Pursue trading
Want to go into trading. That is better, to learn and practice in spare time going to full time with enough experience or to go to some trading firm starting as trader assistant? If the latter what are the steps?
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PayPal UWBr03 May 11, 2019
On the topic of trading, does anyone recommend any software/paid subscription- which would help you to buy stocks ( short term hold to mid long term hold ) and sell it automatically after lets say 10% upside? ( also sell it automatically in case of 5% stop loss)?? I know you might earn less as compared to doing everything yourself. But would like to know if folks here recommend any software/ subscription package.
I don't recommend (day)trading. If you mean buy and hold that's fine, but daytrading has a heap of downsides. Some of these include: You start losing interest in your day job - I've had days where I've made 20k and others where I've lost 20k. When you start moving that much money around you stop caring about your $500 / day salary. I also noticed that it would greatly affect my mood. If the market was doing well I felt on top of the world. If the markets tanked I would start sulking. Finally, 99% of what you read and learn about is not relevant the day after. You eventually just start churning through the news constantly looking for opportunities. I think if you approach it from a statistics mindset it could work - ie find small patterns to capitalize on (in June spy goes up 0.2% more than expected, on Christmas markets tend to drop 0.3% more than normal, etc). But this requires a very disciplined approach and is a lot of work. It's a lot easier to trick yourself into believing that you actually have a strategy and that you don't need to put in the effort when you luck into some gains (but sooner or later your luck will always run out).
Well said. Or if you decide to day trade, feel free to join the brotherhood /r/wallstreetbets
You shouldn’t have scaled up until you get consistency