LebGeeks

Scode99

Member

Start trading on IBKR

Hello guys, Well given the current situation, I was thinking of starting to trade on Interactive brokers. I have been in trading some time ago but I used to copy signals from the trader. Now I want to dive in trading by myself  and maybe make a couple of bucks on the side. Since I'm unemployed and got nothing to do, whyy not learn something new and  maybe make some cash.
Is there anyone on this forum who trades? That can help me with some indicators and strategies to follow? Someone who doesn't mind sharing his experience in trading and especially with the banks now, how are they dealing with traders? And do you guys recommend the platform?
thank you

ivy

Member

Re: Start trading on IBKR

Signals, indicators; FX?

First of all, I hope you read through the steps and fees that IBKR charges. That being said, trading isn't a reliable way to provide income and you should keep that in mind with every buck you spend, consider it gone unless you manage to gain a profit. Don't mess with instruments you don't understand, don't leverage yourself (IBKR makes it hard to anyways) and do your own homework. Easiest way to blow up your portfolio is by following other people's advice.

IBKR will require fresh dollar and depending on what you're trading you could be better off using another platform. If you're into FX oanda, etoro work well,  if you're looking into derivatives IBKR is world class.

Johnaudi

Member

Re: Start trading on IBKR

If you're unemployed don't jump into forex/trading unless you really know what you're doing (e.g. manage your loss correctly). Even professional brokers experience bad days.

Usually people set a set amount of their salary into the forex market and let it slowly grow, any "get rich quick" strategy will get you bankrupt even quicker.
Best of luck!

Scode99

Member

Re: Start trading on IBKR

Hello guys, I am aware of the risks and I have starter learning, and watching videos on youtube.Are you guys traders? Can you provide me with some useful tips? Do you recommend ant specific platform? I dont want any get rick quick strategy, but a consistent one is enough.

Salloum

Member

Re: Start trading on IBKR

My only advice regarding this is, if you don't know -exactly- what you're doing, don't do it!

ivy

Member

Re: Start trading on IBKR

If you're doing FX, ultimately to make a dime you'll need to learn algos
If you're thinking stocks you've got to learn what fundamentals are and watch the stock to learn how it behaves, monitoring options works too, the gist of it is that it can be pretty overwhelming at first.

Technical analysis is bullshit and don't believe otherwise if you want to keep money in your account.
Concerning consistency, that's kinda the ultimate goal with trades, yet an unrealistic one. The best way to get consistent results with FX are algos, one which people don't share, with stocks it revolves around a delta neutral trading among other strategies. If you feel that I've been using some definitions that require googling, well that's because you have to take your time and learn about it.

user

Member

Re: Start trading on IBKR

I invest long term, I do not trade. I have read countless studies and books that all told me trading does not work. There is not a single famous rich person that made his money day trading. All information known about any stock is priced in instantly. I can tell you from my personal experience I was once watching the US central bank head live on youtube making a decision on what to do with interest rates, before the youtube live person said that they will not raise interest rates anymore the stock market index had already jumped up... The only way to make money on that was to bet beforehand with no sure knowledge that this is what they were going to do...

I just buy and hold the total market index. Historically it returned about 8% per year, I'm happy with that...

Johnaudi

Member

Re: Start trading on IBKR

I wouldn't say technical analysis is bullshit, but it cannot be your only source of prediction. The rules of support and resistance are logical, and the foundation of technical analysis is also logical, but too many things do not make sense (fib sequences, throwing random equations etc etc)
They're great mathematical tools to give you insight of the trend, volatility and possibly volume of the trades, knowing what to expect from the next candle. Moreover, they're great to help you code your own trader/scalper, making nice return on short term investments with a high greed profile.
Use all the tools you can, just don't expect anything to flawlessly work or else everyone would become rich.

Kazouza

Member

Re: Start trading on IBKR

I invest long term, I do not trade. I have read countless studies and books that all told me trading does not work. There is not a single famous rich person that made his money day trading. All information known about any stock is priced in instantly. I can tell you from my personal experience I was once watching the US central bank head live on youtube making a decision on what to do with interest rates, before the youtube live person said that they will not raise interest rates anymore the stock market index had already jumped up... The only way to make money on that was to bet beforehand with no sure knowledge that this is what they were going to do...

I just buy and hold the total market index. Historically it returned about 8% per year, I'm happy with that...

Would it be possible to get a quick guide or suggestions on how to start investing based on your own experience? Like what you need, what application/website etc just the basics

Last edited by Kazouza (September 24 2020)