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re: Starting a Corp. Brokerage Acct Tips
Posted on 5/8/24 at 9:13 am to HagaDaga
Posted on 5/8/24 at 9:13 am to HagaDaga
Although you mentioned that you’re not trying to make a living at it, it’s still important to learn the mechanics before you trade with real money (even a small amount). What I mean is, it’s typically easier to start out by learning good habits rather than having to unlearn bad habits (that were gained by random “hunt & peck”).
At the stage you’re at now, I wouldn’t worry about the type of account. You mentioned that you’re a process minded person. That’s very important. If you’re also able to separate your emotions from your actions, then that’s another necessary quality of a potentially successful trader (whether it be stocks, options, commodities, etc.). Another is being able to accept that there will necessarily be losses… so don’t let your ego tell you that you’re a failure if you have a loss (just learn how to manage losses), and you’re also not a hero if you have a smoking good trade.
You mentioned your friends enjoying Fanduel sports betting. That’s fine. But that activity is probably based totally on emotions as they watch their games on TV. Even as a hobby, all that’ll do in trading is establish bad habits for you.
Before I write a novel here ( ), I’ll just suggest that you do some reading and research first, then establish a paper trading account with a set amount of “fake” money, then test out the trading methodologies and techniques that you’ve read about. Don’t worry about having a business account yet or setting up a fancy 6 screen trading rig.
I have an options trading business now and that’s how I pretty much make my living. I did that part time for several years before realizing that I could be consistently profitable. I don’t really trade stocks (because it’s capital intensive and the probability of profit is typically 50/50), so I’m not in that world enough to point you to the best resources to learn. Hopefully others here can make those kind of suggestions. But if anyone says to just hop in and start making (blind, random) trades, politely ignore them. Everything in life is more “fun” when you know what you’re doing.
I hope that this works out for you.
At the stage you’re at now, I wouldn’t worry about the type of account. You mentioned that you’re a process minded person. That’s very important. If you’re also able to separate your emotions from your actions, then that’s another necessary quality of a potentially successful trader (whether it be stocks, options, commodities, etc.). Another is being able to accept that there will necessarily be losses… so don’t let your ego tell you that you’re a failure if you have a loss (just learn how to manage losses), and you’re also not a hero if you have a smoking good trade.
You mentioned your friends enjoying Fanduel sports betting. That’s fine. But that activity is probably based totally on emotions as they watch their games on TV. Even as a hobby, all that’ll do in trading is establish bad habits for you.
Before I write a novel here ( ), I’ll just suggest that you do some reading and research first, then establish a paper trading account with a set amount of “fake” money, then test out the trading methodologies and techniques that you’ve read about. Don’t worry about having a business account yet or setting up a fancy 6 screen trading rig.
I have an options trading business now and that’s how I pretty much make my living. I did that part time for several years before realizing that I could be consistently profitable. I don’t really trade stocks (because it’s capital intensive and the probability of profit is typically 50/50), so I’m not in that world enough to point you to the best resources to learn. Hopefully others here can make those kind of suggestions. But if anyone says to just hop in and start making (blind, random) trades, politely ignore them. Everything in life is more “fun” when you know what you’re doing.
I hope that this works out for you.
Posted on 5/9/24 at 10:37 pm to Jag_Warrior
The advise is much appreciated.
I'm definitely trying to do research, but there is so much info out there it gets overwhelming. Thats one of my issues, I tend to do so much research that I keep putting off actually doing what I'm wanting. Why I'm hoping to get into some conversations about it, on a forum like this, as part of my research.
Is there a good simulator to practice with? Fidelity doesn't have that option, so if there is a good one that has a good trading platform to use, once I go live then that would be a good way to practice too.
I don't know much about Options, but figured that once I get the basics down on a trading acct I could start learning more about Options.
I get the point of not worrying about creating a business trading acct, but my CPA said that it would be the best option for me since I have the LLC as the pass thru. I don't totally get it, but figured I would do some small trades this year to get my bearings and then I'll learn about the taxes come next year when I work with him on it.
I'm definitely not looking to do big trades, so hoping I could get more advise on a specific Trading Platforms to work with and difference between doing it thru a personal and business acct.
Thanks again for your tips.
I'm definitely trying to do research, but there is so much info out there it gets overwhelming. Thats one of my issues, I tend to do so much research that I keep putting off actually doing what I'm wanting. Why I'm hoping to get into some conversations about it, on a forum like this, as part of my research.
Is there a good simulator to practice with? Fidelity doesn't have that option, so if there is a good one that has a good trading platform to use, once I go live then that would be a good way to practice too.
I don't know much about Options, but figured that once I get the basics down on a trading acct I could start learning more about Options.
I get the point of not worrying about creating a business trading acct, but my CPA said that it would be the best option for me since I have the LLC as the pass thru. I don't totally get it, but figured I would do some small trades this year to get my bearings and then I'll learn about the taxes come next year when I work with him on it.
I'm definitely not looking to do big trades, so hoping I could get more advise on a specific Trading Platforms to work with and difference between doing it thru a personal and business acct.
Thanks again for your tips.
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