Discussion in 'Trading' started by JN2112, Dec 16, 2003.

  1. Just keep talking to people and hopefully you'll find yourself in the right place at the right time talking to the right person.
    #11     Dec 17, 2003
  2. trudd


    I look forward to reading this journal, thanks in advance!

    another newbie trudd
    #12     Dec 17, 2003
  3. I have to agree completely!

    Most trading education that is does not involve actually trading is usually rubbish. There is about 1% of useful information and 99% disinformation. A newbie won't be able to spot the 1%.

    Learning, and reading is good and all, AFTER you had experience as a trader - and is done to IMPROVE trading, rather than learn trading.

    Therefore, a newbie should go to a firm that will let him try it out on their capital - and learn on trading real money (very small size).

    Similation is good to practice the platform you use to learn the features - for regualr trading, especially scalping, its utterly useless

    (scalping is based on executions)

    Good luck on finding a firm, there are several firms with dignity left, you may have to move out from TX for that, I think.

    Otherwise, I wish you, and everyone else, good luck and a great New Year.


    While connections help, blunt research helps also (in finding a firm). All you have to show that you are extremely motivated and etc. Never mention that you are willing to put up money in - that will draw vultures.

    Take care.
    #13     Dec 17, 2003
  4. JN2112



    Thanks to all that responded to my questions. I appreciate and value your advice and information. The hard part is figuring out which path I should take. With all these Any additional information is helpful. I'm looking forward to that journal!!! Now all I need to do is become successful, <grin>...

    Happy Holidays,

    #14     Dec 17, 2003
  5. JN2112,

    Well, congratulations on finding a direction. It is good to have a vision and work towards it. Some might even call this a passion.

    Through your quest you might discover yourself and the style that you like....Lets call this your "Fit". Have you ever had a good pair of shoes or meet that really nice girl? You need to discover what works for you. It is not necessarily what makes the most money, but the "Fit" that counts.

    You are choosing want to get in and out quick and pull an income. I understand your thinking and many, many would like to master this. You might be surprised to discover that scalping is hard work. You might even consider starting out for only 1-2 hrs a day and work your way up. It takes patience while you are waiting for your set-ups and you will discover if you like it.

    You know how when you get a new car or start a new job how interesting it is? Well, after you get "broken in" scalping is actually boring. You are a button pusher and get real good at it. If you have gambling tendencies and find an adrenalin rush the part you like.....then this is not for you. In the beginning you may feel this until you get "broken in" but these things will pass if you are to be a survivor.

    As you grow, come back in and share with us your progress. Do not embarrass yourself by stating things as will come back and re-read your posts and ask, "why did I say that" Never say never.

    Your abilities you have now should include being observant and able to watch several things at the same time. Your ability to pull this all together and "get the timing right" is your key to success in scalping.

    You are choosing a part of trading that is very challenging and with 15k you will need to scalp Futures, specifically the E-minis. You must first learn how to trade stocks before trading these leveraged instruments. Your starting capital will not allow you to scalp stocks as you are what they call a "pattern day trader". You need 25k plus a buffer to trade and weather the storms with.

    You have requested I hope this post is not too long. I suggest you start with a program called it to find their site. This is a great training program with a low cost to get you started in trading stocks with hold periods of 2-5 days. I know you want to scalp...and this holding period is not scalping. But you need to master this first and this is within your means right now.

    So get started what are you waiting for? You will discover what your passion may blow up and need to start over several times in your life. If you don't believe just ask some of the EliteTraders in here to post "their story".

    Michael B.

    #15     Dec 17, 2003