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What can you afford to lose very quickly?
Subject Expert
OP - use Think or Swim paper trading (through TDA). Gives you no risk practice.
I will definitely use Think or Swim, thanks for sharing!
Coach
Paper trade first. Experience losing as it is a tough game. Dont buy cheap way out of the money options. These have high risk and expire worthless most of the time. Learn to play momentum and get in and out quick at first. Don’t average down losers in hopes that it turns around. I use E*Trade but a lot of others are fine too. Start with $200-$300 plays and define your risk up front. Play 1-2 contracts at first
what kind of account should i open with Ameritrade?
I would say start with $500. No books needed. No paper trading needed. Don’t pick options because they are cheap. They are cheap because of a reason. Buy options with a good volume and low IV. Post your buys here before buying so someone will let you know if it’s a good one or not. Start with basic calls ,puts, or covered calls.
From personal experience, learning on the fly is expensive but (not going to lie) kind of fun. If you can lose a few hundred bucks at a casino you can do this. Start slow and don’t get greedy. Take your earnings. And always look at volume. That’s a real quick way to lose money.
Start with a small loan of a million dollars
haha, would now even be a good time to invest ?
thank you for sharing, will purchase it today, and start reading!