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Duref Mudgins
Registered: Jul 2004
Posts: 854 |
09-21-12 07:12 PM
And as long as we are asking YOU questions, how much can you stand in monthly trading infrastructure expenses, computer infrastructure investment, and initial brokerage account deposit?
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NoDoji
Registered: May 2008
Posts: 8107 |
09-23-12 02:42 PM
Quote from cscrryan:
I am 22 years old and currently I have worked all manual labor jobs. I have always been good with computers so I know I should use that to my advantage. I also know the best places to learn things is on excellent forums.
So I am curious, where should I begin? Is there a certain website I use, how much money should I have set aside to begin? Anything I should know? I look forward to the responses, any information is more than what I currently have at the moment. Thank you for reading.
The fact you've worked manual labor jobs improves your odds of success, because most likely you aren't supporting the voracious appetite of a massive ego. The most successful novice trader I've ever met (3500% ROI over a couple years) works a minimum wage job.
If you're interested in day trading, read Bob Volman's "Forex Price Action Scalping". The fact that he trades Forex and the fact that he's a scalper is irrelevant. The lessons in price action, risk management, and psychology are the key to success and presented with a clarity (and quirky humor) I've not seen elsewhere.
Then register for a practice account with OANDA and practice the price action tactics until trading this way is as comfortable and automatic to you as driving a car.
If you're interested in swing trading, I'm not sure if there's a book comparable in its clarity and precision as Volman's book is to intraday scalping. Alan Farley's "The Master Swing Trader" is an incredible resource, but it's like the Calculus of swing trading, and difficult for a beginner.
I've found these links to provide a solid foundation for technical price action education (applicable to all trading time frames):
Price action primer: http://www.daytradingcoach.com/dayt...tick-course.htm
Price action setups: http://www.daytradingcoach.com/dayt...ysis-course.htm
Every resource I've posted here leads you to consistently profitable trading if applied in combination with generally accepted risk management principles.
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oldtime
Registered: Jun 2011
Posts: 7389 |
09-23-12 04:01 PM
the short answer is open a demo account. I trade with www.interactivebrokers.com. I have never used their demo and have heard it is not exactly like the real market, but it's a place to start. After you figure out how to enter a few symbols and buy and sell you can start asking more knowlegeable questions.
the reason I suggest the interactive demo is you can put on some gold and some oil and some individual stocks and options and forex currencny pairs and some stock indexes like the dow jones or s&p and see how they move and how much money realistically it takes to trade them.
after you do that a while, you will be able to ask better questions
once you settle down and find something that interests you, you will be able to search more relevent info on the internet
it is still way too early to ask how much it costs to get started
fool around in that demo and just ask questions about how to set up the demo, that is good enough for now
(the other good thing about demos (as opposed to sim or paper accounts) is, they are available on the weekends when most people that have real jobs have time available for learning)
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mildguacamole
Registered: Oct 2012
Posts: 2 |
10-08-12 02:49 PM
I'm young as well and would like to get in to day trading myself. I've been trading with marketwatch for 2 years with a virtual $100,000. Don't I need $25k to day trade with most online brokers?
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oldtime
Registered: Jun 2011
Posts: 7389 |
10-08-12 07:26 PM
Quote from mildguacamole:
I'm young as well and would like to get in to day trading myself. I've been trading with marketwatch for 2 years with a virtual $100,000. Don't I need $25k to day trade with most online brokers?
it's not "most" brokers, it's all brokers due to a law called PDT
nowadays, most people with less than 25k just open an account at 3 different firms, I think that gives you 9 trades a week
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mildguacamole
Registered: Oct 2012
Posts: 2 |
10-08-12 08:23 PM
Quote from oldtime:
it's not "most" brokers, it's all brokers due to a law called PDT
nowadays, most people with less than 25k just open an account at 3 different firms, I think that gives you 9 trades a week
That's what I figured, thanks for the reply. Opening an account at multiple firms seems like it would be a lot more to keep track of.
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