I recently sold my home and I now that I have a few extra dollars I intend to actively trade the stock market. I would like to hear from those who trade the market on a regular basis and have had some success. I would like your input on which software to use. I have attended introductory seminars on several that are available, such as Telechart, Wizetrade and a few others. I have also read some reviews on this site, but some of the programs I am not familiar with (in addition to which you guys talk in abbreviations). I would also like recommendations on which "real time" service to use and also on online brokers. Commissions are a factor, but what difference is there if you get the lowest available but can't get your orders filled? Any help will be greatly appreciated. By the way, I'm not a total novice, I have limited experience but I want to devote more time to trading.
Need some advice
- Thread starter Ranger1
- Start date
R-1, couple things.
Presuming you have profits from selling your primary residence, I would suggest you start in the market by first dividing up your money.
Earmark 1% of it for trading. KEEP THE REST OUT of the market.
Of the 1% you earmark for trading, separate 1% and USE THAT ONLY per trade you open.
Keep the other 99% untouched in your trading account until you get very proficient and profitable.
You can also open a demo account at a forex broker and trade currencies since they are commission-free.
Let me know if you have any questions regarding getting started in trading global currencies.
Kindest regards,
theskalper
Get a 7 and put up 5k. Thatâs the worst you can lose then of your own money. Trade 100 share lots for a few months and if youâre consistently profitable slowly add more size. I would guess you wonât make money for a year doing this but you wonât lose either. Knowledge is more important then balls and money.
I do not want to discourage you. However, based on my 6 years experience one needs at least 5 years end of day part time experience to feel confident in trading end of day markets.
There are very few successful day traders (at least those I know) and I am not the one - tried that..
Above all be careful with the money that you got from the selling of your house because it might seem a lot but you may loose it in a hart beat.
Make sure you have the constant source of income - like full time job. And trade small 100 shares max because you are going to loose, we all did. The best trades are those that done without fear of loosing and having full time job helps me a lot. I cannot help it myself but it best not to look at the markets intra day if you are end of day trader. Because the price will do everything possible to shake you out prematurely from the profitable trade or suck you in into a loosing trade. Now this is the unfortunate truth: trading is unique in a sense that theory does not help at all. In other words you may read all the books (and you definitely should) but still be a consistent looser. Experience is a key in this business and it takes years.
There are very few successful day traders (at least those I know) and I am not the one - tried that..
Above all be careful with the money that you got from the selling of your house because it might seem a lot but you may loose it in a hart beat.
Make sure you have the constant source of income - like full time job. And trade small 100 shares max because you are going to loose, we all did. The best trades are those that done without fear of loosing and having full time job helps me a lot. I cannot help it myself but it best not to look at the markets intra day if you are end of day trader. Because the price will do everything possible to shake you out prematurely from the profitable trade or suck you in into a loosing trade. Now this is the unfortunate truth: trading is unique in a sense that theory does not help at all. In other words you may read all the books (and you definitely should) but still be a consistent looser. Experience is a key in this business and it takes years.
What have you replaced your home with?
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Ranger1;
Sounds like you made a fine trade on your home,however ;
end of day trading could take years/years to learn.
Dont feel like the lone ranger;
elitetrader broker ratings are for the most part fair.
You probably will not do this ,few of us were that wise, but actually Rich Dennis and Andrew Carnegie started trading with about $500.
At the end of the day thats 4 shares of SPY.
Wisdom is the principal thing.
I recently sold my home and I now that I have a few extra dollarsHow much?
I intend to actively trade the stock market. What does this mean?, what is your vision of active?
I would like to hear from those who trade the market on a regular basis and have had some success. I would like your input on which software to use.Interactive Brokers would be a good place to start if you are trading Futures or Equities. E-signal is a popular Charting program for Retail Traders.
I have attended introductory seminars on several that are available, such as Telechart, Wizetrade and a few others.These are sales seminars
I have also read some reviews on this site, but some of the programs I am not familiar with (in addition to which you guys talk in abbreviations). I would also like recommendations on which "real time" service to use and also on online brokers. Commissions are a factor, but what difference is there if you get the lowest available but can't get your orders filled? Any help will be greatly appreciated. By the way, I'm not a total novice, I have limited experience
but I want to devote more time to trading.Be prepared to spend more time with learniing to trade profitably and consistently, then you have spent on anything in your life. You must treat trading like a business. You will find it is ever changing and you must keep current as a pilot needs his hours.
Trading can be very profitable from the sofa in your living room, from the 8 monitor set up in your home office, or from the local prop shop. Some take it very seriously and view the decision to "trade more actively" and to "devote more time" as their Full Time Job. I have heard some traders exclaim, "why didn't I discover this earlier"? while others state "it was the biggest mistake" in their life. I think the best advice I can give you, is to start small and stick to your plan. Lower your expectations and have enough capital to begin with.
Now I have a question for you: Do you realize what 25% per year net after labor and tools can net if you apply compounding over 10 years? You plug in your initial capital and do the math...no reply is necessary. All that I ask is that you maintain two accounts. One Cash Account and one Trading Account. The rest of your cash, do with it what you will. BUT your trading portfolio must have cash as a sub account.
One more thing. Trading can be "Not Gambling".
Michael B.
I intend to actively trade the stock market. What does this mean?, what is your vision of active?
I would like to hear from those who trade the market on a regular basis and have had some success. I would like your input on which software to use.Interactive Brokers would be a good place to start if you are trading Futures or Equities. E-signal is a popular Charting program for Retail Traders.
I have attended introductory seminars on several that are available, such as Telechart, Wizetrade and a few others.These are sales seminars
I have also read some reviews on this site, but some of the programs I am not familiar with (in addition to which you guys talk in abbreviations). I would also like recommendations on which "real time" service to use and also on online brokers. Commissions are a factor, but what difference is there if you get the lowest available but can't get your orders filled? Any help will be greatly appreciated. By the way, I'm not a total novice, I have limited experience
but I want to devote more time to trading.Be prepared to spend more time with learniing to trade profitably and consistently, then you have spent on anything in your life. You must treat trading like a business. You will find it is ever changing and you must keep current as a pilot needs his hours.
Trading can be very profitable from the sofa in your living room, from the 8 monitor set up in your home office, or from the local prop shop. Some take it very seriously and view the decision to "trade more actively" and to "devote more time" as their Full Time Job. I have heard some traders exclaim, "why didn't I discover this earlier"? while others state "it was the biggest mistake" in their life. I think the best advice I can give you, is to start small and stick to your plan. Lower your expectations and have enough capital to begin with.
Now I have a question for you: Do you realize what 25% per year net after labor and tools can net if you apply compounding over 10 years? You plug in your initial capital and do the math...no reply is necessary. All that I ask is that you maintain two accounts. One Cash Account and one Trading Account. The rest of your cash, do with it what you will. BUT your trading portfolio must have cash as a sub account.
One more thing. Trading can be "Not Gambling".
Michael B.