Wednesday, January 6, 2010

Becoming One of the Wall Street Boys

Today was rather hectic, but should pay off big down the road. I enrolled in a school down on Wall St. for training stock traders. I will be training with some of the biggest names of Wall St. to become a professional trader. I plan to make day trading of stock my main source of income before I attend law school. Even if stock trading continues to be my main source of income, I'd like to have a second trade (law) under my belt, because the two can go together very well. I will incorporate my own business for the purpose of trading within the next 12 months. But for now, I have A PILE of homework to do before classes start in February, and I need to really work at my computer job to make money to pay off tuition.

Anyone looking to trade equities needs to be properly trained or they are going to lose a lot of money. I will be learning technical analysis of markets, and make purchases and sales according to what the market is doing at any particular moment. The thing about technical analysis is that the market does not lie. All the numbers are right there: ask price, bid price, and trade volume. The other way of judging stock is by fundamental analysis, which is looking at companies balance sheets and other financial statements. Problem is, companies always lie on their balance sheets, just look at the wonderful balance sheets financial companies had while the recession was moving into high gear. I am basically going to be a number cruncher. Learning technical analysis is a skill that can be learned rather quickly compared to a regular business education to understand the fundamental aspects of business. The course I'll take is only 56hrs. of class time and workshops. The school will give me an account with real $$$ to trade for real during workshops, which students usually increase as opposed to totally blow away. That will be fun.

No comments:

Post a Comment