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Help! A couple questions from a Noob
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Help! A couple questions from a Noob

  #11 (permalink)
Elite Member
Waco TX.
 
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quantismo's Avatar
 
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Asking Honest Questions

I always say its better to ask questions than to keep silent and really screw things up. I would just like to suggest do not even try to trade with real money till you have read about 5-10 of the best trading books suggested here on this site and have watched all the recorded webinars on Big Mike's forum here . The wealth of information you will gain from that kind of experience will help you truly focus on what you have to do to make trading for you work.

Quantismo

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  #12 (permalink)
Elite Member
Berlin, Connecticut/USA
 
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Thanks for your advise! Where would this unbias list be of the top 10 books in trading? Are these books now outdated or does core strategy and philosophy not change? Thanks again..


quantismo View Post
I always say its better to ask questions than to keep silent and really screw things up. I would just like to suggest do not even try to trade with real money till you have read about 5-10 of the best trading books suggested here on this site and have watched all the recorded webinars on Big Mike's forum here . The wealth of information you will gain from that kind of experience will help you truly focus on what you have to do to make trading for you work.

Quantismo


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  #13 (permalink)
Elite Member
Berlin, Connecticut/USA
 
Futures Experience: None
Platform: Unsure but leaning towards NinjaTrader
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Posts: 13 since Oct 2014
Thanks: 3 given, 5 received


Awesome stuff bd92154! Much appreciated for sharing your advice!


bd92154 View Post
jj28west,

Welcome to futures.io (formerly BMT). It is a great site and you have done the right thing and joined as a paying member which you know gives you full access to this site. I wish I had found this site before losing thousands.

Yes there is a misunderstanding, you were not being told no, just that your chances of losing big $$$ were high (around 99.9% IMHO) if you wanted to become a HFT.

There will always be conflicting information about just about anything as long as you have more than one source of information.

I would suggest before putting any money out there: first download NT7, read the over 900 page manual that you can download in PDF version, also sign up for NT7 support site, all this so you can kick the tires before buying.

There are all sorts of things you can do for free with NT7 in SIM mode. Since you are a newbie as you say it is also best to SIM trade first before losing real money in the market. (Yes I confess I did not do it that way and totally regret it now to the tune of thousands.) And after losing I went back to square one and started all over with SIM trading. I'm at square two now with about 98,777 left to go.

What a lot of people don't know is that you don't have to have a paid version of NT7 to get support. The 999 page downloadable PDF manual file that has much of the ins and outs of using and programming NT7. Yes I said programming, but I guess you probably already know that since you have asked about HFT.

Think of NT7 like a big box of Legos (I'd use Erector Set example, but you may have not had one when you were growing up. Made Legos look tame.) Either way though with the Legos you learn how to build your structure, and with NT7 you learn how to make a custom trading platform that works for you. There are indicators that you can either program yourself, buy, or download for free most of the time. I have been using NT7 now for over three years and have just scratched the surface of learning about the platform. Since NT7 is written in C# and fully configurable, and they even claim you are only limited by your imagination with what you can do with NT7. Last night I was reading a thread on futures.io (formerly BMT) about a person that was programming NT7 to behave like a paint program, while he was toying with the idea of creating a heat map for the market.

So don't wait any longer. Attend a few webinars. Download NT7 and Welcome to futures.io (formerly BMT).


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  #14 (permalink)
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Posts: 13 since Oct 2014
Thanks: 3 given, 5 received

I have read different studies claiming that my chance of being successful in this business is 10-13%.

There are so many variables that I dont see this being a strong argument.

I am already impressed with the strong pitfall prevention advice I am getting so I do not fall into the 87% fail category statistic!

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  #15 (permalink)
Market Wizard
Cleveland Ohio/United States
 
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jj28west View Post
Thanks for your advise! Where would this unbias list be of the top 10 books in trading? Are these books now outdated or does core strategy and philosophy not change? Thanks again..

I would aim for 20-30 books. Some of the best books I have read aren't the best sellers. The idea is just to read about trading. Some books will be bad, some good. Some will give terrible advice, some will give excellent advice. But if you read without judging the book, you'll soon figure out 1) what is true in trading, and what is fiction, and 2) what kind of trading you might like. You'll also learn a ton along the way.

I you have a good local library system, get all the trading books you can from it. That is a cheap education.

Then you can always buy the books that really speak to you.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #16 (permalink)
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Big Mike's Avatar
 
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A lot (too many) of books focus on some older aspects of trading, that maybe worked 10-20 years ago, but less so today.

So personally, if you are reading a book, I would encourage you to make sure it isn't about a methodology. Hint: no charts. Better to read about risk, psychology, crowd behavior, auction theory, but not about some specific kind of method.

I also would have to strongly encourage you to watch the webinars on futures.io (formerly BMT). I cannot think of a better source of useful information, and there are something like 200 of them.

Last, this thread:

https://futures.io/elite-circle/11125-ask-any-trading-question.html

Is probably the single most valuable thread on the entire site when read by a new trader. The idea is to read what everyone else is doing and then try to understand that is likely to fail, and try to skip the same mistakes. Understanding, a lot of mistakes you simply must experience for yourself -- but hopefully the thread will shorten your learning curve.

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.

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  #17 (permalink)
Elite Member
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The best way to learn NinjaTrader is the help manual like many of you stated? Is there a good training video for Big Dummies?

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  #18 (permalink)
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jj28west View Post
The best way to learn NinjaTrader is the help manual like many of you stated? Is there a good training video for Big Dummies?

Several webinars on futures.io (formerly BMT). Search for NinjaScript or Programming in the webinar archives.

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

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