You really need to look at trading futures or forex imo, so you will need a broker like IB. Trading stocks in the method you described would need a considerable bankroll and your results would not be as consistent imo. Good luck on your journey.
It's obvious from what you've just written that you're going to succeed, so really what I say here isn't that important. For someone like you, all you need is a broker (CMC, Belldirect are cheapest unless you want the hassle of IB), live streaming data to your charts and away you go. Watch the depth and see if you can tell who's real and who's fake, who's propping the market, who's holding it down to get more, who's day trading, who's a big insto buyer, who's a robot, and so on. Just like poker.
Learn about trend lines and steer clear of stocks ripe for capital raising.
If you like the idea of replaying trades, have a look at Spark Iguana. They allow you to rewind market depth.
Welcome Swifty, I love playing poker, go to Crown whenever the misses lets me out
IMO, if you can manage your bankroll like you do in poker you are ahead of most newbies already. I can't manage my poker bankroll, just because my mindset is totally different to when I am trading.
I think you would enjoy using software to backtest your strategies, by backtesting you would have an idea of your expectancy and probability, something I'm sure as a poker player you fully understand. But just like poker you can have a high probability but still get called on the river by that f*wit chasing a flush when you're holding trips. Damn girl at Crown, the flop was a rainbow why were u chasing a damn flush?!?!
But in all seriousness you don't need a formal education, you can find most resources on the net and they are free! I'm a big fan of www.investopedia.com for free education and if you wanna get into forex www.babypips.com has an excellent free course. And don't forget read ASF!
As for day trading there are a lot of strategies, you just need to find the one that works for you.
IMO, from my experience with poker (3 years), day trading takes more time to learn than poker. Poker - learn the basics in an hour. Day Trading - well... I challenge anyone to teach the basics in an hour. But to perfect either takes about the same I would imagine.
BTW you weren't shut down by the recent FBI action, I used to use Full Tilt Poker, think I have about $100 sitting in my account, not sure how to get it back. Poker sites money laundering, no one saw that coming LOL
Actually it's basically business as usual on the three poker sites indicted - for non-US customers that is. What has changed mostly for me is the traffic decreasing (40% of Full Tilt players were american, 25% on Pokerstars) and the perception of industry safety both personally and those around me!which poker site you playing now that FT, pstars etc are looking iffy?
Hi Swifty,
I too am / was a poker professional, so you can be rest assured that there are more people out there who are similar to you and transitioning into the share market.
I have also started reading lots of books and self educating myself, but the one area i haven't tackled is that Tax area.
Any guidance from others around here, with a person who technically has no job and 0 income, what are the rough guidelines to consider when starting up a portfolio with regards to filing forms to the ATO etc.
Cheers
There's a few IB threads on here. Some people say it's fine, others seem to have a lot of issues. I have no personal experience, it's just that I avoid things that have a history of technical difficulties. Last thing you want is problems when trying to buy/sell. No other brokers have a troubleshooting thread - that, to me, is a warning sign.
There's a few IB threads on here. Some people say it's fine, others seem to have a lot of issues. I have no personal experience, it's just that I avoid things that have a history of technical difficulties. Last thing you want is problems when trying to buy/sell. No other brokers have a troubleshooting thread - that, to me, is a warning sign.
I'm sorry Gringotts but that is a really uninformed and very simplistic view.
IB is not your standard retail broker. IB's trading platform is second to none and you cannot even compare it to brokers like CMC and Belldirect. Especially considering CMC is a CFD broker for starters.
It's brokerage is extremely cheap - $6 minimum each way for shares,
How many posts are there on the IB troubleshooting thread? That's not my thing.
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