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Where should I start my journey?
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Where should I start my journey?

  #1 (permalink)
Elite Member
Oslo Norway
 
Trading Experience: Beginner
Platform: Metatrader
Favorite Futures: Corn
 
Lavrans's Avatar
 
Posts: 23 since Jan 2019
Thanks: 31 given, 5 received

Where should I start my journey?

Hello everybody!

I am a completely beginner but really want to learn how to trade efficiently over time.

About 1 year ago I read a few books about forex and tried some daytrading.
But eventually threw in the towel as I thought everything I read in the books and watched on youtube was complete and utterly nonsense, made up by people who didnít knew how to trade profitably themself and where basically just scamming people.

Now I want to give trading another try, as it would be fantastic to be able to work from home and be my own boss.

I am completely aware that one not becomes a successful trader over night, and that it probably will take years and thousands of hours practicing, but I am willing to make the sacrifice for the long term gain.

And I also think it will be a fun and interesting experience as long as I know that Iím on the right course, and learning from a professional.

My first step is therefore to find someone who actually knows how to trade
and try to learn from him.

I just recently read marked wizards by Jack D Schwager and got interested in commodities.

Thatís how I found this forum btw.

What Iím wondering is if someone could be so kind as to help me a little on my way and answer a few questions?

1.
What do you think my first steps should be to learn how to be a profitable commodity trader?

2. I have found some books that looks good, do you recommend me to read these:
A traders first book on commodities.
Hot commodities.
Commodities for dummies.
The little book that still beats the markets?

3. What broker and software do you recommend?

4. Can you please explain a little bit about your methodologies? Like a little step for step guide about what you generally do before each trade?

Thank you very much in advance my friends!


Last edited by Lavrans; February 3rd, 2019 at 10:30 AM.
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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Columbus OHIO
 
Trading Experience: Intermediate
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Lavrans View Post
Hello everybody!

I am a completely beginner but really want to learn how to trade efficiently over time.

About 1 year ago I read a few books about forex and tried some daytrading.
But eventually threw in the towel as I thought everything I read in the books and watched on youtube was complete and utterly nonsense, made up by people who didnít knew how to trade profitably themself and where basically just scamming people.

Now I want to give trading another try, as I am very tired of my job and it would be fantastic to be able to work from home and be my own boss.

I am completely aware that one not becomes a successful trader over night, and that it probably will take years and thousands of hours practicing, but I am willing to make the sacrifice for the long term gain.

And I also think it will be a fun and interesting experience as long as I know that Iím on the right course, and learning from a professional.

My first step is therefore to find someone who actually knows how to trade
and try to learn from him.

I just recently read marked wizards by Jack D Schwager and got interested in commodities.

Thatís how I found this forum btw.

What Iím wondering is if someone could be so kind as to help me a little on my way and answer a few questions?

1.
What do you think my first steps should be to learn how to be a profitable commodity trader?

2. I have found some books that looks good, do you recommend me to read these:
A traders first book on commodities.
Hot commodities.
Commodities for dummies.
The little book that still beats the markets?

3. What broker and software do you recommend?

4. Can you please explain a little bit about your methodologies? Like a little step for step guide about what you generally do before each trade?

Thank you very much in advance my friends!

your asking for a lot but....

1) figure out what type of trader you are this is going to take trying tons of different methods. ex: do you like to scalp, do you like to swing trade, do you like the volatility of the nq compared to the m6e. these are things that you must figure out for yourself people can give you ideas or suggestions but it boils down to what feels good to you. The beginning is very hard because people will tell you what works for them and they might not be lying but what works for them is going to work for you. maybe you need to use a tick chart and someone recommended you use a time chart.

2) read everything you can find, honestly i got most of my edjamaction from the inter webs forums/blogs/classes ect but books are very important .

