First post here. I'm preparing to jump into day trading by studying Tim's How to make Millions DVD, watching his other free videos and following along on silver alerts. I was fortunate enough to get a great deal on a 1-owner car with no money down, so I didn't have to use my old car for trade-in. That means I can sell it for a better price and use that money for starting capital instead of letting it sit around collecting dust. I plan to get $3000-$5000 for it, but some of that may be used for silver alerts or more of Tim's DVDs.
I don't typically use blogs like this and I'm not sure what others use it for but I'd like to get some of my thoughts out on the table as I begin my journey. I usually don't keep journals or write down my thoughts but it's been suggested that it may help to read back on some of these. I will begin by outlining my financial goals for the near and distant future.
1. My first goal is to pay off my credit cards. Pretty basic stuff, not much to comment on. Nobody likes to be in debt, so the priority is to get out of it completely.
2. Following the same logic, I would then like to pay off my car. This is the first time I've ever financed a vehicle, but it's also the nicest vehicle I've ever had the pleasure to own. Even if I never get to Lamborghini/Ferrari level income, at the very least I'll have a nice car that I love to drive.
3. Eventually, I would like to buy a small house (or perhaps a condo) in cash. Somewhere in the ballpark of $100,000-$150,000. At that point, and including all the above goals, that's basically retirement. Aside from insurance, taxes, medical bills, etc., I would no longer have to worry about where my monthly payments are going.
In between these basic goals, once I grow my account to an acceptable size, I will treat myself, my friends and family to parties, vacations and things I never really got to experience while I was near poverty, such as concerts and car shows. I haven't been around much for my family the last few years while I was trying to figure myself out, but now that I've finally got my head on straight (mostly), I would like to make sure they are well taken care of. I don't have any kids of my own (never really wanted to, tbh), but my legacy will live on in my siblings and their children, and I'm ok with that.
4. At this point, if I haven't quit my job already (it's more likely I already would have, since I would rather work for myself in some way), I would definitely ditch the 9-5 grind and start traveling. It may seem counterintuitive to buy a house and then never really live in it, but I would like to have something of a "home base" that I could always return to if I choose. Or at least a place to keep my stuff.
5. Eventually, when I get to the point where I have more money than I know what to do with, I would like to give back to society by starting and growing one or more businesses. Giving to charity is great and all, and I don't look down on those who do, but the way I see it, stimulating job growth helps pretty much everybody. I want to give people without a job a second chance to live the American dream, especially homeless veterans. I served in the Guard, and it really hits close to home when I see a former servicemember struggling like that.
Anyway, to comment on what I've learned so far. As of this writing, I'm on Disc 6 of HTMM. Some of what I've studied must be starting to stick. I've noticed Tim has been trading a lot of the stocks I've been watching while I'm trying to figure out what to look for on the charts. In fact, I was looking at one this morning when I got a silver alert of him trading that very same stock. Tim talks a lot about following "the rules," which I think I understand pretty well. But what I don't fully understand yet is more of the technical stuff such as how the patterns tend to play out, support and resistance, etc. I look at the charts and see spikes and dips all over the place, but I am not always sure where I would place my strategy. I assume that level of understanding will become more clear as I gain experience.