Trading for the least amount of money

[justlurkin]

	Quote:	spyro
	thanks for the answer but im try to understand where i need to spcify the exchange = @ to change it but i cant find ... if you can explain again please.. thank you very much

Spyro, don't know your platform but check with them first. The @ symbol is part of OT API but your platform may/may not support it.
Also note that Yahoo includes extended hours volume in their quotes. You may or may not want this so just make sure you are comparing apples to apples between broker feeds.

[strtedat22]

	Quote:	mister ed
	Are you trading futures? Open ECry includes data/charting in their platform - costs nothing for access to their platform.

You took the words right out of my mouth

[smwinc]

When you are just paper trading, I completely agree that you want to keep costs as close to zero as possible.

In my opinion, this is the best combo:


Charting:

Ensign Windows is 39.95 / month.

Data:

FXCM feed is included free.
Interactive Brokers provides stock/futures/bond data for free. Account minimum required is $2,000 USD (or is it $5,000USD?)

HOWEVER: a "bug" if you like with I.B; once you have deposited the funds and your account is active, you can withdraw your 99% of your funds (leave like $50 in there).

After a few months, they will send you an auto generated email along the lines of:

"please note, your account is below the minimum, please deposit additional funds or your account will be closed..." etc.

What they actually do is seize the funds from inactive low-balance accounts, however because that is such a cruel thing to do, they have to give plenty of warning. Like 2- 4 months.

After you get the warning emails, go into your I.B account and click the button that indicates you are putting in a deposit. This begins the cycle again - After a month your 'pending deposit' expires, you get another warning email, send another 'pending deposit' note, wait a month, etc etc..

I have had an old I.B account with less than $10 in it for over a year now.

[OAC]

Once you are hooked up with IB feed, you can use Ninjatrader and Quotetracker,both are professional level programs that are basically free. Also if you use multiple monitors like I do, both of them have free floating charts. Halleuya !!!

[DbPhoenix]

	Quote:	CandleWhisperer
	Have you thought about opening a FOREX account? Almost all of them provide a charting package with free data for both real accounts and demo (simulated trading). If you believe that a chart is a chart, then you can use the currencies to test and build your strategies. Of course, if you ultimately want to scalp the e-mini for a tick or two, this would not be the best way to build a strategy to do that. But if you are a swing/position trader, it should do. I hate that I am going to say this, but if you're undercapitalized the Forex market is a great way to get started. The standard Euro contract is $10.00 a pip. Some brokers have mini contracts that are as little as $1.00 per pip. You could open an account for $200. All your data would be free, you charting free and you could still have a "real world" experience. Before I get my head bitten off, I know the number one reason new traders fail is undercapitalization. But I am not going to tell someone they have to have $50,000 to start to follow their dream. It's their dream, and where they are at presently is where they are at. Far be it from me, a dreamer myself, to stamp on another's dream. With that said, Some FOREX demo accounts never expire so you could test things out while you saved up money to trade for real.

Actually, the number one reason why traders fail, new or otherwise, is that they don't know what they're doing. If he wants to trade FX, it won't matter whether the cost is $10 or $1 or ten cents. Knowing what he's trading and how to trade it is paramount.

If he wants to trade index futures, on the other hand, a cheap way to do it is to analyze and take signals from the emini and enter the trade on the ETF, whether DIA or SPY or QQQQ.

[OAC]

	Quote:	DbPhoenix
	If he wants to trade index futures, on the other hand, a cheap way to do it is to analyze and take signals from the emini and enter the trade on the ETF, whether DIA or SPY or QQQQ.

The sad part is you need $25,000 min. in your account to day trade the ETFs even if you trade only 50 shares, as per the Pattern Day Traders Rule. No wonder so many newbies blow up their small accounts in no time in Index Futures.

[DbPhoenix]

	Quote:	OAC
	The sad part is you need $25,000 min. in your account to day trade the ETFs even if you trade only 50 shares, as per the Pattern Day Traders Rule. No wonder so many newbies blow up their small accounts in no time in Index Futures.

Only if you make so many round trades a week. And while I may be mistaken, so far he's said nothing about daytrading.

In any case, there's no PDT regarding simtrading. And if he becomes confident in what he's doing, he may decide to explore the joys of holding overnight.

[OAC]

	Quote:	DbPhoenix
	he may decide to explore the joys of holding overnight.

That's right. By buying out-of-money BSC call options on March 17th and held through several overnights.

[DbPhoenix]

	Quote:	OAC
	That's right. By buying out-of-money BSC call options on March 17th and held through several overnights.

Actually, years ago when I was working with Teresa Lo, she recommended that beginners with very little money start with options on whatever underlying they were interested in. Granted this was during The Madness, and options occupy their own little niche and require their own learning curve, but it's something to think about.

As for the PDT, I hope that that will eventually be rescinded. As far as I've seen ever since it was imposed, beginners are just as naive, they ask the same questions, make the same mistakes, lose just as much just as often. The only appreciable difference is that they've been forced into other markets which are even worse, like goo through a pastry tube.

In any case, one could borrow whatever's required to open a futures account, then withdraw nearly all of it. Depends on how badly one wants to learn how to trade futures.