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Rookie needing guidance..
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Rookie needing guidance..

  #21 (permalink)
Trading for Profit
Russia
 
Futures Experience: Master
Platform: NinjaTrader, Tradestation
Favorite Futures: ES
 
Posts: 419 since Apr 2011
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Dalton14 View Post
Good evening fellow traders!

Would anyone be so kind as to give me some direction or point me in the right way? I've been consuming as much material as is available for free on the internet and I am wary of paying for a course unless recommended by any of you guys.

Any direction would be greatly appreciated... I'm a rookie but one eager to learn just looking for the right knowledge.

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.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

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  #22 (permalink)
Trading Apprentice
Toledo, Ohio
 
Futures Experience: Advanced
Platform: MultiCharts
Broker/Data: IB
Favorite Futures: Forex
 
Posts: 5 since Jan 2014
Thanks: 1 given, 1 received

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.

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  #23 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
Broker/Data: IB
Favorite Futures: Stocks
 
deaddog's Avatar
 
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Dalton14 View Post
Good evening fellow traders!

Would anyone be so kind as to give me some direction or point me in the right way? I've been consuming as much material as is available for free on the internet and I am wary of paying for a course unless recommended by any of you guys.

Study why traders fail. Then donít do that.

My personal view is the top 3 reasons traders fail is:
1) No Trading plan
2) Not enough capital
3) No discipline.

Start with a trading plan; Trade2Win has a decent template you can Google to give you an idea of what is required.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #24 (permalink)
Elite Member
Calgary, Alberta
 
Futures Experience: Intermediate
Platform: NinjaTrader 8
Broker/Data: Kinetick
Favorite Futures: ES
 
JonnyBoy's Avatar
 
Posts: 938 since Apr 2012
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Dalton14 View Post
Good evening fellow traders!

Would anyone be so kind as to give me some direction or point me in the right way? I've been consuming as much material as is available for free on the internet and I am wary of paying for a course unless recommended by any of you guys.

I just finished reading "Trading in the Zone" and will begin again in a couple of days as I really want to internalize the concepts the author brings and I think the psychology portion of trading is what will come most natural to me. On the other hand as someone with no experience with any sort of interaction with the market I have been finding that to be the first of many walls I have hit and look to get across it as soon as possible.

I've been taking the "art of trading" free course online and it has been exceptionally helpful in teaching some of the basic theory and terminology but already in lesson 3 things are getting a bit confusing. To compound the issue I downloaded NinjaTrader to check it out and was left even more confused.

Any direction would be greatly appreciated... I'm a rookie but one eager to learn just looking for the right knowledge.

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 03:33 PM. Reason: Spelling
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  #25 (permalink)
Elite Member
New York, New Jersey/USA
 
Futures Experience: Intermediate
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Favorite Futures: Futures
 
Seahn's Avatar
 
Posts: 157 since Jan 2013
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My thoughts,

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 05:40 PM. Reason: spelling
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  #26 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
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Favorite Futures: Stocks
 
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Seahn View Post
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.

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.


Quoting 
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.

Donít even consider going live unless you can be consistently profitable with a demo account.


Quoting 
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.

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.
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  #27 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
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Favorite Futures: CL,YM
 
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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 01:33 PM.
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  #28 (permalink)
Trading Apprentice
shorewood wi usa
 
Futures Experience: Beginner
Platform: nt
Favorite Futures: es
 
Posts: 4 since Dec 2015
Thanks: 0 given, 0 received


Cloudy View 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.

doesn't surprise me, can you name some felons?

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  #29 (permalink)
Elite Member
Buenos Aires Argentina
 
Futures Experience: Advanced
Platform: NT, MT4, Sierra
Favorite Futures: S&P, Bonds, Crude, FX
 
Posts: 250 since Sep 2014
Thanks: 37 given, 239 received

A few ideas for food for thought:

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?

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  #30 (permalink)
Trading Apprentice
port of spain, trinidad and Tobago
 
Futures Experience: None
Platform: Meta Trader
Favorite Futures: stocks
 
Posts: 1 since Feb 2016
Thanks: 0 given, 0 received

Vision Financial Markets LLC


Hello everyone,


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.


Regards

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