Don't have $25,000 to day trade

This is a discussion on Don't have $25,000 to day trade within the First Steps forums, part of the Reception category; Originally Posted by Tesla.Lee Yes my mentor is a day trader, and he is a brother in law, but he ...

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Old Dec 11, 2017, 12:45pm   #9
 
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Yes my mentor is a day trader, and he is a brother in law, but he is a beginner as well, albeit a real smart one, and already averages over $10000 per month ...
Pure BS!

Why didn't you ask your "real smart" brother in law what your options were?
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Old Dec 11, 2017, 1:40pm   #10
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Tesla.Lee started this thread Thank you Tim for those words of wisdom, and taking the time out to enlighten me and warn me...

I need much guidance like yours here.
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Old Dec 11, 2017, 3:17pm   #11
 
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Yes my mentor is a day trader, and he is a brother in law, but he is a beginner as well, albeit a real smart one, and already averages over $10000 per month ... I will go real slow and learn as much as I can, and practice on a simulation, before real trading like you guys are saying - thank you so much for that tip - just saved me a bundle of cash do doubt.
Hey, no need to rush, the market is going to be here next year and the year after that... For you the most important thing is going to be to learn how not to loose money, once you ca do that, the compound interest will take care of you... In the mean time you can save the rest of the money... The biggest mistake is going to be to rush into the market, especially mentored by another newbie... Also don't forget day trading on a simulator is not the same as real day trading, just because of the spread and the speed... Actually it is completely different, because you won't get the same fills in real life, so I would seriously consider other forms of trading and/or start real small when trading live just to see...
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Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Dec 11, 2017, 4:38pm   #12
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. . . For you the most important thing is going to be to learn how not to loose money . . .
. . . unless it's loose change that you can well afford to lose!

Don't you just hate a smart ar$e!
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Thanks! The following members like this post: Lee Shepherd
Old Dec 11, 2017, 4:48pm   #13
 
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. . . unless it's loose change that you can well afford to lose!

Don't you just hate a smart ar$e!
LOL, actually, I do agree with you! (about both "smart ar$e" and "afford to lose")

Seriously, there are people that are treating trading as a hobby, so I am perfectly OK with someone spending his "hobby money" on trading as long as he realizes what he is actually doing...
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"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Dec 11, 2017, 4:53pm   #14
 
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presntly, i trade roughly a dollar a pip on forex. my bank is just over $400, and climbing
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