Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

launchcodemexico

New Canadian Trader Looking for Expert Advice

Recommended Posts

Hi, I live in Vancouver, BC Canada and I'd like to start trading with an initial capital of 5000CAD, for just a little extra income on the side. My goals are:

 

- to learn market movements and trends

- 25.00CAD net profit a day (after commissions or any other assorted fees)

- or 500.00CAD a month; no more, but definitely not less-liquid.

 

I'm looking for advice on:

- markets I should examine

- if my goals are realistic for a beginner

- which online broker should I use? (Questrade, Trade Freedom, Scotia iTrade, Interactive Brokers, etc.)

 

I plan for this to be a serious daily routine for me, and not something I'll be doing for fun on the side. I do have a degree in Economics, but I don't use/practice that knowledge at a professional level; yet. I hope my goal is modest enough and 5k will be sufficient to start with, but if not, where should I begin?

 

Advice is duly appreciated.

Share this post


Link to post
Share on other sites

Hi,

 

This is my advice. When trading any markets, profits take care of themselves. Risk Management is the answer to it all. Learn how not to lose money and focus on the trade . I think you are focusing too much on earning money. You can have a Big winner, a small winner, a small loser and a big loser. The path of making money is to learn not to lose it by eliminating the big loser.

 

Hope you do not see me coming to rude on you.

 

Take care....

Share this post


Link to post
Share on other sites

you don't need any money to learn.

there are lots of good books in the library and useful websites on the internet.

 

after you think you have learned, that's when the tuition fee kicks in.

 

 

 

 

 

 

p.s. most people paid over 5k in tuition. pls plan your journey accordingly.

Edited by Tams

Share this post


Link to post
Share on other sites

You are going to spend a lot of time experimenting with markets, timeframes and trading methods before you narrow down a few things you can relate to.

 

My advice is to read a lot and experiment for the next year on a simulator with live market data. People say simulators are worthless because they don’t give you the feel when you have real money on the line. Well duh, that’s why it’s called a simulator.

 

However, pilots and astronauts use simulators and they don’t throw out that lame excuse. They jump into them knowing they can learn from the experience and they log many hours doing just that. You can learn a lot what doesn’t work on a simulator. Use it. Make your mistakes there because it’s a lot cheaper than the real world. Fact is, if you can’t consistently make money in a simulator you have no hope in the real markets. If you are going to jump in with real money understand what risk per trade is. Also, be prepared to lose.

 

Learn to take losses. Learn to trade well. Consistently executing your trades is vital. Money will follow.

 

Read...

 

Trade Your Way to Financial Freedom

 

Trading in the Zone

 

The Disciplined Trader

 

Market Wizards

 

Trading for a Living

 

Good luck.

Share this post


Link to post
Share on other sites

This is exactly the type of sobering advice I was looking for and I want to thank everyone for their input.

 

Any suggestions for a Canadian online broker and/or good tools (simulators...etc.) on the internet for me to get started?

 

I hear some sites don't offer very comprehensive features, or even real-time updates. Good graphing tools, for example, and fast real-time updates are crucial to me.

Edited by launchcodemexico

Share this post


Link to post
Share on other sites
Hi, I live in Vancouver, BC Canada and I'd like to start trading with an initial capital of 5000CAD, for just a little extra income on the side. My goals are:

 

- to learn market movements and trends

- 25.00CAD net profit a day (after commissions or any other assorted fees)

- or 500.00CAD a month; no more, but definitely not less-liquid.

 

I'm looking for advice on:

- markets I should examine

- if my goals are realistic for a beginner

- which online broker should I use? (Questrade, Trade Freedom, Scotia iTrade, Interactive Brokers, etc.)

 

I plan for this to be a serious daily routine for me, and not something I'll be doing for fun on the side. I do have a degree in Economics, but I don't use/practice that knowledge at a professional level; yet. I hope my goal is modest enough and 5k will be sufficient to start with, but if not, where should I begin?

 

Advice is duly appreciated.

 

I think you should lower your goals a lot. Do you really think 10% return a month as a beginner is realistic? A more realistic goal would be not to blow out your account in the first 6 months.

Share this post


Link to post
Share on other sites

You are welcome. Maybe you could tell us which market you are looking forward to trade, what kind of trader are you (Investor, position trader,swing trader, scalper). Depending on that, you probably will end-up with a few alternatives.

