Will you teach your kids to trade? - Traders Hideout | futures io social day trading
futures io futures trading


Will you teach your kids to trade?
Updated: Views / Replies:3,410 / 27
Created: by liquidcci Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Will you teach your kids to trade?

  #1 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Master
Platform: ninjatrader, r-trader
Favorite Futures: CL, NG, TF, NQ, YM, GC, ES
 
liquidcci's Avatar
 
Posts: 862 since Jun 2011
Thanks: 609 given, 1,051 received

Will you teach your kids to trade?

My kids are not old enough to consider but at some point I have thought I would like to pass on my knowledge about trading to my kids. We all know the pitfalls of trading and the hard lessons that must be learned. The hope would be you could teach it to someone and they not have to learn the hard lessons. But we all know human nature and if you have never been burned by the fire your teacher can tell you the fire is hot but until you experience it you will most likely touch it. That being said we also all know the huge benefits to trading or we would not be doing it so I would not want to withhold hard earned knowledge that could benefit my kids.

Would like to hear others thoughts on this subject.

I have time to think about this as I think I want my kids to pursue other things and gain to other skills in life first before I even consider introducing them to this world. That way if they do try it they have other viable career options if it does not work out.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Reply With Quote
The following user says Thank You to liquidcci for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
New York City
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Mirus Futures/ Zenfire
Favorite Futures: ES
 
Posts: 68 since Aug 2009
Thanks: 48 given, 18 received


I believe day trading is gambling so I will discourage it with my kids. This is just my personal opinion of course and you guessed it... I came to this conclusion over many years of failing at it. What I will encourage(if there interested) is swing trading and longer term trades. I believe there is actually an viable edge in this type of trading. (just my humble opinion again)

Think about it, even Big Mike has switched to swing trading and longer term trades(from what I can see). Its not that hard to figure out why.

Its a beautiful thing to have a successful career at something you enjoy doing and also pulling in a second income swing trading.

BTW, Im 37 years old and still have never personally met a full time day trader. Maybe I jsut dont get out much, or?????

Reply With Quote
 
  #4 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,234 received


Paul L View Post
Think about it, even Big Mike has switched to swing trading and longer term trades(from what I can see). Its not that hard to figure out why.

To be clear...

I started trading 17 years ago or so as a swing trader, and did that for about 10 years for side income and was very successful at it. Then when I went full-time, I for some reason started trading futures and got pulled into scalping. I did this for a couple of years and lost a lot of money during that period. Then I slowly found my footing and turned it profitable.

However, in recent years I have abandoned scalping not because it isn't profitable but because it is far more profitable, in my opinion, to just be a day trader or a swing trader.

So I do still day trade, although I am also putting on more and more swing trades, and I do agree with you that they are easier. I started doing it mainly because it was easier and less time consuming, but then I was reminded how much better they were overall and began to question why I was scalping to begin with. Without a good answer, I decided that was answer enough. I do believe scalping is the wrong way to go.

That said, there are others who obviously disagree. It will largely depend on personality traits, not skill as a trader. You have to align yourself with the market and not force one method vs the other.

More here:
https://futures.io/traders-hideout/23792-who-makes-more-money-scalpers-point-traders.html

And this is also relevant to the thread:
https://futures.io/psychology-money-management/3296-support-wife-kids-loved-ones-your-trading.html

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.

Reply With Quote
The following 4 users say Thank You to Big Mike for this post:
 
  #5 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
Posts: 4,128 since Feb 2012
Thanks: 3,780 given, 7,655 received
Forum Reputation: Legendary

Hi @liquidcci and @Paul L

Personally I am thinking that trading is a very personal thing!
Not one to leave to your kids...
Taking risk and taking profits on success means a lot to your
children... being positive or not!
Of course I would love to teach my children my methods... BUT
to have the guts to get positive gains through means having
a lot of experience to stay calm to push the buttons
In other words - it is easier to make the trades personally
than to "teach some family followers"

To sum it up: Take the most OUT of the MARKET

RIGHT NOW


GFIs1

Reply With Quote
 
  #6 (permalink)
Trade Wise, Trade Well!!
Des Moines IA USA
 
Futures Experience: Advanced
Platform: InverstorRT, NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: ES
 
MarketPilot's Avatar
 
Posts: 114 since Oct 2012
Thanks: 86 given, 109 received


GFIs1 View Post
Personally I am thinking that trading is a very personal thing!