3) I like ninja for futures but again what works for me might not work for you

4) I personally use price action with an ema and buy p/bs and sell rallies. Some times when we are stuck in range days Ill sell tops or buy bottoms but id rather not do that because I'm not very good at that.

heres some good info
Nine Transitions

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #4 (permalink)
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MŁnster Germany
 
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Everything MiniP wrote up there is correct and I support it too.
But a key issue is often ignored in the education and study of markets and systems.
It's your relationship with the money! It was the most important topic for me.
If you are not sure about how to deal with an open trade when the trade is suddenly -800 USD or even + 1200 USD, but the trade is not over yet. If you intervene in trades, even though SL and TP were previously set, then there is a long-term problem. There is no teacher for this topic. It must be governed entirely by yourself. I wish you much success.
OldGerman

The biggest risk you can ever take is not betting on yourself!
(Bill Williams)
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  #5 (permalink)
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,413 since Nov 2014
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Lavrans View Post
Hello everybody!

I am a completely beginner but really want to learn how to trade efficiently over time.

About 1 year ago I read a few books about forex and tried some daytrading.
But eventually threw in the towel as I thought everything I read in the books and watched on youtube was complete and utterly nonsense, made up by people who didnít knew how to trade profitably themself and where basically just scamming people.

Now I want to give trading another try, as I am very tired of my job and it would be fantastic to be able to work from home and be my own boss.

I am completely aware that one not becomes a successful trader over night, and that it probably will take years and thousands of hours practicing, but I am willing to make the sacrifice for the long term gain.

And I also think it will be a fun and interesting experience as long as I know that Iím on the right course, and learning from a professional.

My first step is therefore to find someone who actually knows how to trade
and try to learn from him.

I just recently read marked wizards by Jack D Schwager and got interested in commodities.

Thatís how I found this forum btw.

What Iím wondering is if someone could be so kind as to help me a little on my way and answer a few questions?

1.
What do you think my first steps should be to learn how to be a profitable commodity trader?

2. I have found some books that looks good, do you recommend me to read these:
A traders first book on commodities.
Hot commodities.
Commodities for dummies.
The little book that still beats the markets?

3. What broker and software do you recommend?

4. Can you please explain a little bit about your methodologies? Like a little step for step guide about what you generally do before each trade?

Thank you very much in advance my friends!

All of your questions are answered in this forum by experienced and successful traders.

One of your problems ist that you do not know what you want to trade - short-term vs. long-term, charts vs. fundamentals, grains vs. metals vs. currencies vs. indices etc. Thus it is difficult to direct you to specific threads.

Firts step should be reading in this forum and in some good books. (You will find suggestions for good books in various threads.) With the target to find out what you want to trade.

It is not enough to dislike your current job - you need enthusiasm for trading. As you will spend a lot of time with trading you should first find out what kind of trading is interesting for you.

Best regards, Myrrdin

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  #6 (permalink)
Elite Member
Oslo Norway
 
Trading Experience: Beginner
Platform: Metatrader
Favorite Futures: Corn
 
Lavrans's Avatar
 
Posts: 23 since Jan 2019
Thanks: 31 given, 5 received


MiniP View Post
your asking for a lot but....

1) figure out what type of trader you are this is going to take trying tons of different methods. ex: do you like to scalp, do you like to swing trade, do you like the volatility of the nq compared to the m6e. these are things that you must figure out for yourself people can give you ideas or suggestions but it boils down to what feels good to you. The beginning is very hard because people will tell you what works for them and they might not be lying but what works for them is going to work for you. maybe you need to use a tick chart and someone recommended you use a time chart.

2) read everything you can find, honestly i got most of my edjamaction from the inter webs forums/blogs/classes ect but books are very important .

3) I like ninja for futures but again what works for me might not work for you

4) I personally use price action with an ema and buy p/bs and sell rallies. Some times when we are stuck in range days Ill sell tops or buy bottoms but id rather not do that because I'm not very good at that.

heres some good info

-P

1.
Yes I will install Ninja and practice with small amounts, and combine that with reading books.
Maby that eventually will help me find out what kind of trader I am.

