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Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

Discussion in 'Trading Diaries and Journals' started by darkhorse70, Aug 27, 2014.

  1. DJG

    DJG

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    ;)

    comma.jpg
     
  2. barney

    barney

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)


    Funny man Burg:)


    D/Horse,

    None of my business and just my opinion, but if you have to tell furphies to open an international trading account, I'd be inclined to wait until you have the required prerequisites. Its your call however.
     
  3. DJG

    DJG

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Darkhorse - here is the commissions/fees/brokerage:

    Fixed:

    Your US trades:
    usa.JPG

    Australian trades:
    aus.JPG

    https://www.interactivebrokers.com.au/en/index.php?f=commission&p=stocks1

    Tiered

    North America trades:
    na.JPG

    I would look at the all the fee's here (tiered) as there is also clearing fee's etc.
    https://www.interactivebrokers.com.au/en/index.php?f=commission&p=stocks2

    In regard to the minimum:
    If you're under 25 then its the equivalent to $3000USD.
    If you're over 25, its the equivalent to $10,000USD

    There is also minimum monthly activity fee's:
    https://www.interactivebrokers.com.au/en/index.php?f=4969

    I don't know where you found the $25,000 assets you must have (on a side note, you must have some expensive bikes). That is potentially for an individual with a margin account maybe, or a company structure or something else besides what you should be doing - as it appears to me anyway.


    That he is :xyxthumbs

    I would also reiterate the above - you don't want to get into a habit of it, people who tend to do something misleading once, do it twice and so on so forth - would you lie to get a home loan?
     
  4. Julia

    Julia In Memoriam

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    +100.
    Plus the lie to your boss about a damaged knee. No need for this. It's entirely reasonable for someone to move on to a better paying job and your ex-boss would appreciate knowing that perhaps he needs to pay more to keep staff.
     
  5. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Thanks for the feedback guys. Dangaff, I think I chosw thw fasttrackpro which gives you more options such as being able to trade internationally, cfd etc. Maybe thats why they need those requirements but I only tickes the stocks box so im not sure. The online chat support said that was the requirements just because.

    I read somethibg about clive palmer when he was young lying about his age to get a job in real estate which was basically what launched his wealth. Point being if there is no harm being done then you have to risk it. I dont see the risk I would pose no threat to IB especially because im trading equities. Maybe its just some legal tape they had to get over?

    In regards to would I lie for a loan I dont think so. Im planning on living with my parents till im 40 haha, I need this accounts compounding powers to keep growing.
     
  6. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Julia, they are a husband and wife. The woman is 52 years old. 5 years ago she was a bouncer at kings cross haha. Shes intimidating. I feel me and the boss (the husband) have become friends so I feel like im personally letting him down.

    When I got the job I said I was looking to work for a long time but that was before I knew the pay.

    Its a gutless way out but this way it feels as though they wouldnt blame me. Plus they think I should be thankfull for working there. It should be the other way around.

    Moral of the story. Keep business strictly business. Dont become friends and emotional.
     
  7. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Trust me they are not your average orthodox boss. They are very out there. Put it this way. The husband talks about how he picked up a prostitute from the streets while his wife is listening to the convo (prior to their marriage) hahahaha.
     
  8. barney

    barney

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)


    Fair dinkum Horse .. you are hanging round the wrong crowd:D .... When old mate finds out you lied to him about your injured knee, I hope he doesn't have the compulsion to come and break your other one!!:eek: ..... That's meant to be a joke ... I hope it remains one:1zhelp:
     
  9. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Hahaha barney im cracking up. Im actually more scared of the woman. The womans son knows a thing or 2 about trading. Maybe he is a member of this site... hahaha
     
  10. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    (Barney your pm box is full)

    Thanks for your concern Barney. I understand the only thing which can be controlled in trading is the 'RISK' aspect. From my one year of paper trading I've come to the conclusion that I want to be as selective and conservative as possible, at least in the beginning. As Paul Tudor Jones said ' Why not make your life a pursue of happiness rather than misery'. I do not want to be in that emotionally roller coaster effect by getting myself into trades that I shouldn't be.

    I've changed the way I view trading. I've set a percentage goal of 15% return per year (maybe its an arrogant goal, but after a years worth of trading ill be more realistic on expectations).

    I've truly grasped the idea of the power of compounding interest. I've set a long term goal of 40 years and by know means am I setting a 'get rich quick scheme' mentality.

    I have to always remind myself that discipline and patience are one of the most important ingredients' to success, at least In this industry. Hence I'm reinforcing that mind set every day.

    Again, thanks for the heads up and support. I hope I don't end up just like another statistic. I also ordered a book, Trading in the Zone by Mark Douglas (I think). I need to change the way I view risk. Currently I get frustrated when the trade doesn't go my way but I have to understand that its just an 'expense' of trading and cant be avoided.



