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Use grant for option trading

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    Hoping to receive a student grant , I would like to use it to purchase 5 books on statistical and technical analysis of equity and stocks as binary options. Otherwise a guaranteed buy power of £1,000-£2,000. Understanding the technical aspect of trading I am hoping to push the win rate to 60-70% creating a sustainable and consistent portfolio and increase the value of wealth by 50-60% every month at 5 trades per day . The aim is to purchase AP rose gold which costs 30,000£ and the wealth of 100,000£ by the next summer. Is it possible, or is it realistic? Lol...
    P.S Business finance and economics student of UEA . Second year

    Don't gamble money you can't afford to lose. What you are trading is considered high risk.

    Your plans are far too ambitious, learn about proper money management, the 2% rule, etc for real consistency. Without experience and training you'd be lucky to even break even within the first 3-5 months let alone maintain 60-70% (I doubt even experienced traders get this) and £70,000 profit. You talk about increasing "wealth" a lot (I can already hear alarm bells ringing telling you to not even touch this stuff with that foolish mindset), I hope you don't intend to gamble ALL your money. Learn to diversify - you should only allocate a small percentage of your money as trading capital.

    Books are only going to help you go so far, you need a proper feel for it. Just open a demo account and trade whatever you want until you've become consistent and can apply all of what you've learnt. I.e, Money Management, Both technical and fundamental analysis, knowing the major trading days, diversification of positions, learning the market, indicies, running averages, recognising sufficient chart patterns, knowing when to enter and exit a trade, how to max/min gains/losses etc, etc.

    For the mean time, come back down to earth, assess whether or not you can afford to lose this money or invest with less risk (try mutual funds to begin with, perhaps). Practice a whole lot on demos and decide if this is for you. You'll surprise yourself. If you do make money, don't forget to submit your self assessments.

    You can use the grant for whatever you so choose albeit its still repayable and if you loose it all on playing finance you might well be up **** creek without a paddle. Also on top of that if you did go belly up and need a bail out from anyone such as the uni or the like its a dubious proposition at best they'd help hearing you, essentially, gambled it away.

    Either way if you are dead set on this heres a couple of tips;
    1]Don't buy these books [only a mug would do this] if you really want them find the pirate copies [not that i condone this..]
    2] get the idea of what profits you'll make out of your head now, it is more than unlikely you'd ever do this. If people could plan, like that, how their performance would be we'd all be millionaires.
    3] down grade what you want to invest as start up capital to something that you can easily afford to loose. [bare in mind professionals doing this arent using their money in general]
    4] How do you intend to do this i.e. what software would you use or who would you do it through?
    5] in the politest way possible and with all due respect being a 2nd year student in this field does not in any way/shape/form make you an expert or even mildly knowledgible in this area, usually. Most people who go to do this for a living will be 'rocket scientists' and 'quants' who are top of their classes from the best universities and business schools the world over.

    I say these things which probably come accross as rude not to be cruel but to demonstrate how insanely hard this type of job is to get into, do and succeed in.
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