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Checking in...
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Checking in...

  #1 (permalink)
Trading Apprentice
london ontario
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ES
 
Gallz444's Avatar
 
Posts: 2 since Jul 2014
Thanks: 1 given, 0 received

Checking in...

Hey Guys,

Total newb here...have yet to sign up to a brokerage or charting software supplier nor do I plan on it within the next month. I am looking to become an Eminis S&P 500 trader. At least to start. I've heard this is a good entry point.

I don't want to dive in just yet, however I am ready to get working on the ground work. With not knowing very much about markets, nor the way they react I believe I would be doing my self a disservice jumping in head first. I have the desire, I have the patience and I believe I have what it takes to make it a a day trader.

Cheers to new beginnings and forming new relationships!

Any ideas, suggestions, or helpful thoughts would be greatly appreciated!

Thanks Guys!

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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: 1,859 since Jun 2009
Thanks: 480 given, 3,254 received



Gallz444 View Post
Hey Guys,

Total newb here...have yet to sign up to a brokerage or charting software supplier nor do I plan on it within the next month. I am looking to become an Eminis S&P 500 trader. At least to start. I've heard this is a good entry point.

I don't want to dive in just yet, however I am ready to get working on the ground work. With not knowing very much about markets, nor the way they react I believe I would be doing my self a disservice jumping in head first. I have the desire, I have the patience and I believe I have what it takes to make it a a day trader.

Cheers to new beginnings and forming new relationships!

Any ideas, suggestions, or helpful thoughts would be greatly appreciated!

Thanks Guys!

First, I recommend you decide on a few things before beginning:
  1. How much time per day and per week do you want to dedicate to trading?
  2. How much risk capital do you have?
  3. How much are you willing to lose on each trade?
  4. Do you need to "win" frequently and don't mind winning not very often as long as some of those winners are really big?
  5. Are you willing to be open and honest with loved ones around you when things go well and when things go wrong?
  6. What are your motivations for doing this? If it gets hard or discouraging do you really want it that bad to continue through it?
  7. Are you willing to go through this journey for 1-5+ years to finally figure out how to do it?

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The following user says Thank You to shodson for this post:
 
  #4 (permalink)
Trading Apprentice
london ontario
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ES
 
Gallz444's Avatar
 
Posts: 2 since Jul 2014
Thanks: 1 given, 0 received


shodson View Post
First, I recommend you decide on a few things before beginning:
  1. How much time per day and per week do you want to dedicate to trading?
  2. How much risk capital do you have?
  3. How much are you willing to lose on each trade?
  4. Do you need to "win" frequently and don't mind winning not very often as long as some of those winners are really big?
  5. Are you willing to be open and honest with loved ones around you when things go well and when things go wrong?
  6. What are your motivations for doing this? If it gets hard or discouraging do you really want it that bad to continue through it?
  7. Are you willing to go through this journey for 1-5+ years to finally figure out how to do it?

Thanks, shodson...

1. Roughly 2 hours a day. With this building to a full time thing once I feel more comfortable.

2. 5k to start.

3. I am not entirely sure I do not want to gamble and would say per trade I am willing to lose about 5%. Meaning I am willing to lose $250 per trade. I am also not sure of best practices and can't make an honest opinion. At this point I am not even sure what amount I can trade in or anything. I am literally just starting to look into this. This would also be starting number...I may decided to lower the risk until I become more confident in my skills. Which as of right now are next to none.

4. I do not need to win. I would rather succeed. Losses will help me succeed. As long as I learn from them they will become my success.

5. I am willing to talk to those I love about my ups and downs. I've never had trouble letting my family know how I am doing emotionally or otherwise.

6. I am motivated. I am capable of taking hits and powering through. I've read over and over again that in this world you're going to fall and scrape your knees a lot...but eventually I hope to fall less often.

7. I am going to start out slow....I don't want to get dive right in only to be shown the door out within a year. I plan to make a gradual life change to day trading.


Last edited by Gallz444; July 16th, 2014 at 11:01 PM. Reason: added quote
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  #5 (permalink)
Trading for Profit
Birmingham UK
 
Futures Experience: Intermediate
Platform: Meta + TradeInterceptor + FXCM
Favorite Futures: DAX ( GBPAUD if moving )
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received

Hi Turveyd, 9 years in and getting there, so you might crack it in an instant or it might take a WHILE!! be warned!!

2ndly it's not easy, screen time, screen time and more screen time are key at first, start to learn the way it moves, how it reacts to news.

Demo account, preserve your cash and it's easier to experiment with a clear mind from zero money at risk

Method, you need a find a predictable enough method that works in most market conditions, which you can trust and use LIVE, not just in back testing cheating history. ( that's 5 years gone there LOL )




We all think it's going to be easy and in a few weeks we'll be making more money than god ( he doesn't exist so we do LOL ), but sadly the reality is most of us will fail and it will take years.

So ask yourself, have you got the time / patience to start down this road, I'm hoping the benefits make it all worth while.


Personally, I like the challenge of trading, so I'm happy, it's a hobby.

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  #6 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
Futures Experience: Advanced
Platform: Self built + Sierra + TWS
Favorite Futures: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,304 received

Welcome to the forum and good luck with starting your journey.

A good place to start would be by watching this if you haven't already:
Where to start

You've got a massive learning curve ahead of you. Take it slow,...very slow. Surviving the learning curve with enough monetary and emotional capital to then start making money is half the challenge. Start thinking years,...not months.

All the best.

Diversification is the only free lunch
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