Registered: Aug 2007
10-14-12 12:51 AM
This will most definitely go against what most others recommend, but I suggest you read very little books as all read them and few get much worth out of them. Get a book dealing with "Trading Plan", get Ninja software which is free till you use the platform to place trades, open an account with any broker where their data can go into Ninja. Read posts from here http://www.elitetrader.com/vb/showt...threadid=204669
Do not start Real time trading till to can do 500% in simulated account.
Long term trading provides the most in profits, least in number of trades and time. Day trading you will need to get losses very low, have to consistently watch you don't overtrade and spend a heavy amount of time to make a very small amount per trade. I day trade ES and will ave $16 to $37 a contract depending on the week, but I been trading 25 years.
I never recommend to anyone to day trade first, do long term first to build your account and expereince then get smaller.
Erosion: At least 40% my trades I get 1 tick profit, I rather have someone else pay my fees, and often I cheat myself of a move that takes off, BUT, I didn't lose.
OLDTIME, I recall spreading Value line at the close, WOW long ago.