IB account funded. Don't know what to set up!

[oldtime]

Quote from johnstac:

I guess the main thing I pondered was when does it make sense to pay for help. If someone can cut your education down by half, is there a value in that? Because I am new, I do not know if every person has to make all of the same mistakes as everyone else and whether one could save money with good counsel. I tend to believe that it is up to the individual but I'm not sure at this point.

there may be a time, but you won't have to ask on the internet, by then you will know.

speaking of books, they say 95% of traders lose. Why? because 95% traders start out saying they are not going to be like other traders. Oh no, they are going to read books.

What they don't realize is 95% of the traders trade by the book.

If you sit and stare at girls all day, it won't be long before you figure out what you like, same with the market.

I don't know how many times we have to tell you, get that paper account going, and spend all your free time in it. You don't even know enough yet to ask an informed question.

The first thing I did when I started making money trading was buy all the books I couldn't afford when I was learning (and trading books were quite expensive back then $80 to $320) now somewhere in a small town in Indiana (if they still kept them all) is quite a collection of worthless books I donated to the local library.

 

[johnstac]

Quote from oldtime:


I don't know how many times we have to tell you, get that paper account going, and spend all your free time in it. You don't even know enough yet to ask an informed question. [/B]

Try to remember that I've only been here a few days...lol. I have already applied for the paper trading account but it is not immediate with IB. And weird right because some will say, read everything I can and others including yourself seem to take the stand that reading books may ruin me. You may very well be right but try to remember that I am starting with nothing. I need basics to understand what a moving average is and what ADX represents. Just basic info that I probably won't get from just trying to read price action and placing trades alone. We're talking the basics here.

 

[Laissez Faire]

Quote from oldtime:

Not sure why everybody has to be such a dick when all you are asking are simple questions about setting up an account.

That is because everybody is trying to helpful. In fact, it`s rare that I see people on this site be as polite as in this thread. Usually it`s worse.

The OP does not even know what a moving average or the ADX is and that is why people don`t want to encourage him to set up an account and blow away his money.

OP,

Withdraw your money and invest in an education in the market. Start reading some good books and start your studies. Trading is not learned by trading either with live money or simulator money. It is a waste of time and money. Screen time is only valuable if you know what it is you are looking at. Before you get to that final stage, you have a lot of work to do. The slow way is the fast way in this business! There are no shortcuts.

Good luck! You will need it!

 

[oldtime]

Quote from johnstac:

Try to remember that I've only been here a few days...lol. I have already applied for the paper trading account but it is not immediate with IB. And weird right because some will say, read everything I can and others including yourself seem to take the stand that reading books may ruin me. You may very well be right but try to remember that I am starting with nothing. I need basics to understand what a moving average is and what ADX represents. Just basic info that I probably won't get from just trying to read price action and placing trades alone. We're talking the basics here.

they won't ruin you. I read everything I could get my hands on. Just don't believe any of it.

My charts had so many indicators on them that you couldn't even see the price anymore.

They didn't have paper accounts when I started, If they did, I would probably just now be trading live. I always keep my paper account going. Somedays I spend more time over there than I do watching what's going on live. It's a wonderful little laboratory that will teach you not only about the market, but about yourself.

 

[oldtime]

Quote from Laissez Faire:

That is because everybody is trying to helpful. In fact, it`s rare that I see people on this site be as polite as in this thread. Usually it`s worse.

The OP does not even know what a moving average or the ADX is and that is why people don`t want to encourage him to set up an account and blow away his money.

OP,

Withdraw your money and invest in an education in the market. Start reading some good books and start your studies. Trading is not learned by trading either with live money or simulator money. It is a waste of time and money. Screen time is only valuable if you know what it is you are looking at. Before you get to that final stage, you have a lot of work to do. The slow way is the fast way in this business! There are no shortcuts.

Good luck! You will need it!

I forgot now, what's the difference beween sma and ema? Darn, I use to know all that stuff, ADX? Is that the same as ADR?

Different strokes, to each his own, you'll find nothing of value in all those books, it's all right there on the screen in front of you.

Very little of trading has anything to do with what you think the market is going to do. And all that bullshit in the books tries to fool you into thinking that somehow you can predict future events.

"Final Stage"? man, you crack me up

 

[Laissez Faire]

Quote from oldtime:

Different strokes, to each his own, you'll find nothing of value in all those books, it's all right there on the screen in front of you.

Very little of trading has anything to do with what you think the market is going to do. And all that bullshit in the books tries to fool you into thinking that somehow you can predict future events.

"Final Stage"? man, you crack me up

An overwhelming amount of the literature published on trading is close to worthless, but there are a few very good books that should be read and studied. I don`t use any of the indicators that was mentioned, but I know very well that they are and how they work.

If you don`t know what you are looking at and can`t even tell the difference between the bid and the ask price, sitting in front of the screen like a retard watching random charts is a complete waste of time. The only use of simulator training is to actually test strategies that you have developed using historical data.

 

[oldtime]

Quote from Laissez Faire:

An overwhelming amount of the literature published on trading is close to worthless, but there are a few very good books that should be read and studied. I don`t use any of the indicators that was mentioned, but I know very well that they are and how they work.

If you don`t know what you are looking at and can`t even tell the difference between the bid and the ask price, sitting in front of the screen like a retard watching random charts is a complete waste of time. The only use of simulator training is to actually test strategies that you have developed using historical data.

I don't use charts. Everything is in the bid/ask

The big picture is the account balance

10% is guessing, and there i will agree with you, the more you know, the more educated your guess will be

90% is money management

If you can figure out how much to blow on beer and girls each month and still have enough left over to pay the bills, then you can trade

 

[FrankSlaughtery]

Quote from johnstac:

I need basics to understand what a moving average is and what ADX represents. Just basic info that I probably won't get from just trying to read price action and placing trades alone. We're talking the basics here.

either GOOG the info you need or read it in a john murhpy book on technicals.

 

[oldtime]

Quote from Laissez Faire:

That is because everybody is trying to helpful. In fact, it`s rare that I see people on this site be as polite as in this thread. Usually it`s worse.

The OP does not even know what a moving average or the ADX is and that is why people don`t want to encourage him to set up an account and blow away his money.

OP,

Withdraw your money and invest in an education in the market. Start reading some good books and start your studies. Trading is not learned by trading either with live money or simulator money. It is a waste of time and money. Screen time is only valuable if you know what it is you are looking at. Before you get to that final stage, you have a lot of work to do. The slow way is the fast way in this business! There are no shortcuts.

Good luck! You will need it!

and futhermore, if you are so goddamned undisciplined that you can't have money in your account without trading it you deserve to lose.

 

[Laissez Faire]

Quote from oldtime:

and futhermore, if you are so goddamned undisciplined that you can't have money in your account without trading it you deserve to lose.

Who are you talking to? Me or the OP?

The OP is a pig in the slaughterhouse. He can cease to be the pig and escape if he invests his time and efforts in an education.

End of discussion. Nothing more to add.