SixCoins

Apologies if this is in the wrong forum, but it seemed like a good place to put the question. I haven't gotten the answers I've been trying to find, and I think it might be because my questions are too loaded, or because they aren't specific enough. So I think I have a new way to ask it.. Hoping to hear from the pro's on this one. I have 3K that I can afford to lose right now. If I wanted to try day trading, what market would you tell me to look into? To save you all some time, lets assume that I don't start trading until I've done months of studying, and practicing, and paper trading. Also assume that I realize pulling the trigger with my own money is a completely different animal from practice trading. I know there is no single best answer, and I know that this advice won't amount to a hill of beans if I don't do the appropriate studying..... I am just trying to avoid putting too much of my study time into an area that isn't feasible with such a small amount of money. If you knowledgeable and experienced traders had to start over with 3k, where would you start? Listening Intently, Steve.

Hello. I've been doing some research about day trading, starting with a low balance. What I am looking at now is Forex. I'm using a demo from FXCM. I've done one imaginary trade, and It seems like this is not really the way to go for someone who isn't trading without large amounts of money... Currently, I've purchased 1 micro lot of JPY, at 76.221. Roughly, this means I have 76,221 Yen. In order for this to make even 1% the price of Yen needs to go up to 76.983 today. That would give me a $10.00 profit. Maybe it's just my inexperience talking, but I don't see that happening. I watched the prices for about an hour, and they simply didn't move. Well, they did move. Down. Slowly. I concede that I did not study the USD/JPY market. I just took a position to see it in action. My initial thought's are that it's unrealistic to try to build up funds on the Forex without first having a large amount in the account. Millions of teeny increases necessary. Not a few hundred tiny increases. Use a large fortune to make a small fortune. (Luck and years of experience notwithstanding.) I'd like to hear your thoughts on my cockemamy plan to use small funds in the Forex market. On a side note... I don't expect to make large amounts of money starting with small amounts.. HOWEVER.... I think starting with a small amount will minimize my risk while I learn the game. I am very interested in this study. I just want to start in the right place. Is there such a place? Thanks for reading. I'm listening to every suggestion. Ideally, the best answer would be "if you really want to do day trading with limited means, you need to study X market with no less than X amount of money" I feel I have months of learning to do before I even begin trading, but I need to start learning the right stuff. Can anyone point me in the right direction? Listening Intently. Thanks in Advance, Steve.

Thanks Maru, I'm not really interested in making enough money to live off of (Yet.). I just want to start and be able to earn money if I do well. My labor would be all about building up to a point where I could make enough money to live, (if I'm successful) while also learning if the business is for me. Can you provide me with any research areas to learn more about day trading in my situation? Any particular market I should study on?

Hi guys. My name is Steve, and I'll try to keep this simple. I want to day trade. I have been researching on it, and I just keep coming up with more questions. I have a lot to learn, alot to read, and a lot to practice, but before I go any further, I just have to ask ... Is it even possible to truly start day trading with limited means? If I put in 1k, 2k, 3k.... Is that just setting myself up to fail? From what I've learned, it needs to be done in volume to work well.. I'm thinking if my buying power is 2k, I'd barely make the commissions on each trade. I really would like to study more on this, practice, papertrade.... I want to give it a shot. I'm really interested in it. I know that the stock market is out of the question, as I'd need 25K... But is there any other possibility? Forex? Futures? Seems like I'm at a disadvantage, but I have to ask the people who know. Also, one thing I'd hope to get answered is on Margins.... If I want to trade where a margin is 5K..... does that mean I'd have to have 5K in my account during my trading? I guess I'm asking - Will I need to provide an Initial Margin, AND extra money to use on trading, or do I just need the margin to be in the account before I START trading. I've got a lot of questions, and alot to research, but before I do, I just gotta know if it's even possible to do this with a small account. Best Regards, Steve.