Bright trading seem to have a real program but require going out to Vegas and I am not sure if that is feasable due to some family responsibilities. Can someone give me info on how to open a paper account at IB and how much they charge for that?
dvda420, Don't forget commissions and exchange fees, if you are going to be trading 50k-100k shs. a day, expect comm/fees of @ least $1000 a day before you have even banked one penny. so big mistake is coming out of the gates heavy to make the "rent" money...frankly, you should trade 1K shares max a day for first 4-6 months.
Futurestrader71 is in DC i think. I think he runs a prop firm but its for futures. You might look him up. Seems to be a smart guy. BTW alot of people look at the market and say "well I only need 200.00 bucks a day to live, surely i can do that". Its tough..real tough..but worth trying. Jim
when I said 50-100k I did not mean shares but rather $. $50k could be anywhere from 125 shares to 4000 shares. I know that the commissions eat into the profits. I definately appreciate all of the advice. What I want to know is if there are any books that you guys would recomend and information on where and how to open a good paper trading account which would give me live data. I can continue to do mortgages while I do this as that is not really a 9-5 job, I am just afraid of the mortgage income drying up as RE seems to be headed for a hard crash.
I talked to futurestrader71 and he is not hiring. Anybody else know of either A good place to open a low cost paper account which provides live quotes A good prop shop in DC with a training program
Listen to all these guys, and then make up your own mind. Just realize that what they are saying, even if it sounds harsh is the truth. "Trading and the dream" have ruined many lives. broken up families, brought out addictions you didn't know you had, and all in the Name of trying to pursue your dream. It will bring out what is inside of you. ready or not, It is an expensive place to figure out who you are. Scared Money wont make it here. Trust me I know. Dac had it right with: But the thing is no one wants to hear this, NO ONE and we will do what we will do nomatter what people say till we learn for ourselves. What is it to be a trader.... Just ask any Real trader, a painfully emotional hard, hard, road... and if you make it yeeaahaaa your among the few. but you did have to pay a price, and it may have cost you more than monetary. So think twice and do what you want. you have to learn for your self anyway. No one can tell you what to do or not do. take care Lotus 7
Hey quit discouraging the kid....in the zero sum game, dont we all want to take his 5k? Just kidding....kind of.
I appreciate all the cautious advice. One point of contention I have is that it is not a zero sum game. The house always makes its cut. If I do begin to trade, no matter my profit or loss some broker will make money off of the commissions. But in all seriousness can someone point me to a good place to open a sim account. I would really like to try to practice with a sim account but would like to find the most cost effective place to open one and would like to have live quotes in that sim account.
Actually, when you figure in commision, it's less than zero sum. Let the kid blow out. He'll then learn what the others are trying to tell him and I can use the extra money. st