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!
Last edited by dalemissen; May 12th, 2016 at 03:13 PM.
The following 2 users say Thank You to dalemissen for this 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
Doubt kills more dreams than failure ever will. Perfect: the enemy of Done. per·fec·tion·ist: ultimately one lacking self-confidence
Buy Low And Sell High (read left to right or right to left....lol)
The following 2 users say Thank You to Blash for this 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.
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The following user says Thank You to dalemissen for this 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.
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.
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.
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.