[launchcodemexico]

Hi, I live in Vancouver, BC Canada and I'd like to start trading with an initial capital of 5000CAD, for just a little extra income on the side. My goals are:

- to learn market movements and trends
- 25.00CAD net profit a day (after commissions or any other assorted fees)
- or 500.00CAD a month; no more, but definitely not less-liquid.

I'm looking for advice on:
- markets I should examine
- if my goals are realistic for a beginner
- which online broker should I use? (Questrade, Trade Freedom, Scotia iTrade, Interactive Brokers, etc.)

I plan for this to be a serious daily routine for me, and not something I'll be doing for fun on the side. I do have a degree in Economics, but I don't use/practice that knowledge at a professional level; yet. I hope my goal is modest enough and 5k will be sufficient to start with, but if not, where should I begin?

Advice is duly appreciated.

[rectav]

Hi,

This is my advice. When trading any markets, profits take care of themselves. Risk Management is the answer to it all. Learn how not to lose money and focus on the trade . I think you are focusing too much on earning money. You can have a Big winner, a small winner, a small loser and a big loser. The path of making money is to learn not to lose it by eliminating the big loser.

Hope you do not see me coming to rude on you.

Take care....

[Tams]

you don't need any money to learn.
there are lots of good books in the library and useful websites on the internet.

after you think you have learned, that's when the tuition fee kicks in.






p.s. most people paid over 5k in tuition. pls plan your journey accordingly.

[rectav]

[QUOTE=Tams;63868]

after you think you have learned, that's when the tuition fee kicks in.

Good one....

[swansjr]

You are going to spend a lot of time experimenting with markets, timeframes and trading methods before you narrow down a few things you can relate to.

My advice is to read a lot and experiment for the next year on a simulator with live market data. People say simulators are worthless because they don’t give you the feel when you have real money on the line. Well duh, that’s why it’s called a simulator.

However, pilots and astronauts use simulators and they don’t throw out that lame excuse. They jump into them knowing they can learn from the experience and they log many hours doing just that. You can learn a lot what doesn’t work on a simulator. Use it. Make your mistakes there because it’s a lot cheaper than the real world. Fact is, if you can’t consistently make money in a simulator you have no hope in the real markets. If you are going to jump in with real money understand what risk per trade is. Also, be prepared to lose.

Learn to take losses. Learn to trade well. Consistently executing your trades is vital. Money will follow.

Read...

Trade Your Way to Financial Freedom

Trading in the Zone

The Disciplined Trader

Market Wizards

Trading for a Living

Good luck.

[launchcodemexico]

This is exactly the type of sobering advice I was looking for and I want to thank everyone for their input.

Any suggestions for a Canadian online broker and/or good tools (simulators...etc.) on the internet for me to get started?

I hear some sites don't offer very comprehensive features, or even real-time updates. Good graphing tools, for example, and fast real-time updates are crucial to me.

[sevensa]

Originally Posted by launchcodemexico »

Hi, I live in Vancouver, BC Canada and I'd like to start trading with an initial capital of 5000CAD, for just a little extra income on the side. My goals are:

- to learn market movements and trends
- 25.00CAD net profit a day (after commissions or any other assorted fees)
- or 500.00CAD a month; no more, but definitely not less-liquid.

I'm looking for advice on:
- markets I should examine
- if my goals are realistic for a beginner
- which online broker should I use? (Questrade, Trade Freedom, Scotia iTrade, Interactive Brokers, etc.)

I plan for this to be a serious daily routine for me, and not something I'll be doing for fun on the side. I do have a degree in Economics, but I don't use/practice that knowledge at a professional level; yet. I hope my goal is modest enough and 5k will be sufficient to start with, but if not, where should I begin?

Advice is duly appreciated.

I think you should lower your goals a lot. Do you really think 10% return a month as a beginner is realistic? A more realistic goal would be not to blow out your account in the first 6 months.

[rectav]

You are welcome. Maybe you could tell us which market you are looking forward to trade, what kind of trader are you (Investor, position trader,swing trader, scalper). Depending on that, you probably will end-up with a few alternatives.

Cheers...