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Is Trading good for earning extra money?
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Is Trading good for earning extra money?

  #11 (permalink)
Trading for Profit
Houston, TX
 
Futures Experience: Intermediate
Platform: TradeStation
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Favorite Futures: CL
 
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Reading your post reminded me a lot of how I was when I started down this path almost 4 years ago. Good thing is that you are at the right place at futures.io (formerly BMT) in the beginning and unfortunately I wasn't. I hope I can help you.

The big picture is that, becoming a successful trader is a 2 part process:
1. Finding an edge in the markets.
2. Having the psychological requirements to executing that edge.

The first step is the easy one. The second one is the hardest.

What you are attempting to do now by reading books or going through the OTA videos is part 1 above - finding an edge. Once you find something that works in theory FOR YOU, you will have to start executing it without putting your own money at risk until you are absolutely sure that it works. 2 ways to do this - one is to use a simulated account and the other is to use something like a Topstep Trader combine which makes is as close to trading cash as possible for a small premium.

Once you can consistently - day after day - week after week - trade it the same way and prove that it made paper money, you will be ready to start trading it using real cash.

I will try to address some of your questions:


IndusDolphin View Post
Initially, I was thinking that I will be up and running in a month

Try giving it at least a year until you find an edge that works FOR YOU because what works for someone else will likely not work for you - it can be a starting point for you but you will have to make it your own. I havent come across 2 traders that trade the exact same way. The real battle with yourself will begin after that. Dont quit your job unless you are absolutely sure you have an edge and the psychology to execute on it.


IndusDolphin View Post
Just a background, I am an Engineer and working full time. I can spend may be 2-3 hours everyday on learning about trading. I have a video training on Professional Trader Series by "Online Training Academy" from 2003. I have started listening to these videos so I can understand the lingo. Is it OK to listen 2003 training or should I try to get the new ones. Are these still going to be relevant?

I too am an engineer and that is a curse more than a blessing when it comes to trading because we tend to think of things in absolutes, as either black or white, either 0 or 1 and a whole lot of gray is required to be understood when it comes to trading. I paid for the OTA course and attended it live in person for 7 days. My recommendation is to throw it away. Its useless, even for a beginner. You can learn way more from a book.


IndusDolphin View Post
Beside that I have selected 10-12 books and will get them from the library and will go through them. Does this sound like a good plan?

Yes, there are lots of books that have great info. Mark Fisher's The Logical Trader, Jim Dalton's Mind over Markets. Read Schwagers Market wizards books (not about trading in today's world but good interviews with successful traders and how they met their challenges in their time). I am sure there are more. These are a good start off I think.

The best resource is right here. Spend as much time at futures.io (formerly BMT) as possible. There are tremendously talented traders here sharing their thoughts and actions every day several times, some of them post their trades as they take them. Follow their threads, see what they look at, if you dont understand anything, search for it, if you still dont find it, ask. The more time you spend here, the better off you will be. There is no other online resource better than this forum. Learning to trade is like going to live in another country that has its own culture, language, customs etc. You cannot learn it in a few days, the more you mingle with the people, the more you look around and ask questions, the faster you will start feeling at home.

Before you decide to spend your money on a vendor promising you the holy grail, check here at futures.io (formerly BMT), search the threads and if nothing comes up, ask questions.

Hope this helps.

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  #12 (permalink)
Trading for Profit
Houston, TX
 
Futures Experience: Intermediate
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iNeo View Post
Reading your post reminded me a lot of how I was when I started down this path almost 4 years ago. Good thing is that you are at the right place at futures.io (formerly BMT) in the beginning and unfortunately I wasn't. I hope I can help you.

Forgot to mention. I am not yet consistently successful at trading. Still breaking even after almost 4 years. Maybe you are smarter and can get to where I am in 1 or 2. My point is, think of any profession that you know of and the time required to study and practice to acquire the skill to go out and be successful at it. Trading is no different.

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  #13 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Beginner
Platform: TWS
Broker/Data: IB
Favorite Futures: Stocks
 
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Just curious to ask that what is the best instrument to trade for Beginners?

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  #14 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
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Looks like the OP "IndusDolphin" got banned for vendor spam (?) ; Does this mean he was a prior banned vendor
trying to create a post count? anyways.

Ugh, OTA, definitely stay away , heard horror stories. And not just our favorite old "oil academy" OTA either.

For beginners, without the hassle of forex problems, the YM is decent. $5 per tick per contract. and enough liquidity during regular session hours as it's the mini-Dow Jones futures.

