Trade on a simulator until you know you have a profitable trading strategy. Then trade minimal dollars to learn the ins-and-outs of real money trading. You've proven that you have discipline and follow-through in dealing with your debt. Both are important characteristics of a successful trader. I wish you the best of luck.
Life lesson #4386: When you post on a trading message board, and people start giving you advice on what and how to trade, you eventually learn that the particular method of trading which works for you has very little to do with the advice which has been offered. Learning what works for you is going to take trading real money, and real losses. I appreciate your discipline, but there are lots of doctors, dentists, pilots, architects, etc., who have plenty of it, but could never trade their way out of a wet paper bag. You need to find your style through hard knocks and tuition. Period. Merry Christmas.
Stack the deck in your favor, Study passive index investing principles, market history , asset classes and diversification. Might ought to read books by bogle, rick ferri , swedroe etc. http://www.bogleheads.org/forum/index.php.
With all due respect, some incredibly ridiculous suggestions here. The guy has 1300 and no experience and futures are suggested? On top of that, stops of 3 ticks in a whippy instrument like Nasdaq Futures ? Who are you kidding ? Only the best of the best can survive a futures market with small capital and micro stops. Reminder, the guy has no experience and such experience takes years to collect. I apologize for the negative response in Xmas but I could not help myself. My suggestion ? Watch one market for an incredibly amount of time, 2 years for example is only scratching the surface, don't trade a penny until things start to make sense. Harsh but the correct way. Best of luck. No Heat
I have a better idea than the rest of the gamblers here. Save 6 months of emergency cash instead. So now that you will have no debt, give yourself a 6 month buffer just for any emergency.
Hypothetical situation. "In June open up a $1300.00 brokerage cash account." "Maybe with $1300.00 you should spend the money on books?" "Fuck that shit, I want to trade" "I don't need no stinkin books":eek:
Arthur, none taken man. When it comes to trading everyone has different opinions on things, which is a good thing I guess. My question to you is how you figure MM and company manipulation would effect profitability for a small time trader? The way I see it is if there is manipulation (I am sure there is to some degree) that the manipulation would work in your favor as much as it would against you, pretty much evening out. I think it would be like this because a small timer would not be the target of manipulation on a liquid stock. Please let me know your reasoning behind your opinion.