I am a middle-manager with a company spun-off and acquired by a Capitol Management Company (scary, huh?).
Sadly pensions are locked with no further contributions and unless you met time & title rules to retire you were left behind to your own devices to plan for life after employment. For a working stiff with half their career behind them the 3% annual increase guarantee to "manage our money" was not nearly enough, so I am striking out on the frontier to make my own destiny.
Rest assured, I have no allusions of "striking gold". I do however want to manage my portfolio responsibly. For years I have had genuine interest in the market, stocks, futures, and precious metals. I just needed that "nudge" to get me started and very quickly I am learning that knowledge is power.
I did my homework online and the experts are numerous. IMO many want registration fees over walking the walk with me. I chose futures.io (formerly BMT) after a financial planner with Merrill Lynch suggested it. Initially I will read & learn in the shadows, but my hope is to become a contributor in the long term.
I'm in for the long-haul and love what I see so far!
The following 5 users say Thank You to jw8051 for this post:
I am from Australia and my old man traded Port Bellies futures over 10 years ago and i would like to start exploring futures trading as an option. At present, i am going through the forum and try to learn some tips. Is there a tool that can download the historical and current futures data (e.g. open, high, low close of a particular futures). Ideally, the tool should also allow me to key in my trading rules and notify me when certain criteria or patterns have been met.
The following 3 users say Thank You to rcml for this post:
hello people, i am new to trading, actually never traded with real money but have studied to the point of information overload. Iam hoping to finally make a small trade in penny stocks just to get my feet wet, sometime this week. Then i am going to start dabbling in e-minis. All help is greatly appreciated and your forum is loaded with good advice. Thanks for being here!
The following 3 users say Thank You to rhwingfield for this post:
Hello Everyone -
My tale is similar to many getting into trading - I've been working on day trading for about four years - tried a small, but lethal range of 'proprietary' systems - and investors in other systems - that sounded good of course, but didn't function for me so lost money. Have blown out an account and now cautiously treading water with my own system that reflects my abilities and actually works for me. Love the challenge of trading and am gaining ground. I'm delighted to become a member of Big Mike's forum and participate in the site's extensive training opportunities. It's all about learning, adapting and growth. I wish the best to you all. Abii
The following 3 users say Thank You to Abii for this post:
Im 17 years old and a first year university student studying to get my BA in Economics. I have dabbled in the financial markets for a few years now with limited success (my largest trade grossed over $200, over three months). Despite my limited trading, I have been analyzing and studying the markets for years with the dream of one day become a private equity manager.
I have two stock strategies currently and am backtesting them, with the help of a daytrader as well as a financial planner, but I am now turning the FX market as an extra source of income (my current capital is roughly seven thousand). Im extremely ambitious and hope to make my dream come true ! Any advice that anyone can offer me is greatly welcome I look forward to learning on this site and speaking to everyone !
Thank you for your time !
The following 5 users say Thank You to ashywashy266 for this post:
Becoming a successful trader will take as much work and effort as getting your BA and MBA in Economics. There are no short cuts and it takes a lot of time and hard work. Unfortunately I have never found a university for trading other than the school of hard knocks. There is also a world of difference between learning to trade successfully for yourself and being an equity manager. Your learnings as an equity manager will probably work against you as a trader with the major differences being: 1) It's your money not someone else's; 2) Your emotions will tend to make you react very differently.
So that's the 'heads up' and doesn't really count as advice. So I'll give you my thoughts:
1) Trading for yourself is like starting your own business. Study what it takes to make a small business successful. You might be able to do that as part of your BA. Since I did run a successful small business here's some of what you will find: i) Have a concrete vision of what you are going to do; ii) Be properly capitalized / funded; iii) Have both a conceptual and detailed business plan (with a focus); iv) Follow the plan; v) Every business has startup costs (these will be books, courses, etc.) and operating costs (these will be your losing trades); vi) Make sure your costs never exceed your revenue; vii) Pay attention to what is working and what is not and do a daily analysis; viii) Find a mentor/coach/guide
2) Your only obstacle to being successful is yourself. Unlike business the market doesn't know who you are or care. Learn who you are and then determine how you will trade consistent with who you are.
3) Be prepared to change. Change is tough and takes a lot of commitment and often time. I love quotations on various subjects. Go do a web search on quotations about change. They will tell you something important.
4) Failing to do something or having something fail (i.e. having losing trades, especially a lot at the beginning) does not make you a failure.
5) Do or Not Do, there is no try - Yoda
PS - There are hundreds of books that will give you valid advice on how to trade. Just think how many books or lessons it took a Tiger Woods to become successful and you will have some idea of the wonderful journey ahead of you.
The following 5 users say Thank You to gcaldridge for this post:
I am Serge, from Russia.
I started trading in notoriously famous 2008 (yes, one month later after Lehman Brothers collapse) after being stopped out from quite good career in IT Sales. I started trading stocks with $30K account, and... to my amaze I still didnt blow it :-). In a year I had $48K on my account, then $56K in 2010, and... no move since then. I made $6K in 2011 and I am barely even in 2012... Played mostly double stochastic setups or MA crosses on 5-30M-1H charts.
I believe my trading style fits fast moving market conditions or instrument with drastic moves on news, so I decided to try futures trading instead of stocks. Tried multiple demos (not those funny ones with easy fills, but those where price goes below you order to get filled in and above your profit target to get out) and results are quite bright so far. Would be happy to learn from pros on how to trade e-minies.
The following 4 users say Thank You to ok4me for this post:
After being disappointed by mutual funds investing (the most managers do not have any idea how to actively protect the portfolio) I decided to learn to trade myself. The chalenge is the factor that makes life intersting so for me the goal is not the getting rich quick but the intelectual challenge. My favorite instruments are the FX vanilla options.
Take care and good luck!
The following 4 users say Thank You to Wwill for this post: