Last weekend I learned about simple moving averages, exponential moving averages, Bollinger Bands and a host of other important trading topics. It made me realize that I have so much more to learn. Expecting these chat room gurus and Twitter “hot stock picks” to further my wealth is a pipe dream.
I came into this hoping that I could follow a successful trader and mimic his trades. That doesn’t work. Most of the trades I’ve seen are either out of my price range or the person was trading a large number of shares just to make a small profit. In additional, most traders short stocks which I’m not comfortable doing right now. The risk is too high for an inexperienced trader like myself.
I also need to take a break because my E*Trade account has been restricted. I called them yesterday only to find that I was too late to save the account. I guess you have a limited amount of time to wire them money after you get flagged. They wanted me to wire $270 by the end of the day. I called my bank and they stop wiring money after 2:00pm. The $300 tied up in my E*Trade account will just sit there under December.
I’ve decided to make the switch to SureTrader. The account setup process is underway. Not only will I be able to avoid the pattern day trader rules, but SureTrader let me fund my account using a credit card. There are a ton of advantages to using an overseas broker and I plan on capitalizing on all of them.
I may be back to trading next week just to test out SureTrader. Stay tuned..