Should I open a brokerage account now or its still early?

Question

I have been trading on simulation trade websites for about 20 days and I could make about %7.5 benefit just by doing a day trade (following the trends and buying/selling fast).

Is that enough to open an account and start the real work?

My original work is with computers so I always have access to internet during the work... I was thinking if I open an account and start with maybe $5k day trading.

1-Do I have to pay some monthly fees for the account that I open or I wont have any expenses if I dont trade?

Any more info would be appreciated :)

Answer 1

Day Trading is a very bad idea.

Answer 2

If you are trading that well,

1 - Why would you need to go through a broker? Just do it yourself. A day trader myself, I use Scottrade ($7 buys and sells, no commission) at the moment, but looking into zecco (currently offering 10 free trades every month with a $2,500 minimum funded account, $4.50 each buy or sell otherwise).

With a broker you will be paying a trading transaction fee including commission (varies by broker) on each trade that you make. While day trading, this will eat up all your profit returns.

2 - Why are you playing with fake money yielding a 7.5% return?

3 - What the h**l stocks have you been trading with?

Answer 3

Start with our ecurrency business. The richest man made it through forex, so you never can tell, you could be the next person. Just keep trying. Check the source below.

http://www.goldinterlink.com

Answer 4

Depends. Is it the forex market? You could make a real killing on the forex market right now. Go to http://forexmoguls.com for helpful information on how to get started the right way.

Answer 5

Based on these answers to your question, you can see how helpful investing forums can be.  Others are not much better, but there are a handful of people here that are really helpful.

There's not really a big problem in beginning to daytrade, but you need to be cautious.  I'd advise you read this http://www.nyse.com/pdfs/im01-9Microsoft...

Then, you may want to continue paper trading, but you can trade for real if you set up strict losses.  When I kick up my live account, I will close all my positions immediately if I lose 20%.  Then, I will go back through my journals, the charts, and more paper trading until I get it right.

You can get all expenses lists from the individual sites under their fees + comissions and/or pricing tabs.  If you are unclear of what they all are, just email the brokerage (I did this with several of tradeking's fees).  You will need to get used to emailing and contacting people and services you will use or look into.  Half of the battle of trading is finding everything you need -- brokerage, information resources, software, data feeds, etc.

I've probably spent about half my time doing those kinds of things.