    Kind Regards

    Patrick


    On another note, any one who is a member of Interactive broker? Im currently in the application process and I need some proof of identification. Im providing a bank statement and drivers license but it also needs 2 other secondary proofs of address and identity. Can I just get a justice of peace to verify my drivers license and bank statement as I don't really have any utility bills etc for ID.
     
  11. Trembling Hand

    Trembling Hand Can be found on the bid

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Actually the most important thing is trading skill. Newbies always skip this point in the hope that they have been magically chosen to succeed if only they can follow some vague guidelines and plan in spite of them not having one. Which of course leads them up Sh!t creek without a map and this then can only lead you to random unplanned frustrated trades. And joining the masses in complaining about "more discipline" and looking for another easy to read book.
     
  12. barney

    barney

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Sorry about the PM Box ... empty now.

    Condensed your message ...... Some good points, especially the Risk!

    I'm still not convinced you need to go in via the back door with an undercapitalised IB account at this stage ... maybe get a few more opinions on that;)

    Cheers and good luck.
     
  13. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Haha trembling hand well jesse livermore did say after skill discipline and patience were the most important virtues.

    I guess you cant call yourself skilled if you are not patient/disciplined. I just order books because my ego starts to chew me up when im not "advancing my trading skills" in the sense that if im not spending x amount of hours a day doing some thing trading related then im not working hard enough.

    I look at successful people and they all seem to be putting in 18 hours a day. I replay scenarios in my head of possible outcomes and try to understand patterns but I fall short in the fact that im not scanning through random charts and getting more xp down.

    I always get sucked into a few charts that im interested in and go back to them daily. So hence my dilemma of needing to read books to feel like im doing something usefull.

    Barney most of the application is done. As long as there is nuthing which can happen to me by going through the "back door" then im not really fussed. I might give IB a call tomorrow and try to get a better understanding of what the requirement is regarding capitalization.
     
  14. barney

    barney

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    TH, Tech/a or others will be able to give you an idea of your margin requirements when holding positions with IB. With a small capital base, you certainly don't want to get into any margin call areas .... Stay well within your "risk parameters"
     
  15. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Barney at this current time I wouldnt even attempt to trade on any sort of leverage. Once im consistant enough with minimal draw downs then I guess if capital was an issue leveraging would be a good idea. But thats a very long way away haha.
     
  16. burglar

    burglar

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    If you employed someone, would you be pleased if he were reading SMH within two hours of starting?
    Would you rather someone who worked for 8 hours and had to be reminded to take a lunch break?







    Careful, it is a trick question!
     
  17. Trembling Hand

    Trembling Hand Can be found on the bid

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    The world is full of people who put in long hours week after week. Very few of them are successful. Books are easy to read but after a few they stop teaching you much and just entertain and fill in time. Which gets you back to long hours week after week. You don't need capital to build trading skills. You need consistent work on skills,

    Learn about the different markets (Bonds, FX, Commods, Futures, Options, Real Estate etc).
    Learn back testing (Very important to give you an idea of what/how to skew the odds in your favour(100s of constructive hours)).
    Learn about different approaches (Day trading, Swing, Systematic, Divi stripping, Fundie, Arb, etc).
    Learn about the big wide world.
    Do systematic forward testing of your ideas and keep real stats to prove you deserve to be in the business and under what conditions you deserve to be risking real money.
     
  18. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Haha burglar I think id go for the latter option. But you make a good point.

    Trembling hands you're right. I need to broaden my knowledge on other markets such as FX, futures, commodities etc. I have a very basic understanding of what drives them up and down. They are all interlinked so it could give possible clues to the future.

    By the way is tgere any books on the different types of trading strategies such as swing trading etc. Know one has really explained the different types of trades. I have a general idea but not enough to give me a clear picture.

    General economics interests me. One year ago I didnt even know what inflation was and what caused it. I guess I should thank uni for that one reason loll.

    My goal for now will be to keep back testing and forward testing as you suggested (including risk management) as well as increasing my understanding on other markets. Need to order some more books to establish some foundations


    Thanks for the feedback guys
     
  19. DJG

    DJG

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    There is probably a thousand books on swing trading, being much of the same stuff. Google or Amazon it.

    Here's a 120 odd to get you started:
    http://www.amazon.com.au/gp/aw/s/ref=is_box_?k=swing+trading

    Go through ASF's "Books & Resources" (or whatever the sub-forum is called) - there will be recommendations in there.

    I could be wrong but I probably wouldn't bother trying to draw a connection between 'interlinked derivative markets' in order to predict the future. Perhaps some lag others, but I could guarantee they don't follow each other - otherwise the 10 million people before you would've tried the same thing. :2twocents
     
  20. burglar

    burglar

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Just because you put your feet up on the desk and stare out the window, does not mean you have stopped thinking.
     
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