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

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

Complete beginner no idea where to start

hey guys,

So I'm a 20 year old guy from Toronto, Canada and have no previous experience whatsoever when it comes to trading. I play online poker as a part-time income and I love studying the game, learning new things, I'm addicted to the progression and just really have a true passion for the game.

I've heard about day traders before but really didn't understand how it works and stuff. Just last night I was browsing the forum 2plus2 (a poker forum) and stumbled across the investing/trading section. I had seen this page before but I guess out of mere boredom I decided to read some threads and came across dozens of threads where there were ex-poker pros who had become day traders. This made me curious as to why it would have such an appeal to them so I went on a few hour research session where I just read about and watched videos about day trading.

I understand that you guys deal with money management, discipline, patience, confidence, the risk/reward factor, and like anything else have a love for it. These are just a couple of things that can be related to poker so upon doing some research I thought this might be something I'd like to study and learn.

I have no intention of investing any money just yet but with the way that online poker is nowadays the liquidity is going down, US market is backing out along with other countries and its just getting harder and harder for grinders to turn a good profit, So I thought I could start investing some of my time in learning a new skill. I have a few questions,

What is it that I should know about day trading?
Where should I start?
What books should I read?
What should my overall approach/game plan be?
What are some skill requirements I must have?

If you could answer these questions and throw in a few tips of your own it would be greatly appreciated, thanks


Last edited by Play4Keeps; November 8th, 2014 at 10:10 AM.
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  #2 (permalink)
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  #3 (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
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Hi, it seems you already have a demo of Ninjatrader already? If you're interested in forex, mbtrading.com and fxcm.com have some demo feeds/accounts that will work with Ninjatrader. TDAmeritrade's ThinkorSwim also have demo TOS platform which includes most markets. TDA also has feeds for Ninjatrader but only select stocks and only via live account. Other brokers that support NT to some extent are interactivebrokers.com and globalfutures.com and there are more NT supporting brokers out there; As for intro material, you could check out trading journals, futures.io (formerly BMT) webinars , although many are ultimately vendor related, have a lot of intro trading demonstrations. There are various "schools" of trading techniques such as price action, indicators, market/volume profile, fibs/elliot wave, orderflow,etc. and one usually chooses a particular way or a combination to trade with.


Last edited by Cloudy; November 8th, 2014 at 11:53 AM.
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  #4 (permalink)
Elite Member
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Futures Experience: None
Platform: NT
Favorite Futures: Futures
 
Fritzk's Avatar
 
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@Playforkeeps

Watch this webinar and read this thread for hundreds of questions and answers.

Head up and keep your stick on the ice!
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The following 3 users say Thank You to Fritzk for this post:
 
  #5 (permalink)
Trading Apprentice
Canada
 
Futures Experience: None
Platform: ninjatrader
Favorite Futures: gold
 
Posts: 9 since Nov 2014
Thanks: 0 given, 2 received


Cloudy View Post
Hi, it seems you already have a demo of Ninjatrader already? If you're interested in forex, mbtrading.com and fxcm.com have some demo feeds/accounts that will work with Ninjatrader. TDAmeritrade's ThinkorSwim also have demo TOS platform which includes most markets. TDA also has feeds for Ninjatrader but only select stocks and only via live account. Other brokers that support NT to some extent are IB and globalfutures.com ; As for intro material, you could check out trading journals, futures.io (formerly BMT) webinars , although many are ultimately vendor related, have a lot of intro trading demonstrations. There are various "schools" of trading techniques such as price action, indicators, market/volume profile, fibs/elliot wave, orderflow,etc. and one usually chooses a particular way or a combination to trade with.

I actually have no idea what that is lol I just had to put something to continue, but thanks for the info I'll make sure to look into it

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


Fritzk View Post
@Playforkeeps

Watch "Watch this webinar and read this thread for hundreds of questions and answers."this webinar and read this thread for hundreds of questions and answers.

thanks a lot I'll check these out

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

is marketwatch.com good for practice?

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  #8 (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


Play4Keeps View Post
I actually have no idea what that is lol I just had to put something to continue, but thanks for the info I'll make sure to look into it

Your welcome, it's up to you of course to choose which platform. futures.io (formerly BMT) has most of it's downloadable indicators for NT. You'll also need to be elite member to see some sections and threads. (Big Mike's "ask any question" thread is in elite area). I think you can use the demo version of NT with a trial feed.

Here's my "notes" thread. Probably outdated now. But may be helpful and fun to browse:
https://futures.io/beginners-introductions/23361-introductory-trading-videos.html

futures.io (formerly BMT) webinars posted on youtube:
BigMikeTrading - YouTube

re: marketwatch.com ; I guess I like it as an overall financial news source with updates on general and forex indices. but I'm not
sure and uninformed about it for actual trading advice & suggestions.

"38 steps of trading" , re: timeline of progression to successful trading
https://futures.io/traders-hideout/1454-38-steps-trading.html


Last edited by Cloudy; November 8th, 2014 at 12:47 PM.
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  #9 (permalink)
Trading Apprentice
NYC, NY, United States
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Forex
 
Posts: 9 since Aug 2014
Thanks: 27 given, 1 received

Just read the forums first

Read around on bmt and around the web. Google all the above mentioned and filter out scams. Yes their are a lot of scams out there, they're called trading systems. I suppose not every system is a scam, but beware. When you have enough understanding try a demo account.

I would stay away from market watch for news, they have more opinion than news. The real news you can get directly from the source. If you're interested in opinions of everything and nothing go there, read the comments for every political view in America, and realize at the end of the day that the only thing you've gained as a sense that there are people with a lot of differing views.

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  #10 (permalink)
One day...
SF, CA/USA
 
Futures Experience: Beginner
Platform: SC
Broker/Data: Stage 5 Trading/Gain
Favorite Futures: CL, NQ, ES, EUR
 
jackbravo's Avatar
 
Posts: 1,081 since Jun 2014
Thanks: 2,637 given, 1,755 received
Forum Reputation: Legendary


I'm a newbie as well (fish, in your terminology). So take this with a grain of salt:

Start reading forums
Bmt
Elite trader

Books
Trading and Exchanges, microstructure for practitioners
Markets in profile

Don't spend any money on systems, chat rooms, services, etc

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