Quote from Error 404:
OK, so how is this going to help GG get back on track?
What are YOUR thoughts about his situation? Me, I think he should try and get in with a prop firm. But driving a big rig may work as well. Maybe he needs a break.
Peace,
RS
Well, I gave my advice early on. He's got about $1500+. He can either pack it in, like he seems to want, or trade and take a shot in the "penny plus market." I think MyTrack only has a $500 minimum.
This is predicated on being able to provide the roof over his head, of course. Otherwise he is going to have to get a job, but it's not the end of the world. Personally, I would have to have the action even if it meant buying and holding some cheap stuff. But not shooting from the hip, gotta do the research, particularly if you can't sit in front of an LII screen all day and are buy and hold swinging.
I started at TD Waterhouse with $2000 and didn't even know there were brokers out there that would let you buy and sell all day, rolling over the same cash. TDW told me I had to wait 3 days on every trade. Still managed to make money, however, my line to anyone who claims how great they were doing '96-'99, I tell them, "BFD, housewives were kicking your ass."
What I remember most was the first week of making these little trades every morning before going to work late and making a 1/8, 1/4 or sometimes a 1/2 point on 100-200 shares, what a rush. This is why I could never properly train doing it on paper, it's like playing poker with matches.
Then one morning that first week, I sat down with my coffee, fired up the machine, ready to roll... and 9:30 comes and... nothing. What the Fu*k? Nothing moving, ticker is dead, no trades, no action, nada. It was Saturday.