When I started, I started with futures. I lasted a year or so and was down to $1,200. My broker called and said gold options were cheap and they were. I made $20,000 and I was a smart son of a bitch. It took me 8 months to lose the twenty grand. I was real smart then. I went to stocks. Do not trade futures, that is for the big guys with big money. When a fund steps in to buy sugar or orange juice, your ass better be on that side or you are going down. I have no advice other than do not trade futures. The stock market is brutal enough. That lesson cost $16,000. I will never forget it, but it was worth it. This year I have not progessed in the stock market, but I have backed up a little. Yes, I have lost money. Has anyone on Elite Trader lost any money.
Is $5,000 enough to get started with trading?
- Thread starter icantoday
- Start date
ms901
You are posting what you know and cannot be critisized for that.
Michael B.
You are posting what you know and cannot be critisized for that.
Michael B.
That depends solely on how much money you want to lose.
Right. Futures and FX are not for the faint-hearted or the seriously undercapitalized! But those are the very people that are attracted to futures and fx thanks to PDT rules.
The PDT rules are ill conceived. Anyhow, despite how bad stocks might be, it's hard to lose that much in stocks unless you are betting some serious size like 5000 shares or holding overnite on some seriously bad announcements. But in futures, you can lose that amt without too much effort if you don't know what you are doing because of some of hte VIOLENT moves especially in fx futures like euro/yen.
so, don't all you people think you can open a $5K acct at IB or Oanda and make a good living without ever having to work again. Just a little reality check.
A gazelle with a broken leg.
Yes
Become the hunter, just make sure that you leave one door open on the land rover and that you aren't too far from it in case your gun becomes jammed. (ie: stop loss) Without a plan you might as well be the gazelle. With a plan you can still become a bitten hunter. But hey, what's life all about unless we take a few chances.
Good traders seek to minimize risk, yet accept the inherent risk of each trade.
Oh, that's brilliant! The guy probably hasn't made a trade in his life, and you're now going to give him 100% leverage and expect him to build up his account from 5K? Wow with all of 10K he can trade, what, ONE stock at a time. Gee wiz!
Let's see. Trading 200 shares, one stock at a time, with desk fees, commissions and other associated costs, he may double his money in what? 5 years? Man, that's a great business plan. You must have an MBA from Warton.
And after he's studied for his Series 7 and paid "training costs", he's probably got maybe 4K remaining, if he's lucky, to begin his new trading "business".
(Oh golly, did you forget about transaction costs? Or did you think all this training and prop shop support came free?)
He'd be a hell of a lot better off putting his 5K into a hotdog stand, which he can also search here on E.T. under
"HOTDOG".
You are clearly clueless....and obviously know nothing about the prop trading world. So let me inform you...Yes some traders do actually build their accounts up from $5000 with their profits...it happens...why do you think that so many prop firms let guys in with 10k. You are obviously too stupid to investigate what is actully happening in the industry...so you come on this board with no suggestions of your own. I am sorry that you are so bitter, but hey maybe you lost all your money, so you do not having anything better to do than speak about things that you cannot even comprehend.