Excerpt from: Day trading newsletter Issue No. 001
Looking for more trading leverage
From: Todd H.
Hello Chris,
Thanks for the information. I have been doing very well in the
market, in fact im thinking of trading full time however I need more
leverage. I only have a few thousand to play with. If I had twenty
thousand I would do even better. I like to play the odds! I am
finding incredible money making stocks! For the last 6 months I have
been studying the market diligently. I have several questions.
Which do you think is the best daytrading service? (Scottrade, datek,
ameritrade, etc.)
Secondly, where can I get more money to trade with? I can't get enough
margin money since I have only 2 grand in my account. I thought of
using my credit cards to give me a boost. Thirdly which is the best
way to place orders? I have been placing stop-buy orders and
stop-sell orders. I want to fine tune my skills to a system.
Let me know, I would like to start doing this full time.
~~~Christopher's Response~~~
Todd,
Ok, well let's see what we can do for you here. I can best help
you by being very direct and not wasting important time.
From talking to you a little before this, I think you can handle it.
If you only have a few thousand to trade with, then you really need to
make sure that you learn to trade well. Let me say that again:
you really need to make sure that you learn to trade well. You do not
need twenty thousand to trade well. You do need to develop patience,
perseverance, discipline and focus to trade well.
If you obtain 20 grand but do not develop the traits and habits of a
winning trader, I can guarantee you that you will give it all up to
the market and perhaps even more if you trade on margin.
More >>