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Total newb here...have yet to sign up to a brokerage or charting software supplier nor do I plan on it within the next month. I am looking to become an Eminis S&P 500 trader. At least to start. I've heard this is a good entry point.
I don't want to dive in just yet, however I am ready to get working on the ground work. With not knowing very much about markets, nor the way they react I believe I would be doing my self a disservice jumping in head first. I have the desire, I have the patience and I believe I have what it takes to make it a a day trader.
Cheers to new beginnings and forming new relationships!
Any ideas, suggestions, or helpful thoughts would be greatly appreciated!
Thanks Guys!
Can you help answer these questions from other members on NexusFi?
1. Roughly 2 hours a day. With this building to a full time thing once I feel more comfortable.
2. 5k to start.
3. I am not entirely sure I do not want to gamble and would say per trade I am willing to lose about 5%. Meaning I am willing to lose $250 per trade. I am also not sure of best practices and can't make an honest opinion. At this point I am not even sure what amount I can trade in or anything. I am literally just starting to look into this. This would also be starting number...I may decided to lower the risk until I become more confident in my skills. Which as of right now are next to none.
4. I do not need to win. I would rather succeed. Losses will help me succeed. As long as I learn from them they will become my success.
5. I am willing to talk to those I love about my ups and downs. I've never had trouble letting my family know how I am doing emotionally or otherwise.
6. I am motivated. I am capable of taking hits and powering through. I've read over and over again that in this world you're going to fall and scrape your knees a lot...but eventually I hope to fall less often.
7. I am going to start out slow....I don't want to get dive right in only to be shown the door out within a year. I plan to make a gradual life change to day trading.
Hi Turveyd, 9 years in and getting there, so you might crack it in an instant or it might take a WHILE!! be warned!!
2ndly it's not easy, screen time, screen time and more screen time are key at first, start to learn the way it moves, how it reacts to news.
Demo account, preserve your cash and it's easier to experiment with a clear mind from zero money at risk
Method, you need a find a predictable enough method that works in most market conditions, which you can trust and use LIVE, not just in back testing cheating history. ( that's 5 years gone there LOL )
We all think it's going to be easy and in a few weeks we'll be making more money than god ( he doesn't exist so we do LOL ), but sadly the reality is most of us will fail and it will take years.
So ask yourself, have you got the time / patience to start down this road, I'm hoping the benefits make it all worth while.
Personally, I like the challenge of trading, so I'm happy, it's a hobby.
Welcome to the forum and good luck with starting your journey.
A good place to start would be by watching this if you haven't already: Where to start
You've got a massive learning curve ahead of you. Take it slow,...very slow. Surviving the learning curve with enough monetary and emotional capital to then start making money is half the challenge. Start thinking years,...not months.
