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Hi! How do I get started?


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Hi! How do I get started?

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  #1 (permalink)
Auckland
 
 
Posts: 3 since Jul 2015
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Hi there!

I'm a complete newb to trading, but came across your forum a couple of times while investigating Emini Trading Academy and the Day Trading Academy. The comments on this site seemed really well reasoned and genuine, so I've come back to see what other gems you might have.

After poking around for a few hours I'm sorry to say I'm pretty lost on how to get started with trading.

The community here seems very skeptical of various youTube videos and training websites, but I can't figure out what the alternative is. What does futures.io (formerly BMT) recommend for an honest introduction to trading?

I guess what I'm after is a bit of a road map. I don't like to sign on for things before getting a full idea of the costs and risks. But as an outsider, I don't know who to trust and what training options actually do what they claim to do...

Can anyone recommend a course, or a series of videos, or books that can take me from zero to semi-functional trader? The more comprehensive the better, but preferably with fixed costs and clear progressive milestones.

Thanks for any and all feedback!

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  #3 (permalink)
Phoenix AZ
 
 
Posts: 470 since Dec 2012



jaredmason View Post
Hi there!

I'm a complete newb to trading, but came across your forum a couple of times while investigating Emini Trading Academy and the Day Trading Academy. The comments on this site seemed really well reasoned and genuine, so I've come back to see what other gems you might have.

After poking around for a few hours I'm sorry to say I'm pretty lost on how to get started with trading.

The community here seems very skeptical of various youTube videos and training websites, but I can't figure out what the alternative is. What does futures.io (formerly BMT) recommend for an honest introduction to trading?

I guess what I'm after is a bit of a road map. I don't like to sign on for things before getting a full idea of the costs and risks. But as an outsider, I don't know who to trust and what training options actually do what they claim to do...

Can anyone recommend a course, or a series of videos, or books that can take me from zero to semi-functional trader? The more comprehensive the better, but preferably with fixed costs and clear progressive milestones.

Thanks for any and all feedback!

If I may, the first thing you need to do is decide what kind of trader you want to be.

The second is to decide what you're going to trade and when you're going to trade it.

The third is to develop your system.

It is work. There's no denying that. The good news is that it needn't cost you a dime until you're ready to open up a brokerage account and begin trading.

The attached pdf will guide you:

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Hi! How do I get started?-developing-plan2015.pdf  
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  #4 (permalink)
Bloomington
 
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I started by reading books I found at the book store. For inspiration I read interviews with traders. Market wizards and new market wizards. Also one of the best I read was Alexander Elders books, particularly the new trading for a living. I'd download ninjatrader and do some sim trading using end of day data. All free except the books. Find anything available free. Podcasts, webinars, iTunes vids. Avoid, for now expensive subscriptions and courses because all of that information can be found free online if you take the time to look. Eventually, after absorbing enough free info and with your experience with sim trading you'll probably want to consider coding strategies so you can backtest and have more certainty about your approach or methodology. You need to know if there is a positive statistical expectancy to your system. As a newbie I would avoid futures but consider forex because you can trade small with very small commissions. Plus you can scale up to higher leverage later as you grow. I hope that helps.


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  #5 (permalink)
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I'm going to recommend a different approach from the usual. Let's look at the steps you would take to become a professional golfer (or any performance based endeavor) and let's try to translate those steps into trading.

1. Learn and understand the rules
2. Get the appropriate equipment
3. Learn the basic mechanics
4. Practice in a controlled environment
5. Evaluate your performance
6. Apply steps 4 & 5 in real time
7. Find mentoring or education
8. Repeat previous steps for as long as it takes

In trading it would translate to:

1. Learn the terminology (margin call, short, long, risk-on, risk-off, trade management, etc)
2. Acquire a trading platform and brokerage account
3. Learn your platform (place a trade, manage your trade, close out trade, etc).
4. Practice in SIM placing some trades. Treat them as closely as possible to real-life, no 5,000 lot trades.
5. Record everything in a journal (observations, emotions, everything).
6. The reality of how difficult trading should be apparent if you followed all the steps so far. Get some skin in the game and open a small real money account and watch how different it is with actual money on the line.
7. Read books, watch the webinars in the Elite section, ask questions in the forum (everything you need to become profitable is already in this forum, no need to pay for a trading room).
8. Repeat about 1 million times the steps of failing, recording, learning, and applying until proficient.

In trading, shortcuts lead to the longest path possible.
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  #6 (permalink)
San Tan Valley, AZ/USA
 
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We ONLY retain learned knowledge in context.

