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Is it Worth It!!!
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Is it Worth It!!!

  #51 (permalink)
MERIDIAN MS/USA
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Emini ES
 
Posts: 29 since Jan 2018
Thanks: 50 given, 26 received

I only see a heart in the bottom right corner. Is that the thanks button?


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  #52 (permalink)
MERIDIAN MS/USA
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Emini ES
 
Posts: 29 since Jan 2018
Thanks: 50 given, 26 received

I also wanted to thank you “Rrrracer” for all the other post that you submitted on this topic. Thanks again!


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  #53 (permalink)
Legendary market donator
Indianoplace, IN
 
Trading Experience: Intermediate
Platform: SierraChart
Broker/Data: CQG
Favorite Futures: 6B, 6E, 6J, NQ
 
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Posts: 1,864 since Feb 2017
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No problem buddy Just about everyone here is super helpful, it's a long arduous journey, good to be hanging out with high quality people on the same path.

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  #54 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
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navionpilot View Post
While I thank each and every "Honest input" that each of you has laid out for me, I have yet to see anyone of you (except for a few) suggest anything to me on how a beginner like myself should start. If I wanted to learn it. It's like everything is negative about trading but yet everyone is doing it. Everything so far has just been "Its Hard" and "Good Luck". That's what I mean by "Negative". I would more than love to hear from an experienced trader say "Hey trading is Hard work. It can take years to learn but if you want to learn here is what you need to do. First, you need to know how to do this, Then you need to read this." That's the kind of information that I need to hear. Not "Its Hard, Good Luck"

fair enough, and I can relate. But, I think that your post was a bit "loaded" on whether it is worth it to start the venture of trading, and on such topics, you will get rather a debate instead of a direction. If you wanted a direction and guidance, skip the "is it worth it" part.

The challenge in giving anyone advice is rather the lack of a blueprint for trading. Some like day trading with very few and infrequent trades and some may like swing trading with a longer view. Even within these styles, there is a variety of ways to analyze things. In the final analysis, this journey is discovering your strengths and weaknesses and evaluating what is the ideal way to analyze the markets.

I have customers who are mathematically inclined, so they use more of a quantitative approach. There are those who prefer to look at chart formations because they are more visual, and then you may have guys who have a programming experience and were able to build their own algo. Everyone gravitates towards their strength, and if they are lucky, they discover their strength early enough.

Maybe you should start with a focus on risk management and cash management of trading. Look for books with these titles, and see if they have the content you are looking for. It does not matter what method you will choose, in the end, the risk management will determine how your account looks like.

All the best.

Matt Z
Optimus FUtures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #55 (permalink)
MERIDIAN MS/USA
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Emini ES
 
Posts: 29 since Jan 2018
Thanks: 50 given, 26 received

Thanks Matt for replying to my post.

I love everyone's responses and I want to let everyone know how grateful I really am for everyone who has submitted their advice. I can definitely see why everybody loves this forum. Just so everybody knows, I'm the kind of person that if you ever need anything and If I think I can help you, I will. God Bless and Happy trading!

Thanks

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  #56 (permalink)
freasno, ca usa
 
