A bit of help/advice please for a new un!!

This is a discussion on A bit of help/advice please for a new un!! within the First Steps forums, part of the Reception category; OK a brief resume first, I have followed the markets for about 4 years and traded a little bit with ...

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Old Dec 7, 2003, 9:53am   #1
 
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Smile A bit of help/advice please for a new un!!

OK a brief resume first,
I have followed the markets for about 4 years and traded a little bit with moderate success.
Basically now I want to add to my living from it.Im fortunate in that I work from home so would be able to monitor the markets for 7-8 hrs a day if required.
I dont expect to be rich but would like to earn a modest living. Anyhow I have acruded afund that as you say I can afford to lose (UH oh!!!)
It seems the way I feel I should do this is using FTSE futures or similar although I like the look of the ftse. I have read a no. of books on TA and trading itself and feel mildly informed.
What would the users of the board recommend re DA brokers,software, charting etc
It is my hope to round trade about 4-5 positions a day or less dependant on the markets
What would people see as a reasonable fund size to trade the above, from my lowly ambitions.
I think Ive developed a few v.basic systems whilst paper trading, re stops and anticipated profits which basically revolve around v.modest expectations of profit coupled to lowish risk, but Ive no doubt these would have to be altered in the real world!!!
As regards simulators is there one that I could use for say the next 6 months before trading it for real so I feel I know it backwards.
Anyhow any help greatly appreciated, just great to see a board with so many friendly people all too willing to give their time and advice for nothing.

Paul


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Old Dec 7, 2003, 10:04am   #2
 
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Welcome, A lot of people here including myself use Interactive Brokers http://www.interactivebrokers.com/index.html and Sierra Charts http://www.sierrachart.com/ which links to IB. IB have low commissions and require a minimum of $2000 to open.
Have a look. They have a free demo as well.
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Old Dec 7, 2003, 10:20am   #3
 
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paulrockhopper started this thread Thanks for that oatman, they sound just the job, in your opinion which of the futures markets represent the best opportunities for someone like me?
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Old Dec 7, 2003, 10:42am   #4
 
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I can't tell you that. You have to decide yourself. different markets have different volatility. Ftse is £10 point. Dow mini(YM) is $5 a point. How much risk/exposure can you handle? What's your trading style? etc etc.
There are other platforms and chart progs. Have a look around this site. My first post was only a suggestion to give you something to play with.
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Old Dec 7, 2003, 10:50am   #5
 
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paulrockhopper started this thread No prob, youre first post was a great help anyhow!
Im only looking round for ideas, and the general consensus on some opinions.
Thanks
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Old Dec 7, 2003, 10:57am   #6
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You will need a minimum of £2500 in an IB account to trade the FTSE Future.


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Old Dec 7, 2003, 11:14am   #7
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paulrockhopper

I have sent you a PM with some info for you.
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Old Dec 7, 2003, 1:00pm   #8
 
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Paul, might i suggest you look take a look at the FX market also.
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Old Dec 7, 2003, 7:03pm   #9
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It may be worth paper trading different markets for a while to discover your average profit per trade and maximum drawdown. This will help decide which markets and whether direct access trading or spreadbetting is best for your situation and how much capital will be needed to make a living.
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Old Dec 7, 2003, 7:22pm   #10
 
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paulrockhopper started this thread Thanx to everyone whos took the time to reply, when youre just getting going even what appears as straightforward to yourselves is a great help
Now just got to do the hard bit!!!!!!!!!!!
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