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Setting the foundations
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Setting the foundations

  #1 (permalink)
Elite Member
Muswellbrook, NSW/Australia
 
Futures Experience: Beginner
Platform: NinjaTrader 8
Favorite Futures: CFDs on indexes
 
Posts: 14 since May 2016
Thanks: 37 given, 11 received

Setting the foundations

Hello all and thanks in advance!

Brief : I am wanting turn a very small $2000 account into I viable trading lifestyle and eventually quit my job.

History : about 8 years ago I went to one of those massive hype seminars that last 3 days and its basically multiple training vendors selling you their courses. I went a bit silly and spent all my savings and then some on a few of them, forex, eminis and trading CFDs on US Stocks (Im in Australia) I took out a loan of 20k and turned that into 60k in 2008, then the massive drop in the market wiped me out when I tried to "win it back". I realised then my gambling personality had kicked in and I withdrew the remaining 10k and walked away from trading.

Now I'm back.

The residual from such an experience is the education it provided me. I am older and wiser, I have lifetime Ninja software, and a stronger desire to learn again. My day job is working in Mining Industry on rotating 24 hr roster working 13 hr shifts which impacts which markets I can trade and when.

Advice sought : I have been watching the major indicies as a friend has been trading them, (mainly ASX200, DAX, FTSE, Nikkei, DOW and S&P500) and using CFDs as leverage on them. Treating myself as a Newbie as I have so much to learn and refresh, is this a good start? Should I choose a couple and focus on those or covering all is ok? I have found over the last couple months they are very volatile in price movement at the shorter time frames. Which time frames should I concentrate on? Or would range or tick be better to learn with?

Im on NinjaTrader and learning the software again. I don't want to get into indicators, but see many people talking about market volume analysis tools like Gomi indicators. reading into it has me way confused but I see the upside. Any advice on which tools I should focus on? I have wasted the past 4 weeks looking at different indicators and strategies only to realise that price action is King and I really want to narrow my focus now. So thats where I'm kind of hoping you guys can chip in and offer some advice on where I should be at .

Im watching all the videos I can in the Elite section here. Reading as many threads as I can. I am so glad I spent the coin here and not another course. What an amazing community @Big Mike has brought together.

Many Thanks and if there is any experienced traders who would be open to mentor me, exchange PMs/emails or even Skype now and again, and provide some extra personal assistance/feedback, ensure Im on right track, that would also be much appreciated too. However I will be active in the forums too so you will all get a chance to pull me up!

Dale


Last edited by dalemissen; May 12th, 2016 at 04:13 PM.
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  #2 (permalink)
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  #3 (permalink)
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Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
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dalemissen View Post
Hello all and thanks in advance!

Brief : I am wanting turn a very small $2000 account into I viable trading lifestyle and eventually quit my job.

History : about 8 years ago I went to one of those massive hype seminars that last 3 days and its basically multiple training vendors selling you their courses. I went a bit silly and spent all my savings and then some on a few of them, forex, eminis and trading CFDs on US Stocks (Im in Australia) I took out a loan of 20k and turned that into 60k in 2008, then the massive drop in the market wiped me out when I tried to "win it back". I realised then my gambling personality had kicked in and I withdrew the remaining 10k and walked away from trading.

Now I'm back.

The residual from such an experience is the education it provided me. I am older and wiser, I have lifetime Ninja software, and a stronger desire to learn again. My day job is working in Mining Industry on rotating 24 hr roster working 13 hr shifts which impacts which markets I can trade and when.

Advice sought : I have been watching the major indicies as a friend has been trading them, (mainly ASX200, DAX, FTSE, Nikkei, DOW and S&P500) and using CFDs as leverage on them. Treating myself as a Newbie as I have so much to learn and refresh, is this a good start? Should I choose a couple and focus on those or covering all is ok? I have found over the last couple months they are very volatile in price movement at the shorter time frames. Which time frames should I concentrate on? Or would range or tick be better to learn with?

Im on NinjaTrader and learning the software again. I don't want to get into indicators, but see many people talking about market volume analysis tools like Gomi indicators. reading into it has me way confused but I see the upside. Any advice on which tools I should focus on? I have wasted the past 4 weeks looking at different indicators and strategies only to realise that price action is King and I really want to narrow my focus now. So thats where I'm kind of hoping you guys can chip in and offer some advice on where I should be at .

Im watching all the videos I can in the Elite section here. Reading as many threads as I can. I am so glad I spent the coin here and not another course. What an amazing community @BigMIke has brought together.

Many Thanks and if there is any experienced traders who would be open to mentor me, exchange PMs/emails or even Skype now and again, and provide some extra personal assistance/feedback, ensure Im on right track, that would also be much appreciated too. However I will be active in the forums too so you will all get a chance to pull me up!

Dale

Really tough with $2k. I would, for now, focus on the daily time frame and get real good and be able to understand support and resistance in that time frame, just watching, learning. Consider at some point in the futures trading ETF's, maybe odd lots, so you can easily keep risk in check. Never think about making money only about the risk side. Make sure you have a viable edge in the market for every trade. Otherwise it is just plain old gambling. You wouldn't open a restaurant 3 hundred miles or 480 kilometers from people you would have no customers. No location edge. Maybe good food but nobody walking in the door. Good food = Ninjatrader. Bad restaurant location = no high probabilities for a trade in your favor.

