Help with getting started (Canada)

Discussion in 'Professional Trading' started by Wingover, Oct 6, 2011.

  1. Wingover


    Hi Everyone,

    I am new to this forum and day trading. I am looking for help with getting started.

    Here is where I am today:

    I have an account with RBC direct investing and have been doing some day trades and some short term trades with a few different stocks for a few months now. (I don't trade FX or other options).

    I am trading from home with $20,000 (I have way more than that but not willing to risk it at this point) and so far made around $2000-2500 per month. This is all based on "gut filling" I don't have much knowlege.

    I really enjoy doing it and don't really need more than $2000 per month to be happy.

    How can I learn more and become better at this?
    Any software that I should use? Are there courses (Legitimate) that I can take?


  2. Fellow Canadian here.

    RBC must love you. The big bank's "direct" brokerages have pretty high fees compared to brokers from around the world who cater to day traders. I'm not saying you should switch, but at least see if you can negotiate a lower fee structure by quoting IB Canada's fees and threatening to take your business elsewhere. It works with most direct investing brokers...

    Do you trade US or Canadian stocks? If US, from a USD based account or from a CDN denominated account?

    Do you use margin?

    Anyhoo, if you enjoy day trading, consider opening a 2nd brokerage account with a company that focuses on day traders. Interactive Brokers Canada comes to mind.

    Fees and savings aside...

    I'd suggest picking up Mark Duglas' Trading in the Zone. I've read quite a lot of books on technical analysis and market behaviour but this one focuses on trading psychology and really helps traders get to the next level. It's nearly a required read on my trading desk at work (I work on an equities desk at a prop firm.)

    Oh... above all else, listen to anyone on this board when it comes to market opinion or investment ideas... like most other online forums on trading, opinions here are like a sea of shit.. Try to keep yourself clean.
  3. I assumed that there was a typo... it did sound quite funny. Your "gut filling". What did you fill your gut with? LOL :D

    You must be doing something right. $2000-$2500 per month out of $20,000. 10% to 12.5% return a month, 120% to 150% return a year without compounding. I think you can keeping doing what you have been doing and do really well. No need to seek for any trading courses because they could not teach you to make a fraction of what you have been making.