Hello, I'm a former online poker player looking into day trading... Any recommendations for a newbie? I've been looking around at some of the education courses that some of these prop firms offer and the prices seem ridiculous from $1000 to $10,000 dollar packages...Any one have any experience with these classes? Thanks!
if you have 25k open an account with Don Bright. You'll probably blow through your 25k, but at least when it is gone you'll know enough to ask an intelligent question. you may think I'm kidding, but my daughter asks me from time to time how to get into trading, and that's what I tell her. (except in her case it is my 25k.) but generally, I think anybody who has to ask such questions will not make it. when I started out, I lived in the Gay Bay and had a library card for every library from Santa Rosa all the way down to San Jose. And I read every book on trading that any of them had. And I always stopped off at the book store in Palo Alto and read a chapter while standing there for free from a new book (and trading books were expensive back then.) Back then there was no internet or Bloomberg, all we had was Louise Lukesyer once a week on PBS. Barron's was mandantory reading. And there were always plenty of adds in there promising to show you the secrets. that's why I don't bankroll my daughter. Because she doesn't want it bad enough.
it will cost you 10-20k for a good education program. Some companies offer some free training for members like Bright, Capital Traders Group, and a few others that you can find if you read through the forums. the mistake most n00bs make is they think giving a firm a $5000 capital deposit and taking some free training is going to make you profitable. It takes years of dedication and hard work and you will lose all your money before you turn a profit. If you really want something affordable, try capital traders group. They offer 50k BP for a $1500 deposit, 30 cents per 1k shares. You will have to get licensed & fingerprinted, but that's good for your future because if you're registered you can list the work experience on your resume as a real job. I think it's a general scalping program but for that price range, you won't find anything else better.
Buy a $350 Asus Transformer tablet and 32gb micro sd card and load with: Reminiscences of a Stock Trader (both pdf and audio book) Google and get Paul Tudor Jones "Trader" video. Trading Bar by Bar by al Brooks (google or kindle) "When genius failed" great audio book and text. "More Money than God" "QuantativeTrading" by chan Mind over Markets by Dalton Amazon audio tapes of Marty Schwartz "Pit Bull" convert to mp3 (the old audio tapes are narrated by Schwartz not an unemotional reader) Google and download ACD seminar that Mark Fisher did in 2003 great stuff. Put "logical trader" on your tablet and study... Get a subscription of "tv.ino.com" and download all of the videos of: Larry Williams Linda Bradford Raschke Ryan Jones many more out there.... Then search ET for critiques of their work. Understand comparative value of each approach. Find something you like... Buy the Stock and Commodities CDROM for about $300 it is like an encyclopedia for trading. Download articles you are interested in to your tablet. Search for 4re on ET, he had a great thread and videos on support/resistance trading. A good start. Search for RyanWatts on google, for $60 he has a trading system and free forum that is better than many costing thousands. MirusFutures has a great collection of archived webinars. Some of the new ones are infomercials, the older ones are better. I went to the Bright 3 day training and thought it was very great. I have plenty of bp and not so interested in prop, it was still good. cmegroup has some great materials and courses in Chicago that are not too expensive. Spend your money trading small .01 a pip on oanda.... Learn by doing. Seminars are a waste for the most part. Years ago F. Scott Fitzgerald was giving a lecture. He was drunk and asked the audience "Who wants to be a great author?" Everyone in the audience raised their hand. He replied, "What the hell are you doing here listening to me; you should be writing!" Spend 2 weeks in 10 different 'free trial' rooms. Will cost you only your time and you get the same info without paying for the course... Good trading! slacker
yeah, what he said, show a little intiative (and be paper trading on a sim account the whole time so you know what the heck they are talking about.)
i know a firm that hired several poker players over the last half year. they have training program. Do you have a degree (what and where)? Were you profitable at poker? Do live on your own? Are you in debt?
I can agree with much of the above. Especially Reminiscences of a Stock Operator. Problem is, I know some of these people listed, and know, in detail, what they're teaching. Some is way out of date, some is just fun, is all I can say here. Having traders who are making money in the markets daily, and who help us with our training, really gives us a leg up. We are at $1,000 for everyone, for 3 solid days in Vegas, with me, my brother, 2 of our very top performers currently (it changes), and our mentoring manager. Not bad IMO. I've never done this before, but with all the "stuff" out there. I am willing to respond to PM's with unsolicited endorsements from new students. I don't want to look cheesy on the board, but a PM, in the right context, might be ok. Let me know. Sorry MAV and Mr. slacker (BUT thank you for your kind words above...[.b] You saw the real deal, not too fancy, hopefully helpful), and, I know it looks like marketing, and it may be, but as I told you before, at this point in my life, I just really like helping people avoid the pitfalls. I do have to pay my guys and all that, but I also insisted on bringing the price back down to a grand. You said "$500K" - and I know what you meant. We really do try our best. Some use our training to trade elsewhere, and I don't really care, as long as they're making money. Let the bashing begin, if it must. Don
For undergrad, I went to UC Davis, for Poli Sci and Communication. Postgrad, I went to UCLA law, but dropped out after 3 semesters to pursue poker. As for poker, I was a very profitable player. I got 13th in the WSOP main event two years ago out of 7,000. I also chopped the PokerStars Sunday million at 1st place, and ended up 3rd. My main specialty is cash games though. I can play 24 tables at once on 3 monitors, for the past two years, I consistently was at the top of the leader board for mid stakes games. I can send you proof if you like. Please let me know what firm is this. Thanks!
We don't actually "hire" - we have independent traders. You might check our friends at Susquehanna however. Jeff was his name, see my link below: We were both lecturing at MIT (I know, "whoda thought, Don Bright at MIT, LOL). http://www.stocktrading.com/MITevent2009.pdf And, for fun, check: http://www.stocktrading.com/Pokerarticle2006.htm Our beginnings: http://www.blackjackforumonline.com/content/Brightint.htm Anyway, feel free to call me on Monday. 9A-Noon is a good time. 702.739.1393. edit: I lectured at UC Davis several times (my other life, with Electric vehicles and Environmental Homes). Nice school. 2 of my nephews graduated from there. All the best, Don
No bashing that I can see. 'Some is way out of date.' True, true. What is working now at Bright Trading? Where are your traders making money in this world of HFT and with less upside to market opening? Still open market orders? Pair trades? More swing and overnight trading? Glad to see you posting again and wishing you better health in 2012!!! slacker