What do I need to get started?

Discussion in 'Professional Trading' started by RichardW, Feb 14, 2006.

  1. RichardW


    I've read a few books and I've been playing on the Stock-track porfolio simulation, but now I want to jump in ($5000). What should I subscribe to, Telechart 2005? Is that all I need or should I buy some kind of software too? And brokerage firm? Are there any kind of standards that most people use? Thank you very much!
  2. Gordo1959


    If you're looking for a good simulator try foxbroker.com You can put money on your performance as well. Like a sports pool.
  3. RichardW


    That's pretty cool. I just joined it and I will check it out. But I still want to get into the real thing! Recommendations?
  4. Cheese


    Well $5000 dollars is a very very modest sum.
    As you say, you need "to jump in".
    It shouldn't take you too many trades and hopefully no time at all to jack away your little heap of money.
    Your planning should include working out the bar you intend to go to for a relief drink after its all over.
  5. RichardW


    Hey Cheese don't be so cynical, I'm sure there was a time when you were just starting out!
    Maybe by asking the right questions I can save myself from losing my measerly $5000!
  6. Richard 1 big advice make sure u have a some back up $$$$$$$
    And also remmeber that dont let you losses ride at all no matter what at any cost
    Learn from my mistake :confused: :eek:
  7. Maybe start by using the search function located through the link at the upper right hand corner of this page. Many have posted a similar question to yours in the past. This web site contains a wealth of information for those willing do look for it. Lastly, make sure you have a firm understanding of your trading plan, goals and risk tolerance before ever risking one cent of your initial $5000 dollars. Otherwise, you'll soon find out why Cheese wasn't posting a cynical comment.

    - Spydertrader
  8. RichardW


    Thanks Ksonsinc, I'm not sure what you mean by backup money. If I lose it all, oh well, it's not a crisis, and if it's all on the line and I need more money, I could swing that too if I had to ('course I'd be paying interest on it).
  9. RichardW


    Thanks Sydertrader, that's some good advice.
    I just found this forum a little while ago and I will certainly investigate it further. I know from other forums I belong to (and am already knowledgeable about the subject matter) that it can be annoying to have people post the simplest questions.
    But you know I am surprised that it took me as long as it did to find this forum.
    I guess when you're involved in something that people's money can be pried from them there are going to be a lot of shysters.
  10. Richard when i mean back up i mean that u wont be profitable for a month or 2 mont or 6 month
    Back up mena do u have extra money to pay your phone bill house rent food et etc etc u know what i mean

    #10     Feb 14, 2006