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Questions on where to start...
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Questions on where to start...

  #1 (permalink)
Elite Member
Fort Myers,Fl/USA
 
Futures Experience: Beginner
Platform: Ninjatrader
Favorite Futures: NQ
 
Posts: 8 since Jun 2015
Thanks: 18 given, 2 received

Questions on where to start...

Hi all,

Just wanted to introduce myself. My name is David. I'm 34 years old and am absolutely new to trading. My brother actually got me into this thing, and needless to say it has captured my interest like nothing else ever. It's come to the point where I am obsessed and am eager to learn as much as possible. I'm the type of person that can master many things as long as it peaks my interest, so I am confident that I'll be able to master day trading eventually.

From what I've read so far, it seems as though it's not too difficult to find a system that works and is profitable. It's ones mind one must master. I think I have those qualities. I have discipline. I have dedication and I am pretty smart. I'm not greedy. I work out 4-6 days a week and have lost 70 pounds in the last couple of years. I know I have what it takes to do this, but need to know where to truly start, that's where this thread comes in.

Is it possible, with a year of intense training, to become profitable right from the beginning? I've been on the NT demo for a month and have broken even with my trades, mostly scalping some support and resistance trades, along with a couple of swings that went well for me. I seem to have a pretty good idea where it's moving and why (for a novice). Make no mistake, I will not be putting real money in there until I think I'm ready. But has anyone ever come out the hole firing and start making money right away? Or at least not losing right away? Everything I read seems to suggest that EVERYONE starts out a loser.

And finally, where do I start? I know I'm in the right place for getting quality information, but can some provide links to where the most beneficial information would be for someone at my level? This would be greatly appreciated! I'm eager to learn and am ready to give my 100% to this craft. Just need some help on knowing where to start.

Thanks in advance!

-David

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Cary, NC
 
Futures Experience: Advanced
Platform: MC, NT, Python, R
Broker/Data: FXCM, IB, Oanda, IQFeed
Favorite Futures: 6E, CL, EUR/USD
 
Fu510n's Avatar
 
Posts: 96 since Oct 2009
Thanks: 729 given, 81 received

Step 1


This has been answered MANY times here - no sense repeating . You've fortunately started on one of the best trading sites for learning (if not THE best; highly recommend becoming an Elite member - best $100 you'll ever spend).

That being said, check out this thread. There are no short-cuts, depending on your skill level and determination, a year is probably a bit optimistic if you're serious but stick with it and be willing to put in the effort and become one of the 5%-10% "consistently profitable" traders.

Best of luck,
-Guy

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  #4 (permalink)
Elite Member
Memphis TN
 
Futures Experience: None
Platform: ToS
Broker/Data: TDA
Favorite Futures: None
 
Pariah Carey's Avatar
 
Posts: 592 since Jan 2014
Thanks: 142 given, 1,409 received

Put some money together and start trading a live account (real money) where you're only losing a few bucks a day. This is the way about 98% of people do not start (including me) but that's the way it should be done.

Do that for a few months a see where you are. Eventually you can move up to bigger markets and futures. But that's a long way off. Just get used to trading real money, losing, and developing your style of trading.

Read Mike's ask any trading question thread. It goes into a lot more detail on what I just suggested.

Right now you're like a high school baseball prospect who just got drafted and is sent to low class-A rookie ball (the big difference of course is that in trading there is no draft and thus no merit required to play the game). Even the best ballplayers spend several years in the minors before they make it to the show, and trading is the same. So be realistic about your expectations, and don't forget to have fun.

Someday, and that day may never come, I'll call upon you to do a service for me.
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  #5 (permalink)
Elite Member
Fort Myers,Fl/USA
 
Futures Experience: Beginner
Platform: Ninjatrader
Favorite Futures: NQ
 
Posts: 8 since Jun 2015
Thanks: 18 given, 2 received


Fu510n View Post
This has been answered MANY times here - no sense repeating . You've fortunately started on one of the best trading sites for learning (if not THE best; highly recommend becoming an Elite member - best $100 you'll ever spend).

That being said, check out this thread. There are no short-cuts, depending on your skill level and determination, a year is probably a bit optimistic if you're serious but stick with it and be willing to put in the effort and become one of the 5%-10% "consistently profitable" traders.

Best of luck,
-Guy

Thanks so much. Time to start reading!

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  #6 (permalink)
Elite Member
Memphis TN
 
Futures Experience: None
Platform: ToS
Broker/Data: TDA
Favorite Futures: None
 
Pariah Carey's Avatar
 
Posts: 592 since Jan 2014
Thanks: 142 given, 1,409 received


NQbeginner View Post
Is it possible, with a year of intense training, to become profitable right from the beginning?

The only "training" you're going to get is being out there, in the market, with real money taking your lumps. I'm not saying you're doomed to fail but again be realistic. Being a pro trader is like being a pro golfer, or a Hollywood movie actor. Many are called but very very few are chosen. 90% of the money made goes to the top 10%, and gaining entrance into that vaunted circle is just not granted that easily.

It's probably going to take more than a year. But also, "profitable" is a relative term.

Someday, and that day may never come, I'll call upon you to do a service for me.
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