WinItAll, thanks for your reply. After your do your reading your reading, which firm you did learn live with? Do they let you know when they taking a trade and explain the reason for taking the trade? I subscribed to one live room for 6 months- only $30/mo. However, the instructor was not authorized to mention his trades as he was taking them (has to do with some regulation) to explain why he was taking the trade or skipping a setup.
I subscribed to a site a few years back and it doesn't exist anymore. However a friend of mine trades with some group called T-three and their Live training room is similiar to what i used. Mine was just a guy that talked thru what he was doing and why over my speakers, it was helpful when i was a beginner however I stopped using it about a year in. From what i've seen from my buddies site, altough alot more spruced up, it's pretty much the same thing. Their best trader just says what he's doing and why in real time. I think that's the only way to really learn from someone. Everyone is always knowledgable at the end of the day when they go over what you did wrong. I want to see someone show me they can make money while it's happening.... not monday morning qbing it. Anyway, supposedly they have one really good and big trader that's on the air, but i've never actually used the site so this is just hear say. But my friend told me it has been helpful for him although he is just a beginner and hasn't taken a check yet. I ended up trading for Carlin and FSNY. I'm now currently on my own b/c I didn't want to give up such a big piece of my profit and pay high commissions once I had enought to just day trade four to one and have sufficient buying power. That's what I'd recommend, try and learn from a smaller firm, absorb what you can thru reading and what not, keep putting away money and once you're consistent do the rounds on the bigger prop shops like fsny, carlin, shoenfeld and trade there b/c even though the deal doesn't sound great you get tremendous BP and learn to trade real size. When you have enough money that you can comfortably trade on your own then do that. Nothing beats the rates, control and 100 percent payout of trading your on cash. All of a sudden you start paying the same rates these firms do and see how much they make just on your commisions. For example four bucks per thousand went to 80 cents per thousand and at teh end of the year the difference can be 6 figures just on that. Hope I was helpful, please let me know if any of this is confusing.
My feelings exactly win, i tried t3, wasnt bad, theres undergroundtrader too and smb- im on stocktwits daily- its free i use tweed deck and have 4 streams going at once- its a help too.
Good, I'm glad you guys are able to take something from these programs and make money. I haven't used any in a while and they are much more advanced now then when I was using one. Mine was just simply like a trade the news type deal where you heard a trader on the speakers. It's my understanding that now there are videos, interactive chat, stock to watch, etc on all these sites. So I would assume that's a little more helpful. Either way though, the only way to learn in my view is to trade live yourself, make your own mistakes and LEARN from them. There is no magic answer aside from just gaining experience and recognizing set ups. When to push, when to slow down it all comes with experience. The easy part is once it finally clicks, the hard part is being able to learn and experiment with ideas and still pay the bills while you're doing so. Most traders I know don't give themselves a fair shake. They don't end up quitting b/c they're bad, they end up quitting b/c they can't afford to not make money. When I was younger I got a second job so I could pay my bills and it took all that pressure away. It took me about a year to start making real money, I'm not talking about a few grand a month but real money to to live on, spend and still put some away. The only thing I don't like that I've been seeing from most of these places is that some advertise you making money in three to six months. I think that's ridiculous, you might take home a small check once in a while but if you are just starting out be prepared to either live with mom and dad or starve for a year.
WinItAll, many thanks for your informative posting. What brokerage would give you the commission low commissions you mentioned when you trade on your own money? I use IB, it is low but not as you as yours.
Hippie, thanks for your comments, I clear straight thru a Self clearing B/D and GS. I'm paying less than 1/1000 but I am doing millions a day so I'm not exactly sure whether it translates, although i do know it translates to a lot less than 6 dollars per thousand. Goldman is much more expensive but I use it more for the upgrades, downgrades and informative nature. So to me it's worth the extra commissions for the research. However, any time you are ready to go out on your own and trade 4 to 1 unlicensed or be leveraged by a B/D if you aren't you should never ever have to pay more than .0015. Anything more than that is overkill. The difference is by going straight thru a B/D and trading your own capital you cut out the two or three middle men that are causing your commissions to jump. For example, if you trade for a sub llc then you have the group leader taking a piece, the prop firm taking a piece and the B/D taking a piece. You want to be trading straight thru a SELF CLEARING B/D so that it's only one person making money off of your trading. For smaller deposits you can find such deals at Hold Bros. and Assent. There is a difference between self clearing and regular broker dealers. Unless they are self clearing, rates will be higher b/c they are still taking a piece. If they're self clearing they both provide the trading platform and the leverage as well as clearing so you're only paying one toll instead of three.
This is true. Their next online open house is Sep 15. My 2 cents is that they are not looking for traders to trade for them adn earn a split, they are looking for suckers willing to pay thousand in their so called training. I like to know what percentage of the trainees who pay for the training are making a living training for them after a year or two! I don't expect a salary or the best split, I just don't want to pay a scam training fee. It is misleading they are placing ads under "jobs" section.