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Getting Started
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Getting Started

  #1 (permalink)
Trading Apprentice
Colorado Springs Colorado/United States
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: Futures
 
Posts: 1 since Oct 2013
Thanks: 0 given, 0 received

Getting Started

Hello All!

I am a 27 year old woman, and I have been interested in day trading, and becoming financially independent for years now. I haven't filled my head with the "get rich quick" articles or whatever, in fact I have mainly focused on the risk factors associated with day trading and the warnings against it. I consider myself a realist, and I am not looking to make a fortune, mainly I am hoping to maintain a comfortable living situation for my son and me, without having to rely on babysitters, and daycare centers. I am a quality manager for my day job, therefore I am anal and pay attention to detail. However, while my job is a very good one, the job market is rocky, and my company has been experiencing some losses lately.

What I am hoping for is some good advice. How much cash in hand is best for starting a day trading venture? I've already read the book suggestions, and those are great, so thank you for all those that replied to that thread. Is there any other advice folks are willing to give? It would be swell if I could meet someone on here that is open and friendly, and willing to act as a mentor.

This sounds terrible, but I am hoping to use my inheritance (whenever I should happen to get it) as my stepping off point into the world of day trading. I plan to use this time to learn everything I can about day trading, and then once I get my comfy little cushion of cash, to take the plunge - which in all honesty is terrifying and exhilarating at the same time.

So yeah, that's all I am really hoping for. Friendly advice. Like I said, I've already read the don'ts and the warnings, and all about how difficult it is and yadda yadda yadda. I am willing to put in the work, I am willing to take the risk. What I need is real time day traders sharing their experiences and what they've learned over the years. All of you were in my shoes at some point, so I'd like to hear from you.


Thanks!

Shannon

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  #2 (permalink)
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  #3 (permalink)
 Vendor: www.probabletrades.com 
OC, California, USA
 
Futures Experience: Advanced
Platform: IB/TWS, NinjaTrader, thinkorswim
Favorite Futures: stocks, options, futures, VIX
 
shodson's Avatar
 
Posts: 1,860 since Jun 2009
Thanks: 480 given, 3,255 received



perionan View Post
Hello All!

I am a 27 year old woman, and I have been interested in day trading, and becoming financially independent for years now. I haven't filled my head with the "get rich quick" articles or whatever, in fact I have mainly focused on the risk factors associated with day trading and the warnings against it. I consider myself a realist, and I am not looking to make a fortune, mainly I am hoping to maintain a comfortable living situation for my son and me, without having to rely on babysitters, and daycare centers. I am a quality manager for my day job, therefore I am anal and pay attention to detail. However, while my job is a very good one, the job market is rocky, and my company has been experiencing some losses lately.

What I am hoping for is some good advice. How much cash in hand is best for starting a day trading venture? I've already read the book suggestions, and those are great, so thank you for all those that replied to that thread. Is there any other advice folks are willing to give? It would be swell if I could meet someone on here that is open and friendly, and willing to act as a mentor.

This sounds terrible, but I am hoping to use my inheritance (whenever I should happen to get it) as my stepping off point into the world of day trading. I plan to use this time to learn everything I can about day trading, and then once I get my comfy little cushion of cash, to take the plunge - which in all honesty is terrifying and exhilarating at the same time.

So yeah, that's all I am really hoping for. Friendly advice. Like I said, I've already read the don'ts and the warnings, and all about how difficult it is and yadda yadda yadda. I am willing to put in the work, I am willing to take the risk. What I need is real time day traders sharing their experiences and what they've learned over the years. All of you were in my shoes at some point, so I'd like to hear from you.


Thanks!

Shannon

Welcome!

I meet a lot of new and wanna-be traders through my Meetup and here is the advice I lay out, with a little math

Let's say you have a lifestyle of $100K per year. The best traders on average have annualized returns of 10-20% a year. That's annualized. That means some years they may be up 50+%, other years down 40+%, but on average, over time, they make 10-20% a year. Let's be optimistic and say you can actually annualize 20% a year. That would mean you would need 5x capital, or $500K of trading capital to start with assuming you use good risk management.

This also assumes that when you have down years that you don't spend any of your trading capital, you just don't get a paycheck from your trading, so you'll need some other savings to pay for your drawdown periods. I'd guess that would mean you need another 1-2yrs of savings on hand. So now we're up to 600-700K. The reason this is important is that you must not spend your trading capital in drawdowns, because it will make it harder to recover from your drawdowns with a smaller and smaller account size.

With all of that said, this all assumes you actually have the skills and discipline to make 20% annualized. If it's only 10% then you need 2x that capital. While your attention-to-detail skills will be very helpful, it's only one tool you will need to master. Deciding to becoming a full-time trader is like deciding to become a doctor, a lawyer, or play professional sports. You can't just jump in and expect to be successful just because you are smart, work hard and are determined. It takes a lot of work and practice achieved over time. You will probably blow out 2-3+ trading accounts on your way because you have not yet mastered the skills needed, so you'll need some "tuition" money to lose on the way. It will probably take you at least a few years to get where you need to get to.

Enjoy the journey and try to minimize your tuition losses on the way.

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  #4 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,220 since Jun 2009
Thanks: 628 given, 6,318 received
Forum Reputation: Legendary

you can read about user 'wgreenie' to help you get a sense of where to start.

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  #5 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received


cory View Post
you can read about user 'wgreenie' to help you get a sense of where to start.

Uhm... she went off to sell indicators and systems instead of trading.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #6 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,220 since Jun 2009
Thanks: 628 given, 6,318 received
Forum Reputation: Legendary


Big Mike View Post
Uhm... she went off to sell indicators and systems instead of trading.

Mike

Well, before getting to the selling part there were things that she had to over come and steps a beginner could learn from.

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  #7 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received


cory View Post
Well, before getting to the selling part there were things that she had to over come and steps a beginner could learn from.

True

Thread:
https://futures.io/trading-journals/2630-beth-s-journey-make-her-millions.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #8 (permalink)
Elite Member
Buenos Aires / Argentina
 
Futures Experience: Intermediate
Platform: Tradestation
Favorite Futures: YM
 
Posts: 15 since Oct 2013
Thanks: 46 given, 14 received

great

Thank you shodson . Your contribution really valid, there are many who speak of large numbers, profits, millions and easy money, it's good to see people who posts things consistent, thank you very much.

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  #9 (permalink)
Elite Member
Buenos Aires / Argentina
 
Futures Experience: Intermediate
Platform: Tradestation
Favorite Futures: YM
 
Posts: 15 since Oct 2013
Thanks: 46 given, 14 received

Same question

Hello, I'm in a similar situation to Perionan, I have a little more experience, very little in futures, with a few months in a live chat room with not so good experience .... (I know, do not tell me anything ....)
You have a lot of experience can you recommend some place to start studying seriously to have more potential in the future to be a profitable trader?...

Thanks!

Sony108

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  #10 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received



Sony108 View Post
Hello, I'm in a similar situation to Perionan, I have a little more experience, very little in futures, with a few months in a live chat room with not so good experience .... (I know, do not tell me anything ....)
You have a lot of experience can you recommend some place to start studying seriously to have more potential in the future to be a profitable trader?...

Thanks!

Sony108

Watch the Where to Start webinar:

https://futures.io/webinars/jan14_2012/where_to_start_part_1/

Then just start reading as many threads as you can on futures.io (formerly BMT), or watching the other 100+ webinars.

Once you feel confident enough to start trading, then you should start a journal to track your progress. It will be a huge help to you.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
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