There are some meaningful and aspiring quotes that i have read from books or i heard from my coaches. Today i’m going to share with you guys. Hope that it will inspire you and you might use the quotes as a daily reminder or as a form of motivation.

“Trading is hardwork, laborious and boring, just like any other jobs. If you are excited about it, you are gambling” by Conrad

“There is no calamity greater than lavish desires. There is no guilt than discontentment. And there is no greater disaster than greed.” by Lao Tze

“Its not about being right or wrong, rather, its about how much money you make when you’re right and how much you don’t lose when you’re wrong” by George Soros

“Luck is what you have left over after you give 100 percent” by Langston Coleman

“In the business world, the rear view mirror is always clearer than the windshield.” by Warren Buffet

“Experience is a hard teacher because she gives the test first, the lesson afterwards.” by Vernon Sanders Law

“Human beings, by changing the inner attitudes of their minds, can change the outer aspects of their lives.” by William James

“The only that overcomes hard luck is hard work.” by Harry Golden

“A goal without a plan is just a wish.” Antonie de Saint-Exupery

“If i can do it, so can you” by Adam Khoo

There are 3 type of account in IB. I will just introduce you 2 types of account .

Cash Account
Margin Account

—————–
Cash Account
—————–
Minimum to open the account - US10k
Commision per trade - US1 buck

Able to perform unlimited day trade but depend on your account size. This mean you can only spend not more than your account size to day trade.

Example - you spend 3k for a trade and you make a profit of 500 bucks and you close the trade during that day. This mean you will get back 3.5k

Your account for that day only left 7k. The 3.5k will only cash into your account the next day. This mean you only left 7k to day trade.

You can’t be a Seller for cash account.

——–
Margin
——–
Minimum to open an account - 10k
Minimum fund to be in the account - 2k
Commision per trade - 1 buck

Unlimited day trade - 25k above (if not limited to 3 days trade out of 5 working day )

1 day trade = You buy and sell during the SAME DAY .
2 day trade = You buy and sell 2 times during the same day.

If you buy today sell the next day will NOT be consider as day trade.

Margin account allow you to be a buyer and seller.
————————————————————————————-
If you perform more than 30 trades in a month, the 10 bucks DATA subscription fee will be waive.
That all about it …

manojsai said…
nice blog.which site do you use for paper trading and which site would you recommend for paper trading in options.
Hi manojsai ,
Thank you for spending your precious time on my blog = ). Personally i would recommand you to use Option Express for paper trading.

1. OptionsExpress is FREE as long as you DONT FUND IT.
2. OptionsExpress provide WEIGHT to your Trading. ($15 commission per trade). If you can consistently profitable in OX paper trading, When you use Interactive Brokerage (IB) commission which is roughly $1 , you will have a good time making alot of money.
3. OptionsExpress provide WONDERFUL CHART, TOOLS and other Stuff

With the above 3 points that i mention, i really think that OptionExpress is the best paper trading platform for the moment as it really hone my scalping and day trading skill. = )

Happy trading

Just a few comments about TOS platform:

1) You can actually stream a few charts at the same time in TOS platform. You can do so either in “TOS charts” or “Prophnet”.
2) Commission cost is $1.50 per contract (and not $2 to $3). You just need to know how to get it.
3) The live chat support is excellent because the helpers were all ex-floor traders from the OEX pit at CBOE. Compared to IB which is a pure online discount broker without any technical support, you can make a judgment.
4) Shadow trader live commentary every night from 9:15am to 11:30am EST and from 1:30pm EST to 4:00pm is free for TOS users. Lots of education materials on how to scalp the market or how to read a particular chart. By far, OX and IB cannot even match that.

By Greeksman
Thanks for the input especially for the commission cost.

Yo Guys today is the last topic on Internet trading brokers. I will cover Thinkorswim. Thinkorswim is a rather new internet trading brokers. They founded in 1999 and headquartered in Chicago, is a leading online brokerage company specializing in options.
They support retail and institutional traders through their own trading platforms which are widely recognized as the industry’s best for execution, professional analytics and real-time position management.

They have revolutionized the option industry by teaching and executing complex, non-directional option strategies with single-click functionality that has now become the industry standard. Thinkorswim continues to evolve the financial marketplaces by delivering products that benefit the customer whether you are hedging, speculating or enhancing returns.
Thinkorswim is like a combination of OX and IB. I shall elaborated further now.

