Stock Trading and Other Things

What are the steps I should follow to pursue a career in day trading?

I'm 19 and I already trade stocks to some degree. I'm going to school for business so I also understand how to analize a company and review their reports. What steps should I take now to someday become an effective day trader and possibly make it a career?

Public Comments

1. At 19 Its hard to believe you would be successful at day trading, you are in your beginning years of school and probably only know the basics, day trading is something that many people are unsuccessful at, and it is not reasonable to expect that you will profit from it, it might seem like an easy way to make money, but really its mostly luck.

Anyways, you should try and intern as a jr financial analyst, and make sure to emphasize in Finance in your schooling, understandind economics will also greatly help you.

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3. Daytrading has nothing to do with analyzing companies and reading reports. It's mostly psychology and reading the market.

I'd say: find some good books on daytrading on Amazon and watch, watch, watch the market. You will eventually develop a feel for how stocks trade which will help you anticipate short term moves correctly.

4. First step would be to graduate from the best name school you can. Since you are already starting(university of michigan?) I would look to get straight A's , be involved with leadership activities and transfer into a top 15 university. (michigan is an elite school...but it would make your life ALOT easier if you could get into a ultra-elite). To get into the best trading shops you'll need this badge to get in the door. The best shops have the best technology and I can buy and sell a stock 50 times before someone with an on line broker can place 1 order. You can also go into I-banking(sales and trading) or a hedge fund (they both daytrade like maniacs, i have friends at both)Continue trading and YES analyzing company fundamentals is important. Don't believe the grumpy sheep that tell you all daytraders lose money. When you have a good thing going you stay quiet(why encourage more competition?) Having gone the trading route and now being independent I would steer you towards an i-bank or hedge fund. I make a very good living but you cant do this when you're 50 years old (it takes it toll) so gear for a position where you can trade and have job security. Good luck.