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Help starting to trade futures
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Help starting to trade futures

  #1 (permalink)
Trading Apprentice
houston/tx/usa
 
Futures Experience: Beginner
Platform: tradestation
Favorite Futures: futures
 
Posts: 2 since May 2012
Thanks: 0 given, 0 received

Help starting to trade futures

I am a beginner in learning to invest in futures. I was wondering if you could direct me toward a place where I could learn the basics? How do I go about purchasing futures? Do I have to go through a futures broker...is that something like velocity futures? How is the best way to track the daily activity your futures investment?

Any other relevant information...or if you want to direct me to a book that would be great as well ...thanks!

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  #2 (permalink)
Quick Summary
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Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Membership Revoked
los angeles
 
Futures Experience: Intermediate
Platform: nt
Favorite Futures: cl
 
Sunil P's Avatar
 
Posts: 292 since Jan 2012
Thanks: 427 given, 175 received


BM has a few videos on YT above. Click on the icon up above to the right,it will take you there.

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  #4 (permalink)
Membership Revoked
Oslo, Norway
 
Futures Experience: Advanced
Platform: CQG, Excel
Favorite Futures: CL
 
Lornz's Avatar
 
Posts: 1,198 since Apr 2010
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tmoorehead View Post
I am a beginner in learning to invest in futures. I was wondering if you could direct me toward a place where I could learn the basics? How do I go about purchasing futures? Do I have to go through a futures broker...is that something like velocity futures? How is the best way to track the daily activity your futures investment?

Any other relevant information...or if you want to direct me to a book that would be great as well ...thanks!


Amazon.com: The CME Group Risk Management Handbook: Products and Applications (Wiley Finance) (9780470137710): CME Group, John W. Labuszewski, John E. Nyhoff, Richard Co, Paul E. Peterson, Leo Melamed: Books

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  #5 (permalink)
Elite Member
London
 
Futures Experience: None
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Favorite Futures: .
 
Posts: 162 since Apr 2011
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@Lornz

You have recommended this book so many times here, I have got to buy this book.


Last edited by mrphr; May 9th, 2012 at 08:02 PM.
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  #6 (permalink)
Membership Revoked
Oslo, Norway
 
Futures Experience: Advanced
Platform: CQG, Excel
Favorite Futures: CL
 
Lornz's Avatar
 
Posts: 1,198 since Apr 2010
Thanks: 500 given, 1,235 received


mrphr View Post
@Lornz

You have recommended this book so many times here, I have got to buy this book.

Yeah, I know I sound like broken record. I'm just doing my best to prevent another falling prey to the evil vendors. Most of the trading education industry is complete rubbish that beginning traders unfortunately gravitate towards.

The book gives a good overview. People spend so much time and money on pointless courses and indicators, but have no idea of how the futures market actually works. I am stunned that people would risk their money without even knowing the basics.


To the OP:

I've attached a pdf which is a good starting point.

Attached Thumbnails
Help starting to trade futures-ed-004_introtofuturesbrochure.pdf  
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  #7 (permalink)
~R!$K~
Volcano, HI
 
Futures Experience: None
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Getting Started With Trading

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  #8 (permalink)
Trading Apprentice
houston/tx/usa
 
Futures Experience: Beginner
Platform: tradestation
Favorite Futures: futures
 
Posts: 2 since May 2012
Thanks: 0 given, 0 received


Lornz View Post
Yeah, I know I sound like broken record. I'm just doing my best to prevent another falling prey to the evil vendors. Most of the trading education industry is complete rubbish that beginning traders unfortunately gravitate towards.

The book gives a good overview. People spend so much time and money on pointless courses and indicators, but have no idea of how the futures market actually works. I am stunned that people would risk their money without even knowing the basics.


To the OP:

I've attached a pdf which is a good starting point.

thank you so much...this and the book your recommended look extremely helpful

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  #9 (permalink)
 Vendor: protradered.blogspot.com 
NY + NY/USA
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: Optimus Futures- Rithmic
Favorite Futures: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,267 received

Be precise in your approach

1 - Spend at least 3 months staring at your charts from market open to market close. Stare at the same charts, same instrument, same indicators (if you use them) until at least 3 months have passed.
2 - Do not even attempt to place a trade until you have spent at least 3 months trading sim using the same charts, same instrument, same indicators, and maintained positive results. IF YOU CHEAT IN SIM YOU ONLY FOOL YOURSELF.
3 - Do not attempt to place a trade until you have a clearly defined strategy that includes entry conditions, continuation conditions, trade exit conditions for both profit and failure; a draw down recovery plan and a plan for each days approach to the market.

All past performance is no guarantee of future results. All future results are 90% under your control. The magic is in finding the what, how, when and why of your trading and turning that understanding into a consistent behavior pattern in the market. But be warned... that pattern can be a consistent positive pattern or a consistent negative pattern. Bad habits can be fixed. But you have to recognize them, accept them, understand them, and learn to let them go before they can be fixed.

There are no shortcuts in this business. There is the likelihood that 9 out of 10 traders will loose a great deal of money before their trading becomes consistently profitable.

If you want to cut down on the time it will take to get a handle on this, then spend some quality time with a seasoned trader on a 1:1 basis. You do not need to learn their strategies unless you have none of your own. You do not even need to trade like them.

You do need to watch them trade. You do need to see how they handle losses. You do need to see how they handle winning. You do need to follow their trading for at least 3 months to see what and how they do what they do. You do need to pick their brain. While you are observing sit on your hands so they do not get in the way of your listening, analyzing, concluding and understanding what you see.

Read some of the journals posted on BM. Find one that strikes a compatible cord and see if you can establish a relationship. It is a great way to find a buddy. Be prepared to spend considerable amounts of time researching and testing ideas you learn and your own. Keeping things simple is not as simple as you might think.

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  #10 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received



Lornz View Post

To the OP:

I've attached a pdf which is a good starting point.

I read that intro on the CME web pages. Great intro stuff with nice photos. First time I learned from a reputable source that an individual retail trader provides liquidity to farmers wanting someone to buy the contracts they sell! Made me feel a little better about retail trading's usefulness to national agriculture, the markets and the economy

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