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There is no surer way to blow out an account than to begin your trading career with futures. With an average risk of 200 bucks a trade, you can see why. And for those who are thinking "well, I'll just use a very tight stop", you're going to go down that road even faster.

At banks, yes, traders get access to order flow information and fundamental research. Only fundamental research is really not of much use unless you're playing long term moves - sentiment is what you play and you don't need a team of analysts for that. Yes, being on the inside loop of Wall...

I also wanted to say I really hate it when people say stuff like "You can't make money in Forex, it's rigged, the big boys will eat you alive". I've heard that said about EVERY market there is, and yet there always seems to be somebody who can make money in those markets - that is somebody who's...

^ I couldn't agree more. Granted, too many people get into trading for the wrong reasons. When you have low barriers of entry with the potential of 'making it big', it's a given that the failure rate will be very high (e.g. film, music) and the default answer should be "stay away". But if you...

You've probably (hopefully) learned your lesson and don't need anyone else saying "You suck". Now it's 'eat humble pie' mode... 1. Get on medicaid ASAP, before you get sick or something bad happens to you. A medical emergency right now can only plunge you into more debt. 2. See if you can...

I give wabu27 an A+ for commitment and honesty, but a D- for business planning. Never borrow money to trade, I hope this is excellent proof of that. And if you're going to do it, don't cut checks to mom or your mechanic with your daily profits, use it to pay back the damned high interest loan...

Excellent analogy, lol... I would, however, argue against trading futures if you're undercapitalized (I've done it myself). It seems wabu27 has the workings of a strategy in stocks and I'd keep with that as opposed to switching to futures, it's a different ball game. Unfortunately, this...

You're an adult and you can technically do whatever you want. But the problem is - do you own the consequences? I think the consequences of what you're doing are not going to be easy to swallow. You are throwing yourself into the arms of bankruptcy with the slight hope that you will prevail...

In the end you're either going with or against the current trend, that's the idea behind trading if you really think about it. Unless we're talking options writing. If you break it down more specifically: it's breakout, trend continuation, trend reversal, range reversals. The first two are with...

If we're talking months like January and February this year with a high VIX and volatility, maybe. That's 100 points in two months or 2.5 points a day net. But unless you are the world's most awesome mean reversion trader, you're going to have one heck of a time replicating that when markets get...

We all 'might' get lucky of course, what I'm talking about is what is most likely to happen to you given what I've seen happen countless times plus my own experiences. Luck won't carry you far, that's the problem. I can wish you all of it in the world, but wouldn't you rather be doing...

I think it's very nice that you're thinking of your mom, and tires may be something you can't do without. But isn't there a more important stakeholder who is charging you crazy interest for that money you borrowed? To be honest even if you have an edge and are performing well, you're not too...

There are a number of firms like this, they call themselves 'prop trading firms'. I have never done business with them so I will not offer any names, but if you check in the 'Prop Firm' section of the forum you will get more than an earload on all of them: good, bad, and ugly. Keep in mind many...

Why not instead give the loans back, find a trading firm that offers you a chance to trade remotely and gives you 10X leverage with a $5000-$10,000 deposit, take the Series 56, and then see how you do? Figure you'll be out a few hundred for the test plus about $200 in fixed costs per month, but...

You're not getting the results you want one way so you're trying another approach, one you haven't really tested properly but are ready to put live money behind. That sounds a bit like gambling to me. It appears you have the workings of some methodology but instead of keeping it small to get...

You're pretty much out of luck if you don't have $25,000 for a PTD account. Unfortunately there's this misconception that if you don't have $25,000, you should use futures. Sure they'll let you open an account for as little as $2000, but the leverage is really nasty. After taking five losses of...

Lots of decent advice here but some more ideas: 1. Use the time you have at your job to develop another business that you can do remotely and outside of trading hours. Then once that business becomes profitable (should be possible in 12-18 months) and can pay your bills, quit your day job and...

There are a number of businesses that you can start and profit in even if its not your heart's truest desire. There are people who go into investment banking, just learn to work hard being an excel monkey, tough it out for a few years and then go do whatever else they want since they have money...

Have you back-tested your strategy? Or did you just wake up one morning and decide you want to trade futures? I have a feeling the reason most people fail at futures - on top of trading being difficult and blah blah blah - is because of the leverage. At $100-250 risk per trade it's easy to lose...

If there was no interest in any form whatsoever, then nobody would lend anyone money! Would you? On the other hand if you're talking about 'no riba' type of situations (Islamic banking), you just have to look at the Islamic banking system to get an idea.