 

Cheers... :)

Share this post


Link to post
Share on other sites

Sevensa:

 

Thank you. Your rather short comment not only teaches me about the limits I'm up against, but the mentalities I'm contending with.

 

I know I want to see net positive returns in the least time possible; over many gains and losses of course. I'm not sure what the reasonable metric is for a beginner like me and maybe others can chime in. A few cents a day? A few dollars a week? A few pennies a month? A few dollars every 3 months? Or would this vary, completely determined by my personality and experience? The shorter the evaluation time the better of course.

 

 

Rectav:

 

This could be a few lines so I hope some of you will stay with me.

 

My current knowledge and feel for the markets, is probably that of the general public: I enjoy the news, paying attention to global dynamics, keeping channels like CNN or CNBC on 24/7, etc. So I have this broad feel of the trends hypothetically suited for general long term low-risk investing; run of the mill Mom n' Pop type Investor trading.

 

If I were to classify and prioritize my familiarity with the markets it would probably be something like this:

 

1. Popular Tangibles (real physical products) and Technology

2. Commodities (tied to products)

3. Popular Service products (credit industry, etc.)

3. Intangibles (ForEx, futures, funky indices of all sorts, etc.)

 

But with only 5000 to start with, I feel any stock that I even think I know anything about (popular ones like Nike, Google, Visa, oil, gold, etc...) will just be too expensive for me to learn anything substantial before I blow my bankroll. I really want my 5000 initial capital to last as long as possible, so I'm perfectly happy making pennies as long as I'm making more than I lose, and that knowledge can eventually be scaled up to dollar amounts. I'm not a rich individual by far, and this money was a gift to me which I'm using for educational purposes. So I'm not here to make money just yet.

 

I also want to familiarize myself with the mechanics of trading as fast as possible (stops/limit orders, shorts, etc...), and long term trading just won't teach me enough in a short enough amount of time. I need routine daily practice.

 

One thing I know for certain is that I have an obsession over trends of any kind (economic, socio-political, ones that exist in pseudo-virtual game worlds, or even fashion) which I think many of you can relate to. So independent of what I may know about a market, I will endlessly pore over the numbers, and research, just to test if my forecast was correct, which theoretically can also suit me for shorter term swing trading or even day trading; which I think is what fits my needs and limitations at the moment.

 

From what I hear about day trading, it's essentially as much about playing the traders themselves as it is the market values.

Edited by launchcodemexico

Share this post


Link to post
Share on other sites

From a fellow Canadian Trader (also with a Economics Degree), here's my advice.

 

Your account is too small for most commodities. You could setup a micro Forex account, or trade the new CME FX-Micro Futures. They would be about the right size.

 

In this way, you could swing trade currencies with the 6 primary currencies available through the CME without having too much leverage. And they tend to trend well over time. I recommend setting up an account with a SIMULATOR. Spend some time on it and take 20 trades treating it like you would your real account. After you have successfully managed 20 trades and their results fit with your profit expectations, then take the next 20 live. But start with small size. Max of 2 Micro Contracts on no more than 2 symbols at the same time.

 

If I were you I'd open up an IB account as they have a very good Canadian presence and they have an excellent platform (I don't use them myself but only becuase I have already opened accounts a other US based companies)

 

Good luck. Let us know in another 6 months how it's going for you.

Share this post


Link to post
Share on other sites
Sevensa:

 

Thank you. Your rather short comment not only teaches me about the limits I'm up against, but the mentalities I'm contending with.

 

I know I want to see net positive returns in the least time possible; over many gains and losses of course. I'm not sure what the reasonable metric is for a beginner like me and maybe others can chime in. A few cents a day? A few dollars a week? A few pennies a month? A few dollars every 3 months? Or would this vary, completely determined by my personality and experience? The shorter the evaluation time the better of course.

 

My advise would be that your only goal should be to be positive over several months. This is pointless to come up with daily goals if you don't even know what markets and methodology you are going to use. This is like asking how big a house you can buy after you sell your hollywood script to a producer, without even having an idea what your script is going to be about or if you even can write one.

 

Figure out what you want to trade and how you want to trade and only then will you have a better idea of what targets you can realistically expect from the market and methodology you use.

 

You also keep saying that you want this timeframe to be quick. Forget about that. This is not going to be quick. This is going to take you years to learn the profession. Keep in mind that if you are going to treat this as a part time hobby, then you should expect the results to be like a part time hobby. I am not aware of many hobbies actually being profitable and most of them cost money and this is what you should expect from a part time hobby.

