community, teach me how to trade.
- Thread starter ashantt
- Start date
Quote from fhl:
There's a tv infomercial featuring jimmy johnson as host called 'teach me to trade'.
That seems to be just what you're looking for.
Ripoff report
http://www.ripoffreport.com/reports/0/143/RipOff0143014.htm
Den of Thieves
yup , lots of smart ass replies , no help from them.
here are some of your answers
1. Can I daytrade with an account on scottrade elite or should I be setting up an account with someone else?
forget scottrade.
IB interactive brokers offers one of the best price's ,
2. Is the Scottrade Elite software good enough to trade frequently? Or should I be looking somewhere else. What software do you guys use? Do you know of any reliable software for Macs?
IB interactive brokers .005 cents per share trade cost
3. Why does one need to pay a monthly fee to some software makers? Is it for the charts, the info or is that how this industry works? Can't I just buy it at retail or download it?
go low cost first, use free charting add ons like stockticker ,etc.
4. As a novice trader what is the best way to learn even before I paper trade? Do you know of any classes in the NYC area?
read as many books as you can find. paper trade for a long time , IB has a good demo simulator as well
5. Is 25K the minimum to start a daytrading account?
yes , unless you sighn on with a prop firm
6. What's with these 5K capital deposit required Prop trading firms in NYC, will they teach me to trade?
alot will take advantage of your money,. search threads on here , there are some good ones that will teach you
here are some of your answers
1. Can I daytrade with an account on scottrade elite or should I be setting up an account with someone else?
forget scottrade.
IB interactive brokers offers one of the best price's ,
2. Is the Scottrade Elite software good enough to trade frequently? Or should I be looking somewhere else. What software do you guys use? Do you know of any reliable software for Macs?
IB interactive brokers .005 cents per share trade cost
3. Why does one need to pay a monthly fee to some software makers? Is it for the charts, the info or is that how this industry works? Can't I just buy it at retail or download it?
go low cost first, use free charting add ons like stockticker ,etc.
4. As a novice trader what is the best way to learn even before I paper trade? Do you know of any classes in the NYC area?
read as many books as you can find. paper trade for a long time , IB has a good demo simulator as well
5. Is 25K the minimum to start a daytrading account?
yes , unless you sighn on with a prop firm
6. What's with these 5K capital deposit required Prop trading firms in NYC, will they teach me to trade?
alot will take advantage of your money,. search threads on here , there are some good ones that will teach you
Just some thoughts....
I do not mean to be unhelpful, but: nobody can teach you how to trade. You must teach yourself. Trade a little, and read a lot. There are only so many different mistakes you can make. After you have made them all, studied each error, and learned how to avoid repeating it, you'll be on your way.
I encourage you to start your reading with books about trading psychology and money management. Money management and knowing how to deal with losses are a huge part of trading. Curtis Faith's Way of the Turtle is a good start on that. Kaufman's books, recommended above, are also good to read. He talks about using measures of risk-adjusted return and trading multiple non-correlated systems, which are good approaches.
Stay small until you are confident and proven.
Ignore those who want to charge you money to teach you. They don't know any secrets--there aren't any secrets. Everything is in a book somewhere, and the rest, the emotional intelligence to do this, has to be self-taught.
Ignore those who say it can't be done. It isn't rocket science. Much of what's required is psychological: Look your mistakes squarely in the face, take full responsibility for them, figure out how to correct them, and then let them go and move forward. The rest of what's required is money management: don't go broke while you are monkeying around trying to figure it all out.
Finally, a tiny plug here, for the options forum. I traded stocks for many years before I started using options. I find options much easier to trade, and more profitable.
I do not mean to be unhelpful, but: nobody can teach you how to trade. You must teach yourself. Trade a little, and read a lot. There are only so many different mistakes you can make. After you have made them all, studied each error, and learned how to avoid repeating it, you'll be on your way.
I encourage you to start your reading with books about trading psychology and money management. Money management and knowing how to deal with losses are a huge part of trading. Curtis Faith's Way of the Turtle is a good start on that. Kaufman's books, recommended above, are also good to read. He talks about using measures of risk-adjusted return and trading multiple non-correlated systems, which are good approaches.
Stay small until you are confident and proven.
Ignore those who want to charge you money to teach you. They don't know any secrets--there aren't any secrets. Everything is in a book somewhere, and the rest, the emotional intelligence to do this, has to be self-taught.
Ignore those who say it can't be done. It isn't rocket science. Much of what's required is psychological: Look your mistakes squarely in the face, take full responsibility for them, figure out how to correct them, and then let them go and move forward. The rest of what's required is money management: don't go broke while you are monkeying around trying to figure it all out.
Finally, a tiny plug here, for the options forum. I traded stocks for many years before I started using options. I find options much easier to trade, and more profitable.
Could I just have Jimmy's hair?Quote from fhl:
There's a tv infomercial featuring jimmy johnson as host called 'teach me to trade'.
That seems to be just what you're looking for.
Hey, can you post a link for that? I'm finishing up at the brain surgeon site and need to find a something else that's as challenging.