2.
I will keep on reading books and this forum.

3.
It seems to be the prefered software among serious traders?

4.
Dont undertand anything of this "price action with an ema and buy p/bs and sell rallies"


Thanks for the fast reply mate

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  #7 (permalink)
Elite Member
Oslo Norway
 
Trading Experience: Beginner
Platform: Metatrader
Favorite Futures: Corn
 
Lavrans's Avatar
 
Posts: 23 since Jan 2019
Thanks: 31 given, 5 received


OldGerman View Post
Everything MiniP wrote up there is correct and I support it too.
But a key issue is often ignored in the education and study of markets and systems.
It's your relationship with the money! It was the most important topic for me.
If you are not sure about how to deal with an open trade when the trade is suddenly -800 USD or even + 1200 USD, but the trade is not over yet. If you intervene in trades, even though SL and TP were previously set, then there is a long-term problem. There is no teacher for this topic. It must be governed entirely by yourself. I wish you much success.
OldGerman


Hello German

So what you are saying is that I should distance myself from the money side of it, and dont interfere with the trade.
Just believe in myself and that I have done the right groundwork before i executed the trade?

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  #8 (permalink)
Elite Member
Oslo Norway
 
Trading Experience: Beginner
Platform: Metatrader
Favorite Futures: Corn
 
Lavrans's Avatar
 
Posts: 23 since Jan 2019
Thanks: 31 given, 5 received


myrrdin View Post
All of your questions are answered in this forum by experienced and successful traders.

One of your problems ist that you do not know what you want to trade - short-term vs. long-term, charts vs. fundamentals, grains vs. metals vs. currencies vs. indices etc. Thus it is difficult to direct you to specific threads.

Firts step should be reading in this forum and in some good books. (You will find suggestions for good books in various threads.) With the target to find out what you want to trade.

It is not enough to dislike your current job - you need enthusiasm for trading. As you will spend a lot of time with trading you should first find out what kind of trading is interesting for you.

Best regards, Myrrdin

Yes Im very happy to have found this forum with so many succesfull traders.

You are absolutely right, I need to find out what I want to trade.

I have read so many places that TA dont work, and that there is no proof of it working etc.
And a lot of the best arguments comes from supposedly intelligent people.
That has made me very unsure of what I should think about TA, because many traders seems to only use that, and in fact very effectively. What is your opinion on that?

I might be very off here, but my general understanding now is that the more fundamental analysis and the longer the term, the more accurately can you predict the market (combined with charts to see where to enter and exit).
Some of the greatest investors of all time swear by FA, and long term investing?

Personally I would love to trade as much as possible, but not on the expence of success.

I am very sure that I will be obsessed with trading as soon as I see some results.
It dont has to be being profitable in the beginning, just better than yesterday.

What really put me off the last time with the forex was that I didnt think it was posible for a non commercial trader to be succesfull.
I remember reading a thread on one of the biggest forex forums.
Someone asked if there was one single person on the forum who had been persistantly profitable over a long period of time. The thread was many hundred pages long, but not even one member of the forum could claim that.
That combined with all the fake strategy books and youtube videos broke my forex dream

But now after I have read some books about the greatest traders in history and also found this forum I understand that it is actually possible.

Anyway, I will read some more books to get a better understanding of the different commodities
May I ask If you have any personal recommendations?

Thanks in advance!

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  #9 (permalink)
Elite Member
MŁnster Germany
 
Trading Experience: Intermediate
Platform: NinjaTrader, ProRealtime
Broker/Data: NinjaTrader Brokerage, IG Markets
Favorite Futures: FDXM, FDAX, ES, YM, 6B and 6E
 
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Thanks: 413 given, 557 received


Lavrans View Post
Hello German

So what you are saying is that I should distance myself from the money side of it, and dont interfere with the trade.
Just believe in myself and that I have done the right groundwork before i executed the trade?


The belief in your abilities is of course important. But I do not mean that.
I mean that many traders can not handle the big money and suddenly get nervous in the middle of trading.

Are you from Norway? Currently the semifinal Norway Germany is running!!

The biggest risk you can ever take is not betting on yourself!
(Bill Williams)
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  #10 (permalink)
Elite Member
Oslo Norway
 
Trading Experience: Beginner
Platform: Metatrader
Favorite Futures: Corn
 
Lavrans's Avatar
 
Posts: 23 since Jan 2019
Thanks: 31 given, 5 received



OldGerman View Post
The belief in your abilities is of course important. But I do not mean that.
I mean that many traders can not handle the big money and suddenly get nervous in the middle of trading.

Are you from Norway? Currently the semifinal Norway Germany is running!!

Yhea thats what I meant. Sorry If I made myself misunderstood.

Yes I am, I hope you are voting for Norway! hehe

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