Benefits:
- Nice chart like OX but only can stream a chart at a time
- Plenty of educational tools
- User friendly platform (easy to use the trading workstation)
- Rather cheap commission per trade … 2.50 - 3 bucks

The trading workstation is more or less similar to OX. I would prefer thinkorswim than OX, but i will still use the chart from OX. The platform that i will use is IB because i’m a scalper and a day trader so i need the lowest commission rate platform.
So What Kind of Platform you need ?
dun wait and go check it out yourself =P

Hey guys I just finish my exam … phew!! what a relief … okay … as what i have promise … i shall continue with the internet trading brokers topic. Today i shall tell you guys about this very cool and sophisticated broker. It is none other than IB (Interactive Brokers).

Interactive Brokers conducts its broker/dealer and proprietary trading businesses on over 60 market centers worldwide. In its broker dealer agency business, IB provides direct access (”on line”) trade execution and clearing services to institutional and professional traders for a wide variety of electronically traded products including options, futures, stocks, forex, and bonds worldwide. In its proprietary trading business IB engages in market making for its own account in about 6,500 different electronically traded products. Interactive Brokers Group and its affiliates now trade 18.7% of the world’s exchange traded equity options*, and executes approximately 500,000 trades per day.

Benefits of IB :
- One of the cheapest commission rate - approx 1US per Trade
- One of the Fastest streaming online trading platform
- Able to perform Stop lost, conditional , double last , and all sort of automate commands
- Able to Keep track of all the stock if you do your due diligence

The only problem i find that is IB didn’t give any charts or nice charts and also is quite complicated to trade on IB if you are a computer idiots. You will need to have a certain knowledge on computer to find it easy to trade on IB.
Nonetheless IB is still a professional trading platform that use by many traders around the worlds. Even Conrad and Adam Khoo are using it. If you are a day trader or short term trader, I would really recommend you to check IB out as they will really benefit your pockets. DANGER!! –> (able to fake the markets!!)

Do you know which online trading platform to setup?
Do you know that different online trading platform will suit different kind of trader?
Do you have difficulty on setting up an internet trading platform?

Today i’m going to share with you guys the BENEFITS of 3 trading platforms.
- Optionexpress (https://www.optionsxpress.com.sg/login.asp)
- Thinkorswim (http://www.thinkorswim.com/tos/client/index.jsp)
- Interactive Brokers (http://www.interactivebrokers.com/en/main.php)

Starting from optionexpress
————–—–
Optionexpress
————–—–
The best thing about optionexpress is they provide excellent tools. Tools like beautiful user friendly streaming charts that will help in your trading. you can choose to view it in candle stick, bar and line chart.
They let you to put up a watch list and you can run it in streaming too. They also provide a virtual platform to polish up your skill and get familiar with the tools. Easy to trade with option strategy like spread, straddle and strangle as spoon feed you with the necessary key in option.

Well good stuff always come with a PRICE !!
Yesh they have an averagely high commission charges on per trades - US$14.95
So in actual fact you will need to spend US$30 on just buy and sell the stock/option.
What i like and love most about optionexpress is the chart which has the following qualities:
- User friendly
- Informative
- Nice Candle Stick chart
- Easy setup TA chart - macd/dema/stochastic and many more …
- Streaming
So i really recommend you guys to go check it out and play around with the chart. I wont recommend you guys to fund the account unless you are monthly/yearly trader aka investor or long term trader. So please do your due diligence before you act on it.
If you have any enquiry, just drop me a mail - akalawoo@gmail.com

I want to thank the hacker for hacking my blog. Previously my blog articles are quite messy. I did not organize properly. This time around i can properly sort out all my articles and post. I will put them into properly categories. I will restructure the layout of the blog to provide better information for you guys. Therefore i need some time to sort out everything. I will be quite busy for this week as i have to run the wealth academy event in Singapore. My blog will be up by end of next week 9 march 2008.

I wanna thank all the faithful reader for visiting my blog ever since i started in last year October. I hope you guys will continue to support this blog and do drop by by 9 of march 2008.

Thank you very much,
Lawrence (Akalawoo)

My blog has been hack on 26feb 1am ++ SG time … I will get back as many pass article as i could … Please give me sometime to sort it out