|February 24th, 2015, 09:34 PM||#1 (permalink)|
London, United Kingdom
Futures Experience: None
Platform: NinjaTrader/ Jigsaw
Favorite Futures: ES, TF & 6E
Posts: 6 since Feb 2015
Thanks: 522 given, 1 received
If you are reading this, welcome. This is my futures trading journey from the ground up. I am new to this arena and have no previous background in futures trading - probably a bad idea to get into this right? Oh well. I have for some time had an interest in the markets and have wanted to learn to trade. I anticipate the hard work and effort it will require to become competent but for some reason I still want to do this.
What I have done to get to this point is read (this site has been immeasurably helpful) and watch webinars.
Below are some other things I have completed or plan to do going forward:
1. Open a brokerage account
2. Learn the following:
- Platform (How it works etc)
- How to correctly read the charts
- Place an order, place stop and manage orders
- How your instrument trades (provisionally my long term goals: ES and 6E) - screen time
- Terminology (Comprehension of others)
- Domain Skills (General understanding)
I will be sim trading to start with but will move to cash in 2-3 months (when I feel comfortable with the platform, price action and volume)
Q: Which less risky/ volatile products are there similar to ES and 6E so I can trade cash sooner rather than later. I am doing this as an engagement exercise more than anything although the plan is not to lose money - happy with breaking even for this period. I don't have any high expectation to begin with. I just want to understand what is going on with price and volume to keep engaged long enough to "get it".
3. PLAN: Pick a product and develop a strategy (initially one product, one method). Test strategy by either paper trading or backtesting (to be honest I don't even know if this will be possible or how to do it at this stage but have seen talk on this subject on threads).
4. DO: Execute the strategy (Live)
5. REVIEW: Is the outcome as expected? Every time something goes wrong:
- Analyse it
- Ask why?
- What did I do wrong?
- What can I do better next time?
- Learn your craft
- Practice practice practice
6. Develop more varied strategies for different situations environments (follow steps 3-5)
Going forward I am reading through another users journal (tderrick - known to some as AJ) to help me gain insight as to how he progressed and hopefully shorten my learning curve.
|The following user says Thank You to kab0000 for this post:|