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I have been trading since 2012. I seek consistency and profitability. I am learning success is very deeply rooted in trading psychology. I am grateful for Big Mike and the members of this forum. You saved me $2,000 today with a course review. Looking forward to becoming self sufficient. Thanks again!
Dear Facevalue,
Welcome on board. I'm looking to hear and share experience with you and other members. Could you please tell us more about what's you favourite trading platform, strategy, money management approach, do you have automated trading system..etc.
Good luck https://nexusfi.com/images/smilies/ammo/crazy_pilot.gif
Dear Robot
Thanks for your advice, it's really helpful to me. But I have one concern about stock trading, especially in US markets. The issue is actually I don't have enough time for intraday trading, so I can only day trade and as I know if you are keeping your position open from one day to another overnight I mean, you must have $25.000 account in your deposit. Is it true?
Best regards,
Tinwoodman
If you are doing futures, I would recommend at least trying TradeStation. I am not sure about margin requirements of $25,000 for overnight (I don't think this is true) but by writing and automating a strategy you may find you are able to day trade where you thought you couldn't.
In my own experience, as a trader who has still found regular profits elusive, I would also say that writing and backtesting your strategy are essential. In my first, losing forays into day trading around ten years ago, I now know that I didn't have a strategy with an edge and so I was always doomed to fail. Learning EasyLanguage is, so far, the best thing I've ever done for my trading and longer-term investing. (Of course you can write strategies in other languages, but EL seems by far the easiest, and TS's home study course in it is quick and easy to follow).
On TS, you may find that micro contracts like MGC (Gold) and M6E (Euro) allow you to trade live, even with daily bars, with manageable risk.
Dear Tinwoodman,
$25,000 is a lot of money to begin with and I won't recommend you to do so even. As I advised you earlier, please search and compare services of different brokerage companies that accept international customer applications. First, look at which market/s are you more familiar with? I'm more familiar with American markets while others may be the British or German markets! That's where you need to start. If you know more about the European companies in UK or Germany and how they perform, how they publish their news ...etc, then that's your market.
Second, search brokerage companies relating to that market and serving international customers. On the internet, you'll get a lot of info and you can review and compare before taking a decision. Average account open for international customer in the American market is US$ 10,000 in the beginning and there are others accept even $5,000 or less!!
After opening account, the value of your equities is considered in your "over-all" account value. Don't worry, big companies like Interactive Brokers and Tradestation are friendly with customers and open minded. However, you may find others are more suitable for your needs and individual requirements. Please search before taking decision. I would recommend you not to fund your new account with more than $10,000 in a big brokerage company to secure your funded account and getting a reliable service.
Good Luck. https://nexusfi.com/images/smilies/ammo/crazy_pilot.gif
By the way, if you try TS and want to try trading micros, don't take their new $5 per trade option. Pay the platform fees and you will get $1.20 per contract per side.
Oh, and I see now about the margin. For stocks you need $25k in the account if you are opening and closing positions in the same day. If you hold them overnight or longer you can have less, ie $5,000 minimum on TS.
That's my concern about stock trading. How can I know when price hits my stop loss or take profit, during the same day or may be a weak after? So, anyway I need that $25K on my account.
Dear Shevek,
Tinwoodman is in "Learning" mood and I am advising him to lower risk of big losses by avoiding trading futures and options, or even "leveraging" his trades by margin trading. "Naked" stock trading would give him a chance to repeat small wins and losses but to kept in the game. The main benefit is to keep actual learning without losing his shirt. He needs to learn alot about equities, technical analysis, strategies, discipline, ORDER TYPES ...etc before taking higher risk! https://nexusfi.com/images/smilies/gtn/stickyman.gif
Thanx