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Complete beginner no idea where to start
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Complete beginner no idea where to start

  #21 (permalink)
Trading Apprentice
Canada
 
Futures Experience: None
Platform: ninjatrader
Favorite Futures: gold
 
Posts: 9 since Nov 2014
Thanks: 0 given, 2 received


Itchymoku View Post
This is all stuff that can easily be translated into a trading strategy. I don't know if you're aware of that or not.

haha lets swap knowledge

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  #22 (permalink)
Elite Member
Philadelphia
 
Futures Experience: None
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Favorite Futures: ticker tape
 
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Play4Keeps View Post
1. bankroll management- this means having anywhere from 20-50 buy-ins (100 bb's) depending on the stakes
2. tilt management- know when to stop and create a stoploss strategy, never play when on tilt and leave your ego at the door
3. study the game as much as you can- get involved on poker forums, read books (relevant to todays games), subscribe to a training site and watch the videos relevant to your stakes. Study game theory. Review your own hands and hands your opponents played, plug your leaks and exploit theirs. You can also join a study group on skype and discuss hands with winning players.
4. Start small. Something a lot of players do is they start at a stake thats beyond their skill level and this just costs them a lot more $ to learn the game. In todays games just to beat the micro stakes takes skill and patience.
5.Have a positive mentality towards the game. Every player at some point will experience downswings that can last weeks if not months and this is really stressful and can effect the way you play.

That being said if you're getting into the game to actually make $$ of it then there's some stuff you should know.

In 2003 chris moneymaker an amateur who bought into a $39 online satellite and won a ticket to the wsop ended up knocking out seasoned pros and winning the main event. This was followed by whats known as the "poker boom". Online poker traffic sky rocketed and was full of amateur players. This allowed anyone who took the game seriously enough to make tons of $$, most of the 20-something year old poker players you know who are multi-millionaires made most their money during this time.

In 2011 on the day known as "black friday" the united states passed a law making it illegal for financial institutions to knowingly process transactions to/from gambling sites. The united states being the heart of poker made up most of the recreational players. This meant that americans could no longer play online, and on top of that players from other countries are just getting better and better. Information is a lot easier to be found these days, a simple google search "optimal starting hands for texas hold'em" will take a -20bb/100 losing player up to a -10bb/100 losing player.

The profits to be made from poker are slowly drying up and it takes a lot more effort and motivation to move up nowadays than it used to. There's a lot of controversy as to where online poker will be in 5 years from now as the united states may come back into the market creating another boom but all I know as of now is that cash game traffic on pokerstars (the biggest poker site) has decreased by 20% compared to last years numbers, and they pulled out from a lot of european markets.

So I don't want to discourage you or anything I just want to give you a headsup that its not what it once used to be. That said at the moment in time there still is a lot of money being made at poker but it just takes more effort and dedication to get your share of it.

Now if you were talking about live poker thats also getting harder (not my field of expertise) but live poker in general is a lot easier than online. A live 200nl game is comparable to an online 10nl game skill wise. Though in a live full ring game you play about 60 hands per hour whereas online you can play anywhere from 80-2000+ depending on how many tables you play.

Anyways just treat it as a hobby at first, study hard and all the best

Doesn't it suck that it's getting harder and harder as it dries up. I feel like this is happening with not only poker, but a lot of activities as technology increases. It's probably also true that this is happening with trading to some extent too. Lol even crime is harder to get away with considering how surveillance has gotten better, the same with hacking for money. Working on a computer for a company is becoming less fun considering how they have better technology for monitoring what you're doing to make sure you're being productive and not taking breaks on youtube or reddit. Since everything is cracking down it makes me wonder if there will ever be an upside. I hate to be pessimistic as I'm optimistic at heart. Here's something that might give you a smile.



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  #23 (permalink)
Elite Member
asheville north carolina USA
 
Futures Experience: Beginner
Platform: ATC trader (OEC white label)
Broker/Data: ATC
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Posts: 312 since Sep 2014
Thanks: 765 given, 271 received


i found this link on anothers post.
I found it informative. 20 chapters of free lessons.
Order Flow Mindset - Introduction

THis broker has a great education page that is free.
Education Center - Go Futures

Investing.com has what I have found to be the most detailed economic calander.
Investing.com - Stock Market Quotes & Financial News

A few brokers offering free platform trials.
Online Trading: Futures Brokers, Futures Trading, Commodity Trading, Commodity Brokers, Futures Broker & Commodities Trading - GOFutures.com
https://www.thinkorswim.com/tos/displayPage.tos?webpage=paperMoney
Live Demo Account | NinjaTrader
https://www.atcbrokers.com/platforms/demorequest.php

These are just few. Almost every broker will let you have a test ride.
I suggest saving TOS for later as there is a lot going on with their platform.

Last but not least. Become addicted to Big Mkes Forum get elite membership and subscribe to his youtube channel.

I just started trading and even though I don't always know what the advanced here are talking about it usally starts me on an interweb journey to figure it out and I find lots of alterior info along the way.

You should learn at least some basic indicators (stochastics, MACD, RSI, MA's) and also understand how to read Candlesticks and OHLC bars to get started. an that is just getting started.
Financial Dictionary | Investopedia

AND.....Don't quit your dayjob.......... Yet. HAHA

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