The College Conspiracy!! NIA's newest documentary!, page 2

Originally posted by BlackStar99

Originally posted by bagodonuts
reply to post by BlackStar99

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Blackstar,

I couldn't agree me more. The reason I say this is because I've fallen into the trap and can't presently get out. I, however, am lucky enough to have parents that are willing to loan me the money for school. I feel much better paying them a modest interest rate and keeping the money in the family rather than paying to some off-shore banksters.

Blackstar, may I ask how you got started in daytrading and what your recommendations would be for someone who wants to take a crack at it? I'm sure a lot of folks on this board would be interested in breaking out of the hours for dollars paradigm.

donuts

Of course. I'm always open to mentoring people, so if anybodies interested let me know. To start go here(babypips.com/school) and finish the school. It's probably the best resource online for learning forex(foreign exchange) as well as forums like this that are specifically for forex trading. After you finish, I'll give you the specific system I use to trade that nets me 20-30% a day. I mean I could just give everyone the system, but I think you'll be much happier understanding all the fundamentals first.

Indeed, having someone who understands the fundamentals helps, but its also a good way a weed out people who really don't have the conviction to go through with it. I wonder how much cash it really takes to get started doing forex. 20-30% sounds flashy, but I bet over time you get pretty limited by volume and it worse if you're risk averse. Still, I'm sure its a little something more besides working for a local grocery store.

There really aren't any survival jobs available around my area, so this is something I have to look into. I'm generally stuck behind the computer screen most of the day like a fair amount of people my age and I'm already familiar with some of the concepts of being a day trader due to playing EVE Online. I went through some of the beginning last night and saw what I expected to see for the beginning section, though I'm sure it will get significantly more complicated as I go to the end in a few hours. So yeah, definitely something I'm interested in doing. I'm sure I'll be able to experiment seeing as some sites offer free 'play chips' to get a feel on how to do things like this. However, I'm sure the free chips method has its drawbacks due to the play chips not actually showing up in the volumes in reality.

My parents are insisting that I do more college (went to Blackhawk Technical and DeVry Online) so as theoretically be able to get a job. However, I'm not willing to gamble with debt and I am absolutely unwilling to budge from that position. With the employment opportunity around my area it probably won't be enough to pay off any debt I accumulated let alone pay any significant bills so I can survive. I know this nations currency is eventually going down the drains so I will do what I can to accumulate silver to stave off inflation on a personal level. Perhaps I could end up paying for a hobby that will allow me to do real research into what I really want to do with my life as well as potentially show to employers or investors exactly what I am capable of.

Well, college is a racket and I intend to hit you up soon perhaps for a little mentoring on how to be a good forex trader after I do what you suggested. Oh, and I hope to meet donuts along the way

~Elzon1

Indeed, having someone who understands the fundamentals helps, but its also a good way a weed out people who really don't have the conviction to go through with it.

Exactly.

I wonder how much cash it really takes to get started doing forex. 20-30% sounds flashy, but I bet over time you get pretty limited by volume and it worse if you're risk averse. Still, I'm sure its a little something more besides working for a local grocery store.

The general minimum with most brokers is $500, so with just that much you can make $100 to $150. The beauty of trading is how your money compounds. With $1000 it would be $200 to $300 a day. With $10,000 it's $2000 to $3000 a day. I think you get the point At some point brokers stop offering such high leverage, but that's not until you're making a $#!t load of money.

There really aren't any survival jobs available around my area, so this is something I have to look into.

You won't regret it.

I'm generally stuck behind the computer screen most of the day like a fair amount of people my age and I'm already familiar with some of the concepts of being a day trader due to playing EVE Online.

Go HERE and click free download. It's the most popular trading platform by far, and it allows you to demo trade too.

I went through some of the beginning last night and saw what I expected to see for the beginning section, though I'm sure it will get significantly more complicated as I go to the end in a few hours.

It will get more complicated, but it won't be nearly as bad as you think it. Once you can get past the lingo, it becomes childs play.

