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New trader needing help.
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Created: by bb7000 Attachments:0

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New trader needing help.

  #11 (permalink)
Hi Mom!
Bridgeport, Ct
 
Futures Experience: Intermediate
Platform: Sierra
Favorite Futures: Gold, Oil
 
TheShrike's Avatar
 
Posts: 365 since Jun 2012
Thanks: 1,027 given, 472 received


bb7000 View Post
Thanks Guys. I'm now playing on Demo account. Just trying to figure all this out. Thanks for all the advice.

Also, consider purchasing an elite membership to the site. It is definitely worth the money.

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  #12 (permalink)
Elite Member
San Antonio, Tx
 
Futures Experience: None
Platform: Ninja Trader
Favorite Futures: Futures
 
Posts: 7 since Apr 2015
Thanks: 0 given, 3 received


TheShrike View Post
Also, consider purchasing an elite membership to the site. It is definitely worth the money.


I think I already did that. I'm thinking I paid $100 if that's the same one. Like I mentioned I'm new to everything and just exploring things that might assist me. I'm not trying to make thousands a day just shooting for around 100 to get started. Lol. I'm a police officer and just trying to Make a little extra on the side. Only can trade about 1-2 days a week. Thanks Again!

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  #13 (permalink)
Elite Member
Salt Lake City, UT
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Dormans/Zen-fire
Favorite Futures: 6E ES YM
 
Posts: 233 since Mar 2010
Thanks: 46 given, 321 received


learn what fundamentally moves the market - buyers, sellers, fear and greed

There are only 3 ways it moves; up, down and sideways

There are 3 market positions you can take; long, short and not-in

learn to identify buyers and sellers motivations and intentions, not just sellers lured in by buyers or buyers lured in by sellers who are being setup to loose

if you see cause but no effect - something is up, look again

if you see effort and no results - something is up, look again

realize you are insignificant in the market, it is moved by large players; go with them not against them and many times large players do not want to be obviously identified until after the fact and thus hide very well in the crowded market, but they do move fast.

watch what happens to price/volume at "obvious" locations; todays high, todays low, todays open, yesterdays close, swing highs, swing lows - bollinger band edges, moving average crosses, common well known indicator signals - it is not driven by prediction or some mathematical equation - is driven by human decisions, it's a simple game that is highly over-thought, mastered by few.

Like in chess, an edge is gained in identifying your opponents strategy

it's never exactly same, but it is close and close can be close enough

understand what "trapped" traders are and what happens when they panic

most importantly don't let emotions weigh in on your decision making - this is very difficult - when your wrong get out.

This game is not about hope as in "I hope it comes back into profit". You are either right or get out. With that said it may need some time to play out so there is a definite balancing act to master.

Learn your market, how it behaves, how it tics, how it moves, based on time of day, before reports, after reports, time of year, how it feels, it's pace

You can only control you, you can not control the market and the market can not get you. Only you can get you.

while you can not predict you can anticipate

figure out how you trade, how you tick, how you think and stick to your plan, if it is the same as someone else's plan great, but this is very personal and most likely what I am comfortable with you will not be and think I am crazy

and finally practice, practice, practice, document, review and repeat - you will know when to go live


Last edited by tulanch; May 19th, 2015 at 12:11 AM.
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  #14 (permalink)
Elite Member
Memphis TN
 
Futures Experience: None
Platform: MB Trading
Favorite Futures: 9x19
 
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Answer
This post has been selected as an answer to the original posters question Answer


bb7000 View Post
I think I already did that. I'm thinking I paid $100 if that's the same one. Like I mentioned I'm new to everything and just exploring things that might assist me. I'm not trying to make thousands a day just shooting for around 100 to get started. Lol. I'm a police officer and just trying to Make a little extra on the side. Only can trade about 1-2 days a week. Thanks Again!

I would read Big Mike's "ask me anything" thread. Many people just like you would send in the same questions over and over. It's about 90 pages long, so here are the cliff notes: don't start with futures, try equities or etfs (especially if you can trade only one or two days a week); trade real money not sim; you need an edge and it won't come from a book or indicator, only your experience forged through trial and error.

You can certainly do it, and everyone has to start somewhere, but I think any trading education has to begin with the understanding of how truly difficult it is to consistently make money in the markets. The 5 or 10% who are profitable get their money from the other 90-95%. How do you move from the latter to the former? Do you have what it takes?

