FAQ

I will add frequently asked questions (FAQ) as and when they start popping up.

 

Of all things, why did you start with penny stocking?

I have been looking to get into day trading for some time and came across Tim Sykes. I was looking for a strategy that could accommodate a small starting account and after substantial reading, watching videos and reviewing the sector decided it was a good place to begin my journey.

 

What do you trade now? FAQ

Good question. After learning about penny stocks, I’ve branched out and am now learning Average Joe Trader’s strategy with high-priced stocks. I have also used Warrior Trading for momentum trading and various other services.

 

Where should I start? FAQ

Start with this post covering the basic tactics for trading penny stocks, then move to the rest of the blog posts, followed the best trading books to read.

 

Who can benefit from your blog? FAQ

My goal for the site is to help all beginner day traders. There is a wealth to learn (!) and I realised I’ve been wandering from site to site to find what I needed. Some of the best guys (and girls) in the industry have fantastic blogs – my wish is to create a hub with my personal journey and lessons that are specifically catered for the beginner and intermediate day trader.

The site will continue to grow and I will keep adding new material. Please send me feedback and I will endeavour to write posts on any topics that are requested. Please note I am a beginner myself and from time to time may point you in the direction of good stock traders such as Dante Vincent, Average Joe Trader,  Brett Steenbarger and Peter Brandt, I am also following others on Twitter so look at who I am following.

 

What is your trading setup?

As you can see from the below photo (you can enlarge it), I have a high-end purpose-built desktop with x4 monitors (x2 23″,  x1 24″ and x1 27″). I started with both 23″ monitors and built my way from there. I could not go back from what I have now! More charts up etc on the bigger real estate. Maybe this is excessive for some people, but it works for me.

 

The specs of the pc are as follows:

Processor: Intel CPU INTEL Core i5-6500 BOX 3.20GHz
Motherboard: Gigabyte GA-H170M-D3H s1151 H170
RAM: 16GB DDR4 2133 MHz HyperX Fury Black
Graphics card: Gigabyte GeForce CUDA GTX 750Ti 2GB DDR5 128BIT
SSD: Samsung SSD 850 EVO 250GB
HDD: 500GB Toshiba
Power Supply: Be quiet! System Power 8 500W
Monitors:  x2  Dell UltraSharpU2311H, x1 LG 27MP38VQ, x1 Dell P2414H
Case: Cooler Master Centurion 5
Keyboard: Rosewill RK9000V2 BR (it’s an awesome mechanical keyboard!)

 

Which brokers do you use and recommend?

See my broker recommendations here.

I had an account with SureTrader that I used initially when I started trading (no PDT rule 🙂 ). However their service is not up to scratch and I’ve read many horror stories with excessive fees and poor execution. I’ve been charged excessive fees which have been refunded (with regular chasing). After recently closing the account I was charged an extra $40 (in addition to the standard $40 withdrawal fee). In addition, I’ve been charged an additional $65 to which I am not getting any explanations. Stay away from SureTrader.

As I live in Europe not all brokers allow me to open accounts with them – I’ve joined Interactive Brokers and am tossing up the idea of opening an account with SpeedTrader (in the past they were a sister company of SureTrader  – to my knowledge this is no longer the case).

Their reviews may not sway you, however I have heard positive things and they are one of my top 2 brokers. I’ll weigh up the decision as I need to deposit a minimum of $25k (being non-US based).

 

Contact me with any questions and I’ll post them here in the FAQ section.