Everyone quick with negativity. Here is a scenario you might want to follow. * Keep a job save another $1,000 so you can open a margin account (most brokers require 2k) * $2,000 with 2:1 margin means he is trading with $4,000 * Buy 100 share lots of <40 dollar stocks (DELL, HD, AAPL, etc..) * Use a discount broker that's commission is $.01/share ($2 roundtrip) * Try to make 1% a trade, three trades a week. (4000*.01 = 40 - 2= 38 * 3 = 114/week) * 114 bucks a week won't make you rich, its a start. * While you keep your job keep, deposit money into your trading account, I add $1,000 a month to mine, you might be different. Here's what your first year looks like. Making 12 trades a month (1% a trade) based on the beginning balance (don't compound profits during month). Also, depositing 1k a month into the account. Total investment = $14,000. Final Balance 76k, thats a decent return I would think. Of course this is all saying every trade is profitable, which it won't be, but please don't be so quick to tell someone they can't do something. Balance Profit Month 1 $2,000.00 Month 2 $3,456.00 $456.00 Month 3 $5,261.44 $805.44 Month 4 $7,500.19 $1,238.75 Month 5 $10,276.23 $1,776.04 Month 6 $13,718.53 $2,442.30 Month 7 $17,986.97 $3,268.45 Month 8 $23,279.84 $4,292.87 Month 9 $29,843.01 $5,563.16 Month 10 $37,981.33 $7,138.32 Month 11 $48,072.85 $9,091.52 Month 12 $60,586.33 $11,513.48 Month 13 $76,103.05 $14,516.72 Keep learning and good luck if you decide to do this. Anything is possible. Accountant
Trade futures. Here you go: http://www.xpresstrade.com/index.html No account/deposit minimums! Just deposit your 1000 bucks and you'll be ready to go. You'll be able to trade contracts like corn, wheat, a large number of SSFs, and tons of mini contracts. Of course, you'll lose all of your money, but it should be fun while it lasts. You'll need to work on a swing- or longer-term strategy, though, because these commissions rates would kill a day trader. Have fun! P.S. Accountant, How is a new trader (who works full-time) going to be able to make 3 profitable trades per week? This is, unfortunately, an impossible goal.
Why not save another 3K and then find a prop shop who will let you play and give you a 10:1 margin. You'd have 40K of buying power and be able to buy 1000 shares of stuff like EBAY, YHOO, AAPL, etc. You can also trade with Alliance, even if you live in the states, but...their commissions are steep.
Take $200 and buy these 5 books before you even make 1 trade. Trading for a living Reminiscences of a Stock Operator Pit bull Trading in the Zone The disciplined Trader
open IB account, use IB feed and medvedquote - free now u get 4k to play with and remember cash is a position and yes, upgrade all you want when you start making some moolah.
you can even save a few of the $200 and go to http://www.nqoos.com/Articles_and_Reprints/jesse_livermore.pdf and get ROASO free. with some hunting, you can also find a free PDF version of Wyckoff's book (not listed, but a good read). for me, Mind Over Markets has been a real eye-opener. an alternate would be CBOT's handbook on Market Profile: http://www.cbot.com/cbot/docs/handbook.pdf good luck and gtty ... omni
And I quote directly from their disclaimer on the website: -------------------------------------------------------------------------------- Service is only available to Europe, Asia, South America, Africa, Australia, the Caribbean and other countries excluding North America. -------------------------------------------------------------------------------- Thats so when they steal your money they can keep living in north america without fear of the FBI/CIA/SEC or whatever coming after them. If you get ripped off in another country, American government wont do squat to the perps. Quite a good scam though isnt it? 500 bucks & 4:1 margin. hehe I tried to daytrade once about 10 years ago with 1k. Made 700 bucks my first week and was wiped out in the second week. Well cant really say wiped, but low enough to where i have to make 10% per trade to be profitable if you can call 10 bucks profitable. Not a pleasant memory.