Current position:
I'm in university. My GPA must come first, so I am taking the slow road. I feel like I am lost in a forest of information - books, tutorials, forums - and cannot make heads or tails out of anything.
From the looks of things, stocks are my target. However, Forex (Foreign Exchange, meaning currency market) and Futures (commodities like wheat, coffee, and steel, as well as financial products...meaning?) also pique my interest. It'll be a while until I decide where to put my money, but for now, I will stick with stocks.
The plan:
1. Learn how to trade.
-Read books, forums, anything.
-Learn programming. One of my majors is Mathematics, so I might as well. I chose long ago to begin with the Python language.
-Learn how to use a trading platform. I am using the free platform from ThinkorSwim.
-Also, I use the trade simulator WallStreetSurvivor.
2. When I feel comfortable and time between studying permits, hopefully in a few months or a year, I will begin with $1000-5000. I consider this money tuition - it is not really mine and I do not expect to get rich with it.
3. After I am finished with university, I will begin my proper goal of turning $5000 into $1,000,000 in five years. My calculations show I need about 2.2% profit per week or 9.9% per month. This will put me to about 1,450,000, which gives me some wiggle room.
4. Before I begin intra-day trading, I want to have a year of successful end-day trading. Livermore himself suggests trading longterm is more profitable, so I will start there. I don't need to mention that I am a student, so I currently don't have the time for intra-day anyhow.
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