IB seems to have a lot of choices and as a newer investor, I am unclear as to what extra subscriptions I need. They have I think something for $39 that includes all the research but do I need that much info? Don't know. I will probably be trading a few stocks, options and probably index futures. What about the data subscriptions? For example, to have the Dow Jones Indicies up it costs 1.00. Is that important? Then how do I decide between what I need for level 1 and whether I need level 2 stuff? It's just crazy all the stuff they offer. I just do not know.
Get it all, but above all, hurry up and start trading, because we need more people like you in the market place, the fishing grounds are getting harder and harder to harvest, a very warm welcome to you with a sweaty palm hand shake. Seriously dude, why you wanna piss your money away, I can assure you that you will lose money, at least in this stage. Turn off your broker interface and start learning the ropes in books and read, read, read. It sounds you are asking to be separated from your money. If its not hard earned then you are quite welcome to surrender it, if you worked hard for it, then do not be stupid and do your homework first, which you sound you have not done at all. This is the soundest advice you will get on this forum, believe me!!!
+1 (seriously, it looks like you're about to start trading real money, but from all your many posts over the last day or two you seriously haven't got a clue about even the most basic stuff and seem unable to work things out for yourself ... IMO amazingIndustry's response above is the only response to any of your posts that you ought to be paying attention to now ... what ever you decide, good luck!)
+1 agree with amazingIndustry I responded to your earlier posts regarding platforms, datafeed etc... and gave some suggestions, however, that was with the assumption you already developed a trading plan with proven strategies. Which includes the markets and instruments you intend on trading At this stage, you should keep your costs down, and by all means preserve your capital until you are ready. There is no shame in learning, what is shameful is trading your capital away prematurely. Equities, futures, forex, options... may be a bit too ambitious to start with. Focus on one Asset class/instrument and add slowly as you master each... Avoid Faster timeframes, 5 minutes is just too noisy, focus on the Daily/weekly, then you can move down to 60 min, 15 min, etc... Considering your available capital you may consider Forex or Futures to avoid the PDT. IF you choose forex, don't make the mistake of so many by over leveraging, or trying to scalp it. Start with one pair, i.e. EUR.USD, learn its characteristics, how it reacts to Support and Resistance, appropriate risk mgmt [stops]. If you choose futures, you may consider NQ in lieu of ES, due to lower margin, and ability to use multiple contracts. It is infinitely easier to manage multiple contracts over uni-car [single contract]. It provides options in MM, averaging up, scaling out, Risk mgmt, etc... which you must determine for yourself in the sim stage Select the minimum datafeed from IB necessary, learn TWS before you embark/rely entirely on a front end... {$10} The US Securities and Commodities Bundle Non-professional Level 1 includes market data for stock, options, and futures products on: AMEX, CBOT, NYSE, NASDAQ and OPRA. {free} IB FOREX (IDEAL PRO) (explain) FOREX Free IB Forex I highly recommend BT [and sim is free for as long as you need in demo mode] however, it is imperative that you fully understand how to configure and manage your trades in IB/TWS first. If ever you need to close a position for whatever reason, you need to be able to do so without hesitation in TWS as your last defense, NEVER completely rely on your front end. Once you develop a strategy with positive expectancy, determine your risk/money mgmt techniges, etc... then, and only then trade cash, but what I refer to sim/cash. A sufficient amount to activate the psyche hurdles you will need to overcome prior to risking your Capital. Avoid indicators, blogs, newsletters, "training programs", how to get rich in trading books, etc... you will far ahead of the crowd. No book will teach you how to trade, that only comes with experience... at best these type of books will make you familiar with patterns and terminology, but not how to trade them... avoid all books which profess they will... For all aspiring traders, the books on psychology are must reads... [Douglas, Livermore, Graham, Elder] Study Investopedia, it is an excellent resource for information. Just keep drilling down links. Here is a previous thread which contains a suggested reading list http://www.elitetrader.com/vb/showthread.php?s=&postid=3552903#post3552903 Study well, Trade smart
The Irony... My story, When I first started researching inter-day trading. I stumbled upon a post by stealth trader on 7-20-07 which inspired my quest of Price Action... At that point I realized the correct direction to take was Price and not indicators. The Irony is that you initiated that threadâ¦â¦ http://www.elitetrader.com/vb/showthread.php?s=&threadid=99119&perpage=6&pagenumber=4 I left ET soon thereafter due to the negativity and complete disrespect members had for each other. It is apparent some things never change. Negativity begets negativity. Along my educational PA journey I was fortunate enough to meet an accomplished trader, who shared his knowledge, mentored and helped me discover my personal style and niche in the market, not to mention became a good friend. In addition to PA he taught me the most important lessons of all, overcoming the psychological hurdles, proper risk mgmt, money mgmt, position sizing, diversification, etc... the list goes on. At the time I didn't realize what "price action" meant, now it is the foundation of my trading. I will always be grateful to him for shaving a good 5 years off my education, providing me with the tools and insight to become a consistently profitable trader. But none of this came easy, regardless of his benevolence, the one constant to become successful was hard work. One needs to apply oneself, studying charts day in and day out⦠I have accumulated thousands of hours of Screen time, and have yet only scratched the surface of the endless possibilities Trading has to offer⦠One of the reasons I attempt to assist new traders [those willing to put forth the effort to help themselves], is to pay it forward in respect to my friend who shared so much with me⦠On a side note: I am also grateful to Stealth's post which initially piqued my interest, and at the same time a little confused on how negative he has become⦠aka T6A, but I donât hold that against him⦠he has never been negative towards me, and it was his post which pointed me in the right direction.
I did? I never posted in that thread... at the time I was in pure research mode. The only question I will ever ask, is one were I was unable to locate the answer on my own. Even then I usually will request clarification, never a "how do I do this?" I am a nobody, then and now... ;o) I re-read that initial thread I posted above for Nostalgia... and it appears the OP is making the identical inquiries now has he did then... My suggestion would be to closely re-read that thread...
The info of your post further above about price action identified you. Plus the writing style. Nobody - NoBias - No****, There's a trend here. Either way, I am glad you are back. I've missed your postings. Like you've said, you have been very helpful to new traders. Cheers
Ahhh, Sorry to disappoint, I am not NoDoji if that is to whom you are referring. It was my understanding that she was a very generous contributor, and understand how she would be missed. I really am a nobody, then and now... ;o)
Wow guys, thank you for the myriad of responses. I'm not sure why anyone got the impression that I was just going to jump right in and start trading. I made those mistakes years ago and don't plan on repeating them again. I am just trying to set up the account. Give me a break. I already applied for the paper trading account but I still need to set up feeds and want to get some research going. Just needed to know what to use. Thanks though.