Member Onboarding FAQ
Answers to all of your questions on how to start trading, utilizing courses, and alpha room subscriptions.
I’m New, What Should I Do First?
Spend some time studying and completing all of the courses offered. You should read through each course more than once, as you will likely gain more understanding which each read. The courses were designed to help you learn the fundamentals of technical analysis and then progress in complexity. Ideally, you should complete all of them. Begin studying the concepts on your own with your own charting software. Once you feel comfortable to begin making either paper trades or real money trades, considering joining the Alpha room where you can watch live trading and hold discussions with other members.
How Much Money Do I Need To Start Trading?
There is no easy answer. Too little and you won’t maintain margin requirements. Too much and you could lose more than you’d like. FX, Crypto, and Microfutures require only a few hundred dollars. Futures and Stocks will require at least $2500-25K depending on your trading style.
Which Brokers Should I Use?
No two brokers are equal. Research reputable brokers listed below to complement your location, trading style and goals. Some brokers will not easily accept people that live outside the US. You should look for brokers that offer low commission costs, offer research/strategy tools, and offer reliable and quick trade executions.
Where Can I Follow Your Trade Signals?
Currently, we do not offer trading signal services. You can watch DopeTrades trading on the Alpha room livestream, but no recommendations for entries and exits are made for any trading product. We feel that giving signals to traders hurts the trader more in the long run, because he will likely become dependant on the signals.
What Is The Alpha Room?
This is the place where DopeTrades and members discuss trading, Monday – Thursday 930AM – Noon EST (1430-1700 UTC). He does not give trading recommendations or advice, but does discuss his thoughts on the markets. Members also share ideas, watchlists, and discuss their trades with DopeTrades and others in real-time. The room is centered primarily around futures trading, however stocks, forex, and crypto are traded and discussed.
Where Can I Practice Charting?
Any of the above trading platforms will offer multiple charting software packages. Tradingview is also a great browser based free charting resource.
When Do The US Markets Open?
930 AM EST or 1430 UTC
Are Crypto Charts Different Than Other Charts?
Not really. All charts are pretty much the same. The only real difference is how volatile or illiquid the trading product is compared to another. The more illiquid the more boring, and at times volatile, the product will be.
How Long Does It Take To Learn To Trade?
Anyone that tells you that learning to trade is easy is lying to you. Learning what you must do is fairly simple; however executing is another matter. There is no set amount of time or money that you will invest in order to become a successful trader. Everyone’s journey is different. A good estimation is that you will likely spend your first year or two (perhaps even longer) learning and losing unless you learn the proper steps and information to speed the process along. Bottom line, there is typically no quick path to successful trading.
What’s The Difference Between Futures And Forex?
New traders tend to gravitate to trading products that do not require a lot of capital to get started, and have low barriers of entry. Forex and Futures markets typically do not required more than a few hundred dollars to a few thousand to get started. Forex trading deals with foreign currency exchanges, although many brokers do allow commodities trading. Futures trading allows traders to trade an asset at an agreed upon price for a future date, hence the name. Futures markets support commodities, indices, bonds, and metals trading. The majority of retail traders simply trade futures contracts and exit their positions before expiration.
What Is Leverage?
Leveraged trading is essentially like borrowing money from a broker to trade products that would otherwise require a lot more money. Your amount of leverage depends on the asset being traded and the broker lending you money. All short sale trading requires margin, which is a component of leverage. Since most retail traders do not have extremely large accounts greater than 100K, they could otherwise never afford to trade most futures and forex products. Brokers offer traders margin accounts, which is like offering a loan, and require each trader to a certain amount in their account to maintain a position. It is possible to lose more money than is in your account with futures and forex trading. Most brokers have automatic liquidations or margin calls that close your positions should your account get too low. This protects both broker and trader from excessive losses.