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Trader Student in Philadelphia
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Trader Student in Philadelphia

  #1 (permalink)
Elite Member
Philadelphia, Pennsylvania
 
Futures Experience: Beginner
Platform: Ninjatrader
Favorite Futures: Currency
 
Posts: 2 since May 2012
Thanks: 1 given, 1 received

Trader Student in Philadelphia

Hello Everyone,

I recently joined Big Mike's to learn from fellow traders and to set myself up with a strong foundation of education. I'm a student at the Wharton School of the University of Pennsylvania studying economics so I'm excited to learn more about the hands-on experience of other traders in addition to the great education that I have access to at Wharton. Since I was in high school, the idea of being able to trade currencies and other instruments for a living has been a goal high on my list to explore.

As I'm sure many of the other members have experienced, the online trading/investing world is riddled with companies, individuals and forums that have questionable and shady business practices. Just beginning to review the thousands of threads within the forums here has bolstered my view of the online trading community. The way @Big Mike and many other users administer the forum is a welcome change from my previous experiences at other places, and I'm happy to be a part of the community.

I look forward to learning as much as possible here and taking steps to build a great foundation within the community.

All the best,
Michael

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  #2 (permalink)
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  #3 (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


I have only one word of advice.

Don't buy anything any vendor sells in terms of trading programs. Nearly if not all of them are available for free here on the forum and the truth is most don't work for anyone other than the creator.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #4 (permalink)
Elite Member
San Diego, Miami & On the lake (Summer)
 
Futures Experience: Advanced
Platform: Ensign, Ninja, Sierra, TradeStation & MT4
Broker/Data: CQG, TT & FinFX
Favorite Futures: indices/notes/currencies/ metals/energies
 
Posts: 368 since Oct 2009
Thanks: 143 given, 602 received

Just absorb for a few months; 'tis all you need to begin the journey.

peace

hedvig

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  #5 (permalink)
10 out of 10
Sacramento, CA
 
Futures Experience: None
Platform: None
Broker/Data: OX and DeCarley
Favorite Futures: Futures options
 
eudamonia's Avatar
 
Posts: 310 since Jul 2010
Thanks: 299 given, 424 received

I'll second that comment from PandaWarrior.

The only other piece of advice I would give would be this:

No outside source can provide you with trading success. The shortcut to becoming a successful trader is to do the hardwork that most want to avoid - pick one idea, test that idea, sim trade that idea, and then when you have the confidence - trade that idea. Be prepared to do this at least a dozen times until you get it right. Even if Big Mike or the best trader in the world offered to share their system with you - you still would have to go through this process. It's about trust - it's about trusting yourself.

Whether you are successful or not begins and ends with you. Do not believe that this is "easy money". Prepare to lose your trading account perhaps 4 or 5 times. The more resistant you are to this, the more likely you will blow out 4 or 5 times. Work like you have never worked before. Put all of yourself into it. Commit that you will do this for 10 years straight if you must. Commit to getting up at 3 a.m. in the morning to work harder than everyone else. Pretend you are getting a Ph.D. It will actually be harder than that. If all of that doesn't scare you, if you put all of yourself into this, then with persistence you can succeed.

Anyone with a $5k account can trade. Only those who have earned their own trust can be called a trader.

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  #6 (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

Agreed with what's suggested. Most vendor methods and indicators sold aren't worth it in the long run. I would check the many reviews here and on other websites and find out which are the scams and their affiliates and clones. Though it might be good to join a trading room or two temporarily, but only for a trial and follow on sim to see live intraday trading. Also there are some nice relatively cheap book lists where you can learn more in-depth about a particular TA concept without having to pay thousands. Also, elite membership at futures.io (formerly BMT) highly recommended. With access to all the futures.io (formerly BMT) past webinars, journals, and elite downloads, you can learn a lot without having to go to a $10k OTA program and probably learn and get a lot more.


Last edited by Cloudy; June 19th, 2012 at 12:01 PM.
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  #7 (permalink)
Elite Member
Philadelphia, Pennsylvania
 
Futures Experience: Beginner
Platform: Ninjatrader
Favorite Futures: Currency
 
Posts: 2 since May 2012
Thanks: 1 given, 1 received

Thank you all for your thoughtful replies. I'm certainly not looking for a "blue dot long, red dot short" type of system, as I don't think that fits my curious nature to know what is actually going on behind the scenes. I am eager to begin finding a method that works for me and then exhaustively testing and retesting to ensure that it's the type of system I feel comfortable working with. As I mentioned, I want to compliment my somewhat theoretical college education with actual hands-on practice to ensure that I have a well-rounded view of what's going on.

Thanks again for all the replies so far, and I look forward to studying the experienced traders here at Big Mike's.

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