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Pony
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in the long run I agree with him. But I would much rather make $200,000 off of $100,000 way more than making $100,000 Granted, with all things considered, that person will have a million the next year, where the other person would have $600,000. Basically, what I'm saying is I think it's better to making 100% of 100,000 than 300% of 10,000, especially when you consider living expenses.
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I really wish I knew something/anything about options, because that sounds like a very plausible strategy.
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that's a pretty good living. I don't know. It really depends on how much time you put into it. 40 hours a week? I would say basic living expenses would need to be covered. And it also depends on whether you consider it a hobby or job.
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I didn't mean to offend. I am in the exact same boat, except that I have no desire to open my own firm. I just thought with you starting out, that you would not know exactly what your job would entailing. Mine is more of eventually not wanting a boss.
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Okay. How do I even start this? What platform should I use? How do I place the trades? (like through who or where)
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You're not really going to need technical analysis for the series 7 exam. You may want to know it for your clients, but you're really going to be looking a lot more at fundamentals. Yes, It's going to be great stuff to know in general, and it can improve a fundamental's portfolio skills, but remember, your main job is going to be a salesman, and you're probably going to forget a lot of this stuff you're not going to use. Your firm will have their own analyst and let you know which stocks you should sale, or based on your kickbacks what mutual funds you should push. If you try to use technical analysis for your clients, you'll should probably expect a call from your compliance department. Remember, at full service firms they charge a full service commission. Day traders didn't exist until discount brokers!
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At first, when I decided I wanted to be a day trader, stocks were really the only thing I was thinking you could make money off of (I knew about futures and currency, but didn't know you could day trade them). I started reading a lot of books so that I had somewhat of an idea on where to start (I tried a couple of other times, just trying to use intuition, thinking it was easy. (though I still didn't risk much). Anyway, I'm on my fourth book, "Day Trading the Currency Market," -Kathy Lien. Anyway, it really showed me quite a few of the benefits of trading the forex. Now, say that I do decide to trade forex instead of securities. I was planning on starting out with $30,000 originally with stocks, but apparently there is no day trading regulations in the forex market, is that correct? And you can have 100-200 times leverage? What is the typical amount of capital a trader would have in his account with that kind of leverage? Lastly, I looking at a few currency charts, it moves in fractions of a cent. This may seem too general of a question, but would 10k have the same profit capabilities in the forex as it would a stock (specifically symbol: BAS). Let me be more specific. I went long and short 600 shares (roughly 17k worth) of BAS, and there were several movements of .40 (intraday) which made $240 each forty cents movement. (I'm just testing the waters, I don't trade everyday)
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And maybe this option already exists, and you can kind of find it through unread posts, but another forum that I used to read all the time, would log every single post you made labeled "Your Posts" and it would show if someone's commented on it. That way if you don't log on for a day, you can still find it easily. Maybe this is already on here, but I haven't found it.
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I just got done with a wedding rehearsal and had a lot. My apologies.
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The proprietor of this site was a professional poker player before he made the switch to becoming a trader. Anyway. I play poker weekly to help subsidize our expenses. I win consistently. I know there's an element of luck, but I also win consistently. You have to learn the odds, and what people would do during certain situation (knowing when and how to bluff is a good example) It's all about odds and psychology, in my opinion. Do I pay for every hand? Yes, it's called an ante. Do I win every hand? No, I don't even half. But when I'm on a roll, I play it for as much as I can, and when I'm losing I get out quick. So yeah, they have a lot in common.
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Tams, from the posts you've made, you seem very intelligent/educated. However, this post is completely ridiculous. You're making Ron Paul sound like a nut job. It's not that far out of a question. Since the gold standard has been removed (WHY?!) there is no reason for them to store all that gold down there that I know of. It was a representation of how much our dollar was worth, so what's the point of them keeping it there? My main question is, who owned the gold? Well, I would say, when you get an interment deed (the right to be buried in a cemetery) you don't own the land, you own the right to be buried there. The cemetery owns the actual land. So, a dollar, back when we had the gold standard, we could use the same analogy. Whose to say it is or isn't there? Not only do I think it's possible for it to be missing, (because who knows that much about it?) I think it's probable! The government owned it, they hardly ask our permission. I think there IS gold in Ft. Knox. As much as there should be? Probably not.
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I don't wish to see anything, just looked like a possibility to watch for if the there was a positive candle formation today. It of course didn't form, but if it did... Anyway, I think the only reason it went up at all was a "head and shoulder's" completing, which I had stated earlier. Would you agree with that? Not trying to act like I know anything, just trying to have my theories critiqued.
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Watch the stock tomorrow, looks like a morning doji star is forming, you might be in luck!
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If you're wanting to day trade for a living. Securities and Exchange Commission (SEC) says that if you want to make more than 4 round trips trades in any five business days, you have to have at least $25,000, if you're wanting to trade stocks. That being said, the appropriate equipment/software/learning curve. I would start with nothing less than $30,000. It also seems unanimously decided that stocks are much less profitable, and taxed at a higher rate, but they're easier to trade. If 4 round trips are enough for you consider this. If you have a winning system, let's say you win 50% of the time and loose 50% of the time. Say on your wins you try to make 1.5 percent and your stop losses are put at 1 percent. You should average .5 percent return per trade. So for every one thousand dollars you have, you're going to make five, minus commissions of $20 dollars per round trip. Start with plenty of capital! (those numbers are just simple numbers to give you an idea, even the best systems will lose sometimes)
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"The Force is Within You, Luke. It's Not The Trading System"
Pony replied to nhallett's topic in Psychology
As far as out of control, I can only say Mark Barton. I only have one comment on this though. I think this article would have gone over better if it weren't so black and white. Every successful trader knows that there is a psychological aspect to this profession (I'm not a successful trader, I've made 9 trades in the past 7 years) My point being is when your title completely disregards that a good trading system is needed, you're going to get bashed for it.