I have 50 grand to invest. I want to quit my job and start day trading or more likely, swing trading.?
Posted on June 30th, 2010 in Swing Trading | 9 Comments »
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Have you made a living day trading or swing trading? How did you learn? Can you prove that you make a living doing it? Can you recommend some books to read? I would think there are people, Cramer maybe, who have become wealthy and want to share their knowledge out of generosity, but I suspect they are rare. What you would more often find are shysters who sell the hope of making money, but have never been able to do it themselves. Hence they are forced to make a living selling bogus investment techniques to the gullible. So, to repeat my question, if you can honestly say that you make a living trading stocks, how did you learn?
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9 Responses
$50,000 is not enough to retire.
$50,000 is not enough to daytrade. (I mean not enough to quit your job and live only from your stock market profits)
I have over a decade of experience in the stock market.
Harvard.
I can prove it.
I suggest the film "Wall Street" by Academy Award Winner Oliver Stone.
Cramer IS NOT WEALTHY.
When you are wealthy you don’t have to wake up in the morning everyday and work. (You hire employees like me to work for you)
I will help you make some money in the Stock Market FOR FREE until you make at least $25,000.00 USD.
Top 4 Answerer.
Let me ask you a question: How much do you need to live on?
Your $50K has to produce profits after tax equal to this "cost of living" amount every year for you to continue day-trading as a living. This might be a very steep hill for anyone – to consistently achieve that level of return.
If you had $500K – you could try your hand at day-trading for a year and see how well you do. Otherwise, save and invest and keep your day job!
continue working and trade on the side.
The best way to end up with a small fortune day trading is to start with a large fortune.
50 k huh? If you quit your job and use that amount to day trade, the probability is that within 180 days you will be broke.
I have tried it with a little more finances and it is not as easy as it looks or breaks down. First you must have discipline to follow whatever game plan that you do. Given that you will be doing this for a living, you must respect your bankroll and limit your RISK dramatically. How do you feel when you are losing? It is important to be able to analyse your trades and YOURSELF and make the right corrections. If you don’t, YOU WILL FAIL. You must realize the MOST important thing is to make your expenses as quickly as you can. I would learn how to write covered calls and learn to trade futures to make your monthly income. How will you cover your expenses if you have a bad month? How low is your expenses(drop dead)? If they are high, I would not do it!!!!! You must do your homework and read books and come up with a business plan(it is just like a business). I advise TRADING FOR A LIVING and there are many others. Good luck
"Those who can trade get rich, those who can not — become teachers"
Look at Cramer’s record – it is worse than DOW’s — so why should I listen to his recommendations
About day/swing trading — start with small amount (say $3000) learn on your own, read and practice, do not quit the job.
Do not listen to others. (including me!)
Don’t day trade, you’ll lose yourass like all other day traders.
This is not the era of the dot com when anybody with a few bucks could double or triple their money over a few years. The market of today is moving slowly, and moving against you just as often (or more often) than it moves ahead.
50k is not much money, and if things move against you, you could be back to work with an empty bank account within a few months..
A better investment would be to buy a condo or a home. Depending on what part of the country you are living in, that could be feasable. If you live in NYC or sourthern California, Chicago…etc then 50k is not enough for a realestate investment