I don't mind. Thanks. Very low super beginner but wanting to learn something new. I've bought a few long hold stocks in my personal acct but haven't done trading like this.

I'm definitely not looking to jump in with big trades, but small ones to build up and see where things go. Not going to use money I can't afford to lose, but do have $3-5k to open an acct with, if that's needed.

I'm an OPs/process minded person so why I'm looking to learn how to learn how to set things up instead of jumping in.

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Posted by Jag_Warrior

Virginia

Member since May 2015

4137 posts

Posted on 5/8/24 at 9:13 am to HagaDaga

Although you mentioned that you’re not trying to make a living at it, it’s still important to learn the mechanics before you trade with real money (even a small amount). What I mean is, it’s typically easier to start out by learning good habits rather than having to unlearn bad habits (that were gained by random “hunt & peck”).

At the stage you’re at now, I wouldn’t worry about the type of account. You mentioned that you’re a process minded person. That’s very important. If you’re also able to separate your emotions from your actions, then that’s another necessary quality of a potentially successful trader (whether it be stocks, options, commodities, etc.). Another is being able to accept that there will necessarily be losses… so don’t let your ego tell you that you’re a failure if you have a loss (just learn how to manage losses), and you’re also not a hero if you have a smoking good trade.

You mentioned your friends enjoying Fanduel sports betting. That’s fine. But that activity is probably based totally on emotions as they watch their games on TV. Even as a hobby, all that’ll do in trading is establish bad habits for you.

Before I write a novel here (

), I’ll just suggest that you do some reading and research first, then establish a paper trading account with a set amount of “fake” money, then test out the trading methodologies and techniques that you’ve read about. Don’t worry about having a business account yet or setting up a fancy 6 screen trading rig.

I have an options trading business now and that’s how I pretty much make my living. I did that part time for several years before realizing that I could be consistently profitable. I don’t really trade stocks (because it’s capital intensive and the probability of profit is typically 50/50), so I’m not in that world enough to point you to the best resources to learn. Hopefully others here can make those kind of suggestions. But if anyone says to just hop in and start making (blind, random) trades, politely ignore them. Everything in life is more “fun” when you know what you’re doing.

I hope that this works out for you.