Forget Law School And Just Become A DayTrader??? Forum

[PLATONiC]

You know, law school tuition/COA = $200,000. Include opportunity costs for me, that'll be about $350,000.

I've been paper trading for about four months now (I've been touching on daytrading for about a year, but started to study it very seriously about four months ago). To my surprise, I'm actually turning over consistent profits (not GREAT profits, but consistent). I think if I work on it for a couple of more months to establish my system, I'd be able to set up my live account and perhaps make a living off of this.

I know there are some fascinating points about law school, but ITE, I'm mostly concerned with making money to keep things afloat. Anybody wanna day trade with me????????????

$100,000 of capital is ALL you need to get started, if not even drastically lower... heck, you can even trade with $100.

EDIT: I think you guys need to understand that I'm doing a much simpler form of day trading... FOREX.

I focus on a single currency pair EUR/USD, and have developed a rather firm understanding of it so far (both in technical/fundamental terms). Unlike trading the stock market, I do not need to pay ridiculous amounts of commission, because all I have to pay is the spread (which consists of merely 1-2 pips).

[rayiner]

You know, law school tuition/COA = $200,000. Include opportunity costs for me, that'll be about $350,000.

I've been paper trading for about four months now (I've been touching on daytrading for about a year, but started to study it very seriously about four months ago). To my surprise, I'm actually turning over consistent profits (not GREAT profits, but consistent). I think if I work on it for a couple of more months to establish my system, I'd be able to set up my live account and perhaps make a living off of this.

I know there are some fascinating points about law school, but ITE, I'm mostly concerned with making money to keep things afloat. Anybody wanna day trade with me????????????

$100,000 of capital is ALL you need to get started, if not even drastically lower... heck, you can even trade with $100.

Traders: something more useless than lawyers.

[PLATONiC]

What do you mean by "useful"?

[Bosque]

What do you mean by "useful"?

General, something for which there is a use. An antonym would be useless.

[TheTopBloke]

Don't go to law school. Trade.

[MTal]

Yeah because...uhh...everyone here has a cash balance of 25k (minimum equity required for day trading) just sitting in a checking account at a bank. Seriously, whatever happened to getting a job (even a shitty one) and working your way up? Not only that, but timing the market is extremely difficult, if not impossible. The best fund managers from all the best schools can't consistently beat the market, what makes you think you can? Get a job, work your way up to management, and enjoy a debt free life.

[MTal]

You know, law school tuition/COA = $200,000. Include opportunity costs for me, that'll be about $350,000.

I've been paper trading for about four months now (I've been touching on daytrading for about a year, but started to study it very seriously about four months ago). To my surprise, I'm actually turning over consistent profits (not GREAT profits, but consistent). I think if I work on it for a couple of more months to establish my system, I'd be able to set up my live account and perhaps make a living off of this.

I know there are some fascinating points about law school, but ITE, I'm mostly concerned with making money to keep things afloat. Anybody wanna day trade with me????????????

$100,000 of capital is ALL you need to get started, if not even drastically lower... heck, you can even trade with $100.

Traders: something more useless than lawyers.

They're useful for generating large commission fees for my company.

[jmhendri]

So the suggestion is to switch from one career that peaked in the 80s to another?

[TheTopBloke]

In the OP's case, he asked what he should do and provided two choices.

I'm advising him to be a day trader, since that's what he wants to do.

[quakeroats]

I'm leaving the industry after several years for law school so trust me when I say this:

Day trading is extremely difficult to do well over a long period of time. Competition from proprietary trading operations run by highly compensated individuals with years of experience will probably eat your lunch over an extended period--if not a shorter one. At the firm I worked for, the super majority of day traders (well over 90 percent) lost money over the long term. Those that managed to make money tended to have strong industry connections, a deep understanding of one or more sectors that overcame what I mentioned earlier, or a profitable strategy that was less profitable than other strategies they could have pursued. I can't tell you the number of brilliant people who strike out playing the market. Most mutual fund managers can't beat the market over the long term. Think about this a little longer. Perhaps there's a better use for your money.

[TheTopBloke]

You have 66% probability of NOT losing money. I say go for it!

[nickwar]

Enjoy your $6,000 profit this year. And your $22,000 loss next year.

[Merr]

You know, law school tuition/COA = $200,000. Include opportunity costs for me, that'll be about $350,000.

I've been paper trading for about four months now (I've been touching on daytrading for about a year, but started to study it very seriously about four months ago). To my surprise, I'm actually turning over consistent profits (not GREAT profits, but consistent). I think if I work on it for a couple of more months to establish my system, I'd be able to set up my live account and perhaps make a living off of this.

I know there are some fascinating points about law school, but ITE, I'm mostly concerned with making money to keep things afloat. Anybody wanna day trade with me????????????

