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A (dumb) beginners question
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A (dumb) beginners question

  #1 (permalink)
Trading Apprentice
Austin, TX
 
Futures Experience: Beginner
Platform: Undecided
Favorite Futures: Forex
 
Posts: 4 since Dec 2014
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A (dumb) beginners question

I have a very basic question...futures.io (formerly BMT) is a great place to read/discuss the different markets and such, but is there a general strategy everyone is following (like trend-following) or is futures.io (formerly BMT) really just to discuss the markets and all sorts of strategies are used?

Thanks!

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
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IsGabes View Post
I have a very basic question...futures.io (formerly BMT) is a great place to read/discuss the different markets and such, but is there a general strategy everyone is following (like trend-following) or is futures.io (formerly BMT) really just to discuss the markets and all sorts of strategies are used?

Thanks!

futures.io (formerly BMT) is wide open. There are multiple people discussing different markets and ideas. Most are futures based and day trading. There are a few who trade other items like stocks and options. There is a mix of those who swing or scalp.

Pretty much every idea under the sun is on here somewhere.

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  #4 (permalink)
Elite Member
asheville north carolina USA
 
Futures Experience: Beginner
Platform: ATC trader (OEC white label)
Broker/Data: ATC
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IsGabes View Post
I have a very basic question...futures.io (formerly BMT) is a great place to read/discuss the different markets and such, but is there a general strategy everyone is following (like trend-following) or is futures.io (formerly BMT) really just to discuss the markets and all sorts of strategies are used?

Thanks!

As simple as picking a direction seems, i have found that due to the complicated nature of risk management and the infinite ways to contrive finding an edge that one must develop one's own plan and methodology. The people here are kind enough to offer great insights that will put one on the road to that goal. That being said there are so many people here of multiple skill levels and backgrounds, that the obvious answer is: the styles of trading used by the forum participants are unlimited and vary from person to person based on current market conditions, account size, experience, mentality, and individual preference.

For the record I am a rookie and the small fee I spent to join this forum has been the best money I have spent on my development. There are trend followers, scalpers, professionals, vendors, volume profilers, automated system programmers, code writers, indicator developers, all of the above and more. There are some talented indivittles here. As an added advantage elite members have access to a multitude of member created indicators for most platforms.I have been to other forums and find they are not as active as this one. Hope this helps.

"Napoleans severest comment on his beaten enemies - that they "saw to many things at once""- Hart
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  #5 (permalink)
Elite Member
asheville north carolina USA
 
Futures Experience: Beginner
Platform: ATC trader (OEC white label)
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bourgeois pig's Avatar
 
Posts: 312 since Sep 2014
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Getting started

IsGabes, i notice that you are just getting started and haven't even decided upon a platform yet. Being that i recently started myself i may be able too shine some light for you if you need. By no means can i advise you on how to become a successful trader, i can maybe help prevent you from making mistakes that i made along the short path i have traveled thus far.

My first advice would be to realize that the market will always be there. There is no reason to succomb to feelings that one needs to get while the getting is good. THE MARKET WILL ALWAYS BE THERE.

My first advice would be to take advantage of the fact that most brokers offer free simulation real time accounts. SKip around and try them ALL out. Start with NINJA BROKERAGE, they are real customer friendly there and won't try to hard sell you anything, plus you can get started with the most popular platform. My broker ATCbrokers offers 15 day run on demo. (plus they facilitate FOREX trading which it seems you are interested in.) Optimus futures will give you a free ride on what some say is the best charting platform, that being SIERRA. TOS offers 2 months for free on THINK OR SWIM. STAGE 5 offers free platform usage. GO FUTURES, CANNON, OEC which I think is now FUTURES ONLINE. THese are just a few. Some good diligent googling will help you find many more. Most of what I have mentioned is futures related but I'm sure there are a ton of FOREX brokers who offer free platforms as well. In using these various demos you will become a jack of all trades so to speak when it comes to navigating around various platforms.

ANother thing I would say is that FOREX may be agood starting place as you can trade smaller size lots and get your feet wet without getting killed on a bad day. This is of course after a sufficient time studying and simulating.
THere is a lot of conflicting opinions on the legitemecy of FOREX but there are people that do well with it. It is just a matter of doing your homework and finding a trustworthybroker and knowing how the game is played.

Sometimes I wish i had started FOREX but I started futures and I am hooked for now.
I did read some great books about FOREX though, Here are my faves.
Getting Started in Currency Trading, + Companion Website: Winning in Today's Market: Michael D. Archer: 9781118251652: Amazon.com: Books
Beat the Forex Dealer: An insider's look into trading today's foreign exchange market: 9780470722084: Economics Books @ Amazon.com
Amazon.com: The Little Book of Currency Trading: How to Make Big Profits in the World of Forex (Little Books. Big Profits) eBook: Kathy Lien: Kindle Store
Kathy lien is one of the most widely known personalities in the world of FOREX and has more books.
I noticed that thee are PDF downloads when pasting these links but I don't want to lead you to a site with malware.

Try to get books that are as current as possible as i believe FX regulations have changed over the years.

One last thing, When developing your plan and strategy: BE weary of copying other peoples methodoligies as everyone has a differen't risk tolerance based on account size and personality. If you take your time you will be able to forge your own path. And watch out when you get to the stage where you start investigating call out trade rooms. Most turn out to be ripoffs as you will find out by researching, or the hard way. If you can't learn to do this on your own then you will probably have a quick exit.
Caveat emptor.

"Napoleans severest comment on his beaten enemies - that they "saw to many things at once""- Hart
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  #6 (permalink)
Elite Member
San Diego
 
Futures Experience: Advanced
Platform: NinjaTrader, ThinkorSwim
Favorite Futures: ES S&P 500
 
Posts: 8 since Jan 2015
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Like he stated above, i also believe that we all have to find our own strategies for the most part. There are many different ways to trade the markets but i think you/we have to tailor our strategies to what fits our personality and risk tolerance the most.

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