Someday, and that day may never come, I'll call upon you to do a service for me.
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  #15 (permalink)
Elite Member
Mother Earth
 
Futures Experience: None
Platform: Ninja Trader 7, MT 4
Favorite Futures: Forex
 
jupikseliga's Avatar
 
Posts: 158 since Feb 2012
Thanks: 110 given, 86 received

# u need control emotions
# forget on indicators
# trade patterns set ups
# be smarter than other

Thats all u need to learn

Share your experience , it always returns back to you
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  #16 (permalink)
Elite Member
Bend, OR
 
Futures Experience: Intermediate
Platform: Sierra Charts, TOS
Broker/Data: TOS, Global Futures/OEC
Favorite Futures: CL, GC, NG, YM, 6E, ZN
 
Tap In's Avatar
 
Posts: 913 since Feb 2013
Thanks: 2,069 given, 1,860 received


bb7000 View Post
I think I already did that. I'm thinking I paid $100 if that's the same one. Like I mentioned I'm new to everything and just exploring things that might assist me. I'm not trying to make thousands a day just shooting for around 100 to get started. Lol. I'm a police officer and just trying to Make a little extra on the side. Only can trade about 1-2 days a week. Thanks Again!

First off, thank you for what you do. You folks don't get enough credit.

Second, read everything this guy writes:

https://futures.io/index-futures-trading/34908-trading-sla-amt-intraday.html

He posts on several forums under the same name. It is the simplest way to go. And for goodness sakes, stay in sim until you've "got it". You'll save yourself a lot of money!

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  #17 (permalink)
Trading Apprentice
New York
 
Futures Experience: Advanced
Platform: IRT
Favorite Futures: Piano
 
Posts: 43 since Dec 2013
Thanks: 2 given, 31 received

Go to Jigsaw trading and save yourself years.

mpx

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  #18 (permalink)
Elite Member
Raleigh NC USA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: FXCM, NTB
Favorite Futures: YM, CL, EUR/USD
 
Posts: 67 since Jan 2013
Thanks: 75 given, 77 received

Welcome to futures.io (formerly BMT)!

I don't want to disillusion you, but I want to be honest: It may take you years before you ever see any profits from trading. It's important to accept that because the journey will become unbearable (and expensive) quickly if you try to force the speed of your learning, process, etc. (But don't give up! Some people find success more quickly and you might be one of them)

With that said, I think you definitely can make extra money trading a few days a week. futures.io (formerly BMT) is full of successful traders with lots of experience to share. (For the record, I'm just now finding some success after about 3 years of full-time study/practice)

Here's what I'd recommend based on my own experience:

1. Learn the fundamentals, and try a few different methods.
2. Pick one method that 'speaks to you' after you've tried a few and stick with it for at least a year. Don't add anything to it, or take away from it. It takes time to really know if it's "the one" for you.
3. Do NOT trade futures unless you have a lot of money while you're learning. Even then, it's probably better to trade a less expensive market like forex, stocks.
4. Once you have a strategy and some knowledge, you'll probably find that you need some help with your psychology. At that point, you'll have to learn about that aspect as well.

Based on that, here are a few recommendations:

For fundamentals, the first few chapters of "Mind Over Markets" is pretty standard reading.
http://www.amazon.com/Mind-Over-Markets-Generated-Information/dp/1118531736/ref=...ywords=mind+over+markets

You could read the whole book if you're interested in Market Profile. I personally am not/did not. I prefer price action, and I spent a long time studying the work of Al Brooks. He has some free webinars on futures.io (formerly BMT), if you're interested.

I'd also spend some time just watching all the futures.io (formerly BMT) webinars in general. That will give you a broad overview of all the different methods/ideas out there.

What should you trade? What timeframe?

Since you only have a few days a week, you might be better served by trading daily charts in either stocks or forex vs. intraday trading. You could spend a few hours (or less for some people) each night reviewing your trades and new opportunities. But while you're learning, trade very, very small. You can always increase your volume once your skill and equity has grown

If you choose that route, I'd recommend trading just 100 shares of a stock, or 1,000 units of forex for a while. Once you're starting to see success, you can gradually ramp up the volume to increase profits.

That's all based on my personal experience. You might be very different from me and need a different path. But hopefully sharing my experience can save others some money and tears

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