$100,000 of capital is ALL you need to get started, if not even drastically lower... heck, you can even trade with $100.

ROFLMAO If I had $100,000 of capital to blow that way I would just give it to one of acquaintances when he is looking to raise the minimum $1,000,000 to do a re up in his current hedge fund. Nothing like a consistent 20%+ return...until all your money vanishes. Of course I am broke as can be so that will never happen.

[A'nold]

The way to play the market is to wait, VERY patiently, for the perfect situation. Example:

Crocs were the biggest piece of crap trend I've almost ever seen (also, 4kids Entertainment for Pokeman). These stocks ballooned at their peak. During this ballooning period, buy way the hell out of money puts in like 50k increments every 3 months or so. If the stock stays stagnant or moves up, you lose all of your money each time you put in 50k. HOWEVER, when the stock absolutely plummets (like into bankruptcy), you last purchase of puts will make you like 50x your initial investment.

[Unshake]

Consistently making profits day trading over a long period of time? I guess it depends on how incredibly lucky you feel.

[PLATONiC]

Yeah because...uhh...everyone here has a cash balance of 25k (minimum equity required for day trading) just sitting in a checking account at a bank. Seriously, whatever happened to getting a job (even a shitty one) and working your way up? Not only that, but timing the market is extremely difficult, if not impossible. The best fund managers from all the best schools can't consistently beat the market, what makes you think you can? Get a job, work your way up to management, and enjoy a debt free life.

Mtal, you and your smartass needs to get out of TLS.

You can open an e-mini account for an infinitely smaller balance.

There's a difference between managing a fund (which requires beating the market), and taking advantage of intra-day price fluctuations.

I also have a good-paying job.

You're like an angry, angry, kid.

[PLATONiC]

I'm leaving the industry after several years for law school so trust me when I say this:

Day trading is extremely difficult to do well over a long period of time. Competition from proprietary trading operations run by highly compensated individuals with years of experience will probably eat your lunch over an extended period--if not a shorter one. At the firm I worked for, the super majority of day traders (well over 90 percent) lost money over the long term. Those that managed to make money tended to have strong industry connections, a deep understanding of one or more sectors that overcame what I mentioned earlier, or a profitable strategy that was less profitable than other strategies they could have pursued. I can't tell you the number of brilliant people who strike out playing the market. Most mutual fund managers can't beat the market over the long term. Think about this a little longer. Perhaps there's a better use for your money.

I personally believe that the efficient market theory is right-on, and that fund managers will NOT be able to beat the market. But I think it's only right-on when it comes to "long-term" investing. Things aren't perfectly priced in the short-term, and if you scalp things properly, you can definitely take advantage of these short-term market inefficiencies. Unlike millions of stocks, you pretty much pick a single currency and follow it the whole time. I'm not saying that it is necessarily easier, but it's simpler.

[PLATONiC]

You know, law school tuition/COA = $200,000. Include opportunity costs for me, that'll be about $350,000.

I've been paper trading for about four months now (I've been touching on daytrading for about a year, but started to study it very seriously about four months ago). To my surprise, I'm actually turning over consistent profits (not GREAT profits, but consistent). I think if I work on it for a couple of more months to establish my system, I'd be able to set up my live account and perhaps make a living off of this.

I know there are some fascinating points about law school, but ITE, I'm mostly concerned with making money to keep things afloat. Anybody wanna day trade with me????????????

$100,000 of capital is ALL you need to get started, if not even drastically lower... heck, you can even trade with $100.

ROFLMAO If I had $100,000 of capital to blow that way I would just give it to one of acquaintances when he is looking to raise the minimum $1,000,000 to do a re up in his current hedge fund. Nothing like a consistent 20%+ return...until all your money vanishes. Of course I am broke as can be so that will never happen.

I don't think you have any clue as to how daytrading forex works. You sound like one of those flaming game players on some Internet game trying to talk shit out of nonsense. lol.

[MTal]

Yeah because...uhh...everyone here has a cash balance of 25k (minimum equity required for day trading) just sitting in a checking account at a bank. Seriously, whatever happened to getting a job (even a shitty one) and working your way up? Not only that, but timing the market is extremely difficult, if not impossible. The best fund managers from all the best schools can't consistently beat the market, what makes you think you can? Get a job, work your way up to management, and enjoy a debt free life.

Mtal, you and your smartass needs to get out of TLS.

You can open an e-mini account for an infinitely smaller balance.

I maybe a smartass, but you are DUMBass. Listen to me, I work at a discount broker and am series 7/63 licensed so I know what I am talking about. Day trading means you are doing round trips; opening and closing a position in the same day. If you do this 4 times within a 5 day business period you will be FLAGGED as a day trader. If your account is below the 25k min. day trading equity you will be limited to closing transactions ONLY and you will be only be able to open a new position again in 90 days after the day trading flag has been removed, OR your account appreciates to above the 25k min. equity levels. These are all SEC/FINRA regulations and is true for all brokers in the U.S. So yes, you can open up an account with $100 (good luck making that last with commissions) but you won't be able to make more than 3 round trips in a week without your account being effectively shut down.

