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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Posted by Jag_Warrior

Virginia

Member since May 2015

4126 posts

Posted on 5/11/24 at 9:02 am to HagaDaga

quote:
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.

I’ve been using Think or Swim (TD Ameritrade/Schwab) for many years. Others may suggest Interactive Brokers or something else. I stick with TOS because it does what I need it to do and also because I’m so familiar with it.

One consideration for you is what type of stocks are you looking to start out with? Please stay away from penny and OTC equities. Many, if not most of those companies are cons and scams. Yes, for day traders they will move, but sometimes unexpectedly and violently in unpredictable directions.

Another consideration, what type of trading are you looking to do? Swing trading over a period of days or weeks or true day trading (where you close positions daily and don’t carry anything overnight).

Because I don’t trade stocks per se, I don’t have any good educational resources to direct you to. For options, I’d recommend TastyTrade or Options Alpha. I’d like to tell you about a stock trading site that does the same sort of strategy backtesting that they do with options. Because I’ve gotten to know them and Seth Freudberg (head trader on the options side), I could recommend SMB Capital. They’re a proprietary trading firm in New York. In addition to the options desk, they also have an equity trading desk and they have tutorial videos on YouTube. I can’t endorse the stock videos, because I haven’t actually watched them. But I do know they work with beginning traders on things other than options. And I know that they push backtested strategies, and discourage “winging it” or seat of the pants trading.

Based on your available “free” time, you may find that swing trading suits you best. It’s less stressful and time consuming than day trading. And while both are rather capital intensive (compared to options trading), swing trading won’t require you to be “right” by 4PM ET.