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The Water Cooler
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Help a Dummy Get Started Day Trading
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<blockquote data-quote="djcorrell" data-source="post: 2876979" data-attributes="member: 12752"><p>TD Ameritrade has Think or Swim. By far the best platform out there bar none. You get Trade Architect too. Also unlimited access to streaming CNBC, Tastytrade, and more. Many of the best news articles are presented in live streams with the ticker you are looking at. Think more in terms of 30 to 54 days on positions, to let yourself have more time to be right. If you haven't done so, watch some of the Tastytrade videos, on their website or youtube. The best introductory book I can think of is Jim Cramer's "Getting Back to Even" <a href="http://www.amazon.com/Jim-Cramers-Getting-Back-Even/dp/1439158010/?ie=UTF8&qid=1463078556&sr=8-7&keywords=jim+cramer" target="_blank">http://www.amazon.com/Jim-Cramers-Getting-Back-Even/dp/1439158010/?ie=UTF8&qid=1463078556&sr=8-7&keywords=jim+cramer</a> . The only reason to have a margin account is to be able to sell options naked. When you start levering up using borrowed money, you are taking excessive risk. Most margin cost run 10%. If you can make guaranteed 10% returns, why play. The plays I look for are 1 to 2 % per month, or so. Often you can take those off much sooner. </p><p>Hope that helps. NOTHING HERE SHOULD CONSTITUTE FINANCIAL ADVISE.</p><p></p><p>If you are worried about tax consequences, you can open a self directed Roth IRA and max out your contributions. Then put the excess funds in a second account. You can move over the maximum amount every year. While this may not seem like much, it adds up over time.</p></blockquote><p></p>
[QUOTE="djcorrell, post: 2876979, member: 12752"] TD Ameritrade has Think or Swim. By far the best platform out there bar none. You get Trade Architect too. Also unlimited access to streaming CNBC, Tastytrade, and more. Many of the best news articles are presented in live streams with the ticker you are looking at. Think more in terms of 30 to 54 days on positions, to let yourself have more time to be right. If you haven't done so, watch some of the Tastytrade videos, on their website or youtube. The best introductory book I can think of is Jim Cramer's "Getting Back to Even" [URL]http://www.amazon.com/Jim-Cramers-Getting-Back-Even/dp/1439158010/?ie=UTF8&qid=1463078556&sr=8-7&keywords=jim+cramer[/URL] . The only reason to have a margin account is to be able to sell options naked. When you start levering up using borrowed money, you are taking excessive risk. Most margin cost run 10%. If you can make guaranteed 10% returns, why play. The plays I look for are 1 to 2 % per month, or so. Often you can take those off much sooner. Hope that helps. NOTHING HERE SHOULD CONSTITUTE FINANCIAL ADVISE. If you are worried about tax consequences, you can open a self directed Roth IRA and max out your contributions. Then put the excess funds in a second account. You can move over the maximum amount every year. While this may not seem like much, it adds up over time. [/QUOTE]
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