NexusFi: Find Your Edge


Home Menu

 





Rookie needing guidance..


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one Dalton14 with 5 posts (5 thanks)
    2. looks_two TheTradeSlinger with 4 posts (10 thanks)
    3. looks_3 Itchymoku with 2 posts (1 thanks)
    4. looks_4 Devil Man with 2 posts (6 thanks)
      Best Posters
    1. looks_one Blash with 7 thanks per post
    2. looks_two Devil Man with 3 thanks per post
    3. looks_3 TheTradeSlinger with 2.5 thanks per post
    4. looks_4 Dalton14 with 1 thanks per post
    1. trending_up 9,752 views
    2. thumb_up 39 thanks given
    3. group 15 followers
    1. forum 30 posts
    2. attach_file 4 attachments




 
Search this Thread

Rookie needing guidance..

  #11 (permalink)
 
Devil Man's Avatar
 Devil Man 
Fort Lauderdale
Legendary / Stochastic Calculus is not your friend
 
Experience: None
Platform: Ninjatrader, Python API
Broker: CQG
Trading: ES,NQ,CL
Posts: 849 since Oct 2009
Thanks Given: 3,399
Thanks Received: 1,534


Dalton14 View Post
Alright fair enough I can roll with that. Any direction on how to begin to understand how to use NinjaTrader and get started, I've read you can sim trade to start maybe that would be the place to start.

start with the search box upper right hand corner of futures.io

on your computer with ninja open, hit f1 key ninja help

that should get you started

....or hey, Let me google that for you

tons of resources out there to help you, just dive in the program and start playing around with it

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
Deepmoney LLM
Elite Quantitative GenAI/LLM
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Are there any eval firms that allow you to sink to your …
Traders Hideout
Better Renko Gaps
The Elite Circle
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
36 thanks
NexusFi site changelog and issues/problem reporting
25 thanks
GFIs1 1 DAX trade per day journal
19 thanks
The Program
18 thanks
  #12 (permalink)
Dalton14
Toronto ontario
 
Posts: 9 since Dec 2015
Thanks Given: 5
Thanks Received: 5

Thanks for the replies guys.. really helpful to have a community of people that aren't asking for 3k to just help me out. I think I'll just try playing around with NT for now (See if I can get the sim going to at least understand the platform) and at the very least get the elite membership here..

Reply With Quote
Thanked by:
  #13 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
Posts: 2,894 since Apr 2012
Thanks Given: 1,683
Thanks Received: 3,681


the shrike told me Mark douglas was a failed trader, it says so in the preface of trading in the zone.


I watched a 10 hour webinar by mark and learned how to trade without fear

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
  #14 (permalink)
 
Saroj's Avatar
 Saroj 
Arcata, CA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: index futures, oil
Posts: 485 since Jun 2009
Thanks Given: 232
Thanks Received: 415


Dalton14 View Post
Good evening fellow traders!

Would anyone be so kind as to give me some direction or point me in the right way? I've been consuming as much material as is available for free on the internet and I am wary of paying for a course unless recommended by any of you guys.

I just finished reading "Trading in the Zone" and will begin again in a couple of days as I really want to internalize the concepts the author brings and I think the psychology portion of trading is what will come most natural to me. On the other hand as someone with no experience with any sort of interaction with the market I have been finding that to be the first of many walls I have hit and look to get across it as soon as possible.

I've been taking the "art of trading" free course online and it has been exceptionally helpful in teaching some of the basic theory and terminology but already in lesson 3 things are getting a bit confusing. To compound the issue I downloaded NinjaTrader to check it out and was left even more confused.

Any direction would be greatly appreciated... I'm a rookie but one eager to learn just looking for the right knowledge.

I would try out Sierra Charts before committing to NinjaTrader... I've been a NT user for a decade and recently tried Sierra because I want Market Profile data at a good price... Sierra runs circles around NT in capabilities and performance. Lots of support from various firms, in particular Infinity Futures.

Reply With Quote
  #15 (permalink)
 
New Level's Avatar
 New Level 
East Coast, Florida
 
Experience: Intermediate
Platform: IRT/S5
Trading: ES
Posts: 53 since Feb 2014
Thanks Given: 3,317
Thanks Received: 78

My best advice would be to ask yourself if you are willing to commit a LOT of time (years) to this without making money, and likely losing money, from it. This is a world class competition for money and you should fully appreciate that. If you still think it's something you want to pursue, then I would get an elite membership here and start reading and watching webinars, I'm partial to FuturesTrader71 stuff, he also does a traderbite live on youtube every morning where he lays out his views. Also:

- Start watching the markets, get a feel for how things move.
- Start a journal, get in the habit of recording what you learn every day.
- Don't watch financial "news" (entertainment), it's just mental pollution, and you will need your own insights to trade.
- Definitely stay away from indicators.
- There are no shortcuts, don't get swindled.

Reply With Quote
Thanked by:
  #16 (permalink)
Dalton14
Toronto ontario
 
Posts: 9 since Dec 2015
Thanks Given: 5
Thanks Received: 5


New Level View Post
My best advice would be to ask yourself if you are willing to commit a LOT of time (years) to this without making money, and likely losing money, from it. This is a world class competition for money and you should fully appreciate that. If you still think it's something you want to pursue, then I would get an elite membership here and start reading and watching webinars, I'm partial to FuturesTrader71 stuff, he also does a traderbite live on youtube every morning where he lays out his views. Also:

- Start watching the markets, get a feel for how things move.
- Start a journal, get in the habit of recording what you learn every day.
- Don't watch financial "news" (entertainment), it's just mental pollution, and you will need your own insights to trade.
- Definitely stay away from indicators.
- There are no shortcuts, don't get swindled.

