How I should start?
First thing I would recommend a DEMO account. Don’t be so stupid and start straight away with real money. You will lose it 100%. I have seen people blowing up their 30k accounts in no time. Thats not the best start how to put yourself emotionally ready for trading career. What I can say, losing money hurts and until you havent find at least one good pattern to trade don’t go trading with live money. And with DEMO it’s much more safer, you can get used to software, you can introduce yourself to LV2, Time and Sales, Hotkeys, find some patterns, learn how to place everything for the best view.
Of course its not recommended to do DEMO trading all the time because it takes off emotions. I still remember my first trade and emotions what i had. Hands shaking, really jumping, couldn’t push the buttons properly. And I started trading unprepared, no demo account, straight live. Was thinking this is easy. I should have started with demo account, to take time and learn the platform.
Demo accounts, simulators, cheaper options for starting:
- DAS TRADER SIMULATOR – For large and small caps trading. One of the best platforms out there. You got an option to try it out for free for 14 days. What I would highly recommend. If you can get something for free why not… So go to their home page https://dastrader.com/ and click the SUBSCRIBE button on top of the screen and then chose Sign up for 14 days trial Demo. When trial has expired, you will need to subscribe to their REAL-TIME simulator. And chose option for $150 bucks a month. This is the cheapest option with LV2 data and if you are prepared to do day trading you will need LV2 data. The best thing with DAS TRADER is that you can ask customer service any amounts to trade from. For example you ask them for 10k account what doesn’t reset itself every day, can ask for max daily loss amount for example $500.
- TRADENET – For large caps trading. AT FIRST 14 DAYS DEMO THEN LIVE ACCOUNT. I know a lot of people gonna be against this recommendation. But chill, if you are using Tradenet TEFS platform for learning it will cost way more less than trading in other platforms. For example I bought twice their intro account for $399 (normal price $500) and I could trade with $14000 account with maximum DRAW DOWN OF $700. Where I am already winning. I invest $400 and max I can lose is $700, so I am already saving $300 what is huge if you are just starting out and are on budget. You ask, How they can allow it to happen? Thats a hit on a business. Well…TradeNet is using TEFS software what is based on CFD trading. So it means, you don’t own the stock you are buying. It’s almost like trading on simulator with virtual money, but if you make money you can withdraw it. Their whole business is holding on teaching people to become traders and at the start most of traders will lose money, cause you just learning and it is how it is. You can check my REVIEW on them HERE. If you decide to open an account with them, save yourself some money and use these DISCOUNTS.
- TRADER EQUITY – FULLY FUNDED PATH – For Large and Small cap trading. This program is new and I haven’t tried it out myself but I think Its one of the best opportunities out there. When I started there even wasn’t such an opportunity. For the price of $399 a month you will get $75000 simulated account with opportunity to get fully funded by time. What I like with them is the rules what gonna make you to respect and calculate your risk more proper way. So you better control your loses what is one of most important things in trading. You can check them out HERE.
I would recommend to do DEMO at least for 3 months. Just to learn the software, charting, Level 2, set up hotkeys. If you start with live account, I can guarantee you lose it all in first few weeks if not even days. Luckily I started with small account. I think it was $900 account, what for me then was big money. I lost it all in nearly 2 weeks. That was fucking painful experience. Imagine people who start like me and lose 10k or more. Like I said, I have seen people lose 30k. From here we can go to next recommendation…
HOW TO SET UP TRADING PLATFORM