Yeah I've read many times and understand its not a good thing to borrow money to trade which I can see...but its like any other business, yeah? Thats how I look at it...I guess thats where the prop firm comes into play...perhaps I could get some training and start with less. Its also a disadvantage being in Seattle...I was thinking going with Bright since they have a place in Vegas and I happend to live down there. Where I'm at: I've looked at Bright, SMB and Keystone and I guess considering my situation Keystone is one that would cost less and get me into it faster...a couple grand for training, no capital but they take a cut of profits...I'd have to trade and train remotely...anyone have an opinion about Keystone? For Bright (which is where I want go) I could stay with friend in Vegas train there and costs with capital would be I figure 15-20k still...SMB has seemingly expensive training and are fuzzy on remote trader's BP... Is my thought process where it should be? I'm going to figure this out one way or another..
You're thought processes aren't where they will be, after you fail. Just try to get 3K together and see how long it lasts on margin.
Well thats why I'm trying to get together more than that if you've read any post here...I may be relatively new, but I do know that 3k on margin isn't a healthy cushion...
Just so you know, even if you do end up being succesful, it is highly likely you will lose at first. Do you want that to be borrowed money? I would recommend saving up 2k and trading the NQ or something, just to get some real trading experience, and go from there.
Seems like the best options, all of which presented here are: prosper.com prop firm futures --------------------- It will not be easy no matter what, esp. on borrowed money but I have seen daytrading ads on prosper.com before. I think a few links to ads on there have been posted here before.
Bruce Kovner: "Kovner's first trade was for $3,000, borrowed against his MasterCard, in soybean futures contracts. Realizing growth to $40,000, he then watched the contract drop to $23,000 before selling.[1] He later claimed that this first, nerve-racking trade taught him the importance of risk management"
You folks are missing the point. Yes occasionally someone takes $5000 and turns it into $1 million BUT these cases are nothing but pure luck and that trader being in the market at the right moment with the right strategy. PURE LUCK Now if that trader wants to survive they will have to spend the next 7 years (average market cycle) refining and defining his skills to become a well rounded PROFESSIONAL. This is a business folks and no different then any other. The number one reason for failure in all business is UNDER CAPITALIZATION. It literally took me $250,000 and 3 solid years of hard study before I showed my first profitable year. I was just very blessed to be in the position to commit to this learning curve.
The first lesson of a good trader is PATIENCE... SAVE and you will NEVER regret it. The discipline you will gain from saving as opposed to borrowing will serve you well throughout your trading career. Sit down and put a plan together. You'll get there!
Thanks for your post loik. Joab has already given a detailed comment on it, and sophiekay gave him another clue, but he is a grown and (very responsible) man, so he is free to do as he chooses. Of course it is better to be Lucky than Smart or Rich, and it seems that Bruce is all the above ... but how many people do you realistical think could do the same? If it really was his first trade, I would say you get the same odds playing the Lotto. P.S. It does not surprise me that the only guys who will listen to and understand the advice given to the OP regarding this subject are the guys who already know it.