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  #15 (permalink)
Elite Member
Malaysia
 
Futures Experience: Beginner
Platform: Multichart DT
Broker/Data: MB Trading
Favorite Futures: Fx
 
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Cloudy View Post
Looks like the OP "IndusDolphin" got banned for vendor spam (?) ; Does this mean he was a prior banned vendor
trying to create a post count? anyways.

Ugh, OTA, definitely stay away , heard horror stories. And not just our favorite old "oil academy" OTA either.

For beginners, without the hassle of forex problems, the YM is decent. $5 per tick per contract. and enough liquidity during regular session hours as it's the mini-Dow Jones futures.

NQ is the same tick value with slight more volume.

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  #16 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Beginner
Platform: TWS
Broker/Data: IB
Favorite Futures: Stocks
 
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Posts: 41 since Oct 2013
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Cloudy View Post
For beginners, without the hassle of forex problems, the YM is decent. $5 per tick per contract. and enough liquidity during regular session hours as it's the mini-Dow Jones futures.

So what is the problem with Forex? Is it good for begineers? I was going through a webinar by Mike and he is actually recommending forex for the begineers? So am I missing something here?

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  #17 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Beginner
Platform: TWS
Broker/Data: IB
Favorite Futures: Stocks
 
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Posts: 41 since Oct 2013
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Cloudy View Post
Ugh, OTA, definitely stay away , heard horror stories. And not just our favorite old "oil academy" OTA either.

what is wrong with Online Training Academy training?

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  #18 (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


torroray View Post
NQ is the same tick value with slight more volume.

True, NQ has the same $5 tick value but at .25 per tick like the ES. YM in general has a higher daily range of ticks i.e. more ticks to gain trading from movement.

Here is a free room where a trade trades both the YM and NQ as well as others.
http://www.valhallafutures.com/blog/


TorontoTrader View Post
So what is the problem with Forex? Is it good for begineers? I was going through a webinar by Mike and he is actually recommending forex for the begineers? So am I missing something here?

Forex is good for beginners because one can control their risk with much more variable lot size often on micro. However, the spreads and lagging can be widely variable depending on broker and service. And it's a hassle to trade on mt4 and only a few brokers support forex on Ninjatrader.


TorontoTrader View Post
what is wrong with Online Training Academy training?

Here are a few review threads on OTA:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=182218&highlight=online+trading+academy
https://futures.io/vendors-product-reviews/25769-online-trading-academy-www-tradingacademy-com.html

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  #19 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Beginner
Platform: TWS
Broker/Data: IB
Favorite Futures: Stocks
 
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Posts: 41 since Oct 2013
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Is there an online training that I can take to shorten my learning curve? There are tonnes of trainings out there but I don't know which one is the best.

I would like to mention that I recently lost my job and am in process of giving interviews. So while I am waiting for the right job offer, I would like to invest this time wisely by investing the entire day to get the training. Because once I start my job, I will be reading and learning in the evenings and weekends only. So I think this is the best time to learn.

I am in Toronto and the continuous education department of university of Toronto is offering 4 courses on day trading. Would that be helpful? I don't know if I can put the links here as I got banned last time to sharing the links.

I will appreciate the recommendations.

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  #20 (permalink)
 Vendor: www.traderwerks.com 
Taipei Taiwan
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Optimus
Favorite Futures: TW
 
Posts: 693 since Jun 2009
Thanks: 440 given, 440 received



TorontoTrader View Post
Is there an online training that I can take to shorten my learning curve? There are tonnes of trainings out there but I don't know which one is the best.

I would like to mention that I recently lost my job and am in process of giving interviews. So while I am waiting for the right job offer, I would like to invest this time wisely by investing the entire day to get the training. Because once I start my job, I will be reading and learning in the evenings and weekends only. So I think this is the best time to learn.

I am in Toronto and the continuous education department of university of Toronto is offering 4 courses on day trading. Would that be helpful? I don't know if I can put the links here as I got banned last time to sharing the links.

I will appreciate the recommendations.

I would not spend any money ( except maybe an elite membership ) there is more than enough information on the web to get you started.

futures.io (formerly BMT) has tons and I would start here, including the 'Ask me anything thread" and the webinars

Khan Academy has some good free stuff if you are starting out
Options, swaps, futures, MBSs, CDOs, and other derivatives | Finance and capital markets | Khan Academy

The CME has some great info
http://www.cmegroup.com/education/

Math. A gateway drug to reality.
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