w/ a lot of resources left and right and a lot of other traders to share ideas etc.?.. Staying here in NC, and just reading books and papertrading online, I think it will never make me as good as I can if I can get started approprietly like at a good firm. Also, what are some good Firms with good beginner Programs? Thanks in Advance... Nelson...
I can't understand why somebody would want to start daytrading equities at a prop firm now. As amatter offact for the past couple of weeks the stockmarket has been like dead, even if there will be nice rallies we are not going to see the kind of range we had from 1997-2001 in a longtime. IMO it's better to trade from home, different markets not just stocks and make sure you have other sources of income when you start.
I think the best thing is to be in the EST time zone. So you don't have to get up early! And I agree, trade your own money.
The NY area, Chicago area and LA area probably have the most day-trading infrastructure. But, in the internet age you can get information from anywhere. Florida is probably traders paradise - its on EST so you don't have to get up so early. It has no state income tax. Weather is pleasant. You can make it from anywhere these days.
True about getting up later if you live in the EST time zone, but the flipside of that is on the west coast your trading day is finished at 1:00pm. That leaves plenty of time to run errands, look over charts, plan strategies etc. without ruining your evening.
run errands?? look at charts?? plan strategies?? how about a round of golf or fishing? or maybe some fun exercise
Trade at home and Definitely Florida as my first pick. Tax purpose a + (although i am from Canada...) We, Canadians, over here bust our ass to make money so that we can enjoy the FL weather, so in a sense, you are saving a tone! and yes. I Strongly agree to the "Trade your own money" style, i think your learning curve will be much faster too, because everyone of your trades WILL cost you moeny, and the chances that you will note down every mistakes and learn from them are so much higher, than if you are "trying" and "mess around" with the prop firms money. You probably will be calling shots and shots and not really trading.
I have tried Greenwich conn (EST); Zurich ,Switzerland; bucks county PA, and Phoenix and Tucson, AZ (MST all year round). I have to say that the best is Tucson. It runs either 6:30 to 1:00 or 7:30 to 2:00 depending on the NY time. The market is only a half day effort with a dull chunk in the middle (11:15 to 13:15). So i eat breakfast during the middle chunk and do posts as well. I am only an amateur who trades just equities and futures indexes. Since I am older person I operate at a different level than most posters here.
Plus Florida has some kind of homestead law where if you go completely bust and someone is suing you they can't take your home - even if its a million + home. You can still be evicted if you don't make your house payment so its best if you own the house free and clear. Thats why O.J. and the Enron crowd bought big homes there. I don't know all the details - perhaps someone more knowledgeable on FL homestead law could comment.