Hi! A new visitor to this section
I am 30 years old now and i have worked as a clerk and bookkeeper in a food company for 11 years. Although my salary is not high, i earned a lot from casino poker in the past few yrs and i opened a bar. With the stable salary and bar income i wish i can be really rich.
Then i realised i cant be really rich by the bar and the poker so i turn to stock market. Then I have half year online trading in virtual stock market. I did a lot of study in stock and options market mainly through online resources and newsapaper. I found this is not hard mainly as i have some accounting background. I did the ratio analysis like the newspapers do.
Now i really interested in options trading as i think it can earn me a lot with a small amount(as it did in the online virtual one). Now i decide to put $10000(real money) into trading.
Now my concern is: Although i seem to know how the stock/option market works(as i read some good investment books and i studied), are there any “secrets” of the market i have to learn in college, esp sth like math,equation in order to become really rich? I encounter a lot of equations i dont understand so can i really beat those guys in wall street??Will i get eliminated because i do not have the college education or having specific knowledge in my brain?
I am really concerned as $20000 is not a small amount. Thanks.
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Is It Possible To Be A Millionaire From Stock/option Market Trading With $20000 And With No College Education?
Posted on January 2, 2011.
Possible: yes. Likely: hell, no.
You’re right – nothing valuable taught in college. Best to just skip it. Everything you realy need to know for stock and options trading you can learn as a clerk for a food company.
Edit: What’s this read everything Taleb has written stuff? I think that stuff is of limited value – I think even Taleb thinks that stuff is of limited value.
Yes. If you can manage a consistent 14-15% rate of return you should have a million dollars in a little more than 30 years.
In theory, it is possible. Obviously. In practice, however, it is not so easy. To make the meaning you have to gear up and that increases your risk. The best way to make money (and keep it) is slowly slowly catchee monkee.
Furthermore option trading is only partially about maths. Afriend of mine ha d a degree in mathematical trading (with honours) and he was a qualified accountant. Year 1 (2006/7)he made around £200k, year 2 (2007/8) he made around £200k, year 3 (2008/9) i think he lost the lot. If he had put his flat up as collateral he would have made a killing.
Two things: One is to work out the collateral requirement if things go wrong (and treble/quadruple it). And that may not be enough. Two read The Black Swan, Fooled by Randomness and Dynamic Hedging; Managing Vanilla & Exotic Options.
Oh, and three: Never say never (as in ‘that can never happen’
http://chartpattern.com
Read what Dan Zanger does.
He’s pretty good
Also Google Roy Kelly another Technical Analysis GURU
anything is possible, but options are risky and you could also LOSE 100% of your money if teh stock prices go teh wrong way and you have no control over which way stock prices will go
investing in anything with individual companies is always a lot riskier than mutual funds or etf’s that invest in LOTS of companies to lower the risk
just invest in ETF’s, mutual funds etc
did yoy pay incoem tax on those poker winnings?
if not – you could have the IRS coming after you with big penalties and interest tacked onto teh taxes you owe
and you will have to pay income taxes on any gains as you go along
and you will most likely NOT get rich – at least not in less than 20-30 years, by investing
Slow and steady is the only way to fly.
Property is the way forward: its safer, stable and rewards are consistent. Look at the REAL money and how it is made and perpetuated 9unless you provide a service / sell things)…. its always property speculation. Building, renovation or just simple renting out.
Main thing is, when all is up in the air, you will always have property.
Best wishes, 1 // 2
its also possible here ..http://adf.ly/EaWC