Your blog is huge inspiration for me as I'm about to try to become a successful trader yet again. My first attempt ended in tears. I've been reading it since Fear and Greed. I want to thank you for providing such a wealth of information for free.
What would your advice be in regards to finding my own edge while under the pattern day trading rule (PDT)? I cannot flip trades and go with the flow because of the PDT rule.
AR- Never give up. You are only a loser when you stop trying. Learn from whatever mistakes you made in the past. Try and simplify your system so that you don't need to sort through and confirm multiple indicators to gauge what a stock might do. I'm not familiar with the PDT restrictions so I can't comment on what you can specifically do. Generally however you can work on looking inward to yourself and building a steady mental base. Have no bias. Work on visualization and your self control. Imagine every type of trading scenario in your minds eye, how they start, what they do, how they end. Prepare yourself to trade these formations. Know what you will do before you need to do them. Be prepared for anything to happen. Prepare your responses. Always maintain a positive attitude. Don't trade with real money until you have established and proven to yourself that you can follow your system and edge by paper and practice trading. Be honest with yourself on your strengths and weaknesses.
ace rockolla, when you have proven to yourself you can following your trading rules on paper, there are ways around the PDT rule. There are a few firms out there that allow you to put up 5k and in return, you join their group. You want to make sure that they are a broker dealer so your money is protected. You want to find out their commission rates and payout structure. For fronting some money, they will only allow you small buying power and usually 80/20 split, or something to that effect. I believe echo trade is still around, but i don't know if they are a broker dealer. personally, i would go with t3 trading because of the lightspeed platform. at least, i think they are using it. when you get ready, feel free to ask me more questions. i have some friends that have sub-accounts at t3 live and would be able to explain it to you. i have done this option in the past before i saved up enough money to have my own account.
EZ money on BC short
6 comments:
Your blog is huge inspiration for me as I'm about to try to become a successful trader yet again. My first attempt ended in tears. I've been reading it since Fear and Greed. I want to thank you for providing such a wealth of information for free.
What would your advice be in regards to finding my own edge while under the pattern day trading rule (PDT)? I cannot flip trades and go with the flow because of the PDT rule.
AR- Never give up. You are only a loser when you stop trying. Learn from whatever mistakes you made in the past. Try and simplify your system so that you don't need to sort through and confirm multiple indicators to gauge what a stock might do.
I'm not familiar with the PDT restrictions so I can't comment on what you can specifically do. Generally however you can work on looking inward to yourself and building a steady mental base. Have no bias. Work on visualization and your self control. Imagine every type of trading scenario in your minds eye, how they start, what they do, how they end. Prepare yourself to trade these formations. Know what you will do before you need to do them. Be prepared for anything to happen. Prepare your responses. Always maintain a positive attitude.
Don't trade with real money until you have established and proven to yourself that you can follow your system and edge by paper and practice trading. Be honest with yourself on your strengths and weaknesses.
ace rockolla, when you have proven to yourself you can following your trading rules on paper, there are ways around the PDT rule. There are a few firms out there that allow you to put up 5k and in return, you join their group. You want to make sure that they are a broker dealer so your money is protected. You want to find out their commission rates and payout structure. For fronting some money, they will only allow you small buying power and usually 80/20 split, or something to that effect. I believe echo trade is still around, but i don't know if they are a broker dealer. personally, i would go with t3 trading because of the lightspeed platform. at least, i think they are using it. when you get ready, feel free to ask me more questions. i have some friends that have sub-accounts at t3 live and would be able to explain it to you. i have done this option in the past before i saved up enough money to have my own account.
Scott,
Have been checking and see that you continue to be away (or at least not posting). Hope all is well with you
BeBlessed
Publish this comment to show proof of life, lol. DTF and I were wondering if everything was a okay up in BC.
Thanks for your concern. I am taking an extended holiday...
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