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Reading your post reminded me a lot of how I was when I started down this path almost 4 years ago. Good thing is that you are at the right place at futures.io (formerly BMT) in the beginning and unfortunately I wasn't. I hope I can help you.
The big picture is that, becoming a successful trader is a 2 part process:
1. Finding an edge in the markets.
2. Having the psychological requirements to executing that edge.
The first step is the easy one. The second one is the hardest.
What you are attempting to do now by reading books or going through the OTA videos is part 1 above - finding an edge. Once you find something that works in theory FOR YOU, you will have to start executing it without putting your own money at risk until you are absolutely sure that it works. 2 ways to do this - one is to use a simulated account and the other is to use something like a Topstep Trader combine which makes is as close to trading cash as possible for a small premium.
Once you can consistently - day after day - week after week - trade it the same way and prove that it made paper money, you will be ready to start trading it using real cash.
I will try to address some of your questions:
Try giving it at least a year until you find an edge that works FOR YOU because what works for someone else will likely not work for you - it can be a starting point for you but you will have to make it your own. I havent come across 2 traders that trade the exact same way. The real battle with yourself will begin after that. Dont quit your job unless you are absolutely sure you have an edge and the psychology to execute on it.
I too am an engineer and that is a curse more than a blessing when it comes to trading because we tend to think of things in absolutes, as either black or white, either 0 or 1 and a whole lot of gray is required to be understood when it comes to trading. I paid for the OTA course and attended it live in person for 7 days. My recommendation is to throw it away. Its useless, even for a beginner. You can learn way more from a book.
Yes, there are lots of books that have great info. Mark Fisher's The Logical Trader, Jim Dalton's Mind over Markets. Read Schwagers Market wizards books (not about trading in today's world but good interviews with successful traders and how they met their challenges in their time). I am sure there are more. These are a good start off I think.
The best resource is right here. Spend as much time at futures.io (formerly BMT) as possible. There are tremendously talented traders here sharing their thoughts and actions every day several times, some of them post their trades as they take them. Follow their threads, see what they look at, if you dont understand anything, search for it, if you still dont find it, ask. The more time you spend here, the better off you will be. There is no other online resource better than this forum. Learning to trade is like going to live in another country that has its own culture, language, customs etc. You cannot learn it in a few days, the more you mingle with the people, the more you look around and ask questions, the faster you will start feeling at home.
Before you decide to spend your money on a vendor promising you the holy grail, check here at futures.io (formerly BMT), search the threads and if nothing comes up, ask questions.
Hope this helps.
Can you help answer these questions from other members on NexusFi?
Forgot to mention. I am not yet consistently successful at trading. Still breaking even after almost 4 years. Maybe you are smarter and can get to where I am in 1 or 2. My point is, think of any profession that you know of and the time required to study and practice to acquire the skill to go out and be successful at it. Trading is no different.
Looks like the OP "IndusDolphin" got banned for vendor spam (?) ; Does this mean he was a prior banned vendor
trying to create a post count? anyways.
Ugh, OTA, definitely stay away , heard horror stories. And not just our favorite old "oil academy" OTA either.
For beginners, without the hassle of forex problems, the YM is decent. $5 per tick per contract. and enough liquidity during regular session hours as it's the mini-Dow Jones futures.
So what is the problem with Forex? Is it good for begineers? I was going through a webinar by Mike and he is actually recommending forex for the begineers? So am I missing something here?
True, NQ has the same $5 tick value but at .25 per tick like the ES. YM in general has a higher daily range of ticks i.e. more ticks to gain trading from movement.
Forex is good for beginners because one can control their risk with much more variable lot size often on micro. However, the spreads and lagging can be widely variable depending on broker and service. And it's a hassle to trade on mt4 and only a few brokers support forex on Ninjatrader.
Is there an online training that I can take to shorten my learning curve? There are tonnes of trainings out there but I don't know which one is the best.
I would like to mention that I recently lost my job and am in process of giving interviews. So while I am waiting for the right job offer, I would like to invest this time wisely by investing the entire day to get the training. Because once I start my job, I will be reading and learning in the evenings and weekends only. So I think this is the best time to learn.
I am in Toronto and the continuous education department of university of Toronto is offering 4 courses on day trading. Would that be helpful? I don't know if I can put the links here as I got banned last time to sharing the links.
