With $500 you should buy some good hardware for your computer. That way when you blow the account at least you will still have the hardware. I started with $50k and got myself down to down to $20k before I finally realized that I was an f***ing idiot about trading stocks. It took about 8 months to figure that one out. I averaged about 20 trades a day. Now I trade a 5k cash account and I swing trade >$20 stocks. I aim for 6 to 12% return each month. On a good week I make 2 trades. Last month I got an 7 % return for the month (2nd profitable month out of 9). Hopefully, December will be profitable also. I don't know if my ego could handle 2 consecutive months of profitability. My goal to trade for a living. Once I have doubled up this 5k account, I will go back to a pattern day trading account. It's not the size of the account that determines whether you can be a good trader its all about the profitability of the account. Good luck!
Don't pay for data feeds, charts, etc. get it free here: www.quotetracker.com and/or trade FX mini lots at FXCM with your 500.00--free news, charts, alerts, etc. www.fxcm.com you'll likely lose the $$ but its good experience. best wishes, surf
I second, third, fourth and N to the 10th that... That is the correct way to do it... period... <img src="http://www.enflow.com/p.gif">
i disagree. 500.00 in technical analysis books, are you guys insane??! demo trading to learn how to use the software only, not to learn how to trade. 10k is entirely too much, is this so he can lose the 10k instead of 500.00 when learning trading isn't as easy as the books say? regards, surf
$500 for buying trading books over 3 to 6 years at $30 to $50 a book is about right... to create a knowledgeable trading library... Before you play pro sports you always demo play them first - same for trading... Like Football players having to learn complete play books by memory... from stem to stern... to test out their strategies... 5K to 10K.. for first foray into trading is not that much... IB is even asking 10k for new accounts... <img src="http://www.enflow.com/p.gif">