Another newbie here....

Discussion in 'Professional Trading' started by mrspock, Apr 9, 2008.

  1. mrspock


    Sentiment: long on metals

    Most interested in mini silver futures.

    Never traded futures of any kind before

    Need a broker who doesn't mind a lot of hand holding to get me started.

    I'm leaning toward Etrade since there is a local office in my area.

    Would appreciate comments on the merits of a long position vs. day trading.

    I've heard that 95% of day traders eventually lose their entire stake. Not very encouraging.

    Got some SLW stock and a little bit of physical silver. Just looking for some leverage on some risk capital....but I don't want to be stupid and flush the cash down the toilet with newbie mistakes.

  2. Stay out of the market and watch re-runs of Star Trek instead.
  3. I hate to say it but if you try to trade anything in the financial markets, with no specific detailed plan of action based on at least minimal fundamental knowledge of the general markets as well as the instrument you plan to trade, you might as well just mail your paycheck to Wall Street and be done with it.

    In other words, read, study, plan, paper trade, get familiar with EVERYTHING, or you will lose it all.
  4. mrspock


    Probably good advice. Can't lose any money that way.
  5. What's "physical silver"? Do you mean you store actual metal bars somewhere under your bed?
  6. mrspock


    Everyone should own some gold/and or silver coins as an insurance policy against an economic collapse.

    All empires eventually collapse. In our case it's because of an unsustainable "police of the world" military mindset and out of control deficit spending.

    The government will at some point be unable to to inflate the money supply enough to cover all this and the gig will be up.

    Maybe not in our lifetime...but you never know.