As I mentioned in yesterdays post I'm starting my first ever trading account; my broker is Thinkorswim and I've made an initial deposit of $5,000 CDN. Today I received a confirmation email from Thinkorswim (thank you) that my funds have been credited to my account. Only shitty thing is I lost $136.91 after the foreign exchange rate conversion ($1.020), so my account balance sits at $4,863.81.
I do not want to rush this process, as that seems to be a major mistake a lot of traders make. My philosophy is love what you do and the rest will follow. With that in mind I've set a modest, attainable goal for myself - by December 31, 2008 I want to double my account size. Just so everyone's math is correct I want to have an account worth $10,000 CDN by year's end.
I've spent around $1,000 on various items to get myself ready for this journey - books, Penny stocking DVD , TIMAlerts, etc. When they say it takes money to make money, they aren't kidding.
It's time to pull fruit off this low hanging tree.
BottomFeederMillionaire (can someone tell me how to center this??? THANKS!)
2 comments:
Are you Canadian? I live in Ontario and have a plan to open an account after I complete my personally imposed course of research and paper trading. I'm curious - why'd you choose TOS? I'm leaning towards Interactive Brokers since you can automate some trading which for me is a big selling feature since I work full-time and need a way to enter/exit trades without me being in front of the screen.
Nine... hi, yes I`m Canadain (actually duel - US & Canadian).
The personally imposed course is the best exercise you can give yourself before trading with real coin. I chose TOS because Tim Sykes recommended it. As I mention in my first post, he is one of the main reasons I`m trading. He`s had great success, so I trust he knows what he`s talking about.
And from my personal experience, TOS is fantastic. They have great customer service which to me is worth it weight in gold.
I would also like to use IB, but will wait until I`m a bit more seasoned.
In terms of automated trading... I don`t have enough experience to even have an opinion of this, but you work hard for your money... I wouldn`t recommend automating it. You can use StopLoss or StopLimit... to control entry and exit points... my 2 cents only.
Stay in touch... talk soon.
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