I am in a dead-end job and deal with morons on a day to day basis as an Investment Representative with TD Waterhouse. I could complain further but lets get down to the point of this post. I need to get out. I know i am trader at heart (my first trade on my own was an options trade and i actually doubled my money. too bad my next trade was a loser as really did not have a detailed, well thought out plan) A lot ppl talk about how they want to be a rich trader but this is what i have been studying for the last 3 years and interested in for the last 6. I also have 2 years of field experience. I have a cdn derivatives DMS designation and currently enrolled in the CMT level 2. I have read many business books besides that as this is my passion. I have money saved to take a risk and join swift trade but i have been reading on this forum about the pros/cons and i do not want to be a scalper. What would you recommend I do if you were in my situation? ( i bet more than a few of you were) I have stopped trading as i am forced to only use TD's shitty platform and pay ridiculous comms. Like 29$ for 1000shares and 40$ for 5 contracts! Also i don't do anything half assed and I want to devote my 8-10 hours of work to trading in the right environment. Should i try swift trade? Is there better prop trading firms out there? I live in edmonton, alberta but am willing to relocate in canada.
wow you sound just like me except that I work for a different firm in NYC. I feel your pain. I don't know much about swift but if you don't have to put any capital down you mind as well give it a shot.
I say u do this. You can trade s&p mini futures with $500/margin per contract which = $50 per point +/-...... I would recommend a real time virtual trading platform for 2 full months before committing any capital. trust me on this one. This way you dont even have to worry about finding a prop firm....S&P mini futures Let me know what you think
There is no reason to join a prop firm unless you need training. Trading ES mini s&p futures allows you to have more leverage than a prop firm will give a newbie. Mirus futures with there ninja trader platform is perfect. You can also get live market and pre-market commentary with t3live.com....that all folks.... Trust me 2 months of virtual trading in real time & in sync with the markets so you dont blow out 6 accounts like most new traders do before they understand what patience and discipline means....TRUST me on this one
Futures are very very risky then stocks In stocks there a lot of sector you can trade Will keep you busy
hmm... i perform much better in futures than stocks. i have a tendency not to follow my plan or start moving my stops when it comes to stocks. mayB its due to the pressure of trading futures that makes me more disciplined xD
thx for the input. some of the reasons why i might want to join a prop firm is: i don't use my own capital, better trading environment, to use more sophisticated trading platforms, try something new! i will start trading virtual futures right now but i like trading assets that can move up/down parabolically and sp futures don't do that in the short term.
Perhaps it's just me.. You sound like a 'trader' ready to blow out their account. Futures? How about get good at the non-leveraged game.. then move on to more risky assets. You doubled your money? What was your maximum drawdown? 'Traders' are not fascinated by ROI. We are fascinated by how much risk you put in to get your ROI.. I see plenty of people making 50% in 1 day, to only lose it all the next day.. this is gambling.. not trading.. Source: HFT.
this is an advice post, traderhater. maybe it is just you cuz i thought more people know how to read. I am assuming you "read" my first post. How do you get the idea that "i am ready to blow out my account"? Did u get the part where i said i stopped trading? (i am focusing on renovating my Canadian property i bought in november 2008) Did you not read the part where i might go try Prop trading where i don't put up any capital? Or that i am studying CMT level 2 (they teach you how to limit downside!)? Or where i'd rather focus stocks? When i posted about doubling my money i was just giving an idea that i have made money and i have made mistakes b/c i didn;t have a plan. I doubled then i lost it. I have learned from it. I already know that. Why are you posting the same story?? thats not helpful at all. You want a gambling story? How about the time when i turned 300$ in 5000$ on sp weeklys on a sweet friday during last november. or the time when i owned 100s of put option contracts on nortel back in june 2008? too bad they expired worthless a few months too soon b/c i didn;t have a single person i could go to for help/mentorship. Id way rather put down 10k, risk losing 2-3% for a return of 10-15%, than risk 1000$ on a 50% chance of doubling. i am in my low twenties and im looking for guidance for my career. Please post helpful comments, not opinions on my "account".