Courtney Smith - Best Forex Store, Trading, Stock Download ...

Spare Income...Looking for thoughts?

Hello /personalfinance/, So, I'm in a once-in-a-lifetime position and really want to figure out something to do about it.
I'm a single guy, 23. I'm a recent homeowner, fixing up a foreclosure.
I had to make an enormous down payment to get the home loan due to a lack of established credit at the time. I was extremely fortunate and very grateful to have a close relative who readily offered to loan me it out of their savings. I am paying it back at a steady rate via an automated monthly transfer from my bank with an agreed-upon rate.
Meanwhile, I have the loan, which is at a slightly >5% interest rate, but I have enormous equity on the house.
This is my only debt. I work a white-collar job.
My savings is low at the moment because I've been fixing up the house- but I've finished all the work I had. I have $6K in stocks I pretend I don't have.
I'm putting 6% of my salary in to my retirement account with Fidelity. This is the maximum employer match so as not to leave money on the table.
Now, I'm running the math and budgeting using Mint. I should be able to realistically save close to $1,000 a month, AFTER fairly liberal recreation accounted for. Granted, rainy days will happen and I need money for that. But...I'm also finding inefficiencies. I'm overpaying for my phone, my internet, lots of other little services. I'm going to start killing these things off. Maybe get a second roommate- I have the spare rooms. I could potentially dramatically increase this.
tl:dr; I have no debts besides low interest mortgage and spare income right now that I'm sure I will never have again in my life and want to do something with it.
So now the ideas in my head.
I think the standard response will be that I'm putting too little in my retirement account. And I suppose I could bump that to 30% and still make it by. But...liquid cash in hand combined with, well, being single, makes me feel like there is the potential for better returns. I have something of an entrepreneurish mentality, but definitely don't have the guts to quit my job for an experiment in this economy.
Does anyone have any thoughts for me? Greatly appreciate anyone who read the whole thing :) It's been on my mind a lot lately.
EDIT:
A side note. I can't think of a practical use for this, but I have a dual citizenship with the U.S. and a certain European country (which gives me access to doing a lot of things in any EU country). Just putting that down for anyone creative. xD
submitted by NPPraxis to personalfinance [link] [comments]

About to start trading for the first time. Anyone wanna talk?

I don't really have any specific questions, just looking for general advice. Well, maybe one...see the bottom.
I've gone through most of the babypips school, and just finished reading Courtney Smith's book.
I have somewhat of a bit of background in game theory due to hobbies (I was one of the better players in the country in the national tournament scene of a certain video game, and have close friends who have been ranked in chess and poker who I have been playing with and learned a lot of game theory from), and tend to prefer boring, "turtle" strategies.
I considered scalping, but I don't think it will fit my lifestyle (time consuming). So, I'm probably going to look at position trading the daily charts, and I'll start mostly with the methods from the book I was reading. I want to be as disciplined as possible- picking entry/exit points before entering the trade, doing as much of it automatically via stops as possible (which I will look at and adjust only according to TA), and looking at my positions once per day. No emotion.
On a long flight yesterday I finally sat down and wrote up a trading plan, buying on a few techniques, all of which have set stops.
I'll calculate my position size so that if I am stopped out (stops based on technical analysis) I will lose 1% of my account value. This also means that positions with wide stops will not be very profitable.
I will write down every trade and what signal I used to make the trade. Every thirty trades, I'll eliminate my worst-performing signal and replace it with a different one, and see how I do.
I did some backtesting on EUUSD over the first few months of 2009. Trading on inside days seemed profitable, as well as reversal days. Channel breakouts were iffy...I used the ADX filter to exit, and that let me exit at really good times, but because the stops were too wide (for long position, I was buying at 55 day high breakout and setting stop to 20-day low breakout) I was barely making any money off of it and that was wiped out by the bad trades. I need to figure out where I can place tighter stops on Channel Breakouts without removing too many winning trades. My biggest concern is that inside days seemed too consistent...I usually made almost as much money as I was risking on my stop every time I did it, barring one or two times where I basically broke even. Seems like a couple losing trades could've set me back pretty quickly and I should be seeing more.
I should probably do more backtesting, but I feel a trial by fire would work better. I'll probably just set the risk to 0.5% instead of 1% and start a very small account and see how it does (I'd have to lose hundreds of trades in a row to get wiped out).
Am I doing this right?
And, the real question- what broker should I use?
Right now I'm looking at Oanda. I saw a poster saying good things about IB and I'd rather use Ninjatrader because I hate MT 4, so I might look at shifting over to them when I have more money, but I don't have $25k liquid cash available to open an account with them. Oanda's flexibility with position size seems ideal for my ~1% risk on stop plan.
However, the more I read about Forex brokers, the more nervous I get...they seem to make money when you lose and engage in all kinds of unscrupulous tactics like stop-hunting, slippage failing to trigger stops, and raising the spreads during big moves. Feels more like playing against the house than trading. This alone makes me feel tempted to go trade stock options instead with the same plan and see if that works. Thoughts?
submitted by NPPraxis to Forex [link] [comments]

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Courtney Smith - YouTube

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