This means to understand what a short is, get on a demo acct and see it in action, by doing it yourself.

To understand what a margin call is, get on a demo acct, and let a massive trade go against yourself, and don't close it until it margin calls. Incidentally, you'll also learn about stop-loss, money management, and what the emotional roller-coaster feels like.

To iterate, learning is best done in the context/application of what you're learning. Get in the driver's seat and smash into some walls.

What develops true skill isn't a repertoire of "how to do it correctly", but rather "how NOT to do it". So put on a helmet and wreck yourself a bit.

Also, see one, do one, teach one. Learn it, do it, then explain it to someone like they're five. Repeat the first two steps until you can do the last.

Start accepting the fact that this is going to take you a really long time, and be ok with that. For motivation and evidence, read Mastery by Robert Greene.

-Jimmy

P.S. Assume you're always wrong, then you will always be learning.

-Jimmy
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  #7 (permalink)
Legendary Market Wizard
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Just consider a long learning curve - and lots of drawdowns while you want to step forward
into your "consistent" earning quickly. Also keep in mind that it costs you money, nerves and a lot
of time. And it is finally a very lonely job.
This is not a warning - just a fact.
If you can't afford to study the details of your markets, your tools and your instruments
FOR at LEAST TWO YEARS then:
Better stay at the sidelines.

Read the complete stories here on futures.io (formerly BMT) from people who tried it and failed...
Maybe it helps you to get the bigger picture of trading.

GFIs1

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  #8 (permalink)
Market Wizard
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The Course - The Art and Science of Trading

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  #9 (permalink)
Cancun, Mexico
 
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jaredmason View Post
The community here seems very skeptical of various youTube videos and training websites, but I can't figure out what the alternative is. What does futures.io (formerly BMT) recommend for an honest introduction to trading?

#1 - Watch the market for several years.
#2 - Watch it for a few more.
#3 - Then trade.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #10 (permalink)
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Not that I want to start a debate, but I disagree with the general idea that any new trader should wait years before actually trading; standing on the sidelines "watching "the market. The amount of time to wait, study, observe is dependent on the individual. Getting started in the Sim training at the beginning is fine, but at some point getting started with a small account perhaps with forex with a few hundred is a good first step. I don't recommend spending thousands to take courses when any resourceful person can get 90% market knowledge free online or through books and videos.


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  #11 (permalink)
Phoenix AZ
 
 
Posts: 470 since Dec 2012


ShruggedAtlas View Post
Not that I want to start a debate, but I disagree with the general idea that any new trader should wait years before actually trading; standing on the sidelines "watching "the market. The amount of time to wait, study, observe is dependent on the individual. Getting started in the Sim training at the beginning is fine, but at some point getting started with a small account perhaps with forex with a few hundred is a good first step. I don't recommend spending thousands to take courses when any resourceful person can get 90% market knowledge free online or through books and videos.


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I agree that it needn't take years. The observation period need take only weeks.

But unless and until the trader knows what he's looking at, he won't know what to look for.

If he doesn't know what to look for, he won't recognize a trading opportunity when it presents itself.

If he doesn't recognize a trading opportunity when it presents itself, he will be making essentially random trades.

This generally does not work out well.

The first step is not to start trading and develop a pattern of losing behavior.

The first step is to understand just what it is that he's looking at, i.e., why does price go up and down, followed by where and when and how. If the trader does not understand why price goes up and down, he will never be able to trade with confidence. If he can't trade with confidence, he will never enjoy consistent success.

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  #12 (permalink)
Cancun, Mexico
 
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ShruggedAtlas View Post
Not that I want to start a debate, but I disagree with the general idea that any new trader should wait years before actually trading; standing on the sidelines "watching "the market. The amount of time to wait, study, observe is dependent on the individual. Getting started in the Sim training at the beginning is fine, but at some point getting started with a small account perhaps with forex with a few hundred is a good first step. I don't recommend spending thousands to take courses when any resourceful person can get 90% market knowledge free online or through books and videos.


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After you waste 1000s of dollars trading and are ready to put in some serious learning screen time, we can talk again.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #13 (permalink)
Cancun, Mexico
 
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DbPhoenix View Post
I agree that it needn't take years. The observation period need take only weeks.

WEEKS? That must be one of the most absurd statements I ever read, after more than a decade of trading and watching the markets.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #14 (permalink)
Phoenix AZ
 
 
Posts: 470 since Dec 2012


Anagami View Post
WEEKS? That must be one of the most absurd statements I ever read, after more than a decade of trading and watching the markets.