Share this post


Link to post
Share on other sites

Hey launchcodemexico

 

I run a Prop/arcade firm here in Vancouver. you can start with 5k. it will be tough. software and data is around 300 a month. you will get good bp with your 5k and ill teach you a great risk management system, a watch list system, auction market theory, and hot keys.

 

email me at one.island@hotmail.com

 

Hope to talk with you soon

 

Stephen

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • NFLX Netflix stock watch, local support and resistance areas at 838.12 and 880.5 at https://stockconsultant.com/?NFLX
    • NFLX Netflix stock watch, local support and resistance areas at 838.12 and 880.5 at https://stockconsultant.com/?NFLX
    • Hello citizens of the U.S. The hundred year trade war has leaked over into a trading war. Your equity holdings are under attack by huge sovereign funds shorting relentlessly... running basically the opposite of  PPT operations.  As an American you are blessed to be totally responsible for your own assets - the govt won’t and can’t take care of you, your lame ass whuss ‘retail’ fund managers go catatonic  and can't / won’t help you, etc etc.... If you’re going to hold your positions, it’s on you to hedge your holdings.   Don’t blame Trump, don’t blame the system, don’t even blame the ‘enemies’ - ie don’t blame period.  Just occupy the freedom and responsibility you have and act.  The only mistake ‘Trump’ made so far was not to warn you more explicitly and remind you of your options to hedge weeks ago.   FWIW when Trump got elected... I also failed to explicitly remind you... just sayin’
    • Date: 7th April 2025.   Asian Markets Plunge as US-China Trade War Escalates; Wall Street Futures Signal Further Turmoil.   Global financial markets extended last week’s massive sell-off as tensions between the US and its major trading partners deepened, rattling investors and prompting sharp declines across equities, commodities, and currencies. The fallout from President Trump’s sweeping new tariff measures continued to spread, raising fears of a full-blown trade war and economic recession.   Asian stock markets plunged on Monday, extending a global market rout fueled by rising tensions between the US and China. The latest wave of aggressive tariffs and retaliatory measures has unnerved investors worldwide, triggering sharp sell-offs across the Asia-Pacific region.   Asian equities led the global rout on Monday, with dramatic losses seen across the region. Japan’s Nikkei 225 index tumbled more than 8% shortly after the open, while the broader Topix fell over 6.5%, recovering only slightly from steeper losses. In mainland China, the Shanghai Composite sank 6.7%, and the blue-chip CSI300 dropped 7.5% as markets reopened following a public holiday. Hong Kong’s Hang Seng Index opened more than 9% lower, reflecting deep concerns about escalating trade tensions.           South Korea’s Kospi dropped 4.8%, triggering a circuit breaker designed to curb panic selling. Taiwan’s Taiex index collapsed by nearly 10%, with major tech exporters like TSMC and Foxconn hitting circuit breaker limits after each fell close to 10%. Meanwhile, Australia’s ASX 200 shed as much as 6.3%, and New Zealand’s NZX 50 lost over 3.5%.   Despite the escalation, Beijing has adopted a measured tone. Chinese officials urged investors not to panic and assured markets that the country has the tools to mitigate economic shocks. At the same time, they left the door open for renewed trade talks, though no specific timeline has been set.   US Stock Futures Plunge Ahead of Monday Open   US stock futures pointed to another brutal day on Wall Street. Futures tied to the S&P 500 dropped over 3%, Nasdaq futures sank 4%, and Dow Jones futures lost 2.5%—equivalent to nearly 1,000 points. The Nasdaq Composite officially entered a bear market on Friday, down more than 20% from its recent highs, while the S&P 500 is nearing bear territory. The Dow closed last week in correction. Oil prices followed suit, with WTI crude dropping over 4% to $59.49 per barrel—its lowest since April 2021.   Wall Street closed last week in disarray, erasing more than $5 trillion in value amid fears of an all-out trade war. The Nasdaq Composite officially entered a bear market on Friday, sinking more than 20% from its recent peak. The S&P 500 is approaching bear territory, and the Dow Jones Industrial Average has slipped firmly into correction territory.   German Banks Hit Hard Amid Escalating Trade Tensions   German banking stocks were among the worst hit in Europe. Shares of Commerzbank and Deutsche Bank plunged between 9.5% and 10.3% during early Frankfurt trading, compounding Friday’s steep losses. Fears over a global trade war and looming recession are severely impacting the financial sector, particularly export-driven economies like Germany.   