Q: What broker should I open an account with?
There are many. However my favorites are TD Ameritrade (ThinkorSwim), Tradestation, and OptionsHouse.
Q: What kind of account should I open Cash or Margin?
I recommend a Margin account. This account allows one to initiate spreads. Although in the beginning you may not be performing this strategy you may sometime in the future.
Q: How much money should I have to open a brokerage account?
I recommend to my students $3,000 - $5,000. Most brokers require $2,000 to open a margin account.
Q: What charting service should I use?
To begin with, I suggest Telechart 2000 the gold service is only $29.95 with a 14-day free trial.
Q: Should I paper/virtual trade?
Absolutely!!!! No Exceptions. Please take my advice. It will save you money, I know because I tried it and lost $20,000 the first 30 days.
Q: Why should I pay for classes when there is so much free stuff on the internet?
Many of these classes/videos are not created by traders that make a living trading. Who do you want to be trained by? Let me assure you if you do not have the proper training the market WILL take all your money.
Q: How do I know what to trade?
I subscribe to a service that scans the market every evening. The service is http://www.Trades4Us.com
Q: How long does it take to be a profitable trader?
It depends on each individual. Many of the professionals say 2 years to be consistent. I would agree, So don't quit your job! Be patient it takes 4 years to obtain a degree some longer.