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Old 05-04-2014, 08:55 PM   #41
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It is admirable that you are thinking about your financial future at your age. When I was 20, my thoughts generally revolved around girls, cars, beer and music.

I don't know much about Forex trading. From the little I have read, it seems like it would be difficult to make money consistently, and if news reports are to be believed, the market is possibly rigged by the large banks (see, e.g. http://finance.yahoo.com/news/u-pros...ZTllsADrfQtDMD )

That said, you seem to have a well-conceived plan, so I say go for it. You're young and you'll have an engineering degree and plenty of time to recover financially if it doesn't work out. Best of luck to you.
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Old 05-04-2014, 09:00 PM   #42
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Hi Jadd,

You're obviously a smart guy, but I hope you'll take some advise from a 32 year old engineer.

First off, engineering can be a fantastic career. We create the infrastructure of the future. However, some of the jobs out there are real joy killers. "Megacorp" is a common term here and sums up how many feel about working in a big corporation. Small tech start-ups, where I've spent much of my career, can actually be quite a bit of fun. You risk a lot of layoffs though. I'll also offer that getting a masters (not a PhD!) will open up the more fun jobs than just having a BS in the engineering world. I was actually fed up with engineering at the age of 20 also, but I was going to be a fireman when I dropped out so I could "do something that mattered". So glad my mom talked me out of that one.

Something else I learned the painful way (and probably we all have to) is that any returns more than 2-3x the "risk free rate" usually have some risk that can down the ship. Right now, figure anything over 5-8% IRR is going to have some serious risks. I used to be damn certain I had a no risk ~35% investment and had an excel sheet showing me being super rich in about 5 years. I thought everyone else was crazy for buying nice cars and not investing. I'm not saying never invest in high risk / high reward stuff, but don't bet the whole farm on it. If you haven't figured out how what you're doing can get you, you're going to get burned...

Almost any engineer can retire early by their early 40s and I consider this a good trade-off to the lifetime of an enjoyable engineering career. After that, engineers don't seem to love the job as much. Good luck.
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Old 05-04-2014, 09:48 PM   #43
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Nope. Almost through my bucket of popcorn, though.
If you make another tub, I'll take some with butter and b33ver cheese powder sprinkled on top. Rumor is there'll be a sequel thread (or two). Waaaay too much suspense and unresolved plot at this point.
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Old 05-04-2014, 09:54 PM   #44
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Working a minimum wage job out of high school wouldn't have really left much to invest after living expenses.

Not to mention I wasn't totally sure this trading thing was going to work out when I started college.

If you want to get technical, I've invested my scholarship in a back-up plan... Let's put it that way.
So you're implying that you are using your scholarship money to invest in FOREX?
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Old 05-04-2014, 10:20 PM   #45
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Trying to be helpful but point taken, post deleted.
No way would I complain. I'm not a law and order guy.
I'm just trying to join the scrum.

Incidentally, I believe members are extremely polite about what is a low probability scheme.

Ha
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Old 05-04-2014, 10:38 PM   #46
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I still don't get the point of the post. I have no burning desire to go to a Forex trading forum and tell them a better way to retire early than Forex trading is to have a two megacorp job household in STEM fields with pensions and LBYM. But maybe I'll do that and let you guys know how it turns out.

If I was making money with FOREX trading I would not try to interest a group consisting of many retired math, engineering and computer science majors with money to invest and time on their hands to add to the competition, unless of course I had some system or ebook I was trying to sell at some point down the line.
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Old 05-04-2014, 10:44 PM   #47
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I still don't get the point of the post. I have no burning desire to go to a Forex trading forum and tell them a better way to retire early than Forex trading is to have a two megacorp job household in STEM fields with pensions and LBYM. But maybe I'll do that and let you guys know how it turns out.
Yes, it's an odd post, isn't it?

But good luck to you, and may I suggest you read everything that Nassim Nicholas Taleb has written.

-ERD50
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Old 05-08-2014, 07:57 AM   #48
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We'll this string made for an enjoyable read.
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Old 05-08-2014, 11:05 AM   #49
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We'll this string made for an enjoyable read.

Brings back memories. Oh to be young and invincible again.
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Old 05-08-2014, 01:58 PM   #50
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One thing you might always wish to think about is that if anyone could do it - why don't they? There is a reason most people end up working for a few decades.

High return almost always means high risk.

You might be able to do this, and you might invent the next must have widget too. Perhaps you went for the wrong major in college if you hate doing it so much. I have been an engineer for decades and though I have plenty of assets, I am still doing some because I enjoy it so much. Of course, I am not entry, either...
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Old 05-28-2014, 01:28 PM   #51
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I came back for a brief update. Thanks to those who offered constructive posts.

I find the "I couldn't do it, so it must be impossible" attitude given off by CaliforniaMan and a couple other posters to be quite amusing. Arrogance at it's finest - continued denial of something any logical person would accept as fact given the amount of overwhelming evidence supporting it, simply because doing so would mean acknowledging your own failures. Age does not necessarily bring wisdom, and clearly not humility either.

I opened my live account shortly before creating this thread, after months of refining my strategy on practice accounts. Since then I am up 11.69%, which comes out to an average daily return of +.31%.

I've also been extended an offer to mentee under a trader who has been remarkably successful, and is looking to start a small private firm.

My goal in this venture isn't to make myself obscenely rich. I am very much so a minimalist. Once I have a comfortable egg built for myself, I will be looking towards philanthropy and funding meaningful scientific research.
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Old 05-28-2014, 01:36 PM   #52
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Yup, there's a "system" for sale here. Please take this stuff to some other forum. I'm a bit upset I spent time giving you my best advice earlier. Live and learn I guess.
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Old 05-28-2014, 01:40 PM   #53
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After typing and deleting a number of comments, I decided this was probably the way to go:

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Old 05-28-2014, 01:49 PM   #54
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Yup, there's a "system" for sale here. Please take this stuff to some other forum. I'm a bit upset I spent time giving you my best advice earlier. Live and learn I guess.
Lmao. When in any of my posts did I say I had anything to sell? I came back to update on my progress. That is all. My system is not for sale and never will be.

If I was trying to sell something, there are 1,000 other forums which I could have chosen where I would have had easier targets. I watch people get suckered every day on Forex Factory and BabyPips.
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Old 05-28-2014, 02:04 PM   #55
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After typing and deleting a number of comments, I decided this was probably the way to go:

+100

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Old 05-28-2014, 02:08 PM   #56
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I actually would buy popcorn, REWahoo, but only if you have a secret system for adding more buttery flavor than anyone else can provide.
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Old 05-28-2014, 02:19 PM   #57
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I actually would buy popcorn, REWahoo, but only if you have a secret system for adding more buttery flavor than anyone else can provide.
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Old 05-28-2014, 02:21 PM   #58
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Funny stuff. Guess that's what I get for posting better gains in a month than you guys see on average in a year.

Enjoy being mediocre.
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Old 05-28-2014, 02:26 PM   #59
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I am going to put that on my coffee mug. Thanks for the great slogan!
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Old 05-28-2014, 02:30 PM   #60
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jadd, why are you exchanging insults with a bunch of 'mediocre millionaires' on this forum when you could be making big bucks trading? Seems like a real waste of your time.
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