Trading Experience: Advanced
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Posts: 103 since Apr 2013
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@navionpilot well the good news is you're here. Most traders never find this place before they blow out and give up trading so there's a chance you can make it. The next thing I want to say is respectfully to others, trading is all about making money! Yes I said it and you will come across many who say you can't make it about money it's about psychology it's about markets and you cannot fall down that rabbit hole. We are all here to find our edge in making money, nothing more. That being said I'm going to suggest you take what you can from Al Brooks and move on to other materials. With all due respect I don't know any profitable traders that use his methods, I also have never seen Mr. Brooks share a verifiable trading statement or trade a live account, I've listened to him speak at several ever live and rarely came away feeling empowered to trade his rules, but that's just my $0.02 I'll leave it at that for now.
I would recommend learning Market Profile and Volume profile and basics of technical analysis, now there's another guy that pushes his VolPro methods, he goes by FT71, people love him here, Mike allows him to present, however I've talked to a few brokers in Chicago that swear the guy has never traded profitably and that he just loves to push his own brokerage and trading business. I don't know him and have never studied his methods as I learned volume strategies from other traders at my old firm so I cannot speak from experience I'm just giving you a heads up, be careful who you rely on to learn. That is the single biggest problem is there is little way to vet a company offering education, but BMT(IO) is definitely a good start and good home base to come back to. Now all that being said, there's an excellent free course at babypips.com If you were to pay for that course anywhere else someone would charge you $3k to $5k for it, so free is a steal. You finish that and you are in good shape; then learn one setup and trade it on a live account on one market, YM, NQ or ES pick one, 2 contracts not one. After you've sim traded a few weeks or more if you can take out at least 5 to 10 ticks per day and are net positive week to week go live following same rules have a stop and two targets first target you will always take one off and let your 2nd contract run with a trailing stop. Easy as pie right Tweak it as needed if you can stick to that you can make money now repeat every day. One of two things will happen in time. You will realize day trading futures is not for you or it is. Or you need a different strategy or market to trade. If scalping intra day doesn't fit your personality move to swing trading small to mid cap stocks. But in either case make sure you have at least $10to $15k for futures and $30k or more for stocks. Good luck I wish you much success in trading or at the very least enlightenment of the markets

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  #57 (permalink)
Schin Op Geul, Netherlands
 
 
Posts: 19 since Dec 2017
Thanks: 13 given, 24 received


navionpilot View Post
So my question for Everyone is this. I am an Inexperienced Trader and so I want to know if this statement is true. I ask this because for the last week I have been studying my butt off day and night. I probably have around 40 hours this week alone watching webinars, I bought the Al Brooks Training Course and I've been going through it and I'm starting to realize there will be months and months and months if not years of learning or trying to learn and at the end when finally I feel comfortable trading my own money I end up losing it all or that I'm so far into it now that I have to keep going because of all the time that I have invested in learning. I don't want to regret wasting all this time when I could have been spending time with my family or learning how to Sell on Amazon if you know what I mean.

I don't mind putting in the time it would take to learn if its worth it. I'm 39 years old and I'm at a point in my life where I want to learn something new that is fun and exciting. I want to do something that could possibly make me some really good money and so I figured I would try and get some advice from you guys and see if you had to do it all over again would you learn how to day trade and if not day trading then what would it be?

Thank you

Okay, so you've studied your butt off, watched 40 hours of webinars and bought an Al Brooks training course.
What drives order flow and prices? (There are many things, but it is likely you haven't been taught even one).
You've gone through so much material but none of it can help you answer that question and you are no closer to doing this correctly.

The market is always trying to 'price in'. At times the market gets it wrong or misses and then they will have to 'reprice'.

What you're trying to assess is where the greater probability for price movement is, on a forward basis. To do this you will need two things:
1. Knowledge
2. Experience
Is the knowledge you are acquiring thus far useful? Will it help you become profitable?

The first thing you should do is learn 1 market. It doesn't matter which one, just go and study 1 market.
(You may not end up trading this market but studying it will be beneficial nonetheless. Your time will not be wasted. It will teach you things that can be applied to other markets).
Find out what drives order flow and pricing in that market.
Seasonal?
Driven by central bank policy?
Driven by weather?
How do risk-on/risk-off flows affect prices?
How liquid is the market? When does liquidity drop off, daily/monthly/seasonal?
Who are the biggest players in this market? How do these players trade? What do they focus on? When do they trade?
What economic indicators are these participants interested in with regards this market? As time progresses do certain indicators get more attention than others? Why?

In addition to the above, try and be objective. It will be hard because you are geared toward subjectivity.
I'll give you an example of both below:
Subjective: Which chart time frame(s) are best to swing trade? (Can you see the question is loaded already. You are implying with this question that there is some sort of edge in analysing various time frames?
Objective: Is there edge in analysing various time frames? (Here you are getting back to finding the facts, what is truth. You are putting everything to the test!).

Trading isn't easy, even for those that have been doing it for many years.
It does though get easier as you gain experience.
You must acquire knowledge that is beneficial. That is critical.