Eurozone Growth at Risk   Eurozone officials are bracing for economic fallout, with Greek central bank governor Yannis Stournaras warning that Trump’s tariff policy could reduce eurozone GDP by up to 1%. The EU is preparing retaliatory tariffs on $28 billion worth of American goods—ranging from steel and aluminium to consumer products like dental floss and luxury jewellery.   Starting Wednesday, the US is expected to impose 25% tariffs on key EU exports, with Brussels ready to respond with its own 20% levies on nearly all remaining American imports.   UK Faces £22 Billion Economic Blow   In the UK, fresh research from KPMG revealed that the British economy could shrink by £21.6 billion by 2027 due to US-imposed tariffs. The analysis points to a 0.8% dip in economic output over the next two years, undermining Chancellor Rachel Reeves’ growth agenda. The report also warned of additional fiscal pressure that may lead to future tax increases and public spending cuts.   Wall Street Braces for Recession   Goldman Sachs revised its US recession probability to 45% within the next year, citing tighter financial conditions and rising policy uncertainty. This marks a sharp jump from the 35% risk estimated just last month—and more than double January’s 20% projection. J.P. Morgan issued a bleaker outlook, now forecasting a 60% chance of recession both in the US and globally.   Global Leaders Respond as Trade Tensions Deepen   The dramatic market sell-off was triggered by China’s sweeping retaliation to a new round of US tariffs, which included a 34% levy on all American imports. Beijing’s state-run People’s Daily released a defiant statement, asserting that China has the tools and resilience to withstand economic pressure from Washington. ‘We’ve built up experience after years of trade conflict and are prepared with a full arsenal of countermeasures,’ it stated.   Around the world, policymakers are responding to the growing threat of a trade-led economic slowdown. Japanese Prime Minister Shigeru Ishiba announced plans to appeal directly to Washington and push for tariff relief, following the US administration’s decision to impose a blanket 24% tariff on Japanese imports. He aims to visit the US soon to present Japan’s case as a fair trade partner.   In Taiwan, President Lai Ching-te said his administration would work closely with Washington to remove trade barriers and increase purchases of American goods in an effort to reduce the bilateral trade deficit. The island's defence ministry has also submitted a new list of US military procurements to highlight its strategic partnership.   Economists and strategists are warning of deeper economic consequences. Ronald Temple, chief market strategist at Lazard, said the scale and speed of these tariffs could result in far more severe damage than previously anticipated. ‘This isn’t just a bilateral conflict anymore — more countries are likely to respond in the coming weeks,’ he noted.   Analysts at Barclays cautioned that smaller Asian economies, such as Singapore and South Korea, may face challenges in negotiating with Washington and are already adjusting their economic growth forecasts downward in response to the unfolding trade crisis.           Oil Prices Sink on Demand Concerns   Crude oil continued its sharp slide on Monday, driven by recession fears and weakened global demand. Brent fell 3.9% to $63.04 a barrel, while WTI plunged over 4% to $59.49—both benchmarks marking weekly losses exceeding 10%. Analysts say inflationary pressures and slowing economic activity may drag demand down, even though energy imports were excluded from the latest round of tariffs.   Vandana Hari of Vanda Insights noted, ‘The market is struggling to find a bottom. Until there’s a clear signal from Trump that calms recession fears, crude prices will remain under pressure.’   OPEC+ Adds Further Pressure with Output Hike   Bearish sentiment intensified after OPEC+ announced it would boost production by 411,000 barrels per day in May, far surpassing the expected 135,000 bpd. The alliance called on overproducing nations to submit compensation plans by April 15. Analysts fear this surprise move could undo years of supply discipline and weigh further on already fragile oil markets.   Global political risks also flared over the weekend. Iran rejected US proposals for direct nuclear negotiations and warned of potential military action. Meanwhile, Russia claimed fresh territorial gains in Ukraine’s Sumy region and ramped up attacks on surrounding areas—further darkening the outlook for markets.   Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Andria Pichidi HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • AMZN Amazon stock watch, good buying (+313%) toi hold onto the 173.32 support area at https://stockconsultant.com/?AMZN
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.