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I'm VERY new to this (just setting up trading accounts - ROTH IRA's at TradeKing and TD Ameritrade) and really only have an idea of what I want to do - get serious about retirement, and maybe something to play with for extra income.
I plan on starting with appox. 2K cash in each account (one for 'growth stocks' - if I'm using the correct term - and the other for Options Trading with JUST a cash acount).
I plan on lurking here a lot and will be reading the pinned posts, so as not to embarrass myself further
Thanks,
Brent in KY
Can you help answer these questions from other members on NexusFi?
Good luck Brent. My advice based on your wording. Don't "play" with real money. If you are "old" and a "noob" that means you have money you've saved and your willing to "play" with it in order to "get serious about retirement" my advice (based on your wording) is to go to Vegas and play slots. Trading is't playing with money and if you're just now getting "serious" about retirement then it's a huge mistake to do it in a profession that competes against traders who stake millions trading against "noobs". Based on how you worded your introduction this is my response. My intention, harsh though it may sound is to save you those $4,000 you are about to lose.
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"I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game-winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."
- Michael Jordan, 5-Time NBA Most Valuable Player, 6-Time NBA Champion
My wording may have sounded 'flip', but I am serious about learning and hoping that education will lend itself to making a better life for me when I retire in 15 - 20 years.
Awesome. I'm glad you took my response well. My account is around 20k trading in forex mainly and I'm 47. I've been trading for a few years and have learned a thing or two. I'm trading full time now with hard earned saving so I tend to be sensitive to any hint of gambling mentality. I trust your level of seriousness and wish you well in your efforts to be profitable in what is probably one of the most difficult ways imaginable to make money.
If I had to give you any wisdom its to keep your trade size extremely small while your learning the craft and focus on risk management above all else. Also, everything you could possibly ever need to know about trading can be found for free through the Internet and your local library and book store. Even trading commissions can be completely eliminated through brokers such as Robinhood.
I genuinely wish you well.
Sent from my iPhone using Tapatalk
"I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game-winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."
- Michael Jordan, 5-Time NBA Most Valuable Player, 6-Time NBA Champion
Also, 15-20 years till retirement. You're not old at all my friend!
Sent from my iPhone using Tapatalk
"I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game-winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."
- Michael Jordan, 5-Time NBA Most Valuable Player, 6-Time NBA Champion
Since you're on TDA you can use their thinkorswim platform and since that's possible, I'd recommend you watch a few days worth of tastytrade and then go back through their video archives. They will show you how to do just about every trade imaginable on thinkorswim and are geared to educate new folks. That said, some of the research content they produce is fantastic for everyone no matter how long you've been trading. Best of luck.
