class. I read Barrin's thread about prop trading and it looks sort of fishy to me. I don't want to invest a lot of cash into this first starting out, but am willing to pay for the classes and what not.

This whole idea may be way off base of reality, but maybe someone out there has a suggestion. Basically I'm just already sick of a get up everyday at the same time, go to work, go home knowing you check type of deal and am looking for a something a little more interesting.

Thanks.

pig4bill · #2 07-11-2007, 12:40 AM

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.

DcifrThs · #3 07-11-2007, 01:01 AM

[ QUOTE ]
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.

[/ QUOTE ]

wow dude, daytrading sounds AWESOME!!! where do i sign up!!??

Barron

emon87 · #4 07-11-2007, 01:20 AM

You could get a job at a trading firm if you're interested in trading but don't want to go it alone.

I'm serious here - your poker resume will make you stand out at a number of trading firms.

NNNNOOOOONAN · #5 07-11-2007, 02:03 AM

[ QUOTE ]
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.

[/ QUOTE ]

the getting up at the same time every day thing was really more a problem with doing it and knowing exactly how much money i'm bringing home every week. not my thing.

and as far as the money goes, i'm obviously willing to have ~25k to put into something, my issue is being able to learn about it, what it is, how to be successful, how it works, and things like that without just putting 25k into an account and going at it.

NNNNOOOOONAN · #6 07-11-2007, 02:04 AM

[ QUOTE ]
You could get a job at a trading firm if you're interested in trading but don't want to go it alone.

I'm serious here - your poker resume will make you stand out at a number of trading firms.

[/ QUOTE ]

i guess this is kind of what i might sort of be talking about.

ifckladyluck · #7 07-11-2007, 08:27 AM

buy and read "trading for a living"

if you like it then come step 2 =)

pig4bill · #8 07-11-2007, 10:49 AM

[ QUOTE ]
You could get a job at a trading firm if you're interested in trading but don't want to go it alone.

I'm serious here - your poker resume will make you stand out at a number of trading firms.

[/ QUOTE ]

What kind of jobs are those? The only kind I've heard of for inexperienced newbies aren't the type where he does any decision-making that will lead to him being able to make a living later. They are basically just execution instructions from brokerage customers.

mal_noles · #9 07-11-2007, 01:10 PM

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.

emon87 · #10 07-11-2007, 01:20 PM

[ QUOTE ]
[ QUOTE ]
You could get a job at a trading firm if you're interested in trading but don't want to go it alone.

I'm serious here - your poker resume will make you stand out at a number of trading firms.

[/ QUOTE ]

What kind of jobs are those? The only kind I've heard of for inexperienced newbies aren't the type where he does any decision-making that will lead to him being able to make a living later. They are basically just execution instructions from brokerage customers.

[/ QUOTE ]

Well yeah, no firm is going to trust you right off the bat. But what you are talking about is basically being a broker for someone. Trading firms are not that at all.