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Another newbie thread
- Thread starter Mdlwn1
- Start date
Well, I would consider any money you've made up until now to be a gift from the market and put a damper on your trading until you come up with a trading plan. It's been basically an elevator ride up for the last 10 months or so.
In a nutshell, futures (like options) are just contracts between the buyer and seller and you trade them just like a stock (i.e: you can buy or sell). There are differences in margin requirements (no pattern daytrading rule), and contracts expire (unlike a stock).
My advice is to learn all you can about money management and trade discipline. A strategy is mandatory: either come up with your own or make someone else's work for you, but you'd better have a plan. Do a search for AHG on here to see a good example of basic strategy. Also, Tharp's book has some good money management info.
Although it's a bit dated now, do a google search for the Turtle trading system to see a complete example of a system.
School starts today.
In a nutshell, futures (like options) are just contracts between the buyer and seller and you trade them just like a stock (i.e: you can buy or sell). There are differences in margin requirements (no pattern daytrading rule), and contracts expire (unlike a stock).
My advice is to learn all you can about money management and trade discipline. A strategy is mandatory: either come up with your own or make someone else's work for you, but you'd better have a plan. Do a search for AHG on here to see a good example of basic strategy. Also, Tharp's book has some good money management info.
Although it's a bit dated now, do a google search for the Turtle trading system to see a complete example of a system.
School starts today.
Posts: 5
11-04-09 04:54 PM
I was under the impression that I needed 25k min at TD..I'm on my second lockdown/sec daytrade rules. As for the prop firm...I work fulltime and enjoy my job...are you talking online? If so where would I start to look at this?
It is true if you become PDT ( PATTERN DAY TRADER) you will need a minimum $25k to trade with TdAmtd or you will be restricted to the last ten minutes of the day ( this is true with all the brokerages though the $25 amount may vary slightly).
Yes trading through a prop firm online. Look through elite threads. You can start with some firms eg WTS with $1500 however they do require you do trade from their office but there are many firms with similar offerings. Good-luck.
11-04-09 04:54 PM
I was under the impression that I needed 25k min at TD..I'm on my second lockdown/sec daytrade rules. As for the prop firm...I work fulltime and enjoy my job...are you talking online? If so where would I start to look at this?
It is true if you become PDT ( PATTERN DAY TRADER) you will need a minimum $25k to trade with TdAmtd or you will be restricted to the last ten minutes of the day ( this is true with all the brokerages though the $25 amount may vary slightly).
Yes trading through a prop firm online. Look through elite threads. You can start with some firms eg WTS with $1500 however they do require you do trade from their office but there are many firms with similar offerings. Good-luck.
Quote from TheGoonior:
Well, I would consider any money you've made up until now to be a gift from the market and put a damper on your trading until you come up with a trading plan. It's been basically an elevator ride up for the last 10 months or so.
My skill set in general is that I am a keen observer. The profits I have are not from trading things up..quite the opposite actually and generally speaking they are all made from 12:00-1:00 When I started playing poker tournaments too much information was actually bad for my results....my gut tended to be right even though I wasn't always clear why. Only later on was I able to process all the info completely. My % gains were not easy..hard fought considering all the leaks in my game.