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Seeking a mentor
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Seeking a mentor

  #1 (permalink)
Elite Member
Moore, Oklahoma/USA
 
Futures Experience: None
Platform: Ninja Trader
Favorite Futures: Emini ES
 
Posts: 5 since Sep 2017
Thanks: 6 given, 0 received

Seeking a mentor

Hi all, the names Abraham. I'm from Oklahoma City, Oklahoma and I'm super new to trading. I have the ninjaTrader platform but have no idea what I'm doing. I've been glued to the forums for a few weeks now and have been reading as much as I can, watching videos and just trying to learn as much as I can. I don't plan on trading anytime soon. Just trying to get a feel for everything and get involved.

I currently work two jobs from 4:30am until 6pm. I consider myself a hard working person with discipline and drive. I'm looking to trade the Futures market once I learn, practice and feel comfortable with going live. I'm giving myself at least until Dec. 2018 before I even consider doing that.

I'm looking for a mentor that can take me under their wing and point in the right direction or at least to the right books, webinars, courses...etc. If you have any advice for someone completely new to the market, it would be greatly appreciated. I need to start at the very bottom of basic because I don't know anything.

P.S. I just became and Elite Member today!!!

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  #2 (permalink)
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  #3 (permalink)
 Vendor: www.orderflowdashpro.com 
North Carolina
 
Futures Experience: Beginner
Platform: NinjaTrader, Tradestation
Favorite Futures: es
 
Posts: 308 since Nov 2011
Thanks: 81 given, 310 received


Sorry I cannot mentor you. However, I would first recommend that you analyze your strengths,competencies, and deficiencies. Next, evaluate the markets to find appropriate alignment. Try to be realistic in these regards. If you are having to work even a single job, understand that you will be at a disadvantage to the professional traders who only trade. The professional could be dedicating from to 30 to 80 hours to their craft per week.

If you cannot at least trade the open and watch the market for 4 hours per day then I'd steer you towards perhaps swing trading or swing day trading.

You probably want to focus on holding times of 8 hours to 72 hours. Given your limitations your best option is to focus on systematic strategies where at least much of the work is accomplished by the computer. You will probably want to place the trades manually though and you may be able to add value added analysis or other discretionary input depending on your cognitive style. Trading an automated strategy that places many trades per day without ability to monitor the systems is not advised. You will need to review your systems overnight or signals and the markets and place your trades, in advance, for the next day or enter them in the overnight market.

If you adopt a systematic strategy, you will be able to perform your analysis in the couple hours you have after you get off work. It could be as simple as looking over the signals that your strategies generate and deciding which to take. It is assumed you will have the weekends to develop your strategies and refine and review. The one automated piece you may need is an automated EOD close or flat for all positions. You may want to focus on the overnight markets. However, I think a systematic strategy is going to work better for you or else you may end up trading all night and be unable to work the next. You want to focus on strategies that place at most one trade per day. As you develop more systems, you may place multiple trades, of course. The strategies you need will enter at market (or possibly limit) and close at end of day or at a target or stop loss.


Last edited by tpredictor; September 20th, 2017 at 10:04 PM.
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  #4 (permalink)
Elite Member
Moore, Oklahoma/USA
 
Futures Experience: None
Platform: Ninja Trader
Favorite Futures: Emini ES
 
Posts: 5 since Sep 2017
Thanks: 6 given, 0 received

Thanks for the advice! From the get go I only plan on being a part time trader. I was informed that with Es minis there isn't much prep time and research necessary for trading. I honestly don't know though. I've been doing some research on swing trading and have been giving that route some thought also.

Again, thanks for the advice. I really am just stepping up to the pond right now. I haven't even put my toes in yet. I have way to much to learn. Come December 2018 I will only have one job that will only be about 30 hours a week so that should free up a lot of time.


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  #5 (permalink)
 Vendor: www.orderflowdashpro.com 
North Carolina
 
Futures Experience: Beginner
Platform: NinjaTrader, Tradestation
Favorite Futures: es
 
Posts: 308 since Nov 2011
Thanks: 81 given, 310 received

Sorry, I am not sure what gave you the idea the futures did not take a lot of research or prep time. Most serious traders probably at some point worked at least 80 hours / week on their craft. It is true if you have developed a system then it doesn't take a lot of work to execute the system. But, a system can take several months of development work and you need to have active market cognition to have insight to develop systems.

It is true that some day traders do not need to do a lot of prep work. But, that is because they don't want to be unduly influenced by either non predictive or weakly predictive price information for their time horizon. However, in exchange, they will study the market tick by tick for hours per day over several months.

If you want to move out to swing time frame and use discretionary trading then you don't need to watch the market tick by tick but instead you will need to synthesize massive amounts of data. For example, I am watching Bitcoin for a sale off over the next 48 hours because I know Coinbase takes a certain amount of time to resolve transactions, and I want to make sure that the new traders who bought the low have confidence. So, as a synthesis trader you will need to combine tons of data such as your tape read, intuitive insights, etc. Synthesis trading is very difficult especially if you are leveraged.

Yes given your commitments then I think you are most likely to be successful using a systematic strategy where your programmed strategy alerts you to some initial condition and then you take action on it or not. This will involve less discretion then synthesis trading and will be more quantitative driven. I've never studied Al Brooks but you might want to study his work but think about how you can test and apply similar ideas on the daily time frame and using programming.

Something that often worked well for me was just go get a vague impression of what another trader was doing and then I'd make the analysis my own. For example, that's why I can recommend Al Brooks even though I haven't studied his work in any detail, myself. And, that's what I mean by reading his book -- just get a vague impression and take that and apply it in your own unique way. It is often better to get a vague impression then to attempt to precisely understand what another market technician or trader is referring too because often due to market changes or non-specificity, the specific information would not be useful anyway.


Last edited by tpredictor; September 20th, 2017 at 11:35 PM.
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