[Merr]

You know, law school tuition/COA = $200,000. Include opportunity costs for me, that'll be about $350,000.

I've been paper trading for about four months now (I've been touching on daytrading for about a year, but started to study it very seriously about four months ago). To my surprise, I'm actually turning over consistent profits (not GREAT profits, but consistent). I think if I work on it for a couple of more months to establish my system, I'd be able to set up my live account and perhaps make a living off of this.

I know there are some fascinating points about law school, but ITE, I'm mostly concerned with making money to keep things afloat. Anybody wanna day trade with me????????????

$100,000 of capital is ALL you need to get started, if not even drastically lower... heck, you can even trade with $100.

ROFLMAO If I had $100,000 of capital to blow that way I would just give it to one of acquaintances when he is looking to raise the minimum $1,000,000 to do a re up in his current hedge fund. Nothing like a consistent 20%+ return...until all your money vanishes. Of course I am broke as can be so that will never happen.

I don't think you have any clue as to how daytrading forex works. You sound like one of those flaming game players on some Internet game trying to talk shit out of nonsense. lol.

Let's see you find a currency that appears to be temporarily trading outside it's usual range and try capitalize on it. For example one way to do it would be looking where central banks are doing open market operations to boost national exports. Then try to figure out the float ranges for their currency and bet that they will have the resources and desire to maintain what you think they view is an acceptable exchange rate relative to the US dollar.

Another way to do it would be to borrow money in a country with a low interest rate and overvalued currency and convert it to buy short term bonds in a country with a high interest rate and undervalued currency in hopes the currencies will move closer to what you think is the equilibrium in which case you would make money on the FX and the interest.

As I said before, if I had gamble with massive amounts of money I would take hedge funds before day trading, because in the vast majority of cases you will loss your shirt when your theories fail.

[legalease9]

I would look real hard into whether you can turn a profit with this day trading thing. It's not as easy as it seems.

That being said, go with Day Trading instead law school. It appears to me that you don't really want to practice law. You want to make money. Driving yourself into debt for LS and then hoping a job is avaliable on the other end is not the way to make money. Do the Day Trading. If you succeed, great. If you fail, at least you can turn around and get a job without worrying about massive debt.

[Bildungsroman]

Fortunately, playing the markets is much less susceptible to economic fluctuations than practicing law.

Or, rather, the opposite of that is true.

[bows_and_toes]

I have a friend who was planning to go to law school but recently decided to trade full time. I dont really know what level of success hes had though, and its pretty early, but of course if I ask him hell just say it was the right decision.

[PLATONiC]

Yeah because...uhh...everyone here has a cash balance of 25k (minimum equity required for day trading) just sitting in a checking account at a bank. Seriously, whatever happened to getting a job (even a shitty one) and working your way up? Not only that, but timing the market is extremely difficult, if not impossible. The best fund managers from all the best schools can't consistently beat the market, what makes you think you can? Get a job, work your way up to management, and enjoy a debt free life.

Mtal, you and your smartass needs to get out of TLS.

You can open an e-mini account for an infinitely smaller balance.

I maybe a smartass, but you are DUMBass. Listen to me, I work at a discount broker and am series 7/63 licensed so I LOL know what I am talking about. Day trading means you are doing round trips; opening and closing a position in the same day. If you do this 4 times within a 5 day business period you will be FLAGGED as a day trader. If your account is below the 25k min. day trading equity you will be limited to closing transactions ONLY and you will be only be able to open a new position again in 90 days after the day trading flag has been removed, OR your account appreciates to above the 25k min. equity levels. These are all SEC/FINRA regulations and is true for all brokers in the U.S. So yes, you can open up an account with $100 (good luck making that last with commissions) but you won't be able to make more than 3 round trips in a week without your account being effectively shut down.

MTal, you're talking about stocks. FOREX = Foreign Exchange. SEC/FINRA don't regulate FOREX markets. You're stupid.

Most FOREX brokers only charge the spread as commission. Do your research before spilling your negative bullshit MTal.

My broker isn't even located in the U.S.

[A'nold]

If I had a million dollars, I would bet it right now that you will never make a long term profit day-trading. There are people MUCH smarter than you, especially about the market, that cannot make money doing this.

It's like when I was in high school and I won in blackjack like everyday for a week and paid for a trip to CA on my winnings. I came back knowing I could win anytime I wanted and I proceeded to get pwned by the odds. You are just getting lucky right now. 100% guaranteed. This is coming from somebody that knows more about the market than anyone on this site, since I lived and breathed the market from like age 10 to 25.