Will start daytrading in one week

Discussion in 'Trading' started by jturner, Aug 24, 2002.

  1. Who have you decided on for the data feed?
     
    #11     Aug 24, 2002
  2. If you havent done so, start with paper trades and write down your gains and losses.

    Good Luck.
     
    #12     Aug 24, 2002
  3. Pabst

    Pabst

    LOL! Now i know who those guys that were PRESSING NQ in the 800's are!
     
    #13     Aug 24, 2002
  4. DMD

    DMD

    I recommend starting small also. You have a 50% chance the market will move against you and if the stakes are high it is easy to panic and make mistakes when real money is on the line. I started off paper trading and did well, but when I started using real money, I jumped in to fast and made mistakes I didn't do on paper. I relate it to playing basketball. When I'm practicing, I can make most of my shots, but in a real game I miss most of them.

    Good luck
     
    #14     Aug 24, 2002
  5. Trading minimum size, 1 lots or 100 shares is significantly better than paper trading; it keeps you from developing a number of bad habits that need to be broken latter. Don't try to make money, just scratch at first.

    You will be months ahead ...
     
    #15     Aug 24, 2002
  6. What bad habits are you refering to? I didn't know paper trading can develop bad habits.
     
    #16     Aug 24, 2002
  7. The traits you develop thinking you would have been filled, or at an unrealistic price, that make you think you are a genius.

    Liking starting over when you move to really money; why bother ...
     
    #17     Aug 24, 2002
  8. That's why MyTrack dropped their contest awards on their paper money trading practice system. People were trying all kinds of crazy moves and when you have a large sample, it'll produce winners of an inordinate quality. Of course, what you don't see are all the similar wild plays that did what normally happens -- wiped out.
     
    #18     Aug 24, 2002
  9. Do paper trades for at least a week. By that time, you;ll be able to access your funds in ur IB account.
     
    #19     Aug 24, 2002
  10. You might want to do both daytrade and swing.
     
    #20     Aug 24, 2002