Need Guidance Getting Started with Small Account

[traction]

Could maybe someone who is successful and trades full time for a living record a typical day of trading to share? Im sick of the 20 something gurus on youtube and would love to see a pro at work.
@Tradex?

 

[bone]

Destriero had a fantastic thread in the Journals Section documenting his options trades earlier this year. He is undoubtedly a superb options trader. And while you might not be an options trader, reading that thread will give you a sense of the level of knowledge and competency required to be a consistent trader. And this is not something you’re going to get free off of YouTube, or for $10 per week in a “live” trading room super chat.

 

[deaddog]

i'll let you in a little dirty secret...it is far easier to make money if you have more money. i'm talking about 5-6 figures trading account vs your average robinhood 3 figures account. save some money until you have 5-6 figures account size. and in the meantime, do paper trade with your with your 5-6 figures for at least a year with your trading journal.

Why do you think that is?

Is it that with a small account you worry more about the money than you do the trade?

 

[Rickshaw Man]

Please advise me! After completing my studies and gaining some experience paper trading, I plan on opening a small day trading account. My funds are somewhat limited and although I have the $25k to put into a margin account, I didn't want to tie up that much of my savings. I would be more comfortable with a $10k account, but the problem is the pattern day trader regulation. It seems to get around that, I would have to have a cash account. In that case I wouldn't be able to short sell and I would have to make sure there is enough settled cash in the account to make a trade, which could impede the frequency of my trading.

I only plan on risking 1% of my account on any given trade, so I'll be starting off small and perhaps I won't be buying enough to be affected by the cash settlement rules.

I want to trade enough to qualify as a trader (TTS) by the IRS so I can receive some tax benefits. I suppose this would mean at least one trade every day of the week.

Any suggestions and recommendations would be greatly appreciated.

Specialize in something. Taxes on futures trading is more favorable than stocks. With the micro index contracts, you will be fine and can use good risk management. Stay away from stocks for now.

Then you can setup an LLC.

 

[traction]

Destriero had a fantastic thread in the Journals Section documenting his options trades earlier this year. He is undoubtedly a superb options trader. And while you might not be an options trader, reading that thread will give you a sense of the level of knowledge and competency required to be a consistent trader. And this is not something you’re going to get free off of YouTube, or for $10 per week in a “live” trading room super chat.

Thanks read that but looking for more examples of TA and day trade execution

 

[bone]

If you can program, can exploit time series data, and have an exceptional ECN then go for it.

If you’ve got a mouse in your hand and you’re new then good luck with that.

Thanks read that but looking for more examples of TA and day trade execution

 

[traction]

If you can program, can exploit time series data, and have an exceptional ECN then go for it.

If you’ve got a mouse in your hand and you’re new then good luck with that.

Surely not everyone here are using solely those attributes?

 

[bone]

Are you seriously looking for a legit free edge on a public Internet forum?

My PM Inbox and my email is full of messages from unfortunate souls who tried manual scalping (day trading).

I’ve got a mountain of stories about newbies getting smoked Scalping in these modern Bot dominated markets. It’s astonishing and it’s sad. It’s depressing because some of these guys aren’t burning through $10K - more like $100K.

And NO, I will not take on a traumatized soul suffering market PTSD as a client. I will advise that person to put trading behind him and to get back to work and that taking care of his own health and his family should be his only priority. I’m not a therapist and I have a conscience.

Surely not everyone here are using solely those attributes?

 

[traction]

Are you seriously looking for a legit free edge on a public Internet forum?

My PM Inbox and my email is full of messages from unfortunate souls who tried manual scalping (day trading).

I’ve got a mountain of stories about newbies getting smoked Scalping in these modern Bot dominated markets. It’s astonishing and it’s sad. It’s depressing because some of these guys aren’t burning through $10K - more like $100K.

And NO, I will not take on a traumatized soul suffering market PTSD as a client. I will advise that person to get back to work and that taking care of his own health and his family should be his only priority. I’m not a therapist and I have a conscience.

Sorry if I offended you.
I was simply hoping to observe a master at their work. Kind of like a boxer watchers many of his predecessors fight over and over.

 

[bone]

It’s not you - it’s definitely ME. Manually scalping is like opening a restaurant - your odds are about 10 percent. In the Pits, you had about a half second time advantage to pick off paper and that was worthwhile. In the very early days of electronic trading, you had a slight inter market information advantage. At present the automated trading systems are so strong and well designed by very smart players with a serious capital and ECN advantage that you’ve got no chance with a mouse in hand staring at a screen.

There are some highly experienced exceptions but the years and the capital it took them to get there is astounding and impressive.

Sorry if I offended you.
I was simply hoping to observe a master at their work. Kind of like a boxer watchers many of his predecessors fight over and over.