I agree that trading is a personal thing. Just as some of us will like to day trade over swing trading. But if the personality and interest seem to be there, I would try to teach my kids. They wonder what I'm doing and I share concepts and overview information already. They are a little young now to consider trading, but I would still try to help them to learn some of the common market lessons but try to accelerate the learning curve over all.

If they don't get my methods or like a different style, then I can't teach it if I don't trade that way.

Trade Wise, Trade Well

John
Reply With Quote
The following user says Thank You to MarketPilot for this post:
 
  #7 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,234 received


liquidcci View Post
Will you teach your kids to trade?

I do not have kids.

But if I did, I would only teach them at a young age - say less than 15 or so. I feel like the perfect time is probably between age 10 to 15 or so. If they are much older than that I wouldn't "teach them" unless they specifically asked and showed a lot of interest, mainly because it can be a painful experience once you are an adult and have established some bad habits. Trading will bring all that out.

For younger kids though I think I would absolutely sit them down and open an account for them (sim at first, then small micro account) and have them put on their own trades and we could talk about them. I think it would be a good learning experience for them and regardless of whether or not they want to continue it when they are older, I think the experience itself as a life lesson would be very valuable.

In the main thread:
https://futures.io/psychology-money-management/3296-support-wife-kids-loved-ones-your-trading.html

You'll find varying opinions on this, mainly in the form of spouse/wife/girlfriend trading along side the guys. While I think it would be "cool" the biggest issue is that they would really have to want it, really be interested, because otherwise it is just going to be a nightmare. Trading is not something you do unless you really want to do it.

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.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #8 (permalink)
Elite Member
New Brunswick, NJ
 
Futures Experience: Intermediate
Platform: N/A
Favorite Futures: N/A
 
Posts: 133 since Jun 2009
Thanks: 46 given, 154 received


Paul L View Post
I believe day trading is gambling so I will discourage it with my kids. This is just my personal opinion of course and you guessed it... I came to this conclusion over many years of failing at it. What I will encourage(if there interested) is swing trading and longer term trades. I believe there is actually an viable edge in this type of trading. (just my humble opinion again)

Think about it, even Big Mike has switched to swing trading and longer term trades(from what I can see). Its not that hard to figure out why.

Its a beautiful thing to have a successful career at something you enjoy doing and also pulling in a second income swing trading.

BTW, Im 37 years old and still have never personally met a full time day trader. Maybe I jsut dont get out much, or?????

I have a different opinion. I will always encourage my kids to try things for themselves and not to avoid doing something just because someone else is telling them that it can't be done and especially not because I failed doing it. I will give them my support and encouragement for anything they want to try and will teach them everything I know, whatever little it is. Even if I failed at something, there are many lessons to learn about what not to do and to learn from my mistakes.

Reply With Quote
 
  #9 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,234 received


Paul L View Post
I believe day trading is gambling so I will discourage it with my kids.

The OP did not mention day trading specifically. Just "trading" as far as I could tell.

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.

Reply With Quote
 
  #10 (permalink)
Elite Member
SF Bay Area + CA/US
 
Futures Experience: None
Platform: Tradestation, Ninja
Favorite Futures: NQ ES & Equities
 
paps's Avatar
 
Posts: 1,512 since Oct 2011
Thanks: 1,972 given, 1,279 received
Forum Reputation: Legendary


I would have hoped someone had taught me to look at key stuff early on & practice / practice n study for years without even real trades. I have had to learn the hard way & losing the shirt No one becomes good at anything in any vocation without application/dedication n sweat....so goes with the markets which is the most complex game in the world.

I however would pass this info on if shown the slightest interest .... as there are some very basic fundamentals which exist from time when markets started....which many ignore or dont look at. This i believe passing on can help the next gen if they aim for this.

lol...my 2cs
s

Reply With Quote
The following user says Thank You to paps for this post:

Reply



futures io > > > Will you teach your kids to trade?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Let's Teach NinjaTrader how to talk Zondor NinjaTrader Programming 45 May 15th, 2016 02:31 PM
Let's teach Sierra Chart how to talk Nicolas11 Sierra Chart Programming 3 August 18th, 2012 04:21 PM
What Gamblers and Weather Forecasters Can Teach Us About Risk kbit News and Current Events 0 May 27th, 2012 03:24 PM
Teach'm How to Fish aligator NinjaTrader Programming 3 January 20th, 2011 02:47 AM


All times are GMT -4. The time now is 10:56 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.14 seconds with 19 queries on phoenix via your IP 54.90.207.75