I need a cheap broker
- Thread starter newbietrader100
- Start date
NY0BScalper,
The OP is living in a distorted reality because if he has such little money $500 or $ 3000 the only way to make "decent money" as he wrote, would be to make at least 100% of gains on his starting capital. To obtain such returns I tend to think he will have a gambler approach. It's the same approach of someone who goes to Vegas, that is to make a lot with a little.
The way it works ( at least for most people ) is that it takes a lot of money to make little money. I also tend to doubt that you can build a 5 or 10k account into healthy 5 or 6 figures consistently.
Never said you have to lose 50k. I suggested a learning curve that lasts from 3 to 5 years while losing money before one can trade full time.
Full time does not mean day trading, but means that one has no other job than trading and that one makes a living by trading. In other words, one fosters the discipline and the risk management to make money consistently.
You must be smarter than I am if you can accomplish such difficult task in 6 months or even one year.
The OP is living in a distorted reality because if he has such little money $500 or $ 3000 the only way to make "decent money" as he wrote, would be to make at least 100% of gains on his starting capital. To obtain such returns I tend to think he will have a gambler approach. It's the same approach of someone who goes to Vegas, that is to make a lot with a little.
The way it works ( at least for most people ) is that it takes a lot of money to make little money. I also tend to doubt that you can build a 5 or 10k account into healthy 5 or 6 figures consistently.
Never said you have to lose 50k. I suggested a learning curve that lasts from 3 to 5 years while losing money before one can trade full time.
Full time does not mean day trading, but means that one has no other job than trading and that one makes a living by trading. In other words, one fosters the discipline and the risk management to make money consistently.
You must be smarter than I am if you can accomplish such difficult task in 6 months or even one year.
It's a great way to start trading with a firm that offers you the most flexible sizing methods out there (i.e. trade $1, or trade $100). The best way to learn ANY trading is to have a little money on the line once you master a firm's demos.
If you want stocks, your choices are very limited due to your money limitations.
If you want futures, there are a hand full that will open an account with as little as 2.5K (one or two for less).
First define what it is you want to trade.
I have to respectfully disagree. With a real daytrading edge you an experienced trader can take 5k and make $200-500/day without excessive risk. I've already posted in the past why comparing portfolio managing/swing trading type rates of return to daytrading is irrelevant.
With proper training, it shouldn't take more than a year to learn the ropes or it's the wrong business to be in, at least daytrading. I've many times made returns of thousands of percent, but it wasn't scaleable. My risk was never more than maybe 20% of account.