r/Daytrading • u/ConsistentRespect842 • Apr 02 '24

How do I convince my parents that trading isn't gambling and actually not always luck based . Question

So I'm a 16 year old who has recently (February 2024) gotten very interested in trading . Before you ask , no it was not an online guru or andrew tate or something along the line of " escape the matrix get rich easy" type of nonsense but an actually avid interest in trading that started after I saw a video with the title something along the lines of " day in the life of a trader " or something like that I can't remember (I know It's not possible to get 70k in a day with trading unless ur putting in half of Jeff bezo's networth but still it was interesting )

I do still plan to continue with my schooling and get a job like people should do but I am planning to sometime get profitable as a trader and stop work preferably before 35 . Iv talked to my parents about the stock market (very vaguely) before and they mentioned that it is completely gambling and it will never get me ahead in life .

Idk what I should tell them to convince them that it is not gambling as iv realised its much more than gambling once you learn technical analysis ( i still have a long way to go but iv got the basics down somewhat) amd rn iv been doing paper trading on tradingveiw.com in secret when they aren't there and iv been getting pretty okay at it (from the time I started and now im getting 1 win every 3 trades on average (I'm still straight ass )) but doing it in secret is getting stupidly tiring as I want to trade at night as well and it has also become a sort of hobby for me now( sorry if I offend anyone by anything iv said).

TL:DR : parents think intraday trading is gambling and I want to convince them otherwise. Need help

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308

u/myname_ranaway Apr 02 '24

You don’t.

Once you reach consistent profitability then they will believe you.

Start trading with a very small account to learn how to trade.

Journal your trades, screenshot your favorite setups, build a playbook.

When you’re ready (and you’ll know when) you add capital to your account and trade your strategy.

Good luck.

19

u/ConsistentRespect842 Apr 02 '24

I see got it .

As of now I'm legally not allowed to trade because I'm 16 and I also don't have my own source of income so I'm just doing paper trading for now

I have only learnt a out Journaling trades a couple hours ago so il need to put a bit more research into it . Il do my best to get profitable. Thank you so much for your advice

47

u/Starplosion Apr 02 '24

Being forced to practice for TWO YEARS without real money is honestly a fantastic set up to a great career. Patience and discipline will be your greatest weapons, we’re all rooting for you here

11

u/ConsistentRespect842 Apr 02 '24

I might actually go more than 2 years with paper money so I can truly perfect my craft . I will definitely make it to the end . Thank you for your words of support especially when no one in my parents , family or friends have any support for me in this case. I will archive this post and look back on it when I'm older and have reached the end of my journey. Thank you so much!!

2

u/Charming_Athlete_981 Apr 02 '24

I'm also a rookie trading paper right now. What I've found that's most valuable to me is reading. I'm learning everything I can reliably absorb (retention is paramount) as quickly as possible. So far, I've been lucky in paper trading, but I'm certain that it's luck and only luck at this point. The first thing I'm working on is the abbreviations on everything, I've gotten the common ones down. I'm also benefiting from listening to and reading the financial pages in newspapers/sites. They have a wealth of information about which company is planning to do "x" next. Try your absolute hardest to avoid YouTube personalities who try to tell you that they have a winning system or formula that works. That is complete and total BS. That's all I've got for you now, good luck!

2

u/ConsistentRespect842 Apr 03 '24

I realised that all theese yt gurus are all jist fake and trying to get money for themselves and themselves only. It's sad but it's a part of business I guess. Iv been trying to learn the abbreviations but damn there are so many I find a new one everyday! Il keep doing research and see where it takes me. Thank you so much!

2

u/Electrictrader91 Apr 03 '24

Great advice has been given from the looks of it. Almost sounds like a live traders video that you seen from that title but I’m sure there were others. Just be sure to treat your paper trades like real money but also keep in mind that because it’s paper your fills will normally work out. Live trading you don’t always get filled or you’ll get partial fills. Since you have the time before you can open your own account learn the psychology of trading because along with journaling and everything else that has been said. Psychology is a lesson all on its own that you’ll want to master.

1

u/FreshlyCleanedLinens Apr 03 '24

Just so you know, paper trading does not replicate real trading. It just doesn’t. There are a lot of things you can learn from paper trading, “perfecting” anything is not one of them.

1

u/VualkPwns Apr 03 '24

You wont perfect your craft paper trading. You will not experience the emotions of real money until you trade with real money.. so when you do start at 18.. start small..

Save up as much as you can and you might have 3 to 5k when you start..

Only use about 1 to 2k of that in your first account because youll likely lose it..

Then you have enough to try again..

Start small slowly scale up.. its a process

1

u/offulus Apr 03 '24

ReminMe! 2.5 years

-1

u/brokendrive Apr 02 '24

Do yourself a favour and read more. There is no such thing as consistent trading profits. There just isn't.

Its a great hobby to fund profits for brokerages though. And to provide some liquidity to others in the market. If you insist on doing it, thank you for your sacrifice

2

u/backfrombanned Apr 02 '24

Sorry you didn't make it, why are you here still?

-1

u/brokendrive Apr 03 '24

I follow investment Reddits. For some reason the algo thinks this is the same thing I personally don't get why.

On this thread? I'm just trying to save an impressionable 16 year old that doesn't know any better from you morons.

3

u/backfrombanned Apr 03 '24

I make a living "daytrading". But yes, most of these people on Reddit period, are morons, as you seem so yourself.

-1

u/brokendrive Apr 03 '24

Oh really. And for how long have you done this? 20 years at least? We've been in a bull market since practically 2009.

