You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Starting out in Prop Trading
- Thread starter BoSoxFan
- Start date
It sounds like you have a job right now. If that is the case, great, keep it. Take your 5k and and do some research to pick a firm, and trade really really small with that 5k the first 2 hours of the day if your work schedule permits. THat is enough to learn, and a good starting point.
Set yourself a daily stoploss of $50, and trade 100 shares of stocks that don't move a ton, IE no RIMM POT GOOG for you.
Find a firm with the lowest platform fee, so you don't feel like you have to make money.
Set yourself a daily stoploss of $50, and trade 100 shares of stocks that don't move a ton, IE no RIMM POT GOOG for you.
Find a firm with the lowest platform fee, so you don't feel like you have to make money.
Quote from Surdo:
Get a REAL JOB so your kids don't have to work 3 jobs to pay for college.
Real job or not, I think it's a GOOD THING if kids have to work 3 jobs to pay for college (I did). I've seen so many that can't make their own way in the world because they didn't have to work for anything they got!
I think for the time being im going to trade part time, save my money. But i definitely want to transition to trading daily..i love the markets too much!
Hopefully i'll learn a thing or two before i start doing it full time. Maybe i can find a firm where i'll be able to sit, listen & learn from an experienced trader here in boston.
I truly appreciate everyone's responses/suggestions. Thanks everybody!!
Go Sox!!
Hopefully i'll learn a thing or two before i start doing it full time. Maybe i can find a firm where i'll be able to sit, listen & learn from an experienced trader here in boston.
I truly appreciate everyone's responses/suggestions. Thanks everybody!!
Go Sox!!
I have a friend who is in the same position as you (low savings, doesn't like job, needs income) and these are the questions I made him answer...
1-How long can you last with no income, assuming you can't use your trading deposit to pay any bills?
2-What would happen to your and your family's quality of life if you have no income for 6 months and lose your trading stake? (This is a highly likely scenario)
How would your wife feel about this? Would she be supportive, or just really pissed off?
Answers needed to pursue trading...
1-One year or more. If not then you are not ready, just study the markets in your free time. If you break this rule you will probably be hating yourself in 6 months. Trading has ruined many people.
2-If you have something to fall back on, and your family is supportive in the event of failure then you are ok. Just remember that failure is the most likely scenario (80%+)
Stick with Bright, Echo, Hold, Genesis and you should be ok.
1-How long can you last with no income, assuming you can't use your trading deposit to pay any bills?
2-What would happen to your and your family's quality of life if you have no income for 6 months and lose your trading stake? (This is a highly likely scenario)
How would your wife feel about this? Would she be supportive, or just really pissed off?
Answers needed to pursue trading...
1-One year or more. If not then you are not ready, just study the markets in your free time. If you break this rule you will probably be hating yourself in 6 months. Trading has ruined many people.
2-If you have something to fall back on, and your family is supportive in the event of failure then you are ok. Just remember that failure is the most likely scenario (80%+)
Stick with Bright, Echo, Hold, Genesis and you should be ok.
I'm surprised you guys don't have your own domain name (apextrading.com).Quote from apextrading:
You can get started trading with as little as $5000 which will give you $50,000 worth of buying power.
Email apextrading@live.com to get the companies name and more info.
Quote from BoSoxFan:
I've contacted a Prop firm (Hold Brothers) but they dont have a location in boston. I'd prefer to sit next to someone, pick their brain and then go do my thing.
Any recommendations/suggestions would great be appreciated.
Would you mind if I ask you why you would like to join a prop firm?
Also, do you realize that trading part-time could be just as good as trading full-time?
PA
Quote from apextrading:
I like cheap things or free things. You get farther in life by minimizing your costs(losses) and maximizing your profits.
If you can get the same result from something that is free then why would you pay money for it.
Apextrading
its $8 to register a domain name. if you make it big whats $8?
And you may not get your "same result" looks more professional when you have an email address from mark.smith@apextrading.com. just a thought