Welcome. This are key points to successfull trading.
Ask yourself "Do i have PC, internet, place and so on"
Also evaluate every aspect from 1 to 10 on how good this aspect for you. For ex: trading method 8 if you are a good trader.
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First off, I think every trader with any real experience can relate to your problem. You're in the position where you really don't even know what you don't know! By that I mean that you'll have to be shown what is really important in trading, and WHY. You undoubtedly have some basic misconceptions and incorrect assumptions that you'll need to unlearn. Then you have to begin the journey of discovering/creating a way of trading that fits you (one size does not fit all). That journey is likely to be emotionally painful, because if you rely on totally free info on the internet, the lessons are likely to be expensive anyway (i.e., account drawdowns).
If I were to ask you whether you want to daytrade or swing trade or position trade, how would you really know which you prefer? At this point, the only clue you might have would be based on your misconceptions/assumptions; thus, what you THINK is actually likely to be wrong for YOU. If you intend to learn how to trade by daytrading, I can tell you that you're almost guaranteed intense suffering PSYCHOLOGICALLY, especially if you NEED to succeed to pay your bills. The shorter the timeframe you trade, the more you will have to deal with your inner demons, so psychology will be the most important aspect of your trading - so that means you'd have to spend some money for that particular issue, with psychological trainers who specialize in trading psychology.
The most cost effective basic course I've ever purchased was from Top Dog Trading (Foundations Course 1 & 2, bought together as a discounted bundle - yes, do get both). It covers all the bases to some extent, and really is a good way to get started. It's not glitzy, but it's a bargain. All course promoters are indeed promoters who tend toward hype, but some are actually in the business of providing real value. This seems to be one of the good ones.
Some good stuff being laid out in front of you here. I am not familair with the Art of Trading course, but if it helps you to "learn the lingo" so to speak then great, but it won't help you trade, nor will it give you an advantage.
The webinars on this forum however will help you greatly, as will this forum itself. However, the only person that can help your trading is you.
DO NOT SIM TRADE. Only SIM to learn the execution of your platform. I am sure some people will disagree with me here, but do not get caught up in the world of SIM. You need to be making and losing real money. Not fantasy make believe money than can be reset at the end of the day.
I have seen a number of new "traders" on this forum whom are new to trading and start off making thousands of $$$'s SIM trading and chat about how easy trading is and how easy it will be to transition to real money in a pinch. And when they do start using real money, poof, you never hear from them again. Probably because they are all millionaires right?
Lean on this forum. There are hundreds of traders able and willing to give advice.
Don't think you have to rush it. The markets will ALWAYS be there. It will take you a VERY LONG TIME (think years) to be in profit, and there will be many bumps in the road.
Start a journal on here.
- Trade what you see. Invest in what you believe -
Last edited by JonnyBoy; January 4th, 2016 at 02:33 PM.
You will not learn to trade by reading books, sure books and forums like this will give you the basic concepts and principles of trading but no book or forum will give you the boots on the ground, skin in the game experience which is the only way to become a successful trader.
What will make you successful (especially day trading futures) as others have stated is years of screen time watching the market move tick by tick. Not using canned indicators or trading rooms to make trading decisions, indicators should only be used for secondary confirmations if at all.
As with all human endeavors there are customs (traditional and widely accepted ways of behaving or doing things) in the way the market behaves. Your task as a trader is to learn these ways the market behaves and at the same time learn how to filter out and deal with the constant random nature of the market the best you can. No book/forum/course to my knowledge (with the possible exception of a successful mentor) will teach you these things.
As for sim trading there are differing opinions on its usefulness. Some think its an absolute worthless thing to do others think there is some merit to it. I am in the latter camp, especially if you do not have a boat load of money to throw at the market.
It is true that success at sim trading does not automatically translate to real trading, it is also true that if you cannot trade successfully in sim you will lose money in real trading, a lot of money and quickly. With very rare exceptions new traders lose money for a long time. When I started trading futures I at one point lost 23 trades in a row (must be a world record), I wish I was trading in sim then, now I routinely go 20 days in a row without a losing day. As long a you use sim trading as a transitional stage, not making it a paper trading career and realize when you do go live your results will drop off until you master the psychology of trading real money. Sim trading will help you learn the mechanics of trading and give you some idea of whether or not your method works without blowing your account.
Bottom line is to expect it to take a lot of time and effort to become successful, on the same order of time and effort as going to school for a new career.
Last edited by Seahn; January 4th, 2016 at 04:40 PM.
The following 3 users say Thank You to Seahn for this post:
Sim trading is a tool you can use to learn to trade. It depends on how you use the tool as to whether it works or not.
Donít even consider going live unless you can be consistently profitable with a demo account.
Make sure to get a demo account that uses real time data.
Use a demo account not only to learn the basics of making a trade but also to forward test your strategies.
Evaluate your trades as successes or failures by whether you followed you plan or not.
Start with the same amount of capital in the Sim account as you will be funding a live account with.
Expect slippage to be greater when you go live.
If you feel it is necessary to have skin in the game get a stack of $20 bills. Every time you donít follow your plan, stop trading, leave your computer and give $20 to a complete stranger.
It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
The following 2 users say Thank You to deaddog for this post:
topdogtrading is all material that can be found for free. There are old reviews out there. If you are going to spend money on some lessons, start out with Al Brook's video course. You won't become profitable from just the material, but it's a starting point on learning "market structure". A cheaper recommendation would be Dalton's "Markets in Profile" which can be ten bucks used as well as the free webinar videos here on BMT or on BMT's channel on youtube. Also check out tradingschools.org and the comments by the victims just to have an idea of how most all trading rooms have hosts who won't prove they trade live. You'll be shocked at how many thousands of newbies were taken for thousands even tens of thousands by fraudulent vendors some of them former convicted felons.
Last edited by Cloudy; January 24th, 2016 at 12:33 PM.
1. Find a good mentor. Ask to see their trading statements (live funds not demo). If you are comfortable with learning the to mimic the same outcome (returns and draw down risk), convince them to take you on board as a trainee, probably offering to pay them a good amount of money for their efforts. Could you probably become a competent chef by watching a bunch of you tube video and sorting through which ones are good and bad by yourself? Probably. Would it be better to apprentice under a world class chef instead? Probably.
2. Don't obsess too much about platforms. You should be a competent trader regardless of the platform. Unless you're getting into algorithmic trading, at your level, deciding between different platforms is like debating between dating blondes or brunettes. Pros and cons to both. Slight nuances in how they look, but at the end of the day, the mechanics of dating are still the same.
3. Take a good personality test. (None of that Meyer's Brigg rubbish). I mean a top of the line personality assessment inventory to help you determine what type of trading style will be most compatible. Is your personality more suitable for trading multiple instruments or a single instrument? Is your level of focus and patience more suitable for scalping or swing trading?
The following user says Thank You to MacroNinja for this post:
I have been doing lots of research about brokerage firms as I live in Trinidad and Tobago and this website is the only of 2 online one that allows me to open an account (Interactive brokers minimum is too much for me US$10000.). My account was opened promptly however I need to now fund it, but am doing some additional due diligence (major investment with the exchange) prior to that last step ( exchange is US$1 to TT$6.51)
Is there anything I should be aware of doing business with them? I am a non resident and my options are limited or almost non existent, if I want to go ahead with trading on the US stock market.
I am a small player, just trying to get my feet wet.