Choosing a platform

[hutcho73]

Hutcho73,most of the replies you have seen on this thread have been from the pros,all are well intentioned.All have huge amounts of screen time,years of experience,these are the people you will be up against,with 20k you can't afford to lose, forget it.Al

Thanks guys for the advise, I do really appreciate it I'm looking at generating 300 to 400 per week if all goes well, and no I cant return to work unfortunately but I would love to. This is totally different work genre I am used to and yes will be primary source of income. I have been researching shares for a while and looking at different things and have learnt a lot from trading platforms on this site. Today I'm going to paper trade with IB or Amscot,. I'm not out for big money, just something to replace my modest income. I may come into some bigger money down the track from another source so that's why I'm just wetting my feet as you say to see if I can get it right, or get lucky. If I don't give it a go, we will never know, watch this space

 

[CanOz]

I think many of the more experienced equity traders, including myself would say your first goal should be

"not to lose money"

 

[tech/a]

Oh my

Such aspirations.

 

[Trembling Hand]

Thanks guys for the advise, I do really appreciate it I'm looking at generating 300 to 400 per week if all goes well,

400/20000 * 100 = 2% per week return on capital. (assuming you never have a drawdown)

Would/could you describe your trading skills as elite?? Because thats where that sits!

 

[hutcho73]

Please validate this from our experience traders here as I'm a newb, however I would seriously look at IB brokers and possibly look to the US. For example for my small trades I am paying under $3.00 in and under $3.00 out for brokerage. I currently follow a bloke in Noosa called Radge whilst I'm learning. Not sure what type of income you hope to generate, but the Aussie brokers will suck some life from you particularly if you are trading regularly.

Good luck

Thankyou Merlinn, your advise was very helpful and now understand what you mean by using a cheaper broker for everyday trading, . My accountant told me to use commsec and yes that would suck the life out of my profits. Cheers and thankyou once again