FYI Big Mike's name is two words. Your mention did not work as one word. But you can edit it up to 24 hours from original post time.

Good luck Dale....hang in there bro

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #4 (permalink)
Elite Member
Muswellbrook, NSW/Australia
 
Futures Experience: Beginner
Platform: NinjaTrader 8
Favorite Futures: CFDs on indexes
 
Posts: 14 since May 2016
Thanks: 37 given, 11 received


Blash View Post
Really tough with $2k. I would, for now, focus on the daily time frame and get real good and be able to understand support and resistance in that time frame, just watching, learning. Consider at some point in the futures trading ETF's, maybe odd lots, so you can easily keep risk in check. Never think about making money only about the risk side. Make sure you have a viable edge in the market for every trade. Otherwise it is just plain old gambling. You wouldn't open a restaurant 3 hundred miles or 480 kilometers from people you would have no customers. No location edge. Maybe good food but nobody walking in the door. Good food = Ninjatrader. Bad restaurant location = no high probabilities for a trade in your favor.

FYI Big Mike's name is two words. Your mention did not work as one word. But you can edit it up to 24 hours from original post time.

Good luck Dale....hang in there bro

Ron

Awesome. Thanks Ron. Really appreciate your feedback. That's exactly the sort of response i was hoping for. Mention fixed too. 😉

Are you able to comment on market footprint indicators or tools? Is it worth me getting an understanding and using them or not essential in the beginning? I see a lot of people mentioning jigsaw and gomi? The screenshots are very confusing to interpret but I've done a little research and beginning to understand how they work.

Many thanks again.

Sent from my SM-N920I using Tapatalk

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  #5 (permalink)
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Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
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dalemissen View Post
Awesome. Thanks Ron. Really appreciate your feedback. That's exactly the sort of response i was hoping for. Mention fixed too. 😉

Are you able to comment on market footprint indicators or tools? Is it worth me getting an understanding and using them or not essential in the beginning? I see a lot of people mentioning jigsaw and gomi? The screenshots are very confusing to interpret but I've done a little research and beginning to understand how they work.

Many thanks again.

Sent from my SM-N920I using Tapatalk

I can't use the "Foot Print" type chart I have tried many times. To me it always feels like I'm looking through a pin hole. I need to see a nice number of days on my charts all at once so I can understand things better. I realize many traders use them.

Completely love Jigsaw and Peter....lol

I think it a good idea at some point to understand Volume at price (volume on the y-axis) more so than volume per bar IMHO.

I feel support and resistance is very important as well as market internals. Here's a post I made yesterday https://futures.io/ninjatrader/39404-market-opening-indicator.html#post572389

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Reply With Quote
The following user says Thank You to Blash for this post:
 
  #6 (permalink)
Elite Member
Muswellbrook, NSW/Australia
 
Futures Experience: Beginner
Platform: NinjaTrader 8
Favorite Futures: CFDs on indexes
 
Posts: 14 since May 2016
Thanks: 37 given, 11 received


Blash View Post
I can't use the "Foot Print" type chart I have tried many times. To me it always feels like I'm looking through a pin hole. I need to see a nice number of days on my charts all at once so I can understand things better. I realize many traders use them.

Completely love Jigsaw and Peter....lol

I think it a good idea at some point to understand Volume at price (volume on the y-axis) more so than volume per bar IMHO.

I feel support and resistance is very important as well as market internals. Here's a post I made yesterday https://futures.io/ninjatrader/39404-market-opening-indicator.html#post572389

Ron

Thanks again @Blash

Totally agree on the volume comment being imprudent to understand. Although I have a basic knowledge, i have much more to learn on it. I sort of liken price to the destination and volume the vehicle. Breaking volume down volume and analysing it further tells you the efficiency and path of the vehicle if, how much traffic it was held up by...? I'm only a novice so there's probably much better analogies but in advance with you. It's something I need to focus on getting a deeper knowledge of and how to interpret it.

Market internals
Thank you! I had no idea what it was or your screen shots meant anything. Took some time on Google but found different ones for different markets! I have some links saved to do some reading when i get home on it.

Jigsaw
Ok im going to have to watch some youtube on this. I haven't seen a bad word written about it. Or Peter 😉. Written descriptions are difficult to visualise for a newby. However the endorsements for it are enough for me to understand I need to know more.

Im already onto price action and S/R etc. I have been watching Al Brooks webinars in elite section.

Well it seems I have plenty of research to get through over the coming days. I will be back with more questions



Sent from my SM-N920I using Tapatalk

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  #7 (permalink)
Market Wizard
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Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
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Good luck @dalemissen

Your project is at least a good start!
Just have a good money management for any base account you have.
Quitting the job is possible after some years of consecutive progress.
Just my 2 cents.

GFIs1

as @Blash mentions you can change your post within 24 hours after posting
even several times.
The number 1 post of a thread is without limit - the OP can change it ANY time.

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