Hello all,
I’m a new trader that’s getting started and I’m stuck under the frustration of the PDT. I was wondering if anyone would share some experiences with that as there’s a part of me that wants to trade forex instead. (mainly because of the PDT) It’s so frustrating when your number of day trades are limited if you don’t have a big enough of an account. If you don’t take more trades, you cant get better right? Yes, everyone’s goal is to be rich, but 3 day trades a week just simply stunts anyone’s growth. (Paper trading just doesn’t build my account like real trades do) I just feel being able to take more swings at the bat and practicing builds a better trader and confidence.
Obviously I don’t know as much about the world economy vs researching about companies, but charts tells the entire story anyways. The competition is even more fierce as there is a less selection but compared to stocks, either its manipulated by funds and market makers or I cant find shares to short. But certainly there’s just as much high percentage plays that can be obtained using technical analysis in forex.
Also, even with the horror stories of people over leveraging and risking too much, wouldn’t the same risk management rules of risking 1% of your account per trade (R values) apply for forex just as well? It seems to me that controlling your losses will enable you to succeed whether you’re trading futures, stocks, and FX. Having the advantage of short term plays panning out faster is better right (only having to skip those inactive hours)?
I’d would really appreciate any responses.