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1  Economy / Trading Discussion / Re: New trader with 2000% unrealized gains in 2 months - how can I go further? on: April 10, 2021, 03:11:14 AM
~snip~

I have a friend who something similar happened to your situation, but at one point he made a very bad investment in several currencies believing that they were going to rise and the opposite happened, (It was when Bitcoin from almost $ 20k went to $ 10k) there He lost almost all his money and he reached $ 500k, his goal was to reach $ 1M, he actually reached $ 500k by sheer luck and he thought he knew the market, that Bitcoin was never going to go down and that cryptocurrencies were not going to go down either, nowadays. He does not have crypto, I think he trusted himself and what he lacked was to educate himself more, that is, to read books, I recommended reading books by Wyckoff and Jesse Livermore, out of laziness he did not read them and made business decisions because he believed what he thought was, and ended up losing everything, in general what I recommend is, educate yourself much more, read a lot and do not risk all your money, work a part and learn every day.

I guess I failed to mention that the first 5 months of learning from my friend's dad was spent almost entirely reading works by Livermore, Schwager, Seykota, Rashcke and Douglas. I spent 5 months educating myself each and everyday, trading with a simulated account and reviewing my trades with my mentor at market close. I have taken this very seriously but I know I still have a ways to go. Thank you for the concern
2  Economy / Trading Discussion / Re: New trader with 2000% unrealized gains in 2 months - how can I go further? on: April 10, 2021, 03:05:13 AM
What are you actually interested in? If its just the money, you could look to try working with pension schemes or similar companies (even just for a bit of unpaid experience for at most a month if you can). If you're applying for jobs in finance sectors they're likely going to care more about how you can analyse stuff than a formal education exactly (formal education are a good point to work out how good someone is but they're not everything). If you know what you're on about or can adapt and learn fast, you'll probably get somewhere.

Lots of people in the stock market at the moment don't seem to be trading based on what companies are actually worth too so, if you're interested, that could be something to look at (dunno if you've done much on value investing - or if it's out of most people's depths?)

I'd also say, if you're going to continue with anything, save the $30k now - sell it back to cash and put it somewhere you can forget about it - like a savings account that pays 2%+ interest or if you're really bad with self control vaulted gold might be an option so you'll find it harder to sell them before you've had time to think it over.


Also was there a specific reason you dropped out of college? I've been doing trading on the side of my course and have been doing quite well with it - just checking the coins I track about 3 times a day to determine when's good to trade (but that's only about 20 pairs).



Remember: you can't predict the future but you can check your predictions from the past against what's happened with a company! Found a ratio that might be interesting? Check the last 5-60 years of data on it to see how it's played out. that's something so many people need to LEARN. You can backdate any strategy you come up with to see how it functions before you put ANY cash towsrds it. THEN and only if it works can you put a tiny amount of money behind it to see how it plays out.

I am wanting to trade. Or be near someone that is. I do not have much experience away from a computer screen, I just know without a doubt this is what I will do.

I appreciate the thought of wanting me to keep my money safe. I cant deny I am young and reckless, but I have learned a great deal from the book Market Wizards and various podcasts about risk management that I do think about before each trade.

And to answer your question regarding college: 18 years of hell finally caught up to me - I could not handle the stress of studying for an office job I did not want. So I just decided to take a leap of faith and follow my passion.

3  Economy / Trading Discussion / Re: New trader with 2000% unrealized gains in 2 months - how can I go further? on: April 10, 2021, 02:45:25 AM
I really don't want to take away from your (short term) success, but Mark Cuban once said: "Everybody is a genius in a bull market.".

Is it the case with yours? Maybe, maybe not. All I'm saying is that don't be too overconfident yet. Just continue trading with calculated risks, and definitely without being too cocky and suddenly going 20%-100% in a single trade. If you manage to make good money consistently for more than a year, then we could probably say you're good. Bear markets are where "traders" get really tested.

Thanks so its still just too early for me is what you are saying. I guess ill just keep at it and try not to post again until after bear market.. haha
4  Economy / Trading Discussion / New trader with 2000% unrealized gains in 2 months - how can I go further? on: April 10, 2021, 01:39:26 AM
First of all: thank you to anyone who took the time to view my post. I hope you read my story and possibly share some advice with me.

*edit*
I guess I was too vague here in the beginning but I spent these first 5 months studying **really** hard, reading every book that was recommended to me (Livermore, Schwager, Seykota, Douglas etc) and applying that knowledge in a simulated account on TradeStation experimenting with MACD, Bollinger Bands, VWAP, etc - every technical analysis tool I had read about. While also having my decisions critiqued each day by my veteran mentor. Please understand I did not just make an account randomly and start throwing everything I had in a few different coins. I worked so very hard to feel confident enough to use my own hard earned money on this.

I am a 23 year old who dropped out of college 7 months ago to chase a dream of trading full time. I spent the first 5 months learning from my friends dad who was willing to show me the ropes of the traditional market. (He started out as a broker on the floor 30 years ago and then spent the last 10 years Options trading for a few different corporations including BP) He showed me a lot but I did not like the fact the SEC would not allow me to day trade without a 25k account (I was flat out broke working odd jobs in the afternoons to afford bills). He is not involved in Cryptocurrency at all so I can't learn about these things through him either.

Flash forward to mid January and my friend told me to try trading Crypto. I blindly made my first purchase on Coinbase for $200 worth of LINK. I sold it at the end of the month for double. I was hooked. I found the newsletter Morioh and saw a recent post about HydraDX's upcoming ICO. I made a MetaMask wallet and got some Ethereum so I could participate in the offering. The gas fees really hurt my small account. It was then in early February I saw news of the Binance Smart Chain and their ridiculously low gas fees, so of course I converted my remaining ETH to BNB and even added some more of my own cash I managed to scrape together. Long story short, I spent the last two months grinding all day and night trading these obscure alt coins I would find through Telegram groups and other forum boards. I slowly took some money out along the way to buy a couple projects I considered long term holds on the ETH network.

As of right now, my Account that I funded with $1,200 is now sitting at ~$32,000. This is almost life changing money to me and I feel like most of it is just pure luck. I really want to improve myself further and meet others who share the same passion as I do. I dream about working at a Crypto trading firm but I fear I might not be able to get far without credentials like formal education.

My question here is: Is there anyone here like me? Do I stand a chance in the world of professional traders? How can I take the next step forward in terms of a better Crypto market understanding?
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