Getting Started

[begintade]

Hi, Im new to the trading scene and would like a little help to get started. Is there any software out there that would be helpful for me. Something that would lead me in the right directions and help me learn best practice. Maybe a trading web sight that some of you like to use that will allow me to make some low cost secure trades. Like many people Im just trying to make ends meet so money is an option im my case. Thanks for any help.
~Brad

 

[tampa]

Quote from begintade:

Hi, Im new to the trading scene and would like a little help to get started. Is there any software out there that would be helpful for me. Something that would lead me in the right directions and help me learn best practice. Maybe a trading web sight that some of you like to use that will allow me to make some low cost secure trades. Like many people Im just trying to make ends meet so money is an option im my case. Thanks for any help.
~Brad

...people who are "just trying to make ends meet" are at a serious disadvantage in this game...

 

[LegattoAD]

Quote from tampa:



...people who are "just trying to make ends meet" are at a serious disadvantage in this game...

I agree with tampa. If money is an issue for you, then you might want to reconsider just going out and getting a brokerage account.

However, this doesn't mean that you can't practice trading. And that depends on what you plan on trading. For stocks/options I use Simvesting.com. It's free, and your fills are in real time. I've enjoyed using that for a while. The only downside is that normally, the fills come immediately, which we know, doesn't always happen in the real world.

For practicing futures trading, I use the best direct platform. The first month is free, and then there's a monthly fee after that, though I can't remember the exact figure. I do remember that it's not alot.

A charting service is next on the list. This again depends on what your looking for. If you plan on coming into the market without alot of capitol, then maybe some end of day software for swing trades would be ok. Especially since if you're playing with less than $25k, daytrading will get you shut down(if your trading stocks that is). Also, keep in mind that charting services can get VERY spendy. There are plenty of free sites out there, BigCharts.com, PCQuote.com, etc.. Most of these have delayed quotes of 10 minutes or more. Just look around at some of the threads on ET, more specifically in the technical analysis and software sections. There's alot of info on different charting programs.


Well- I hope this was a little bit of help to you. Just keep in mind that if money IS an issue for you right now, then just practice trading. Practice makes perfect. When you get more secure in your trading system(this is a WHOLE post by itself) and finances, then you can start thinking about doing this for a living. Just don't jump in blind. Alot of people do and just get eaten up.

 

[Corso482]

Quote from LegattoAD:

I use Simvesting.com. It's free, and your fills are in real time. I've enjoyed using that for a while. The only downside is that normally, the fills come immediately, which we know, doesn't always happen in the real world.

Simvesting's website looks shady. I couldn't find a simple way of using their services. It seems like if you're a business they'll work with you, but it doesn't seem meant for joe shcmoe to pratice trading.

 

[TGregg]

Quote from begintade:
Hi,

Howdy Brad, and welcome to ET. You'll find all kinds of folks here, ranging from wet-behind-the-ears newbies such as you appear, to scum-sucking Trolls who "live" for the opportunity to crap in a thread, to very successful traders, to cranky bastids that have lost it all, along with everything inbetween.

Quote from begintade:
Im new to the trading scene and would like a little help to get started. Is there any software out there that would be helpful for me. Something that would lead me in the right directions and help me learn best practice.

You might want to lay out some more criteria on that request for info. What are you interested in futures, commodities, currencies, equities, eskimos, bonds?

What's your time frame, seconds, minutes, hours, days, weeks, months, years?

What sort of analysis do you do, don't know, plenty of T&A, lots of Fun For Mentals, weird custom stuff, just give me a chart man?

Quote from begintade:
Maybe a trading web sight that some of you like to use that will allow me to make some low cost secure trades.

One of the cheapest and best is Interactive Brokers. But, depending on your answers to the previous question, there may be better.

Quote from begintade:
Like many people Im just trying to make ends meet so money is an option im my case. Thanks for any help.~Brad

And here we come to the part I really wanted to say. Stay away. You are entering an arena, planning to compete against the professionals and take money from them that they have absolutely no intention of giving to you. This is the hardest profession there is, IMO. Which is (strangely enough) exactly why I am in it.

I am one of the people you'll compete against. And, I am dedicated - I chased my wife for 13 years before we started dating (yes dating, not marriage - although we got married within a couple years of our first date). And I am even more dedicated to the markets. However, after about 13 years of struggling to understand the markets and learn how to trade, I am not a full success. I make some money, but not enough to support my family. I have been at this full time to the exclusion of any other employment for just over a year now. I've quit my job to trade two other times in the past and had to throw in the towel.

And, lest you think I am a moron, my IQ has been professionally tested to be 140 (138 on one test and 142 on another). I am a former member of Mensa.

In other words, I am very smart, I work hard, and after 13 years I am not a full success. You'll be competing against me in the markets, but even worse, you'll be competing against much better folks (some of whom read this board). In order to make any money at all, you'll need to be better than I, and maybe considerably better.

That does not mean you should give up the dream of being a trader (in spite of my earlier comment), but that you need to understand just how tough this road really is.