Of observation time? Before beginning to formulate preliminary hypotheses? Yes. It took much longer when I started in the 70s, but that was before computers and digital charts and replay. Nowadays, if one employs replay and is interested only in the first 90-120m, he can go through a week in an evening.

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  #15 (permalink)
Auckland
 
 
Posts: 3 since Jul 2015
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Hey, wow - thanks all for the great comments so far!

A couple of points I'm hearing is 'download Ninja Trader' and 'everything you need is available for free'...

I installed NT and set up the demo feed. Now I'm staring at some blank pages, so any more specific advice on the basic act of setting up a chart, or making a trade would be most helpful.

In terms of all the free stuff out there, could anyone be more specific? I've already spent 20hrs digging into trading over the past 3 days and would say 80% of that time was a total write-off. I've consumed numerous videos and articles that I've since found out are rubbish, so if I just keep on googling according to my own limited understanding I'm pretty sure I'm destined to waste even more time.

One course I had been considering is Al Brooks Price Action video series. I know it costs, but basically, if its good value and will allow me to spend less time searching and more time learning quality information, then I consider that an effective use of my resources.

Otherwise, are there any particular websites or YouTube channels or whatever else that have good starting points for beginners? Particularly any kind of series, or structured outline to get me started in the right direction... then once I have a framework I will be better informed to start researching and filling in my own gaps.

Thoughts?

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  #16 (permalink)
Auckland
 
 
Posts: 3 since Jul 2015
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DbPhoenix View Post
If I may, the first thing you need to do is decide what kind of trader you want to be.

The second is to decide what you're going to trade and when you're going to trade it.

The third is to develop your system.

It is work. There's no denying that. The good news is that it needn't cost you a dime until you're ready to open up a brokerage account and begin trading.

The attached pdf will guide you:

Thanks for this article - I'm two thirds through, but certainly an interesting read.

Unfortunately, I'm not sure I feel comfortable with my knowledge level to even answer these questions...

I know I live in New Zealand time zone and have a 9-5 job. But all of the other stuff I'm really waiting to get a better understanding of before I try and commit one way or the other.

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  #17 (permalink)
Phoenix AZ
 
 
Posts: 470 since Dec 2012


jaredmason View Post
Thanks for this article - I'm two thirds through, but certainly an interesting read.

Unfortunately, I'm not sure I feel comfortable with my knowledge level to even answer these questions...

I know I live in New Zealand time zone and have a 9-5 job. But all of the other stuff I'm really waiting to get a better understanding of before I try and commit one way or the other.

These questions are deceptively simple. I've known traders who've gone on for years without ever addressing the question of what kind of trader they want to be. An answer -- even a half-baked one -- requires a minimal level of self-examination.

But as for observation, perhaps the most basic question is whether price is moving up or down or sideways. If you can't tell, then you have your work cut out for you.

Price has only two states available to it: trending (moving up or down) and ranging (moving sideways). If you look at a weekly chart of whatever (stockcharts.com or bigcharts.com are good sources), you should find it easy to tell whether it is rising or falling or doing neither. A weekly chart of the NQ, for example, has been rising since June '13. But if you don't want to trade a weekly chart, you'll want to look at a daily, at least. The weekly chart shows you that price is rising. The daily chart also, necessarily, tells you that price is rising. Just not all the time.

So when price stops rising on the daily chart, does it go sideways or does it reverse? Where? How? Under what conditions? How far does this reversal, if any, go? Why? If price is moving sideways (ranging), how long does this last? When price stops ranging, does it leave the range to the upside or the downside? How far does it go? When does it fall back into the range? When does it take off without ever looking back? What are the conditions that define either of these outcomes? How can you take advantage of the "tells" to execute a profitable trade?

These questions will have to be answered eventually. If they are answered at the beginning, the trader saves himself a lot of time and a great deal of money. The longer they are postponed, the more time is wasted, the more money squandered, the more useless information there is to be unlearned. And of course there is the problem of the fear that has by now eroded the trader's confidence.

Incidentally, as you have a 9-5, there's no reason for you to be concerned about real-time streaming charts. Your chief concern is replay. If you have NT downloaded, contact them via email and ask for help in setting it up, particularly the replay function. It's not the most user-friendly interface I've ever seen, but loads of people love it. I'm sure there are threads here that explain how to go about doing what you want to do.

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  #18 (permalink)
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jaredmason View Post
Hey, wow - thanks all for the great comments so far!



