Interactive Brokers Account Approved!

Perfect.

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IB Login

A few successful traders I have been researching (Timothy Sykes, Tim Grattani, Michael Goode, Michael Croock & Steven Dux) all have favorable things to say about IB as a broker.

Tim S’s 2017 started with $800,000 at IB, $200,000 at a HNW broker, and some change at E-trade. Dux started his trading career at IB based on his profit.ly trades. Michael Goode puts the majority of his trades through IB. Therefore, I’m good with starting out with IB.

  • Interactive Brokers has a lower account minimum for account holders 25 and under, $3,000 vs $10,000. I’m planning to start with $5,000.
  • Caveat: they enforce the PDT rule for accounts under $25,000 and I believe the $2.50 rule is in effect as well.

Market hours on the West Coast are 6:30 AM to 1:00 PM.

Plan is to get up at 5:30 AM and get prepped to trade at the open until 7:00 AM then head to the office. I get back from the office between 7:30 PM and 9:00 PM. Before sleeping, focus on creating a watchlist of volatile, liquid potentials and update a spreadsheet of potential plays with entry thoughts, exit thoughts, strategy you are focusing on, risk reward, support / resistance levels.

Tim S has a traderchecklist.com set of videos that I plan on checking out. I have considered using John F Carter’s “Mastering The Trade” checklist, but want to get some perspective from Tim S as well. In the works.

The night before is extremely important, as this is when I’ll get the majority of my preparation done for the battle in the morning.

I will focus on trading perfect set ups. PDT is a blessing – it makes you have to be picky. You can’t fucking trade anything and everything. You’ll get eaten alive.

First, I will need to know what a perfect set up is.

I’ll learn this through recorded live trading sessions and focusing on:

  • the initial reason / strategy for taking trades (watchlist creation)
  • entry point analysis (what am I risking? what am I gaining?)
  • managing the trade while in via L2 / sales time tape / price action / resistance / support
    • does the bid look stacked?
    • ask stacked?
    • is there fake size?
    • where are the whole numbers you gotta watch out for?
    • are there big hard stops stacked up somewhere?
    • where do you think it is going to crack / break out?
    • are you getting out because of fear? are you staying in because of greed?
    • stick to your plan, if you deviate, make sure it’s noted why and how to avoid it again
    • buy into weakness, sell into strength
    • don’t chase like a little bitch
  • exit point analysis
    • did you follow the plan?
    • was your set up proven correct?
    • record your trades in a spreadsheet, test 1 – 2 setups at first and trade them equally to see where you statistically perform better. Think A/B testing.

Cool, now all I have to do is go bomb this CFA Level 1 Exam at 9 AM tomorrow. Wish me luck…

Let’s get it