I'm very new to trading. Right now I use simulation with investopedia. I try to read as much as I can on trading but still it's all new to me. I do have a day job with flexible working hours and I am thinking about working for a trading company to learn more about trading.
I have to put up my own capital about $2000 initially and there is a training for newbies. Wondering if others went this route? I figure $2000 might be just a education expense. One things the trading company use as their trading ways is something called mid point ..trading something. Sorry ..I'm all new at this.
Take your $2,000 and spend it on trading books and educational materials, you'll be farther ahead. Possibly join a trading room and sit in for a month or two. Possibly try more than one so you can learn how they differ as you will begin to see which fits you better.
A mentor can be of great help but finding a good one that fits you is difficult, so expect to go though a couple.
Don' trade live until you think you know everything possible then you will learn you really know nothing. Then your education can start in earnest.
The only indicator you need is the one between your ears, invest in it.
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Midpoint is something called midpoint strategy . I think it's a system that this trading company came up with. I'm not sure if I should name this company but here goes..maybe someone might of worked for them or know about them.
First I have to take the series 56 exam. For those of you that are not familiar with the series 56 exams it covers mostly option trading. Which is weird because for the WTS props when I spoke to them I will be trading mostly equities.
Of course I have to do the initial $2000.00 contribution and there is desk fees that amounts to $100.00 month.
They have their own software trading platform called fusionDMA. Not sure if anyone every worked with it.
I did take a look at my risk management. It seems along with my initial capital contribution my risk management is $50,000 but because I am a totally newbie. I am allowed only up to $50 max loss in a day . My max number of position is 3 and max order size is 1000. My max stock price is only $50.00 so I couldn't buy apple for example but would be able to buy Bank Of America.
A part of me thinks this is scamming and others have mentioned this is a waste of time. I did read the fine print and it did mentioned that if I decide to quit and want my contribution back it will take one year to get it back.
Anyway....some of the reason why I'm doing this is that I'm been doing simulation but I need to start trading live. I haven't been able to find any other reliable mentor or anything.
I also realize that when it comes to chart pattern or technical analysis as others have mentioned you have to look at charts for a long long time to see patterns recognition but I find that it's stilla guessing game. . ..
This will likely take you a couple months to go through everything in detail. Continue trading sim while you do all of the above. Once you've completed this you'll likely be able to answer your question yourself and will have saved your self thousands of dollars. If you still feel you want to join a shop like this that's fine, but at least you wont be going in blind leaving yourself wide open to being taken advantage of. By that time your view of what trading is all about will likely have changed from what it is now.
You donít trade the markets; you only trade your beliefs about the markets.
- Van K Tharp