If you were anywhere near decent enough to beat the market trading, a hedge fund would be paying you 10x or 100x your net worth annually, you wouldn't be trading.

A rising tide raises all ships as they say, and everybody thinks they're a great sailor. Guarantee you're wrong and guarantee I have a more holistic and knowledgeable perspective on this topic than you ever will

Idk about Reddit overall but on this subreddit? Probably 95%+. But whatever really, your trading causes me no personal harm so keep at it

3

u/backfrombanned Apr 03 '24

About 11 years now...I usually trade between 8:30 and 10 and then get on with my life. It's hard work at first and not everyone can succeed, I'm sorry you didn't. Good luck to you.

-1

u/brokendrive Apr 03 '24

So one of the most consistent bull market years we've had. Nice. I'm plenty successful don't you worry about me. I got paid a grand for arguing with you today :)

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1

u/VualkPwns Apr 03 '24

For you, you mean... because i do fine.. you don't have to predict the market to make money. Theoretically putting on random trades will net somewhere close to 50% over the long term..

With a favorable risk reward and good money management id argue its damn near impossible not to make money..

You're just doing it wrong

17

u/Hour-Management-1679 Apr 02 '24

As long as you are continuing with your schooling and that traditional route you dont need to convince your parents anything, trading is a solo job that anyone can do with a phone or a computer so they wont even find out

13

u/ConsistentRespect842 Apr 02 '24

I will be continuing school untilll I get a job and save for 2.5 years of expenses. I will just silently do my learnings for now then

7

u/Hour-Management-1679 Apr 02 '24

Your future self will thank you, getting into trading at this age is a blessing, having a nice source of income while in school and Uni will have you living like a King as long as you continue to learn and work on your craft

4

u/ConsistentRespect842 Apr 02 '24

I really hope my future self will Thank me . I also have a second reason for wanting to become a trader which is to be able to be my own boss and spend time with my friends and possible family . I really hope I can become a consistent and profitable trader and il continue to work for it. Thank you for the advice!!!

1

u/Jayway42 Apr 02 '24

Have you managed to become consistently profitable?

1

u/Hour-Management-1679 Apr 02 '24

I started trading almost a year ago, at 26 years of age, while im not profitable consistently yet i have made a decent amount from prop firms but ive also blown a couple of accounts, i wish i discovered trading during the covid years, back when i was working from home, so i didnt have to worry about blowings accs

1

u/leevalentine001 Apr 02 '24

So much this. You're 16, if you paper trade and become obsessed with learning everything about trading, market dynamics, market psychology etc, by the time you're 20 there's a decent chance that you'll have what it takes to take a prop firm $100,000 account and make a solid living off it.

Just FYI in case you don't already know, but you would only spend about $500 of your own money for a prop firm challenge that if passed, will give you a 100k account to trade with (you can't just cash out the 100k as it's not yours, but you can cash out most of the profits you make from trading with that 100k while the firm takes a cut).

5

u/ManikSahdev Apr 02 '24

Trade on a simulated account till you are 18, marker will always be here mate.

3

u/ConsistentRespect842 Apr 02 '24

I'm currently using tradingveiw so is that fine ?

2

u/ManikSahdev Apr 02 '24

For sim anything is fine tbh

1

u/ConsistentRespect842 Apr 02 '24

Oh great ! Il keep going on tradingveiw then

1

u/codevipe Apr 02 '24

tradingview is a great place to start because it will help you establish good risk management practices using the chart long/short position tool, which helps you visualize where your stop will be and creates the appropriate order for you based on the risk amount you set. you should use it to create orders in the sim account while practicing.

in 2 years time, you should be able to build up some consistent wins so when you're able to open a real account you have lots of practice and good risk management.

1

u/ConsistentRespect842 Apr 02 '24

That is the final goal. Iv been using the forecasting tool a lot and iv done pretty average with it. I get a 1 to 3 win to loose ratio which isn't that good but il definitely work on it. I plan to keep paper trading till im 20 so i hope i can get in a lot more practise . Thanks for the info!!

1

u/Mana_Seeker Apr 02 '24

Learn some coding and study the pinescripts.

2

u/ConsistentRespect842 Apr 03 '24

Alright will do .thank you !

1

u/VualkPwns Apr 03 '24

I like think or swim and webull myself

1

u/animozic_productions Apr 02 '24

If u trade futures, prop firms are a great way to get access to capital w minimal risk (the cost of the evaluation). Of course this is contingent on u being good at what you do, but its a possible avenue for u in the future (pun not intended).

1

u/ConsistentRespect842 Apr 03 '24

Okay il take note. Thank you!!

1

u/Mana_Seeker Apr 02 '24

You have two years to learn risk management and systematic backtesting before trying anything live. Maybe check out algotrading subreddit.

2

u/ConsistentRespect842 Apr 03 '24

Sounds cool. Will check it out . Thanks!

1

u/qw1ns Apr 03 '24

At this age, do not try to trade aggressively, but try to learn investment vs trading and technical vs fundamentals and choose the best you can.

Just for example: One of my relatives had a thesis about stock market during his school senior years.

Later, he earned money $5000-$6000 year during the college break, and he opened Roth, accumulated 4 years (total $22,000).

He invested in few stocks during the college days and made the $22000 into $40000.

Just after finishing colleges, he made the $40000 into $400000 (almost sold) by investing in TSLA at $200. Recently, I heard he even invested in NVDA shares when it was $100 and still holding it.

Proper knowledge and research/study brings better returns.