> How can I become a trader, in my own time, cheaply?

How can I become a trader, in my own time, cheaply?

Posted at: 2014-12-05 
i have 2000 to trade

If your thinking of day trading securities the SEC requires you to maintain at least $30,000 balance in your account. If you want to trade the Forex or the Futures markets you and usually buy some sort of day contract for around $500 but that contract cannot be held overnight. Remember the Forex and Futures markets are highly leveraged so $2000 can be wiped out in just a few seconds.

It is definitely possible to become a trader in your own. Anyway for that you need to have all the essential information along with you. And there are some good resources out there which can help you in this regard.

On your own, it's almost impossible; a complete waste of your time and money. The chance of you being in the top 5% of all new traders is very slim on your own, and those are the only ones that make it worthwhile. Clearly 80% of all new traders fail. The odds are against it.

From one mentor:

Most traders we speak with have learning curves that have cost them between $15,000 and $70,000 and up to two years in time.

How to beat the odds or do something differently than all of those failures? Develop a trade plan and test it rigorously on a simulator. If you can make simulator money, you might have a shot, otherwise, revise your plan.

Read the book, Rules of the Trade by David Nassar. This is a book for traders by a trader.

Justin Mamis' The Nature of Risk: Stock Market Survival and the Meaning of Life. I believe this book to be foundational to new traders because it discusses, what else?, the nature of risk in the market.

Five Minute Investing: How To Evaluate A Trading Strategy

http://www.investopedia.com/university/f...

The Cardinal Sin Of Beginning Investing -- And How To Avoid It

http://www.investopedia.com/stock-analys...

Day Trading Strategies For Beginners

http://www.investopedia.com/articles/tra...

Article: Trading is Timing

http://www.investopedia.com/articles/tra...

Before you decide to become a day trader, check out these articles, first by the SEC (Securities & Exchange Comm), second by the FTC (Federal Trade Commission, and third by the Motley Fool:

http://www.sec.gov/investor/pubs/daytips...

http://www.ftc.gov/opa/2000/05/daytradin...

http://www.fool.com/investing/small-cap/...

You really need to learn more about trading before you start making decisions about a system.

New Trading Systems And Methods by Kaufman

About.com: 'Becoming a Day Trader'

http://daytrading.about.com/cs/education...

About.com: 'Day Trading'

http://daytrading.about.com/#b

AskMen.com: 'How To Become A Day Trader'

http://www.askmen.com/money/investing_10...

i have 2000 to trade