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The
new day-trading rules, as followed by InteractiveBrokers (USA), require a
minimum account balance of $25,000. If your account drops below that you lose
your daytrading privileges. If you want to trade through a 30% drawdown, which
would not be unusual for a beginner, you should consider a starting account
value of about $35,000. Of course you do not need to trade all your funds, in
fact I recommend against it.
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The
nicest thing about trading is that you are on your own, you are responsible for
your own actions, nobody will tell you what to do and not to do. As long as you
don't take us on this list too serious ;-)
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I
suggest you consider opening an account with <A
href="">Interactive Brokers as they
have a commission of $1/trade up to 100 shares and this allows you to "play"
without worrying about commissions. When/if you have a trading system do not be
greedy; test it with a few thousand dollars. Most likely your systems will not
work initially and you will lose money testing them.
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You
should not expect to find ready-to-trade systems on the Internet. But components
and code to build systems with, you will find plenty. Good systems are not
published or posted on the internet as over-trading will kill the system (Some
people disagree with this) , especially if it trades selected
stocks.
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<FONT face=Arial color=#0000ff
size=2>Technical Analysis is essential and the more you know about it the
better, AmiBroker is probably the best program around (my opinion)... study
it.
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To get
started will take more time than you expect, count on a few years of hard work
to start making real money (not counting any 'lucky' trades you may
have).
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Good
luck!
<FONT face=Arial color=#0000ff
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<SPAN
class=718172811-04032004> -----Original Message-----From:
Ara Kaloustian [mailto:ara1@xxxxxxxxxx]Sent: Thursday, March 04, 2004
5:08 AMTo: amibroker@xxxxxxxxxxxxxxxSubject: Re:
[amibroker] Help for an aspiring Trader
Robert ... don't give up your day job ... yetTrading
is certainly risky ... takes time to absorb enough material to
besuccesful. If you get to trade well, it is very rewarding.If you
expect to support yourself on trading profits ... suggest $200Kstarting
capital ... and enough cash to support yourself for one year,otherwise
$20K will get you going.Suggest joining trading groups and learning
all you can... decide what kingof trader you want to be and focus in that
area. It's best to be very goodin 1 area than mediocre in a lot of
areas.Suggest give yourself 6 months to get started .. get Amibroker
... a datafeed and learn technical analysis, fundamental analysis from
your studiesand do some paper trading for a while ... just long enough to
get the feel.Then you can safely start with real trading ...The
most important aspect is probably risk management ... you can only gobroke
once .. then you're out, so make sure you risk only what you canafford on
any single investment.Having said all this, it can be a rewarding
career ... financially and withtime freedom!----- Original
Message ----- From: "Rock Fish" <tf_rockfort@xxxxxxxxxxxx>To:
<amibroker@xxxxxxxxxxxxxxx>Sent: Wednesday, March 03, 2004 5:02
PMSubject: [amibroker] Help for an aspiring Trader> Hello
List ,>> I'm at a cross path and would like to choose trading as
a career.> Attending a course on Finance and Trading but I do have lots
of> questions on mind and bit cynical about the whole thing. Having
gone> though many trading programs, I find AmiBroker a good bet to
start> with.>> But the question is, how should one go
about.>> How do I start ?> What all should I know
?> How much do I need to have to start trading ?> What are the
benefits or short comes ?> How rewarding is it ?> How much of
technical analysis is helpful in trading ?> Trading is very risky - is
it a myth or reality ?>> Basically, I want to know a lot and
hope some well wisher in this list> would answer my questions. If
someone could point me to right> resources, in terms of free books,
courses, etc. it would be very> useful.>> I did saw a
nice note in stockcharts.com and want to know some good> teaching
matrial.>> Can the list please help me ?>> Thank a
lot in advance.>> Regards>
Robert>>>>>>>>>>
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