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Newbie Infopool: Trading PC, Platform, Books - Recommendations
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Newbie Infopool: Trading PC, Platform, Books - Recommendations

  #11 (permalink)
Elite Member
SK
 
Futures Experience: None
Platform: NinjaTrader
 
427Rat's Avatar
 
Posts: 7 since Jul 2010
Thanks: 11 given, 1 received

Thanks for the reply! Alright, well I added all your recommendations (Microsoft 7 64-bit, 8GB of ram, a 1TB hard drive and an i7 860 processor) and it only bumped up the price around $325 to $2167 (shipping is free, includes the monitor). This is also including a $225 discount through "Dell small business special offer". Does this seem like a decent price? I'll do a bit more research tomorrow before I purchase it. BTW taking off Microsoft Office saved $199!!

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  #12 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Beginner
Platform: Ninjatrader
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Big Mike View Post
@427Rat,

I would go for Windows 7 64-bit, it should be same cost. I would get 8GB of ram, not 4. If the only thing that will ever be open at one time is your trading app, than 4GB is fine (as is 32-bit) but if you have a couple browsers open, email, decide to make a video here or there, etc, you'll be better off with 8GB and give you room to grow.


Are there still problems with Ninja/Zen Fire and 64 bit?

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  #13 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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427Rat View Post
Thanks for the reply! Alright, well I added all your recommendations (Microsoft 7 64-bit, 8GB of ram, a 1TB hard drive and an i7 860 processor) and it only bumped up the price around $325 to $2167 (shipping is free, includes the monitor). This is also including a $225 discount through "Dell small business special offer". Does this seem like a decent price? I'll do a bit more research tomorrow before I purchase it. BTW taking off Microsoft Office saved $199!!

That seems overpriced. You should look here for instance:
Newegg.com - HP Pavilion Elite HPE-250F Intel Core i7 860(2.80GHz) 8GB DDR3 1TB ATI Radeon HD 5770 Windows 7 Home Premium 64-bit

Adding a 24" monitor is not much, monitors are very personal things but here is an example:
Newegg.com - ASUS VW246H Glossy Black 24" 2ms(GTG) HDMI Widescreen LCD Monitor 300 cd/m2 ASCR 20000:1 (1000:1) Built-in Speakers

Total above is like $1250.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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  #14 (permalink)
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Twiddle View Post
Are there still problems with Ninja/Zen Fire and 64 bit?

NT7 32-bit is probably perfectly suitable for majority of users, and works fine with Zen Fire. NT7 64-bit does not yet support Zen Fire, although they previously stated it would at some point. That was before they announced Kinetic however, so who knows now.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #15 (permalink)
Membership Revoked
 
Futures Experience: Beginner
 
Posts: 1,081 since May 2010
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i would advise trading forex as a newbie

you'll get slaughtered with futures, believe me

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  #16 (permalink)
Elite Member
Berlin, Europe
 
Futures Experience: Advanced
Platform: NinjaTrader, MultiCharts
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MetalTrade View Post
i would advise trading forex as a newbie

you'll get slaughtered with futures, believe me


And you are likely to get slaughtered with FOREX as well.

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  #17 (permalink)
Elite Member
Atlanta, Georgia
 
Futures Experience: Intermediate
Platform: NT
Broker/Data: DDT
Favorite Futures: ZN, ZB
 
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MetalTrade View Post
i would advise trading forex as a newbie

you'll get slaughtered with futures, believe me

I think finding the instrument to trade is a personal issue about one's own trading style. It took me a long time to find what suites me best. I'm a student of price action and I follow Brooks' method but not to the letter. That being said, finding an instrument with a decent amount of price action on a time frame that works for me took a lot of sim practice. I hate ES, but I like TF and SB. That just works for me. Forex, and by extension, the currency futures and ETN's don't do it for me on the short time/tick charts. Longer term, like 4 hour charts, are actually not bad for trend following, but I can't put on my trading hat every 4 hours, 24 hours a day, 5.5 days a week. My concentration span is about 2 hours at a time.

Fat Tail's suggestion of trading ETF's or ETN's is a good one. If you like the emini's or other commodities, look for ETN's that are based on those indexes. i.e. SPY or SSO for ES, IWM for TF, QQQQ for NQ, FXE for EUR/USD or 6E, etc. Take your sim trading very seriously and take note of how you feel about winning and losing. I have a tendency to put more scrutiny on my winners because I'm more concerned about getting rewarded for bad decisions.

Regards,
-C

“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Sun Tzu
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  #18 (permalink)
Just starting out...
Scotch plains, nj
 
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deltason View Post
I don't like giving advice, especially when it comes to trading, but you can take this post into consideration if you'd like.

