Tylan1993

@MichaelGoode Hey Michael! I have never made a penny stock trade before! I have studied patterns and charts before. My question, How do I execute the first trade? What would be the best broker to use for penny stocks. I most likely will start an account with $3000 ! Any help will be greatly appreciated!

MichaelGoode
MichaelGoode Feb 05, 18 2:22 PM

With $3k I would suggest either Etrade (better for shorting) or TDA. As to how to place the first trade, I know at least TDA has a good paper-trading system so you can practice there before you commit real money

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CK1

@MichaelGoode Hey Michael! I am a brand new Challenge student - so forgive me if this isn't the place for this. I just watched your video on "Margin, position sizing, and you (how to avoid blowing up)"... Loved it! Great job! Very well put! My question is... HOW do I get a working copy of the spreadsheet you were using? I want to use it "hands on" while watching the video (probably several times). Thanks in advance :-) Lovin the program so far! You guys all do a great job!

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MichaelGoode
1
MichaelGoode Feb 01, 18 12:24 PM

Spreadsheet is here: https://is.gd/riskreward -- To save a copy of the spreadsheet to your Google Docs so you can edit it, click on "File" then "make a copy". To download a copy to use in Excel or OpenOffice, click on "File" then "Download as..."

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tommyvercetti55

@MichaelGoode Hey again Michael, just a quick question, is it a good idea to use Interactive Brokers to trade stocks under a dollar? They charge a per share fee for Canadians ( CAD 0.01 per share, Minimum order $1) and I was thinking if I was to trade tens of thousand to hundreds of thousand of shares of an OTC/NASDAQ stock would the commission fees take most of my profits? I'm kind of confused here whether I should find a broker that charges a flat fee for low priced stocks or just use IB. Thanks!

MichaelGoode
MichaelGoode Jan 19, 18 9:37 AM

I use IB for low-priced stocks because most of the time I am shorting them and no brokers that have flat fee commissions will let me short stocks under a dollar but it is true that taking decent position sizes on cheap stocks will result in large commissions at IB. At least for US clients the max commission is 1% of trade value. If you do trade a lot of lower-priced stocks I recommend getting another broker for buying the cheap stocks

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Zohib

@MichaelGoode hey Michael do you know of any charting software that let's you look at intra day from the past?

Alex4Cash
1
Alex4Cash Jan 11, 18 2:27 PM

@MichaelGoode Yes it does! :) I love tradingview, amazing for drawings and fibonaci aswell

Zohib
Zohib Jan 11, 18 3:58 PM

Appreciate the responce guys

WoodbTrades
WoodbTrades Jan 11, 18 10:40 PM

I like it too because you can actually do paper trades as well for free, and you can backtest strategies

mufuroo
mufuroo Jan 11, 18 10:47 PM

TOS allows you to go to any time frame in the past.

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tommyvercetti55

@MichaelGoode Hi Michael, happy holidays! Just a question, have you ever used thinkorswim? It is now available for Canadian residents which is quite funny if you think about it, because TD is a Canadian bank and thinkorswim has only been available for US residents until now. As a Canadian resident I cannot use TD Ameritrade (I'm with TD direct investing) but I would like to know your opinion about the software, if its better than IB or not. Thank you! I watched almost all your youtube vids!

MichaelGoode
1
MichaelGoode Dec 27, 17 1:13 PM

I used TOS for a couple years 8 years ago. The TOS software is nice but not necessarily better than IB -- it is a lot easier to learn though

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RickTC52

@MichaelGoode hi Michael.. anyone here from Australia? Etrader dont accept Australian residents while IB dont offer short selling to us. i am having a hard time finding a decent broker to join. any recommendation please? thanks

RickTC52
RickTC52 Dec 21, 17 3:56 PM

@MichaelGoode ok i will look into that, thank you so much! in the meantime, what do you think about TradeStation? they are US broker that accept Australian residents. are they any good? thanks

MichaelGoode
1
MichaelGoode Dec 26, 17 2:23 PM

Tradestation is a decent broker but not at all good for short selling

Qtrader
2
Qtrader Feb 07, 18 6:03 AM

I personally use Tradezero. They clear through vision who is one of the clearing firms centrpoint securities use so they nearly always have the HTB stocks. Charting is not the greatest but can get by with it. I had same problem being Australian when looking for a broker originally.

harmonicb7
harmonicb7 Mar 18, 19 12:03 AM

Hi- I'm from Australia and haven't even started trading as yet. I'm watching all vids as many as possible and looking to tee up with someone in Sydney. I need to know what's the best broker and bank to go through in Oz too. I want to do trade in US time to early start day trade. I'm starting there, very small to see how I go.

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Zohib

@MichaelGoode hey michael. What do you think of suretrader to beat the pdt?

MichaelGoode
MichaelGoode Dec 18, 17 2:16 PM

Suretrader would work for that although with their high fees and poor customer service I certainly can't recommend them

Zohib
Zohib Dec 18, 17 3:56 PM

Awesome ty michael

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Zohib

@MichaelGoode Hey Michael, was wondering how you learned to use excel to make all of your spreadsheets?

Zohib
Zohib Dec 10, 17 8:14 PM

Thanks a lot. I really appreciate it michael

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MiladyMystique

@MichaelGoode ... just a quick note to say THANK YOU for the teaching on SEC filings! WOW, there's a few things that I would have taken note of reading those things, but I would never have picked up how sneaky some companies are, so I really appreciate that info (and all that just from disc 1). Now, onto disc 2! I hope you have an awesome weekend.

MiladyMystique
MiladyMystique Dec 10, 17 11:46 PM

Oh, absolutely! The bit about tax paid vs tax accrued was worth the price of the set on its own, really. That would save tons of people a lot of heartache if they knew that bit of info.

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