Thanks NL..

My answer would definitely be a resounding yes... my only regret is not having found trading earlier.

What's the most effective way of "watching the market"? On a platform such as NT?

Reply With Quote
  #17 (permalink)
 
Anagami's Avatar
 Anagami 
Cancun, Mexico
Legendary Market Hustler
 
Experience: Advanced
Trading: MES
Posts: 978 since Dec 2010
Thanks Given: 707
Thanks Received: 2,300


Dalton14 View Post
Good evening fellow traders!

Would anyone be so kind as to give me some direction or point me in the right way? I've been consuming as much material as is available for free on the internet and I am wary of paying for a course unless recommended by any of you guys.

I just finished reading "Trading in the Zone" and will begin again in a couple of days as I really want to internalize the concepts the author brings and I think the psychology portion of trading is what will come most natural to me. On the other hand as someone with no experience with any sort of interaction with the market I have been finding that to be the first of many walls I have hit and look to get across it as soon as possible.

I've been taking the "art of trading" free course online and it has been exceptionally helpful in teaching some of the basic theory and terminology but already in lesson 3 things are getting a bit confusing. To compound the issue I downloaded NinjaTrader to check it out and was left even more confused.

Any direction would be greatly appreciated... I'm a rookie but one eager to learn just looking for the right knowledge.

Forget concepts.

Watch the market for couple of years every day. Then trade.

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Reply With Quote
  #18 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
Posts: 2,894 since Apr 2012
Thanks Given: 1,683
Thanks Received: 3,681



Sometimes you gotta treat yourself to some ribs too, at least once a month.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Reply With Quote
Thanked by:
  #19 (permalink)
 
New Level's Avatar
 New Level 
East Coast, Florida
 
Experience: Intermediate
Platform: IRT/S5
Trading: ES
Posts: 53 since Feb 2014
Thanks Given: 3,317
Thanks Received: 78


Dalton14 View Post
Thanks NL..

My answer would definitely be a resounding yes... my only regret is not having found trading earlier.

What's the most effective way of "watching the market"? On a platform such as NT?

Yes, you will need a charting platform and a data feed, when I started I just opened a TDA account and got think or swim with data for free, and still use it for some stuff. I wouldn't get overly invested in any one package yet though, there may be reasons to go one way or another depending on where your path leads you.

Reply With Quote
  #20 (permalink)
 
Blash's Avatar
 Blash 
Chicago, IL
Legendary Market Chamois
 
Experience: None
Platform: NT8,NT7,TWS
Broker: InteractiveBrokers, S5T, IQFeed
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518



Dalton14 View Post
Thanks NL..



My answer would definitely be a resounding yes... my only regret is not having found trading earlier.



What's the most effective way of "watching the market"? On a platform such as NT?



At a certain level the platform one chooses ceases to matter IMHO as they are all very good and I feel it gets into splitting hairs given you are using a standalone platform again IMHO not something for some broker save Thinkorswim or Interactive Brokers. So the likes of Trade Station, Ninjatrader, Sierra, OEC and many other standalones. So I say if you find something that floats your boat go with it. Just commit.

Next you need data. But above all you need cash. Money you don't need for life. This money is going to be the life blood of your business. Think about this life blood. If you had a low level of blood in your body how healthy would you be? How alive? How vibrant of a person would/could you be? You would be sickly. Low energy....pale. Your immune system could not function well and you would be ill. Many traders have tiny accounts, low levels of life blood. So it dominates over everything they do. They try to scalp markets risking 1 2 or 3 ticks because they can't afford to lose their blood or they will die. Because they have such a small amount of blood to start with. They have to be right almost 100% of the time (well, they feel they do because they don't understand this is a probability game one needs to retrain themselves to think like this to make this business work everywhere in life before trading you do better when you are correct about "things" ie school you get A's work you get promoted but if you keep trying to be right in the market you go broke, you will lose much much more than just the money you opened the account with due to margin calls) because when wrong a bit they are done, bloods all gone just like in the human body if you bleed out thats it man.



So a lot of what you do depends on how much capital you have to start with if its a small amount (nothing wrong about that just be real about it don't lie to yourself) futures is not a good idea save for something like this and only this FX Products or micro spot FX with a honest broker (extremely hard to find as many will trade against you taking the other side of your trades as they know the success rate is very low so to them its a great trade etc) The idea being with these two: E-micro forex Futures a CME product and spot forex (FX = Forex = foreign exchange = currency pairs ie USD/EUR) is they have very low per tick (smallest price increment, in FX this is called a pip I say tick because I trade Index Futures and Interest Rate Futures CME products and stock pairs) dollar value. So you can risk a small amount to see if your idea for a trade works or it does not work. And not lose to much of this precious life blood. Stock might be an option to trade because you control the tick size, so to speak, yourself with the number of shares you trade. Problem here is the $25k minimum pattern day trading rule. I am making the assumption here, and please for give me, that perhaps you don't have a large amount of cash for trading based entirely off of past interactions here at nexusfi.com with new people to this business and from reading your posts.



Anyway dive in and learn. I leave you with a quote from a book I won here from a @Big Mike quiz at the end of one of many many amazing webinars, the best trading learning set of webinars on the planet as far as I'm concerned so be sure and become Elite. From "Trade Like A Casino" by Richard L Weissman.



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 NexusFi Trade Journal Reply With Quote




Last Updated on February 11, 2016


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
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.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts