hi everyone. my name's matt and i'm new to this forum. this is my first post, so i thought i'd introduce myself. i graduated from Ohio State last summer, and have been managing an insurance agency ever since. i have long been interested in trading, but do not know that much about it. i would like to become trading at a prop firm sometime soon. before i begin, i would like to learn as much as i can about the industry before i throw myself into the pool. so if anyone out there has advice for a beginner, feel free to pm me. also, if anyone can recommend any other forums or sites with useful information, that would be great. i look forward to being an active part of this forum to gain as much knowledge as possible....
Here is some real advice. The equity markets are dead and the futures markets are brutal. You are better off doing your day job and playing around on the side rather than jumping in head on. Look outside US equity markets if you want to be actively involved. At the moment the fixed income, commodities & currencies are in play. Shiit, even bank savings rates have more action than the US equities right now. Start learning and observing but right now is not the time to jump in. It can and probably will only get worse from here for another few years. Find the right market at the turnaround, that is what you want to jump into.
thanks for the advice. like i mentioned ealier, i am still in the learning stages. i know that it takes new traders a while before they become profitable. i'm just trying to learn as much as i can before i throw myself into the market to shorten that learning/experience period. u think foreign markets might be better to get into right now?
I would say....don't quit your day job yet! First learn as much as possible about day trading. The good, the bad, the ugly! Next learn as much as you can about the differences between a Prop firm and a Direct-Access Firm. Don't just jump into something without first doing your homework. Take your time....it's a big decision.
go to swifttrade learn for free on there money but make the most of your time there, learn some stragtegies and trial them there. whatever you do dont listen to there style of trading of trying to get 1-3 pennies, what a joke? the only thing that does is make alot more people even more not including you. If you actually get profitable then you leave and find a firm that will actually pay you much better than 35%. Never go to a place and put a deposit down and pay a per ticket fee without knowing what your doing.
Here's some GOOD advice, seek out those who are making money, and insulate yourself from the "negative" elements such as hydro and others on here. ( you can always put them on ignore) As for the market environment, there is plenty of money being made. In fact, nearly all the traders that I talk with on a consistent basis are doing well, really well. Good luck on your new endeaver! Mike
amazing. someone actually gave good advice on this board. Congrats. Next to people who come on this board and say, "I only come here to laugh" to "The world is a dark and scary place; btw, I am your father", this is a breath of fresh air. i guess i'm not so new to ET after all.
While at work at your insurance company stare at stock charts fulltime. After a few months of staring, start trading full time at work. Do this until they fire you. Then apply for employment insurance and trade for another 8-9 months or until it runs out. Then apply for a prop position or just trade from home. By this time you should have an idea of what trading is about and whether or not your cut out for it. hehe ozzy