The path to becoming a True Trader is filled with questions. Here are some of the most common ones you’ll face in Your Journey.
Frequently Asked Questions
We are asked questions every day by our members. So much so that we’ve compiled this list of the most frequently asked ones here for you to read.
I just joined. Where do I start?
Start by reading our member’s quickstart guide. (This is accessible to active members only)
How much is your service?
Our pricing is clearly outlined on the bottom of our homepage. Here’s a direct link.
Which broker do you use?
I personally use Cobra Trading for quick executions. But TD Ameritrade, E-Trade, Interactive Brokers, Charles Schwab work just fine. These are the main brokers most of our members are trading with. Most of these brokers also offer commission free trading now as well.
What charting software do you use?
Thinkorswim by TD Ameritrade. Download it here.
How much money do I need to start day trading?
The SEC requires that active day traders have at least $25,000 in their trading account if they’d like to place 4 or more round trip day trades (buy and sell) in a 5 day period. That being said, you do NOT need $25,000 to benefit from our services. We’ve had members claim to grow accounts from 4 figures to 6 figures while using our service. Ideally, new traders should have at least $2,000 in their account, however, this is not a requirement.
Can I trade while I work full time?
Yes! In general, we preach trading only the first hour of the day and then walking away. We have many traders that trade part-time while working a full-time job. They enter trades, place live stop orders, and walk away. This is the best strategy for trading while working. Some our of members are in different time zones and can trade for 1hr of the U.S. Stock Market before or after work. This is also feasible. The best hour to trade is from 9:30am-10:30am EST.
Can I follow your trades (mirror trading)?
Totally up to you what you do with our information. Our service is for education and entertainment purposes only. Our members are taught our strategy and then invited to watch our top traders do their daily work. We find this helps re-enforce the education by watching our pros in real-time. We call all of our trades ahead of time BEFORE the market gets there so all members test what they would do if and when the market comes to our levels. You must educate yourself if you want to be a successful trader. A surgeon does not perform surgery without learning from his peers first. Same goes for trading.
Do you trade options or the common stock?
We typically trade the common stock and not the option. We found that we are better able to manage risk by not having to deal with decay, etc… That being said, there are many members who trade the options on the stocks we trade live each day. Most of our trades are on large cap stocks so the options are liquid and active as well. Our trade location is at such advantageous levels that where we can book a 5% return on the stock, the option can give 20%+ in the same amount of time. We see this daily.
Can I use your system to trade Forex, Options, Futures?
Our current system is designed for stocks. Many members have been able to use it for Options with great success. We have a Futures and Forex adaptation coming soon.
- If you’re interested in being alerted about our FUTURES program, drop your email address here to be notified when it releases.
- If you’re interested in being alerted about our FOREX program, drop your email address here to be notified when it releases.
What do you mean by a “point” when trading? Is it a dollar?
Yes. “Point” means $1 in stock markets.
When you enter into a position by shorting by placing a Limit order, do you also specify a quantity?
Not typically. Since the trades are ours alone we set a position size we’re comfortable with. Every member is working with vastly different account sizes so a quantity is completely subjective and up to each individual trader. We’ll often let the room know when we’re placing “half” orders – which is another way of saying half of our typical trade size. We do that when we see multiple levels near by and want to manage the trade carefully while dollar cost averaging down (or up).
When you’re in a trade, what do you mean when you say “I’m adding to it”?
That means we are increasing our position size in a given trade. For example, let’s say you enter into a “long” (meaning we expect the price to go up) and in reality the price drops. If we “add” to the position, we’re putting more money into the stock at that lower price. This is useful because it lowers our average “buy price” for the expected price increase.