A couple of points I'm hearing is 'download Ninja Trader' and 'everything you need is available for free'...



I installed NT and set up the demo feed. Now I'm staring at some blank pages, so any more specific advice on the basic act of setting up a chart, or making a trade would be most helpful.



In terms of all the free stuff out there, could anyone be more specific? I've already spent 20hrs digging into trading over the past 3 days and would say 80% of that time was a total write-off. I've consumed numerous videos and articles that I've since found out are rubbish, so if I just keep on googling according to my own limited understanding I'm pretty sure I'm destined to waste even more time.



One course I had been considering is Al Brooks Price Action video series. I know it costs, but basically, if its good value and will allow me to spend less time searching and more time learning quality information, then I consider that an effective use of my resources.



Otherwise, are there any particular websites or YouTube channels or whatever else that have good starting points for beginners? Particularly any kind of series, or structured outline to get me started in the right direction... then once I have a framework I will be better informed to start researching and filling in my own gaps.



Thoughts?


Free stuff includes most of the webinars on futures.io (formerly BMT), go to your local library and check out virtually any (all) technical analysis books. Or have a coffee at your local bookstore and read them all for free (minus the coffee). This will take you several weeks to get through while at the same time you are also reading through the exhaustively extensive ninjatrader videos and help files freely available that show you in painstaking detail how to get past those blank pages your seeing. Dude, seriously, you need to be able to find, read, and understand the basic help info ninja trader provides for free or honestly your not cut out to do real trading. Absorbing the basics of TA will take an average person a few weeks to 3 months. Understanding NT will take hardly more than a week. All the info to get you started is free. Once you are at a point where you have enough info and you begin sim trading based on the free knowledge you've learned you *should* begin to make your own independent decisions about how to trade. You'll be able to weed out the garbage and focus on what works- for you.


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  #19 (permalink)
San Tan Valley, AZ/USA
 
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I concur with the sentiment that standing idly by is an inefficient means of learning, with a catch - after first observing what does what, then get in there and start experimenting a bit.

We are creatures of the scientific method, it's a natural instinct. Build a rough hypothesis, then test it. Do that over and over until your results match your hypothesis.

Get some skin in the game, but don't sabotage yourself either.

Think of each respective market as a living, breathing organism. Get to know its moods, its temperament, its overall demeanor.

Treat it like a strategy game, like chess - you can eventually figure out what moves your opponent will make, but you can't ever be 100% sure. The trick isn't to figure out what they're going to do right before they do it, but know 5 moves before they do it.

Remember: this game can be fun!

-Jimmy
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Colby, KS
 
 
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I opened this thread expecting a lot of hate about someone asking "how to trade" i'm really glad you guys have responded well, and in turn given me, a complete outsider some real things to work over and learn with. Thanks!

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  #21 (permalink)
London
 
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I find it's best to let your mind naturally wonder and let your curiosity take you to where it wants to go.


This is how I started. I looked at a very simple strategy involving MACD's and Moving Averages (Top Dog Trading). I applied this to a a few products (a few indices, commodities and fx) and a number of different charts (tick and fixed interval time charts with various fractals). I scrolled through the charts, identifying and marking entry and exit points. As chartists we are looking at a visual representation of accumulated human behaviour, and therefore I think one of the most important things is to be looking at something that is 'easy on the eye,' something that flows. Something that I find is easy on the eye will be different from something that you find easy on the eye, it has to be something that works with your unique mindset. For me, within a few weeks it quickly came apparent the answer was CL in various fractals (50 up to 2000), so I decided to purely focus on this. I continued for a few months just scrolling through masses of historical data, and no doubt within that time you will observe patterns, price structures and eventually formulate your own concepts about price. I was no longer using any indicators, however I have to credit the basic strategy I was initially using in helping me dive in.


And then you can start doing what, be in no doubt, is the very best thing about this job - putting your own ideas into action.

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Thanks guys! Adam Grimes is great

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  #23 (permalink)
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jaredmason View Post
Hi there!

I'm a complete newb to trading, but came across your forum a couple of times while investigating Emini Trading Academy and the Day Trading Academy. The comments on this site seemed really well reasoned and genuine, so I've come back to see what other gems you might have.

After poking around for a few hours I'm sorry to say I'm pretty lost on how to get started with trading.

The community here seems very skeptical of various youTube videos and training websites, but I can't figure out what the alternative is. What does futures.io (formerly BMT) recommend for an honest introduction to trading?

