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Aspiring Trader.........from Boston
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Aspiring Trader.........from Boston

  #1 (permalink)
Trading Apprentice
Boston, MA
 
Futures Experience: None
Platform: T4,ToS
Favorite Futures: CL
 
Posts: 10 since May 2012
Thanks: 3 given, 1 received

Aspiring Trader.........from Boston

Hey Everyone,

A little background info on myself, I just finished my first year of college as an economics major in Boston. The reason i declared my major so early was due to my high level of interest in the financial markets as well as the field itself. I have always been interested in trading, but never really had the time to immerse myself into the art, until recently i found myself with plenty of downtime. I joined futures.io (formerly BMT) with the hopes to advance my non-existing trading career. I plan on doing this by familiarizing myself with a few different systems/methods that suits my personality. Along with becoming proficient in the use of any software i will be using in my journey. After that i will start a sim account along with a journal on futures.io (formerly BMT). That basically covers my summer, along with a part time job if i can find one.

Thanks for reading, appreciate any tips, resources, or words of engorgement.

-nsp

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  #2 (permalink)
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  #3 (permalink)
Live Your Bliss
Canary Islands, Spain
 
Futures Experience: Advanced
Platform: OA
Favorite Futures: What Moves
 
Anagami's Avatar
 
Posts: 701 since Dec 2010
Thanks: 474 given, 1,398 received


Some thoughts:

1) Focus on one market, one timeframe, and one setup. It'll take you a while to find the ones that are suitable for you. Give yourself lots of time. Trading is not a get rich quick scheme. If you think otherwise, the market will correct that perception quickly. Be smart about this.

2) See what others are doing on futures.io (formerly BMT). You don't need to repeat their experiences to learn the lessons. Specifically, read what other, more experienced traders post about (@Fat Tails and @tigertrader come to mind) and what their views are about pertinent subjects. Experience counts for so much in this business. Don't think you know better than more experienced traders because chances are that you don't.

3) Never go live without a profitable record on sim. If you can't beat the sim over a reasonable period of time (I say 2 months), you definitely cannot trade profitably live.

4) If you find that trading's not for you, quit. You'll save yourself lot of time, money, and heartache.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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The following 4 users say Thank You to Anagami for this post:
 
  #4 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


heeb View Post
Your three years behind me mate, Im a final year.

Few words of advice.
Stay away from systems.

Stay away from indicators.

Stay away from almost every bit of info you find.

I assume you took intro to financial economics, or if not, do.

Look for the efficient market theory. Price is always right, well almost always
Info is the king here, and what ever is most available is the most useless. So PA, indicators, all of them, are a lagging indicator. Yes, EVEN PRICE LAGS!!!

I may get a lot of people coming in here saying their systems and TA works, and im bitter and it didnt work for me, hence I write this.

But do this, next summer. Get an intern job in a trading institution. I guarantee indicators, pinbars, or H & S patterns are not on the board, unless they are f##king the guys who believe in that shit.

Peace.

I think if you google efficient market theory, you'll find almost no one believes it any more.... Efficient Market Hypothesis Criticism is one such example.... even its original proponent is backing away Debunking Beta - Forbes.com

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #5 (permalink)
Trading Apprentice
New York, NY
 
Futures Experience: Intermediate
Platform: ThinkOrSwim
Favorite Futures: Stocks
 
Posts: 7 since Jun 2012
Thanks: 1 given, 0 received

Welcome to the forum. I am from the same area but hoping to fine tune my system then head to NY to play with real traders.

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