I am 29. I live in Brisbane. This is my story so far. I am looking for feedback / opinions of what you think may happen based on my plan to become a full time trader.
I have always been interested in the sharemarket and property investing. I purchased my first shares when i was 18 or 19 via managed funds and also purchased Telstra 2 shares which i still have. I bought my first property in 2005 and my second in 2007. Over the last 3 or 4 years i have become particularly interested in share trading and moreso in the last 4 months in trading full-time (some would say obsessed). I have done a share trading course 2 or 3 years ago which taught me about trends, stop losses, position sizing, brokers, chart patterns, support & resistance, moving averages, etc. I have read a lot on this forum, am currently reading Reminiscences of a Stock Operator and plan to read Trade Your Way To Financial Freedom and Nick Radge's book next (or the at least the first 50 pages everyone is going on about). I have recently become a monthly subscriber to The Chartist and also learn a lot there from the nightly analyses. I have changed from working 5 days per week to 4 days per week and plan to reduce my working hours more as I progress with my trading ability. The extra day I have I spend studying trading as much as I can.
My immediate plan is this: I have $40 000 trading capital and I plan to follow one recommendation from The Chartist at a time using the full $40 000 or as much of the $40 000 as position sizing allows. I will select one trade I believe is most likely to be profitable. I will continue to learn and develop my own trading plan (however I'm not even sure if this is necessary if Nick Radge is doing it for me, will I develop a better trading plan than him? What is the point? I may as well follow his analyses and just modify the trades [position size etc.] to my own circumstances). My next educational move would be to do The Chartist course and possibly some other trading courses throught the ATAA or the like. I am also considering doing a private consultation with Nick Radge as well. I have thought about doing a Masters of Business in Finance as I am interested in this area. However I am not sure if my efforts to become a full time trader would be better utilised on the aforementioned educational avenues.
My goal in the short term (the next 2 - 3 months) is to generate income from trading that will allow me to reduce my work hours more so I can devote more of my time to developing my trading.
My medium term goal (1 - 3 years) is to be trading full time and be able to pay myself a salary from that.
My long term goal is to be Nick Radge (lol).
I would like to get some feedback as to what you think will happen as a result of my plan to trade full-time.
Am I being too optimistic? Are there things I should be doing as part of my education I am not?
Thanks for reading. Would appreciate any feedback.