I guess what I'm after is a bit of a road map. I don't like to sign on for things before getting a full idea of the costs and risks. But as an outsider, I don't know who to trust and what training options actually do what they claim to do...

Can anyone recommend a course, or a series of videos, or books that can take me from zero to semi-functional trader? The more comprehensive the better, but preferably with fixed costs and clear progressive milestones.

Thanks for any and all feedback!

Be patient, follow your rules, and stay disciplined and always pick yourself up when you lose, because you will lose! Set yourself up for success with your risk reward.
hope this helps!

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  #24 (permalink)
Nashville, TN/USA
 
 
Posts: 11 since Aug 2015
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jaredmason View Post
Hi there!

Can anyone recommend a course, or a series of videos, or books that can take me from zero to semi-functional trader? The more comprehensive the better, but preferably with fixed costs and clear progressive milestones.

Thanks for any and all feedback!

Jared, I'm a beginner at swing trading myself. I spent probably over a year just working with learning how to build models in amibroker, and familiarizing myself with issues of model building (esp. survivorship bias, curve fitting), and tried out a lot of not-so-good ideas until I landed on some things that worked. I read alot of academic papers on pricing anomalies, like momentum, value, volatility and incorporated those ideas to various degrees. I'm using amibroker to model, and found books by Howard Bandy very helpful, as well as books by Connors Research (I found the "High probability etf trading book" had useful ideas), and a book by Van Tharpe on mindset (I think it was "Trading your way to financial freedom" that was good). Also, check out the "Better System Trader" podcasts. Lots of good talks with pros, some legendary, there.

As a beginner, I'd say don't be in too big of a hurry until you struggle with it. There are lots of pitfalls. Keep your trading amounts small until you're comfortable with what you're doing because in live trading you'll uncover a lot of things you hadn't anticipated, and that will inform how you modify your models.

EDIT: and I would agree with comments to think seriously about what kind of trader you want to be - and "can" be - and build your systems/process around that. I didn't want to have to watch screens all day, so that helped determine how I needed to build my systems. I also am psychologically more in tune with certain types of trades, so that's what I focused on. It is said that a good system you can stick with is far better than a great system that you can't stick with.

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  #25 (permalink)
Bratislava, Slovakia
 
 
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A few replies have been already added, but maybe it will help you how I started. Simple - reading. Not only books, but also articles on internet, discussions, forums, etc.. You will find out what interests you the most and then you can concentrate on that set up demo accounts, try what you want and after some time you will find out if it is something you want to dedicate your time, good luck

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  #26 (permalink)
Ft. Lauderdale
 
 
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adam h grimes free course

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  #27 (permalink)
Surat+Gujarat/India
 
 
Posts: 25 since Jul 2014

There are various source where you can get knowledge first, next step is to find an appropriate broker and practice trading with Demo. I have started trading with my current broker since 3 years and have gained knowledge while practicing trading for 6 months and now I am trading happily.

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  #28 (permalink)
Market Chamois
Chicago, IL
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
 
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DbPhoenix View Post
Of observation time? Before beginning to formulate preliminary hypotheses? Yes. It took much longer when I started in the 70s, but that was before computers and digital charts and replay. Nowadays, if one employs replay and is interested only in the first 90-120m, he can go through a week in an evening.

Wow wow wow this is a very VERY dangerous comment......... Replay is nothing like the real market it may serve as a way back test something at sped up setting. I feel its has about a 5% usefulness. One can gain an understanding of their platform and how to place orders.

But the idea of obtaining "weeks" of insight in the workings of the market in one evening is complete and absolute nonsense/absurd/ridiculous/crazy/reckless/incorrect/implanting of wishful thinking for selfish reasons/immature/misleading/folly/hogwash/madness/a joke and exactly the wrong thing to be told when starting out in this business.
Ron

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #29 (permalink)
SF Bay Area + CA/US
 
Experience: None
Platform: TS, TOS, Ninja(Analytics)
Trading: NQ CL, ES when volatile mrkts
 
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hi there @jaredmason ...not so active...just came across this.

what will and is helping me is what i pen. it might be different for others.

there is a good chance that a good course/book will only give a blueprint. however the blueprint needs to be well understood by the trader himself...and in the heat of the moment determine when a stop needs to be put if blueprint not working that day.

at the heart of the market is balance/imbalance...liquidity. if one can understand this...one can do well. market internals is also a good reference if trading the us markets...but understanding when internals not conforming is key. it all boils down to Order Flow & liquidity in my 2cs.

i am using OF to determine if am correct or wrong.

having a good mentor who trades and is successful is also key.

cheers n good luck
s

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  #30 (permalink)
Market Chamois
Chicago, IL
 
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Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
 
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jaredmason View Post
Hey, wow - thanks all for the great comments so far!

