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How would you start learning futures all over again if you had to?

  #4 (permalink)

SF, CA/USA
 
Trading Experience: Beginner
Platform: SC
Broker/Data: Stage 5
Favorite Futures: ES, 6E, sometimes NQ, and occasionally CL
 
jackbravo's Avatar
 
Posts: 1,328 since Jun 2014
Thanks: 4,166 given, 2,366 received

Don't trade live.

Just know that there are a lot of different ways of trading: price action, volume profile analysis, Wyckoff, spread trading, automated trading, fundamental trading, cross-market correlation trading....

So you'll have to find you what suits you, and it may not be the first thing you try. That's what I wish I knew when I first started. It may also takes years to find your way of trading, which market(s) to trade and so on, so I wish I had resisted jumping in, even when profitable on SIM.

1. Trade SIM until you get profitable for a few months in a row, and tired of trading SIM
2. Then choose the smallest future contract you can, such as micro Euro if interested in currencies. Trade that until you're profitable. It will be hard because you have to overcome expensive commission. But really you're still learning, so it just saves you from potential massive losses.
3. I wouldn't have started off with ES.

For education:
Look at the journals here for what people are doing, then follow and look into anything that's interesting to you. Here is an excellent journal:
https://futures.io/emini-index-futures-trading/42339-s-p-chronicles-amalgamation...alysis-price-action.html

Look at youtube videos of MACK Price Action Trading systems. They're free.
Look at youtube videos of other people trading Mack's system.

Look at Duomo initiative on youtube. Also free videos. Try to understand and emulate the system in SIM.

Try out all these different styles and anything else you find until you get a handle on exactly what trading is, how to do it, how you like to do it, and how you don't like to do it. This will take a while....months to years.

1. You don't know the future.
2. Anything can happen in the market, including:
-market stops you out and keeps going to unimaginable levels
-market stops you out and reverses direction to hit your initial target
-market hits your target and keeps going to unimaginable levels
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