So yeah, definitely something I'm interested in doing. I'm sure I'll be able to experiment seeing as some sites offer free 'play chips' to get a feel on how to do things like this. However, I'm sure the free chips method has its drawbacks due to the play chips not actually showing up in the volumes in reality.

Because the foreign exchange market already has the largest volume of any other market by a longshot, a single trader has virtually no influence. So demo trading gives you the exact experience of trading live.

My parents are insisting that I do more college (went to Blackhawk Technical and DeVry Online) so as theoretically be able to get a job. However, I'm not willing to gamble with debt and I am absolutely unwilling to budge from that position. With the employment opportunity around my area it probably won't be enough to pay off any debt I accumulated let alone pay any significant bills so I can survive. I know this nations currency is eventually going down the drains so I will do what I can to accumulate silver to stave off inflation on a personal level. Perhaps I could end up paying for a hobby that will allow me to do real research into what I really want to do with my life as well as potentially show to employers or investors exactly what I am capable of.

Tell your parents you don't feel like sucking corporate d your whole life, praying that over the course of 40 years you can inch your way up in some company. I'm not saying college is bad, because I'd love to go to college one day. Not to graduate or anything, but to learn things that interest me. All a degree is good for is if you want to go work for someone else.

Well, college is a racket and I intend to hit you up soon perhaps for a little mentoring on how to be a good forex trader after I do what you suggested. Oh, and I hope to meet donuts along the way

It's cake bro, the system I use is literally "When this this and this happens on the chart; buy" "When this this and this happens on the chart; sell" 95% of traders fail almost always because of emotions. They get a system that works but don't stick to it either when fear, or greed take control. So the #1 tip, is learn to control your emotions, they WILL destroy you in this profession. Tip #2 is; never purchase a trading system online. 99% of them are scams, and if they were actually good traders and had a solid system they wouldn't need to sell anything. Tip #3; BELIEVE IN YOURSELF

reply to post by BlackStar99

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Excellent post & excellent thread.

I have been into stocks since about 10th grade and got into forex a few years after high school.

It was AMAZING. I made 75% in 3-4 days. Except like you said, later on emotions started to take over and I never developed a systemic trading plan so over the next 2 months I gave it back to the market. I quit while I was still about 5% ahead so I never actually lost money. Over the years I dabbled here and there with it and made a few bux, lost a few bux, overall im still at 5.4% profit

A system would be nice to look into. Some of the methods out there require some balls of steel in regards to emotions.

Losing $6k in a week helps to grow those balls. Now no losses really bother me. I'm usually right 90% of the time but my timing is way off.


As far as the documentary goes, I'm half and half on it.

I guess if you look at it purely from an economics standpoint (I'm an economics graduate) then it makes sense. Why go to school to get a degree (if YOU have to pay for it) then end up working some job where you make between $10-15 an hour. I know people who are extremely smart, and are making $12 an hour with their Bachelors degree. I was making more money than that when I cleaned a bakery in a retail store.

Its SAD really.

Some of these people are VERY talented but are limited by what school they can go to because the tuition is so high out of state and their parents are very poor or they only have 1 parent and can't afford to go do what they are talented in.

reply to post by morder1

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Thanks for this morder.

Like you, I realized that college and school was bullsh-t before 10th grade. I wait tables (some of you will sneer or whatever, but I don't give a f-ck, SOMEONE has to wait on your sniveling ass) and if I was willing to put in 60 hours a week, I'd definitely be making more than 50K a year, most of it under the table, and without having to pay student loans for the next 20 years with my 12 dollar an hour job.

Came across this today; might be of interest to readers of this thread. Quite a statistic:

Nowhere to Go: 85% of College Graduates Will Return Home Jobless

reply to post by morder1

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Very much so.. I think college is quite a sham.

Especially text books
They are right on with the text books. I have an anatomy lab that they switched editions mid year. And by new edition I mean they printed the pictures a bit more brightly and added about 10 pages of material for a 600 page manual.

There is an older thread from several years ago that detailed some of my observations regarding the issue of text books and the sheer racket behind them..

We pay huge money for text books that are quite commonly, just horrible.

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