Hey everyone. OK, heres the deal. Iv been learning for some time now, going on 2 years give or take, and i have been trading numerous demo's and pretty much living on this forum but now i would just like to get my feet wet in live trading. Now, i dont want to get started right now, because i have maybe another year or 2 of learning/training until i get REALLY get into this, but i would just like to get in and trade with a very small amount and live to see what it feels like. Schools out for the summer, so ill be working quite a bit saving for trading down the road, but since college ate up all my money this year, ill have only around $500 or so to start with. Basically this is $500 i am not to concerned about losing, because next years term is all paid for, and i dont want to touch my savings account for my future trading account. Since i only have $500, what can i do? I know a DA broker like IB i would need 3000k (CAD) to start, but how about scottrade? THey only need 500 to start? Again, this is just to get the experience in live trading, not to make any major gains of course And i live in Canada if that makes any difference. Can anyone help me out? Thanx guys Adam
No guts, No glory.. sounds like you have put in the work.. sometimes you just gotta take a swing and see what happens.. keep us posted on how things go for ya .. good trading.. -qwik
a prop firm thats trustworthy for you in CANADA to send a resume to or maybe you can see if there are any firms in toronto or montreal that might hire you as a clerk good luck
If you don't care about what market you're trading, do forex. No coms to eat up your small account and just trade small, a few units at a time. You can make that 500 last as long as you want
Thanx guys...Not going for the firms just yet IS there any Internet brokers i could trade with that require very small initial deposits? And yes, i was thinking of trading with Oanda. Iv been training in Forex for a while now, and been training on Oanda's demo for some time now. Does anyone know if you can open an accoun with Oanda if your from Canada? They say something about only dealing with USD and EURO???
No offense, but probably the best thing for you would be to blow those $500 fast, so you can *really* concentrate on your studies. If you succeed initially off the bat, which is highly unlikely, it will only serve to take your mind off your studies and you'll just end up blowing up down the road. It's just not going to work out with $500. Been there, done that(long, long time ago).
Thanx for the reply Yea, thats what i thought. But dont you think while learning, wouldn't it be a good idea to just get in the market to see what it feels like (psychologically) to trade live, rather then just learning for 2 more years on demo's, and then when i finally have enough money and knowledge to Daytrade, its less of a shock when i go live with 25k?
If you are really not concerned about losing your money, Scottrade will be fine. However, you probably will not make any money because commissions are so high and the amount of money you are trading with is so small. If you can, try really hard to scrape up the required minimum to open an IB account. Then you can really get your feet wet and have a much better idea of what you will be in for. Just keep in mind that you can lose your money just as fast with IB (if not faster) then you can with Scottrade. Good luck.
Adam..... Index has provided you with the best advice. Otherwise, since you are so eager to give away $500 (which is exactly what is about to happen), just send the money to me. I'll find some good use for it. Tell you what, I'll even donate $100 of it to the American Humane Organization. Now, wouldn't this make much more sense than just giving it to some faceless person in marketland?