A couple of points I'm hearing is 'download Ninja Trader' and 'everything you need is available for free'...

I installed NT and set up the demo feed. Now I'm staring at some blank pages, so any more specific advice on the basic act of setting up a chart, or making a trade would be most helpful.

In terms of all the free stuff out there, could anyone be more specific? I've already spent 20hrs digging into trading over the past 3 days and would say 80% of that time was a total write-off. I've consumed numerous videos and articles that I've since found out are rubbish, so if I just keep on googling according to my own limited understanding I'm pretty sure I'm destined to waste even more time.

One course I had been considering is Al Brooks Price Action video series. I know it costs, but basically, if its good value and will allow me to spend less time searching and more time learning quality information, then I consider that an effective use of my resources.

Otherwise, are there any particular websites or YouTube channels or whatever else that have good starting points for beginners? Particularly any kind of series, or structured outline to get me started in the right direction... then once I have a framework I will be better informed to start researching and filling in my own gaps.

Thoughts?

Please forgive me if I'm about to repeat what was already said for I have not yet read all the posts in this thread.

There is absolutely zero substitute for screen time ....ZERO... no course or book can give you screen time viewing the market ES CL whichever one. You will have to become accustom to how the market does what it does in real time. And you have to try to understand what it is you are seeing on the chart and invision the people behind those trades to some small degree. A lot of trades, in ES for example, will just be arbitrage from the options pits at the CBOE etc and most of those trades those people won't even be looking at a chart as they make it. Another huge bunch will be your Goldman Sachs of the world, traders with mind blowing resources in every possible regard, money, equipment, skill, insight, speed of orders execution you name it. As well as retail traders doing their thing (mostly handing over their cash to the pros).

O feel the most elementary and rudimentary market information is this, which I learned far to late but at least I learned it, Market orders ONLY pair with Limit orders PERIOD. There is no other way for a trade to happen. Pull up a time and sales and watch it for a day a year. What you are seeing is Market orders filled against Limit orders and they are broken up to get those fills. Meaning if Goldman Sachs goes Market on a 400 lot in ES, for example, this will be filled with any available Limit orders with CME's matching engine and will take some number of milliseconds.
A stop order once hit will go Market with the next available Limit order(s). These Limit orders are traders waiting in line for there trade to happen at a certain price. Market orders are by far for the vast majority of them the aggression in the market. Limit order can be aggressive but it more rare and a diff subject. The next available Limit order most of the time is right at the price the Market order was placed, in ES at least. BUT there are times when the next available Limit order is far away and you lose much more then you had planned.

Its easy to keep talking and talking about this and all it's nuances but I will stop now. Because I have whatever understanding I do does not mean I have this game all figured out.

Ron

...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
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  #31 (permalink)
Stoke on Trent
 
 
Posts: 9 since Aug 2015
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Hi,

If you are a complete beginner, you could always try some books suggested in the thread 'Some highly recommended books' from the Traders Hideout forum.

Then use google with the title, adding file : pdf without spaces at the end of the search, you'll be surprised to find many free books...Alternatively, try a library as some have suggested :-)

Some books I've found useful as a beginner include;

A random walk down wall street (general background)
The Intelligent Investor (fundamental analysis)
Master the Markets (trading basics)
Technical Analysis for Dummes (real basics)
Trade your way to Financial Freedom (physcology)
Algorithmic Trading and DMA (algo and micro market structure)
Black Swan (some warnings)
Options, Futures and Other Derivatives (a classic)
Extraordinary Popular Delusions and the Madness of Crowds (psychology)
The Chimp Paradox (conquer yourself!)

I'm sure others can provide some good next step trading books, but I think these would give a broad overview and should be generally available via the methods outlined earlier.

Also, some books will be available as audio books. My next audio book will be Trading in the Zone by Mark Douglas. Market Wizards should be available as an audio book too.

As was mentioned earlier, get a plan, decide what your goal is, how much time you want to invest, get a platform, test (sim), trade, fail, give up, start again, learn, grow, improve, fail, learn, grow, improve...

Hope that helps
J

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  #32 (permalink)
Stoke on Trent
 
 
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Just to add, The Art of Science of Trading by Adam Grimes gets good reviews and you can do his course, designed for beginners, for free online at:

The Course - The Art and Science of Trading

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