Beginner Question

Quote from jason586:

I went to IB online to start the process of opening an account last night so that I can start demo trading and watching real-time data to begin to understand and learn price action.


I did not finish (but saved) the application as I had a few questions:

1. I understand that there is a $10 fee for not making at least $30 worth of trades, but what about the market data section that has subscription monthly prices. I am going to watch/demo the YM - do I have to pay an extra monthly fee for that?

2. Bundled or unbundled - I assume you can change that later, but what would be best trading only 1 YM contracts/day on average when I start.

3. Cash or Reg-T: I was thinking of taking a longer-term postion buying some apple stock whiling I am learning/demoing - does that matter?

4. Any other important details in the application process that I might miss that would be important?


Thank you again for entertaining my elementary questions, and replying so graciously.
More...


I'll be brief. For your purposes:

1. That $10 default market data is fine. No need for CBOT floor data

2. Bundled

3. Reg-T Margin. Daytraders don't use cash accounts. You can do anything with a margin account you can do with cash, but not vice versa.

4. mmm... check off Speculation as the purpose of your acct
 
Quote from showyouwang:

I'll be brief. For your purposes:

1. That $10 default market data is fine. No need for CBOT floor data

2. Bundled

3. Reg-T Margin. Daytraders don't use cash accounts. You can do anything with a margin account you can do with cash, but not vice versa.

4. mmm... check off Speculation as the purpose of your acct
More...

Thank you.
 
Quote from Stealth Trader:

Now, plot higher highs, higher lows, lower highs, and lower lows. After a succession of higher highs or vice versa, note when you first get a change of trend, i.e., a HH, HL, HH, HL, LH, HL or equivalent. Notice the LH is the first indication of a change of trend, but then is followed by another HL. This is usually the first sign of entering chop, but the MA's will still cross leading you into a bad trade.

Price is the only thing that I have found that will consistently define trend, chop, and the range as it is happening. I get very few false signals using this method.

As soon as I see consolidation begin, I stand aside until the next swing either confirms it or not, and then trade the range rather than trend if it proves to be true. Once the range is broken, I then resume trading the trend, whichever direction that may be.
st
More...

Excellent description, you just summarized the key to trading, this is pure gold.

Anek
 
Quote from timbo:

hmm. I was thinking just the opposite.
More...

This approach tends to develop sort of a mental barrier for many traders. Please tells us why you think differently.

However, I'm sure there is not just one winning formula.

Assuming you have a different winning approach, would you be willing to share it with us so everyone can compare ?

Anek
 
You must log in or register to reply here.
Back
Top