*I want to start now* Help Me with something Please

Discussion in 'Trading' started by Kastro_316, Feb 2, 2003.

  1. Hey Everyone.....

    Ok i have been in the RCMP/GRC (Canadian Police) For almost 1 year now and i am 22 years old. For the past 2 years i have been training with IB test platform and been reading and reading as much as i can. Also have been trained by a couple of very good day Traders!

    What i want to do is set up my account with IB and start trading. The amount of money i will open the account with is 30k. What do you think about that? SHould i wait and maybe open with 50k?

    Now My main problem is i have been away from the markets for 2 months now because if the RCMP training school took almost 3 months to complete and i wanted to know if anything major has changed in Day Trading in that time. I left the markets right when supermontage first opened. Can anyone tell me if it is as good as Nasdaq said it would be? Basically what is it?

    but I want to start my account with IB with an account of 30k and wanted to know if anything has changed to make me not want to open with a DA account like IB?

    Thank you and Have a great day everyone!
  2. You haven't missed anything. The last two months have been a good time to got out to the lobby or visit the can. A whole lot of nothing.

    Where does a 22 year old get $30,000?
  3. Start with 10k and keep the other 20 under ye pillow.
  4. cheeks


    Good advice.
  5. You didn't miss a thing, Dudley.Better to have spent the past two months rescuing Nell from the train tracks...................
  6. Do you know what Dudley's horse was named? "Horse".
  7. CalTrader

    CalTrader Guest

    IMHO 30 k is not a lot to trade with if you expect to make a decent living -- but neither is 50 K. Now, compared to the RCMP you might do OK but before you quit the RCMP make sure you want to do your own thing rather than have the security of a government job. If you are comfortable with the possibility of going broke and you really never wanted to do anything but be part of the financial markets then go for it. My advice: hook up with the very good day traders that trained you and start trading with their group - or some other. This will increase your chance of success.
  8. because when I read that 30K is "not a lot to trade with"... it makes me look back in time and remember that it's all relative. If someone is trading with 250K or 250M let's say for example... and they are not disciplined, have poor money managment.... they will do worse than I or others might do (and have done) with 15K or 30K or 50K. Bigger accounts have no bearing on successful trading imho. Anyone doubt this... check out large funds and large traders who blew up or lost money and/or can't even beat the S & P in a down year... much less make good money trading.

    Guess that's what I find interesting about traders as I get "older and wiser" (hopefully :) ) and particularly with new ones, is how they have the same thinking (and will likely make similar mistakes) as I and most other veterans had (and made) throughout the past years with thinking "the more money I have the larger my returns". Sounds reasonable. But why? Less fear? Or more false pretense that you can be lax on stops and take more losses to "get there" since you got more cushion? Of course places like ET can reduce the error factor by a couple % points; although human nature (in trading) cannot be easily changed from what someone tells you... but more so from what you learn and experience first hand. Many times a "larger" trading account is not a cushion as some might have you believe... but seduction to over-trade and take larger size positions without the requisite experience and proper money management skills under your belt!

    I know from experience one can take a 25K account and turn it into 500K. But what will prevent most from such goals... is the need for speed (or is it need for greed)?! Less wants or needs for the money NOW.... correlates closer to success and consistent trading returns later (imho).

    Just some input from an "older" dog who feels there are no 'new tricks' to getting there. It will always take patience. And as I try to tell myself each day... continued patience to stay there.

    Are there exceptions? Sure. Just like each week one out of 20 milion+ wins the lottery. And what happens to them with ALL that money... do they get more secure or patient?

    I hear they blow it half the time.

  9. I try to enjoy your beautiful country as much as I can... was in Vancouver, Salt Spring Island and VI a year ago for 30 days.

    Didn't want to come home!

  10. silk


    If your passion is trading, what the hell are you doing on the canadian police force?

    30k capital is not enough to make a living. You need to join a prop firm and learn to trade. Then use their unlimited capital to make your millions.

    If you want to be a successful trader, you need to spend 10 hours a day for the next few years figuring it out. You can't do this and work full time in my opinion.
    #10     Feb 2, 2003