I think studying the following books can help a newbie build a foundation of knowledge.

Reminisces of a Stock Operator by Edwin Lefevre
Trade Your Way to Financial Freedom by Van K. Tharp
Mind Over Markets by James F. Dalton (and then visit futurestrader71's website - Simplicity in Trading)
The Daily Trading Coach by Brett N. Steenbarger

Beyond the recommended list I personally wouldn't pay for any educational tools right away, especially related to technical analysis. When it comes to trading my experience is that valuable information is almost always free. And this is from someone that's spent WAY too much money on trading education. Reading the threads and watching the webinars here at futures.io (formerly BMT) will definitely get you going in the right direction. There's a ton of excellent information on this site supported by many generous and knowledgeable traders. And as you continue to dig you'll find references to free resources elsewhere as well.

Most importantly, I think that asking questions, thinking for yourself, setting goals, documenting and tracking your experiences (charts/journal/analysis), and making and correcting lots of mistakes are the best bets to get you where you want to go if you're passionate about it.

Best wishes.

Thanks!
Great advice for a newbie like me!

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  #19 (permalink)
Elite Member
hollywood
 
Futures Experience: Intermediate
Platform: thinkorswim
Broker/Data: TD
Favorite Futures: futures
 
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Posts: 194 since Jun 2010
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books

Just wanted to add a good free book and a not free book.

Joe Ross's TLOC (google it) is free and it's a simplier Al Brooks H1/H2, L1/L2, way of looking at price action.

Curtis Faith's Gut book. Great view of crowd psychology and simple swing trading (he's not so much in favor of day trading).

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  #20 (permalink)
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Futures Experience: Advanced
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427Rat View Post
I'm about to order a new computer that will be basically only used for trading. I honestly don't know a lot about computers and I have been doing some reading in the past month so that I don't waste my money. I don't want to go the custom built route because it is just to complicated for me. I think that I am settled on a Dell. This is what I have chosen:
-BASE/ POWER SUPPLY OptiPlex 980 Minitower for Standard Power Supply
-OPERATING SYSTEM Genuine Windows® 7 Professional, No Media, 32-bit, English
-PROCESSOR Intel® Core™ i5 Quad Core Processor 750 (2.66GHz, 8M)
-OFFICE SOFTWARE Microsoft® Office Home and Business 2010, English
-WARRANTY & SERVICE 3 Year Basic Limited Warranty and 3 Year NBD On-Site Service
-ENERGY EFFICIENCY OPTIONS Dell Energy Smart Power Management Settings Enabled
-HARD DRIVE 250GB 7,200 RPM 2.5" SATA, 3.0Gb/s Hard Drive with NCQ and 16MB Cache
-ECO KIT No Eco Kit
-HARD DRIVE MODE No RAID
-SECURITY SOFTWARE Trend Micro Internet Security 15 month, English
-MEMORY 4GB DDR3 Non-ECC SDRAM,1333MHz, (2 DIMM)
-OPTICAL DRIVE 16X DVD-ROM SATA, with Cyberlink Power DVD™ No Media
-VIDEO CARD 256MB ATI RADEON HD 3450 (2 DVI /1 TV-out), Full Height
-MONITOR Dell UltraSharp™ 2007FP 20in HAS Monitor, VGA/ DVI
-SYSTEMS MANAGEMENT MODE No Out-of-Band Systems Management
-OPTIPLEX ON No Dell OptiPlex ON® Reader
-1394 FIREWIRE ADAPTER 1394 FW Controller Card, Full Height

Please give me your recommendations. Is this a decent starter computer for trading? Are all the components fairly evenly matched? Anything overkill or not enough? As it sits, will I be able to add another monitor in the future if I want to? Thanks for your advice!

It is a question of your budget. For starting nearly any PC will do, which has enough RAM, a fast CPU and allows you to connect at least two monitors. The CPU you selected has a passmark of 4268 and should do fine, the RAM is a bit meagre, so you should better put in 6GByte or 8GByte as Mike suggested,

If you want to be able to upgrade the machine later to become a real trading PC, you should have a look at the Dell Precision Workstation T3500 Essential with an Intel Xeon W3530 processor. The processor is a bit faster than the above, The workstation can be ordered with dual NVidia NVS 295 adapters, which will allow you to connect up to 4 high resolution monitors. The miminum recommended RAM would be 6 GByte. This would be a professional trading station, but it is not suited for 3D video games.

That said, if you just want a trading computer for a beginning trader, your setup is just fine, if you add some RAM.

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