I'm a Mac user ready to dive in to futures and forex. Looking to start with $500, minimum costs and proper charting. Looking to start with EUR/USD (open to suggestions, perhaps mini) and still unsure whether futures or spot would be best. I've opened a half dozen platform and brokerage accounts but haven't found the right mix yet. Everyone seems to mix and match platforms and brokers... still working on that one...
Strategy: hmm... "the charts tell all" I haven't figured out how to read them but I'm a fan of technical analysis. I'd like to set up rules based orders and keep an eye on the charts. Preferably ~3hours a day trading/charting in the mornings.
I'm a subscriber to realvisionTV for what that's worth... (big fan)
Excited to find this place and explore the expanse of resources.
This is my first reply but I thought I would offer up some of the knocks I have taken.
Paper trade till the cows come home. I had a problem were I would try an approach and I would change it midstream or worse if I started showing signs of success I would go Yolo and think I knew what I was doing. Create rules and do everything you can to stick to them. Paper trade them for a few weeks and record your results each day. I will share mine so others may help us both out.
The top of my laptop says "Trade like a business". Inside I have "Plan your trade" and "Trade your plan". I also use a scalping indicator that works well. So I have..
Hours of operation: 9-2 (CST)
Do not trade without a signal.
Make sure that signal makes sense and meets the trade requirements. (This indicator has a 20 ema that changes color with the trend)
Nothing bigger than a 1 lot.
ALWAYS USE A STOP.
Have an exit target. I have had the most success going just short of the first target I am given (which is based on the ATR). I think the thing that has helped me become less emotional is the FACT that there will ALWAYS be another trade. I stopped chasing trades. I either get in where my rules say I get in or after 3 bars I cancel the order. I was using a market profile going WAY to big trying to catch the edges of the market. Felt great when I was up huge, but it took me to confessional when I was wrong. Nothing wrong at all with that type of trade just know your size and have a stop. I belong to another group and one of their people says repeatedly "Good trader think about how much money they can make, great traders think about how much money they will lose if they are wrong."
Now these are just mine and when I can manage to stick to them they are working for me. If anyone sees a possible suggestion I am here to learn.
When you papertrade, set the account to what you're planning to start with , so in your case $500. Once you get to 25k, then think about starting live.
Alternatively,check out topsteptrader. Set your paper money account to the same combine parameters. Try to pass the combine on paper. If you do, then try to pass the funded account on paper, using those rules (more strict). If you do, try a live combine.
I estimate this process will save you 150K in "tuition" to learn about the markets
Stay trading sim until you can increase your account by 50-fold, or 5,000%? I think that is unrealistic. You would get bored and frustrated trying to make all that profit, but only on sim.
I tend to subscribe more to this view John Grady, No BS Day Trading - The problems with SIM trading . Start live trading the smallest size possible relatively quickly. (I have tried trading small accounts underfunded. I am now looking at the TST Combine).
Unfortunately for @forexthefuture you have a tiny account. Futures aren't going to work for you, even minis. You are sensible to open a forex account especially as you say you are interested in trading the Euro. FXCM are good but so are Ooanda that allow you to trade for cents per pip. Remember that at the beginning it is about losing as little as possible, not making as much as you can as quickly as you can.
Last edited by matthew28; November 15th, 2016 at 06:29 AM.