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A bit about me...
Got my trading start in crypto mid last year (trading, as in, hopping on the bandwagon) with very little knowledge...decided to enter the realm of spot Forex as I was enchanted by get rich quick first impressions. Soon, that all came crashing down to earth and thankfully it didn't culminate in any blown accounts, just a drastic reality check in regard to my expectations. Continuing to figure out how to trade spot as I type this... lately I've been exposed to other traders and people that seem to be 'genuine' so to speak, by entering the rabbit hole of Fintwit - and occasionally finding people & info that is a seemingly far cry from the furus ,Lambos and Rolexes of the FX world.. I guess (I hope) I've been able to largely discern good from bad. For instance I don't see futures trading ads on Youtube or instagram - it makes sense, it's so simple to begin spot fx.. but, no one trying to exploit budding futures traders?
What I'm trying to do, for better or worse, is firstly try and grasp the hierarchy of financial trading. From what I can gather, it seems successful spot Forex traders are few and far between and it's a very uncontrolled environment. Moving to day trading shares/stocks, it feels as though you need loads of capital to begin with and finally futures - which seems to be one a world of more 'sophisticated?' technology use and data interpretation... it just all comes across as more 'serious' at least than trying to decipher spot FX moves. Likely a terrible analogy but this is how I see things right now... Forex = WWE, Share trading = MMA, Futures = Professional Boxing... cfds & options I can't categorise.
Also I suppose I'm trying to gauge which could be more lucrative, pardon me if that's a stupid question.
At this point as well I'm wondering whether to shift from Forex into futures.
First let's distinguish between Forex and futures trades. There are no exchange traded options in the spot forex market. On CME Globex you can trade options on the currency futures. And to hedge you can always buy a protective put. As far as your downside fears are concerned, keep in mind that if you are a buyer of an option your risk is limited to the premium you pay for the option but in order to profit you must have time and direction correctly analyzed. Your risk in trading the actual futures or spot forex have far more downside risk if not effectively risk managed. For the more risk averse in this market you may want to consider spread trading. My preference in being a seller of options is that I get paid the premium and benefit if the underlying moves away, stays flat, or only moves slightly against me by expiration. That said, with typical quarterly expiration and unpredictable shenanigans of central bankers, I prefer to avoid financial and currency futures these days. If you choose to continue to trade these markets and wish to learn more about hedging with options I suggest reading "Trading In Options On Futures" by James T. Colburn and published by the New York Institute of Finance.
Good afternoon everyone (in this part of the world),
Glad to have found this site, and greatly enjoying the generous spirit I see here. This is just terrific.
I'm still in what I might call 'range-finding mode'. I still don't have a satisfactory grasp of the totality of possible activities that the markets allow for. I have a video client who, for the entire 12 years we've worked together, has had a one-trick strategy - buying PUTS in a way that he will only capitalize on a drastic downturn in the market. He has never collected.
I followed his strategy on a few occasions over the past 2 years, joining him in the losses. I then decided to step back and do some learning rather than straight gambling. My next interaction was with Lawrence McMillan's operation ('Options as a Strategic Investment'). I decided against the $9,000 mentoring program, but bought the book... with which I very quickly got lost. It is NOT a beginner's read, is it?
I have already, this afternoon, read some very helpful introductory posts here (including one downloadable pdf). I am still looking for the overall picture - the 'landscape' as it were. I do already know something about my personal strengths and weaknesses, my learning style and the distribution of time I am likely to have available on screen - which I now see are some of the fundamentals needing definition in order to proceed in an orderly way. I can also fairly easily articulate what my goals are as I get established in the chosen activity/activities.
If anyone has leads to 'big picture' introductory information, I would be pleased to see these. Thanks all for the community of like minded individuals here, and best of luck with your week of work.
I am retired from the day to day grind for about 4 years. I play golf 3 to 4 times a week to give me something to do. I have traded stock, options, forex and futures part time while I was working for about 30 years. I am one of those people that has just read the posts but have not joined any.
My best trading success has been day trading with futures, that is when I do that. Here again I am an on and off trader. Being retired, I do not have to make any money to live. However my grand kids are getting close to going to college and will need some assistance, hence my desire to start trading again.
I use TradeStation as my trading platform and have written several custom indicators over the years. I trade ES, NQ, YM, RTY, CL and GC. I have taught futures trading classes from time to time at our local user group for my style of trading to help people get started.
I am looking to find like minded people that can contribute to my style of trading to make it even better.
I'm not so sure if there's anyone who reads others introductory posts, but anyway here I go.
I'm total newbee in trading. I first begun one year ago with an online course here in Spain but eventually I realize it was totally crap. Since last june I'm learning order flow and I currently only SIM trade the E-mini SP. I'm learning so much with webinars at futures.io so thanks to Big Mike and everyone who makes this amazing forum possible.
I'm a newbie to Futures & Day Trading but knowledge in investing in the traditional sense. I have always studied investing for fun and to manage my 401K/IRA ...ergo familiar with stocks, ETFs, mutual funds, options etc..all except Futures.
I made a post on another site to get advice on studying material and I got advice to study Price Action, Volume Profile, Market Profile. Well most of the youtube videos discussing these topics where trading E-mini S&P (most notably PATS videos) and I liked when I learned, so I switched my plans from stocks to studying ES Futures especially since the extended hours matches my schedule more.
My focus is Price Action using PATS (already bought the manual) and will possibly add Al Brooks material to the mix. I hope to interact with fellow Futures Traders.
