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Trading For A Living - Is It Easy? Hardly! Trading for a living, what could be a more alluring profession? The Forbes list of the 500 wealthiest people in the world is littered with names of people who have amassed huge fortunes in the world of Wall Street. Warren Buffett, George Soros, Paul Tudor Jones, James Simons, Louis Bacon, and Eddie Lampert, just to name a few. In 2007, to make the list of 100 top earners on Wall Street, you needed an income of at least $75 million! The top earners made over $1 billion! With that in mind, it is no wonder that new traders set out to make their fortunes in the financial markets. After all, they are bombarded with advertisements and infomercials describing the next great thing in the world of trading. Starting with accounts as small as just a few thousand dollars, these traders hope to hit it big, and they seek to find that holy grail of trading systems that will lead them to the promised land of Wall Street riches. I was one of those traders almost 15 years ago. At that time, after subscribing to a couple stock newsletters, I was bombarded with other newsletter writers, telling me they new the way to financial fortune. One service got me interested in commodity trading by sending me some spread trading strategies. These proved to be outdated and ineffective, since markets change over time. I then learned a popular trend following system, had some initial success, and then was hooked on trading. Little did I know that trading is a lot more difficult than I realized. What I didn't realize is that the competition in the financial markets is fierce. Wall Street is littered with MBA's and PHD's from the Ivy League schools. These people are groomed for Wall Street careers through summer internships at the big investment houses such as Goldman Sachs, Merrill Lynch, or even some big hedge funds. Some of these hedge funds not only hire traders, but top scientific minds from disciplines such as physics, chemistry and engineering. In 1998 I had the opportunity to work for a hedge fund and commodity trading firm as an execution trader dealing with Asian and European markets. This firm was run by a trader who hired computer programmers that could test and research all of his ideas and then program them into automated trading models. The only orders I needed to execute were the more sizable orders so we could avoid the slippage caused by large stop orders. There were other traders and research staff that all had a hand in developing new models for the system. In spite of this, that firm eventually nearly failed and is now just a shell of itself. Around that same time, I learned that a friend of mine from college worked for one of the biggest offshore commodity funds, and one of the most successful. He indicated that firm also had a significant number of research personnel conducting research on new trading models. Their system was also heavily automated, they had their own research platform for developing these new models. Also in the late 1990's I was introduced to Jaffray Woodriff of Quantitative Investment Management in Charlottesville, Virginia. We had a mutual friend that was a fraternity brother of mine at William and Mary. The first time I spoke with Jaffray, I realized that he was far more intelligent than I. He was also a computer programmer and learned how to test and develop his own trading models on his own software. He clearly had a passion for the markets and I could just tell this guy was going to make it big. At that time, he had a small trading business, but ran into some initial problems. So, he took off for Wall Street to work at an investment bank. He had some good success on the trading desk there and a few years ago, decided to start up his current business with a partner. That hedge fund now manages over $3 billion! Now that you know how stiff the competition is, you may think twice about trying your hand at trading for a living. Can it be done? Of course it can. However, the statistics suggest that traders who start out with less than $10,000 trading futures or in the Forex currency markets will fail 90% of the time. The main reason for this is the lack of capital, but it can also be attributed to not having a coherent plan for trading. With this in mind, new traders should follow the following process before attempting to stake their claim in the financial markets: 1. Determine the absolute highest amount of money you are willing to lose in the markets, money that if lost, will not affect your standard of living. 2. Determine what you seek to achieve in this business. What are your short term goals and long term goals? 3. Determine your monthly bills and make sure those are covered by ANOTHER source of income besides trading. 4. Figure out what type of trading suits your personality best. Are you able to withstand significant losses while waiting for significant trends to develop? Do you need to be right more often than you are wrong? Do you want to take quick small profits or wait for big trades that occur over longer periods of time? Can you pay attention to the markets with no distraction throughout the day, or do you have a real day job that requires most of your attention? Are you more interested in technical analysis or fundamental analysis? Do you like mechanical trading systems or do you like to go with your gut? When you answer these questions you can figure out whether you should focus on longer term stock trading, daytrading, short term swing trading, options trading, etc. 5. Once you figure out the trading style that suits you best, then you must conduct a good bit of research on the markets to develop your trading strategies. I recommend backtesting strategies on historical data with a program such as TradeStation. If you are able to program your own software for developing trading models, that is even better. Do not fall into the trap of just looking at the bottom line results of the models that you test. You must see how they perform on a day-to-day and month-to-month basis so that you will have an idea of the losses you can expect when trading for real. 6. Do not start trading until you are absolutely confident in the strategies you have developed. One big mistake a lot of traders make is not sticking to their plan. As soon they experience a drawdown, they give up on their strategy and try and trade a new one. As soon as they start the new one, the old one starts working. This is one reason I recommend against the purchase of black box trading systems without any knowledge of how these systems select their trades. 7. After you start trading, maintain records on how your trading. Be sure to write down the reason for initiating your trade, and the reason you exit. If you deviate from your strategy, state why, and how that deviant trade performed. In this way you will be able to keep track of what works for you and what does not. Ultimately, you must approach trading like you would any other business or profession. It requires research, education and knowledge to succeed in this business. Many people fail, so do not assume that because you have some smarts that you can be successful. Successful trading requires careful planning, common sense, intestinal fortitude, and a little luck! Scott Cole

10 Easy Steps to Succeed in Your Online Classes

Congratulations Youve made up our minds to pursue your upper schooling, and doing so online is how to pass if you have an interest in a versatile, studentcentered educating manner. Studying online permits you to pursue different pursuits and attend to different responsibilities whilst nonetheless operating your method towards some extent. However, it will now and again imply that its clean to get distracted. Here are 10 clean steps to verify luck on your online categories.

1. Connect together with your instructors once conceivable. Even in case you are doing smartly within the category, its extraordinarily vital to increase a rapport together with your trainer. When you do that early on, you temporarily understand what the priorities are within the route, what expectancies the professor has of you and youre going to be motivated to prevail, surer of whats forward and higher ready to do smartly with the impending subject material.

Valuable questions to invite your trainer come with the next

How versatile are you with time limits How versatile are you with grownup freshmen What applied sciences do you employ within the route How to be had are you through e mail and different sorts of verbal exchange How do you put up an internet neighborhood and what are the expectancies for participation in it In addition, since instructors are to be had to lend a hand all over the classes, its all the time just right to have had private touch with the trainer early on. This method, when you wish to have lend a hand, its more straightforward to achieve out and get the help you wish to have.

2. Confirm the technical necessities of the route. Online categories can also be very advisable for college kids with busy schedules, however provided that they are able to simply get right of entry to the fabrics. It is vital to obviously perceive what the technical necessities are. So, ahead of the route begins or as quickly thereafter as conceivable, youll want to test that your pc will paintings with the entire online equipment, and that you understand how to navigate them. This will be sure that you dont must spend time all the way through the route attempting to determine the generation.

three. Create a time table and stick with it. Quality online instructors create classes which might be clean to navigate and feature transparent expectancies. Having that roughly easytodealwith framework in position will make learning and succeeding that a lot more straightforward. However, although the framework and necessities of your category arent as transparent, youll create a time table and construction, which is able to very much fortify your probabilities of luck within the route. Using equipment equivalent to Google Calendar is a good way to start out. Knowing how your weeks and months glance and scheduling blocks of analysis time for each and every activity or module will will let you stick with a time table.

four. Ask questionsall the time. When you dont perceive, ask questions. When you do perceive, ask additional questions. Instructors recognize scholars who take part, and if theres a participation or dialogue part a part of the grade, then asking high quality questions is helping guarantee your grade on this space. Even if there isnt a participation part, its all the time helpful to invite inquiries to remember to perceive the fabric and are transparent on what is needed of you.

five. Be arrangedand keep arranged. Students whore taking conventional, campusbased classes most often have a constant time table to observe each and every week, through which study room instruction is adopted through assignments out of doors the category. However, for online classes, scholars will have to search out their very own techniques to stick on most sensible in their paintings. It is crucial that you just be arranged from the start of the semester with the intention to achieve success in an internet route. For instance mark task due dates on your calendar, discover a submitting machine for each online subject material and bodily subject material that is helping you stay monitor of the whole lot simply, and shed light on find out about schedules that duvet sections of the route one by one so youve got an arranged tactic to protecting the semesters subject material as you pass alongside.

6. Have a blank, quiet, and constant workspace. One factor online and inclass classes have in not unusual is that scholars all the time want a spot to review or whole assignments this is blank, quiet, and constant. You can select the place that is for youwhether or not its at a espresso store, a college library, a devoted place of business, or at house. Wherever you select to review and whole assignments, you must make it a constant location that doesnt have out of doors distractions. It is basically key that where is quiet and lets you focal point in your paintings with out distractions.
7. Do no longer procrastinate. Successful distance freshmen hardly procrastinate. They dont do away with assignments or wait till the final second to write down their papers. Successful online scholars experience freedoms that come with operating at their very own tempo and the facility to finish their paintings in as a lot time because it takes them. On the opposite hand, they know that finishing their assignments is best performed early and on time cramming merely doesnt paintings, and it doesnt will let you retain knowledge longterm. Get began early on getting a success.

eight. Work in your studying comprehension. Successful distance freshmen generally tend to have just right studying comprehension abilities. Most conventional, campusbased scholars concentrate to lectures and take notes, and a few online classes additionally require this. However, the vast majority of distance freshmen are anticipated to grasp subject material thru a large amount of studying. Although far finding out classes be offering video recordings and audio clips, maximum systems require scholars to hide and grasp a considerable amount of written knowledge. If it is a problem for you, it could be very useful to first sign up in a studying comprehension route there are lots of assets online that will help you do that. This ability by myself could make a huge distinction on your luck.

nine. Establish and admire routines that be just right for you. If, for instance, youre employed best within the morning or in brief bursts, then set find out about routines that can help you find out about within the prelunch hours when your mind is contemporary. If, then again, you do best through learning at evening or at the weekends when youll devote nightowl hours or longer blocks in your learning, then make it some degree to take action. Consider how and whilst you paintings best, and enforce a find out about plan that respects the routines that be just right for you.

10. Connect together with your friends. Establishing sturdy connections with friends and professors is a very powerful facet of tutorial luck, in addition to skilled development. One of essentially the most rewarding reports in schooling is finding out thru collaboration. Forming significant relationships together with your friends and professors can can help you be told extra, keep motivated, and feature an outlet to specific your personal working out of subject material. So, keep attached thru message forums, chat rooms, e mail, and different digital assets. And take note lots of the other people you meet in faculty shall be conceivable process assets down the road so determine connections and keep in contact

Florida National University gives a wealth of tutorial and professional online classes. Check out the entire choicesyour long run is ready

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