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  #58 (permalink)
Thailand
 
Trading Experience: Advanced
Platform: Daytradr
Favorite Futures: ZB
 
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Posts: 764 since Dec 2010
Thanks: 502 given, 1,607 received


navionpilot View Post
Thank you so much Anagami! I really appreciate all the great info here. I will definitely start looking into all of that.

Thank you!


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You are welcome, brother.

Lastly, don't be shy to post on FIO about your journey. You can get lot of good feedback. If you are going to trade futures, this is the community to engage with.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #59 (permalink)
Legendary Market Wizard
Columbus OHIO
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: NinjaTrader Brokerage
Favorite Futures: ES,
 
MiniP's Avatar
 
Posts: 947 since May 2017
Thanks: 918 given, 2,218 received


navionpilot View Post
I totally understand the first point that you make. You never know how good you will be until you try. I get that.

The second point that you make is that Yes. I believe all the points that I made above are all great motivational points but that's from someone who knows nothing about the industry. Are those good points? I don't know. That's why I'm on here trying to pick the thoughts from experienced traders all because one experience trader said that if you are not experience in trading don't start comments. Is this true?

Thanks

It all boils down to are you obssed with trading? Do you wake up and automatically start thinking about what could have happened over night. When your with friends and family and your mind starts to wonder is it about sitting on a pile of cash or about the market it self. Me personally I'm obssed with being right it's apart of my personality and I love applying it to the market's. You just have to be honest with your self, I've lost numerous friends and relationships due to the amount of time I put into my trading. I'd recommend anyone who wants to start to, start because they love the game because you don't always make your money back in reguards to the amount of time and effort you have put in.

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"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #60 (permalink)
MERIDIAN MS/USA
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Emini ES
 
Posts: 29 since Jan 2018
Thanks: 50 given, 26 received



planetmoto View Post
@navionpilot well the good news is you're here. Most traders never find this place before they blow out and give up trading so there's a chance you can make it. The next thing I want to say is respectfully to others, trading is all about making money! Yes I said it and you will come across many who say you can't make it about money it's about psychology it's about markets and you cannot fall down that rabbit hole. We are all here to find our edge in making money, nothing more. That being said I'm going to suggest you take what you can from Al Brooks and move on to other materials. With all due respect I don't know any profitable traders that use his methods, I also have never seen Mr. Brooks share a verifiable trading statement or trade a live account, I've listened to him speak at several ever live and rarely came away feeling empowered to trade his rules, but that's just my $0.02 I'll leave it at that for now.
I would recommend learning Market Profile and Volume profile and basics of technical analysis, now there's another guy that pushes his VolPro methods, he goes by FT71, people love him here, Mike allows him to present, however I've talked to a few brokers in Chicago that swear the guy has never traded profitably and that he just loves to push his own brokerage and trading business. I don't know him and have never studied his methods as I learned volume strategies from other traders at my old firm so I cannot speak from experience I'm just giving you a heads up, be careful who you rely on to learn. That is the single biggest problem is there is little way to vet a company offering education, but BMT(IO) is definitely a good start and good home base to come back to. Now all that being said, there's an excellent free course at babypips.com If you were to pay for that course anywhere else someone would charge you $3k to $5k for it, so free is a steal. You finish that and you are in good shape; then learn one setup and trade it on a live account on one market, YM, NQ or ES pick one, 2 contracts not one. After you've sim traded a few weeks or more if you can take out at least 5 to 10 ticks per day and are net positive week to week go live following same rules have a stop and two targets first target you will always take one off and let your 2nd contract run with a trailing stop. Easy as pie right Tweak it as needed if you can stick to that you can make money now repeat every day. One of two things will happen in time. You will realize day trading futures is not for you or it is. Or you need a different strategy or market to trade. If scalping intra day doesn't fit your personality move to swing trading small to mid cap stocks. But in either case make sure you have at least $10to $15k for futures and $30k or more for stocks. Good luck I wish you much success in trading or at the very least enlightenment of the markets

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Wow! Wow! Now that’s the kind of advice I was looking for! Thank you so much for that! That was awesome. I’ll have to re-read this a couple of times and make some notes. Thank you again!!!!




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