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Showing content with the highest reputation on 12/14/2022 in all areas

  1. 1 point
    While $25k is not enough, if risk is managed wisely, you can trade with $25,500. This is what I started with in my IBKR account. I'm risking about $30 - $60 a trade with no issues. When I'm trading, I pretend the $25k is not even there. I do not risk that money. The purpose of the $25k is to keep me above PDT. As my account grows, I'm able to risk more provided I'm ready to accept more risk. I'm not an intermediate or advanced trader either. I'm actually a novice trader and I have no issues with a $25,500 account using IBKR and DAS. Respectfully, PJ Garcia
  2. 1 point
    My biggest mistake in learning was using free or cheaper simulators before finally getting DAS set up. They're not the same. The transfer learning isn't zero but it's not worth it if you'll be ready to live trade immediately after enough simulator work. I wouldn't get DAS before you've either gotten through the basic videos and/or read Andrew's first book because you won't know how to set it up or what to do with it. And then have at least one setup ready to go in your tradebook. I would also recommend going through Thor's webinar series on Where, When, and How. That would have made a huge difference if I would have had those available when I first started. They cover a lot of what's in his book. Make sure you're ready to make use of DAS though. For example, it's not that useful to get it and then practice without hotkeys because you didn't yet know how to set them up. Only practice the way you plan to live trade. The things you learn in the simulator: 1. How to work the controls. 2. How to identify and take advantage of tradebook trades - especially volume price analysis, positioning, and risk management. 3. How to manage your psychology - half of that is just mastering step 2. The rest is journaling and continuing your personal development. I haven't needed Trade Ideas because you can get almost all the same data between the chat room and BBT Terminal.
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